Award-Winning Real Estate Agent Latham Lockwood advises on new property tax measures.  

Palmerston North Real Estate Agent and local Property Expert from Bayleys Coast to Coast, Latham Lockwood advises on the latest new property tax measures that targets buy-and-flick real estate investors.

The “bright line” test imposes tax on gains made on residential property sold within two years of purchase, unless it is the vendor’s main home. The tax will apply to all properties bought on or after October 1.

Latham Lockwood is expecting a rush of activity from speculators hurrying to snap up property before the October deadline.

“It is essential to remember that tax already applies to gains on residential investment property. However, this has been problematic to implement given the decisions relied historically on an assessment of intent,” advises Latham.

If you are thinking about putting your property market within the next six months, you may be enthusiastic to fast-track the process in order to appeal to investor dollars, as well as home buyers.  “Though individual deadlines and objectives commonly suppress any rushed decisions to rush a home onto the market,” adds Latham.

 “For those who are currently renovating or remodeling their home they are not as likely to be affected by the new property tax measures as the consenting and building process usually will take up a substantial chunk of the two-year period,” says Latham.

The new property tax measures should help to bringing house prices down, although the flow-on effect is anticipated to take a while. “It may also result in more rental properties as landlords would want to earn a stable income from their investment properties while in the two,” says Latham

About Latham:

Latham Lockwood is an industry leader in his understanding of the required balance between some of the traditional methods, and the integration of modern digital marketing.Latham has been recognised by his peers for his strategic, multi-media marketing campaigns, and is not only a regional award winner, but has been recognised with awards at a national level from the Real Estate Institute of New Zealand.

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