The monthly real estate data for September 2024 has just been released showing an 18 percent increase in residential house sales in the Upper Clutha over September 2023.There were 33 residential sales with a median house price of $1.4M, consistent with prices this year*.In total 106 Upper Clutha sales were registered in September with several pre-title sales for townhouses (13) at Rowley Place and Alta Villas, and section sales (58) at Studholme Rise and Pembroke Terrace.These sales relate to historic transactions and were recognised in September when the title was issued.We are seeing a slow pickup in the market and positive chat, especially after the announcement of a cut in OCR of half a basis point by the Reserve Bank.It is a really good step, especially for the real estate market, and to hear murmurings for further cuts will only add confidence to buyers as we head into 2025.Stats courtesy of REINZFor many, real estate is our biggest asset so it is important to understand where your property sits in the market today and understand what opportunities are on the horizon.We can help clarify the market and identify where opportunities lie, understanding that will be different for everyone. It is a good time to review and to speak to a mortgage broker or bank to ensure you are making the most of this recent market movement.* REINZ statistics - September 2024

The luxury property market in Wānaka is undergoing significant shifts, driven by a variety of economic factors and changing buyer preferences.Firstly, it’s important to understand the broader context in which Wānaka's luxury property market operates. The high-end real estate sector, defined here as residential properties valued at $4M and above, has seen a marked decrease in transaction volume over recent years.Despite this downturn, the average sale price has increased. This paradox suggests continued confidence among buyers willing to invest in top-tier properties.One of the primary reasons for this trend is the economic climate. Interest rates have been fluctuating, impacting buyer behaviour significantly. During the boom years of 2021 and 2022, the market experienced robust activity, with approximately 16 sales annually in the $4M-plus category. However, this number has since halved, with only five sales recorded since January this year (2024).Interestingly, despite the lower number of transactions, the properties that sell are fetching higher prices. This indicates that the market is not devoid of high-net-worth individuals who see value in Wānaka’s luxury real estate.Lake views and substantial property sizes remain key selling points, as these features continue to attract discerning buyers looking for exclusive, picturesque homes.The prolonged time properties are spending on the market is another critical factor. While in 2021-2022, high-end homes would typically sell within 70 days, the average time on market has now increased to around 170 days.This extended period reflects a cautious buyer sentiment, possibly influenced by economic uncertainties and the increased availability of properties. Currently, there are 29 listings in the $4M-plus category, giving buyers ample choice but also leading to a slower turnover.A notable aspect discussed in The Goods on Real Estate podcast is the impact of market conditions in main centers like Auckland and Wellington on Wānaka’s luxury property market. Buyers who would typically sell their homes in these urban areas and relocate to Wānaka with substantial capitalare holding back.This hesitation is primarily due to sluggish market conditions in those main centers, which have a cascading effect on the luxury market in Wānaka.While the high-end property market in Wānaka faces challenges such as reduced transaction volumes and extended time on market, the increasing average sale prices and continued interest in luxury homes indicate a resilient sector. Economic conditions and interest rate fluctuations will undoubtedly play a crucial role in shaping the market’s future, but the fundamental appeal of Wanaka's stunning landscapes and substantial properties remains strong.Whether you are a potential buyer, an investor, or simply fascinated by real estate trends, The Goods on Real Estate podcast offers valuable insights into the dynamics of Wānaka's property market. Tune in to gain a deeper understanding and stay ahead of the curve in this ever-evolving sector.

