Ownership of Properties in New Zealand
As a country, we reached our highest level of home ownership in the early 1990s, with about 74% of the dwelling occupants in this category. By 2013, this had decreased to around 65%. Since the early 1990s, family trusts have become an increasingly prominent feature – to the point where it is estimated that around one in five properties are now owned by these entities. Around 50% of family owned dwellings are mortgage free. This is logical, as there is a high level of home ownership among retired people, who are no doubt mortgage free. It is easier to become mortgage free in a number of provincial cities and towns, were houses are cheaper. There is less information on the number of houses owned by offshore parties. It is fair to say that it is growing, but the Government’s new requirements (for offshore parties to have a tax number and a bank account here) will, in a few year’s time, ensure there is more information available on this subject.