[Piper]

Is there an NZ equivalent of the UK 'Stamp Duty' (which is a government tax payable on the purchase of a residential property)?

Apparently, if a UK resident were to consider buying a property in Europe they should add an extra 10% to the purchase price for duties, fees, etc.

What percentage would you need to add on to an advertised NZ property purchase price?

And if they say 'Offers above', 'In excess of', etc how much do they expect above the price they're advertising? I know that in Scotland it can be around 30% more than the (clearly ridiculously low) price in the adverts.

Piper

[victoria]

The wonderful thing is there is no stamp duty but some properties may have a GST so make sure that is clear when you enquire. When you see "offers over" it generally is around 10%. In saying that I've come across several on say $450,000 & an extra thou was accepted. Plus ca change as they say in ... er ... um ... ooh ... who cares?

[willowshouse]

There is no stamp duty or equivalent in NZ.

Extras on top of your asking price would be building survey (if you want one) and solicitor's fees ($1,000 in my experience) but lots of the banks will give you money towards your solicitor's fees when you take a mortgage with them .. one gave us the full $1,000 but has since reduced it to $500.

Not may places I've seen advertised say 'offers above'... some have an advertised price .. some are auction and you should phone the agent for a price indication but keep in mind these can be very far from the actual price. Some places are 'price on application' .. again you phone the agent and depending on the feedback they have had they will give you an indication of what they think will buy the property. Regardless of the method of sale some properties will list a 'cv' price or a 'gv' price ... this is NOT a good indicator of the actual price and 99.9% of properties sell for way more than this amount. For more accurate info on the gv/cv in your area, speak to your local agent and they will let you know the average sale price percentage over the cv price.

Do a search on this forum as some of the members have VERY helpful threads on buying a house etc. Good luck!

Dawn

[peebles16]

If only in Scotland we were getting 30% over asking price or even any offers?? Sorry whinge mode :)
Karen

[Piper]

If only in Scotland we were getting 30% over asking price or even any offers?? Sorry whinge mode :)
Karen

Sorry Karen. I guess those days are long gone...
My parents sold 2 houses in Scotland and had similar experiences to you - waiting, waiting, waiting then 1 offer, 1 buyer and that's all you need, isn't it?
'All' being the operative word!
They're on the market yet again, this time in Kent, and have pretty much resigned themselves to waiting it out till Spring.

Me, on the other hand - I haven't even put my house on the market and I'm expecting it to sell in a matter of weeks when I do - a ha ha ha! Silly me! (But it does have a big garden :laugh )

Awrabest!!!

Piper