Tax-free property deals ure Australians to NZ

Yena Foong

A former refugee from Vietnam wants to tap into a growing trend for Australians to buy New Zealand housing.

Yena Foong, principal and licensee of Sydney real estate agency C-View Realty, was in Auckland this week scouting for opportunities.

She was part of an Australian delegation brought to Auckland by the Australian Trade Commission to forge closer business links with a variety of sectors.

Foong said Australians who invested in housing in their own country faced four separate taxes: purchase tax, land tax, capital gains tax and GST. And so many were looking to buy here, rent out their investments and avoid the taxes.

Investors were looking also for luxury Auckland housing with sea views for between $500,000 and $3 million.

Apart from tax, the potential for higher capital growth than in Australia and attractive rental returns was drawing them in.

Auckland developer David Henderson, of Kitchener Group, has already tapped into the trend, selling many apartments to Australians. Martin Dunn, of real estate agency City Sales, said more Australians were buying, particularly inner-city apartments.