The real estate market in Wānaka has seen an uptick in buyer interest, signalling a busy period ahead.This renewed confidence follows a relatively quiet autumn and winter, during which potential buyers were cautious. Now, with more favorable interest rates on the horizon, inquiries are more genuine.Today’s prices coupled with tomorrow’s interest rates create an ideal scenario for buyers.In August*, Wānaka saw 32 house sales, marking a 10 percent increase from the same month last year. This steady volume underscores the market’s resilience. The median house price has remained consistent, hovering just under $1.5 million. Unlike major centres such as Wellington, which have experienced significant price corrections, Wanaka’s limited supply and continuous influx of people have stabilised its property market. This consistency is a key indicator for investors looking for a stable investment.There were 13 section sales in the Upper Clutha in August. Land is one area where there have been some price corrections, particularly in sections under $700,000 where most of the sales have been. Despite a 10-15 percent correction over the past few years, this segment remains active. The cost of building has contributed to this correction, but the availability of reasonably priced sections offers opportunities for new developments.Builders and developers can take advantage of this trend, especially as the demand for housing continues to grow.The reduction in the Official Cash Rate (OCR) and favourable fixed rates from lenders have further boosted buyer confidence and the current market offers a wide selection of properties, and buyers do not necessarily need to be cash unconditional. Deals subject to sale, finance, and due diligence are more common, providing buyers with flexibility. This scenario is advantageous for buyers, especially as the market is expected to heat up again.With interest rates likely to remain favourable, the outlook for Wānaka’s real estate market is positive.If you’re looking to buy or sell contact our team at Ray White Wānaka.Listen to the latest Goods on Real Estate podcast here.* REINZ statistics - August 2024

Fixed-term contracts can be a good way of hiring someone if you don’t need a permanent staff member. For instance, there might be a special project or an event that you need help with for a certain time. They’re ideal for businesses that need seasonal workers in the agriculture or tourism sector and for covering parental leave.Watch out though, they come with specific requirements that must be complied with.Like all contracts, a fixed-term employment agreement must set out the expectations clearly and there must be genuine business reasons. Failing to get this right at the beginning could get you in hot water with the Employment Relations Authority (ERA) if it considers the termination of the employment to be unjustified.What needs to be in a fixed-term employment agreement? The employer and employee must agree how the employment will end, either: at the close of a specific date or periodon the occurrence of a specified eventat the conclusion of a specified project.It must be genuineThe Employment Relations Act requires employers to have genuine reasons, based on reasonable grounds, for employing someone on a fixed-term basis. These contracts cannot be used for trial or probationary periods – that’s what the 90-day trial period is used for.What happens if the need changes?Despite best efforts, projects can take longer to complete than initially thought: seasons can run longer; permanent employees can stay away longer; and businesses can decide they have an ongoing need for a particular role. If your business decides to keep your employee beyond the initial term, there are several ways you can do this. Vary the terms by consulting with your employee and providing a letter of variation additional to the original employment agreement.Renew the term – by creating a new employment agreement with a new fixed term period. Offer your employee a permanent role. The key takeaway here is, you must decide what you want to do before the employment comes to the end of its term, and you must communicate with your employee. If the fixed term ends and you do nothing, and the employee continues working for you, they will automatically become a permanent employee. Key takeoutsThe reason for the fixed term must be genuine and reasonable. The reason for the fixed term must be explained in the employment agreement. The employment agreement must state the date or event on which the term comes to an end; or the term for which the agreement will run. If the term comes to an end, but the employee keeps working, they automatically become a permanent employee. 

Exciting Opportunity for Youth! Kāhu Youth Trust, in partnership with the Rotary Club of Wānaka, is excited to offer an educational scholarship for young people ready to take the next step in their career.This $1,500 scholarship is available to those who have been out of school for at least six months, whether or not they've entered the workforce early, and are now looking to pursue tertiary education—be it university, polytechnic, or trade studies.We understand that the journey to success often requires financial support. This scholarship is to go towards course related expenses. We aim to ease the financial burden and encourage our youth to reach their full potential! Eligibility:Applicants must be students registered in their first year of study.Applicants must have a permanent residential address located in either Wanaka and surrounding areas, Hawea and surrounding areas, Makarora, Luggate, Cardrona and Tarras. Applicants must have been out of school for a minimum of 6 months. Applicants will be aged between 16-24 years of age inclusive. Applicants must be New Zealand Citizens or Permanent Residents. To apply or for more info:visit us here where you can download an application formor email [email protected] close FRI 27th September 5pmDon’t miss out on this amazing opportunity! If you know someone who might benefit, help us spread the word.

