New Zealand’s home transfers rose 34% in March 2021 quarter

2 min read | May 04, 2021 02:00 PM AEST | By Sonal

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New Zealand’s home transfers rose 34% in March 2021 quarter — Image source: Africa Studio, Shutterstock

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Summary

Home transfers in New Zealand rose by 34% on pcp in the March quarter of 2021.

The high number of home transfers in March quarter comes after a strong December 2020 quarter.

192 home transfers were made to buyers who did not have New Zealand citizenship or resident visas in the quarter.

As per the latest Stats NZ figures, home transfers rose by 34% on pcp to 44,586 in the March quarter of 2021. The figure was down from a high of 51,504 in the fourth quarter of 2020.

Auckland saw the highest rise of 60% with 5,628 more home transfers in the March quarter on pcp. The increase was seen in all regions except Hawke’s Bay.

Canterburry (+31%), Waikato (+30%) and Wellington (+20%) were some of the other regions to experience major annual increases. Northland, West Coast, Nelson, and Otago also saw annual increases of at least 30%.

Source: © Terovesalainen |Megapixl.com

With the introduction of limits on the selling of residential property to foreign buyers in 2018, the number of home transfers to buyers without New Zealand citizenship or resident visas has generally decreased.

In the March quarter, 192 home transfers were made to buyers who did not have NZ citizenship or resident visas. They accounted for 0.4% of all home transfers.

ALSO READ: Will NZ Government Succeed In Putting The Brakes On Rising House Prices?

The areas with the maximum number of home transfers to people who didn’t hold NZ citizenship or a resident visa for the year ended March 2021 were Waitematā local board with 228 home transfers, Christchurch city with 60 home transfers and Queenstown-Lakes district with 51 home transfers.

Home transfers by type of buyers and sellers

Most of the home transfers by buyer- and seller-type involved at least 1 NZ citizen.

DO READ: Will supply-demand imbalance continue as asking prices for NZ homes cross $8K mark?

Out of the 44,586 home transfers in the March quarter,

79% transfers were to and 77% transfers were from at least 1 citizen.
12% were to and 17% were from corporate entities.
8.8% were to and 5.1% were from at least one NZ resident-visa-holder and,
0.4% were to and 0.9% were from non-NZ citizens or resident-visa holders.

ALSO READ: Where The Future Lies For NZ House Prices

Property statistics manager Michael Heslop stated that following a good December 2020 quarter, there was a surge in home transfers in March. Because of the summer vacation time, there is usually a seasonal decline between the months of December and March.

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