Another possible change on the horizon for small dwellings.A current proposal from the Ministry of Business and Innovation (MBIE) would make it easier to build small, detached dwellings by removing the requirements for building and resource consents.There is bound to be some form of checks and balances in place to comply with the Building Act though. Consultation is currently taking place and we’ll keep you posted.

Separating or having relationship issues? There are so many considerations when family life and relationships become challenging. Increasingly, the impact of mental health, personality disorders, and alcohol and drug dependency are changing the landscape of family relationships. Evidence suggests that more women than ever before are being subjected to financial abuse from their partners. While this is not restricted to one gender, research carried out by the University of Auckland in 2003 and 2019 found that the proportion of women who suffered economic abuse almost doubled.Often people think there is no way out. There is. Getting informed early on will enable you to navigate your situation. Knowing your rights, the rights of any children, and the reality of your legal position, can help you make informed choices instead of fear-based ones.The law can provide protection for those who need it. There is the ability to seek urgent financial assistance from the income earning partner if they threaten to stop their support. There is urgent protection available from control of money, psychological abuse and children being exposed to the unhealthy environment of an already ‘broken’ home.Processes can be put in place before any complete breakdown too, to minimise the impact of a separation on the relationship and your children, and to increase the likelihood of a healthy co-parenting relationship in separate homes. We know it can be daunting to seek out legal advice from a family lawyer but if this is happening to you, you are not alone in what you are dealing with. We can equip you with knowledge early on, in the hope it helps reach a faster resolution, reducing the need for greater assistance from lawyers in the long term.

When a person’s legal competence or fitness is at question.A recent article on Stuff highlighted the issue of capacity when an elderly man wrote his Will on post it notes from home, 11 months after being diagnosed with dementia, back in 2015. He changed his previous Will to give most of his estate to his first child and a woman he met at a Lions Club event, who also happened to be his neighbour (making her his enduring power of attorney too) and leaving just $5,000 each to his other two children. The man went on to change his Will again in 2017, this time excluding the first child from sharing the estate with his neighbour, and then again in 2018. While both later Wills were ruled invalid due to incapacity, the judge did rule that the 2015 Will was valid and so the majority of his estate was left to his first child and the neighbour. How could this happen you ask? While there is legislation setting out the level of capacity required to make a Will, the bar is set quite low. People will often tell their GP (who is not usually a specialist assessing dementia) that they have capacity when they don’t. Cases like this are a timely warning to everyone to sit down and carefully consider your wishes before ill health sets in so you don’t no need to be continually changing your Will.Level 1, 62 Ardmore Street, Wanaka,

Life can be unpredictable, and relationships are no exception!Here in New Zealand, there are default rules that determine how your property is split if your relationship ends. But you and your partner can modify the rules and how they apply to your property, by entering into a Contracting Out Agreement (also called a pre-nup). Why would you want to modify the rules? The rules may not reflect what you think is fair. At the time of separation, people are often shocked to find that property they thought was theirs, now has to be shared with their partner. Here are some commonly held misconceptions:Myth 1: The house is in my name, and I bought it before I met my partner so I will get to keep it if we separate!If you’ve been in a de facto relationship for 3 years or longer, the family home (that’s the home you live in with your partner) becomes relationship property. Whether it’s in one or both your names, it doesn’t matter. And yes, even if they haven’t contributed a single dollar towards the purchase or upkeep of the property!  Myth 2: I am the only shareholder and director of my business, so my partner has no claim to it. If you started your business while you and your partner were together, it is almost certain to be relationship property, and they will be entitled to a 50 percent share of your business if you separate.Myth 3: My KiwiSaver is not part of our relationship property. Sorry to be the bearer of bad news. Any contributions you make to your KiwiSaver account while in a relationship is in fact relationship property so your partner can ask for half of the funds if you separate. Myth 4: My inheritance is safe from any relationship property claims. Sometimes but not always. Your inheritance is your separate property unless, you have agreed to mix it in with your relationship property – for example, repaying some or all of the mortgage on your family home. Then you have likely consented to it becoming relationship property so you can’t then ask for it back if you separate. Myth 5: My home is in a trust so my partner can’t touch it. Trusts can offer significant protection against relationship property claims. But there are ways that trusts can be vulnerable in a separation, particularly if the trust was established during the relationship or if your partner is named as a beneficiary of the trust. In the final analysisEvery relationship is different. A contracting out agreement allows you to customise your arrangements based on your specific needs and circumstances. Whether that’s blending families; safeguarding inheritances; or planning for future ventures.A tailored Contracting Out Agreement can provide peace of mind for both parties.Level 1, 62 Ardmore Street, Wanaka,

Thinking about whacking up a new fence? Hold on a minute, there’s a bit more to it than you might think. Get your hands on a copy of the Act (the Fencing Act 1978), as well as your local district plan and a copy of your title to see if there are any land covenants to abide by. Each district plan zone can have different rules about approved fences and if you get it wrong then the Council can require you to take the fence down, at your expense.Under the Act, the first step is to issue a ‘fencing notice’ to your neighbour with the details of the fence you want to build, dimensions, materials, dates of when the work will start and finish. Oh yes, and the cost. Before you issue your neighbour with a fencing notice, it’s important that the fence you have planned meets any land covenants registered against the title to your property. Some land covenants can be quite prescriptive as to what is and isn’t allowed, so even if your neighbour agreed to your proposed fence, if it doesn’t meet the covenant requirements you might be in breach and other neighbours may have the right to have you remove or change your fence.   If your neighbours are not on board with your proposed fence, they have 21 days to issue a formal counter-proposal outlining the objections and alternatives. Otherwise, you have carte blanche to erect the fence as per your fencing notice, and invoice them their share of the fence. Be warned though of ‘boundary bloopers’. Double check – no triple check – where the actual boundary line lies. Many a Kiwi has come unstuck after accidentally snaffling a few centimetres of their neighbour’s land! Level 1, 62 Ardmore Street, Wanaka,

Wills can and do get contested all the time, so make sure you get it right. A Will is not a simple document. There’s a lot to consider - family dynamics, blended families, the list goes on. To be valid, a Will must be created correctly and thoroughly so that your property is dealt with how you want it to be and if it does get challenged, your wishes are able to be defended.  Take the time to considerAre there any family members that you don’t get along with? If so, what is the reason and how are you related? Are there any other relationships like adoption or stepchildren that need to be considered? Blended families can be tricky. Is one partner more likely to die before the other? How do you want to split/protect the assets for that person and their children? Does one partner stand to receive a windfall?While there is a moral duty to provide for close family members e.g. partners/spouses, children, or other dependent family members, let’s be clear, you cannot rely on your partner to provide for your children if you die first. If a Will is not drafted properly and you were to die first, your children could lose out on their inheritance. Making a Will as a coupleThis can be a hard one. Do both partner’s instructions and wishes match? Is one person more dominant than the other? Are they willing to meet separately with their lawyer?Is the person making the Will under anyone’s controlSometimes we come across cases where one partner is exerting influence on the other. It’s important that as the Will-maker you can give clear instructions in your own words. A solicitor will ensure anyone present who is going to benefit from the Will is not influencing the other person. An alarm bell could be that the Will-maker is deferring to another person to guide them on how to answer the questions. Take this scenario: A husband and wife go to their solicitor to create Wills and Enduring Power of Attorneys. The wife is terminally ill. They are a blended family with no joint children, but each have children from previous relationships. In this case, it is clear the wife is going to die before the husband and the husband stands to receive a windfall. The husband instructs the solicitor that their wills are to leave everything to each other. While the wife initially agrees, when spoken to separately by the solicitor, she instructs that she wishes her estate to be left to her children and not her husband. In this case, if the wife’s instructions weren’t taken independently of her husband, and her will was drafted accordingly, her husband would end up with everything, and her children would likely receive nothing.  Are there rules about changing your Will?Wills can and do get changed all the time. It’s a scary thought, but you don’t have to tell anyone - including your partner or spouse, if you change your Will. Unlike a Contracting Out Agreement where both parties need to mutually consent, one partner could easily change their mind and alter their Will down the line. Level 1, 62 Ardmore Street, Wanaka,

Selling a business can be a very complicated process when it comes to managing your obligations under New Zealand Employment Law.It’s easy to get caught up in all things business but you must remember your legal obligations to the employees, and that includes letting the staff know what is happening. This can be a balance act. Balancing your commercial risk and keeping things confidential so early in the process, with meeting your legal obligations under the Employment Relations Act 2000.It is important that you know the details of all the business’s employees. Check employment agreements and variations, visas, and anything else related to the employees’ terms and conditions, including the relevant notice periods and employee protection provisions. Everything must be legally compliant before the settlement date. Are there any vulnerable employees like cleaners or food preparers? If so, they will automatically be transferred to the purchaser company unless they don’t want to be. In which case, they will need to be made redundant, and you’ll have to explain the process to them. Are there any employees on an Accredited Employer Work Visa (AEWV)? If the settlement timeframe is too short, the purchaser company may not be able to become accredited in time to keep those employees on, and they will have to be made redundant on the settlement date. Not having a valid visa will mean an employee on an AEWV has to leave the country. You will need to go through a consultation process with each individual employee to explain what is happening and the possible outcomes related to their employment. It’s important that the consultation process is genuine too. That means it needs to start before the agreement is unconditional and a final decision has been made. All information given to the employees must be relevant and in a format that is easy to read and understand. Don’t be tempted to cut corners, even if you know the employees in the business. We can’t stress enough how important it is that you do everything by the book. An employee can raise a personal grievance, even after the business is sold. Level 1, 62 Ardmore Street, Wanaka,

A burst of colour and creativity has transformed a ten metre blank wall at Kāhu Youth into a vibrant canvas of youth expression! Led by the Upper Clutha Youth Council (UCYC), the Youth Mural Project was painted during National Youth Week.Under the mentorship of Jo Lewis, Volunteer Manager at Kāhu Youth, the UCYC orchestrated this remarkable initiative, securing funding from Otago Community Trust Rangatahi Led Fund and Ara Taiohi. This collaborative effort aimed to empower youth voices and cultivate a sense of community pride through art.Local artist Chrissy Wickes played a pivotal role guiding the project, facilitating workshops and channelling the collective vision of Wānaka's youth into a cohesive mural plan. Beginning with a focus group at Mount Aspiring College (MAC) in February, the journey unfolded through months of creative exploration, culminating in the unveiling of a stunning mural that encapsulated the essence of youth aspirations and unity.National Youth Week, with its theme of "We may not have it all together, but together we have it all," provided the perfect backdrop for the project's realisation. The UCYC seized the opportunity to engage the community, distributing muffins provided from the Community Kitchen and flyers promoting Youth Week and the mural project. DJ Sam Wilson's infectious beats drew crowds, igniting enthusiasm and support for the initiative.The culmination of Youth Week marked a triumph for the UCYC, fulfilling a long-held aspiration of bringing a youth mural to Wānaka. Over the course of the week, approximately 100 young individuals contributed their time and creativity to painting the mural, forging connections and leaving an indelible mark on their community.As the paint dried and the mural neared completion, Kāhu Youth found renewed vitality in their space, eagerly anticipating its upcoming fit-out. To further their endeavours, Kāhu Youth has partnered with Forsyth Barr to organise a Winter Wonderland Ball at the Lake Wānaka Centre on August 24th, rallying support and resources for their shared vision of community enrichment.Acknowledgments abound for the generous contributions that fueled the project's success. From B.Effect's sponsorship of Kombucha for the celebratory finale to Resene's discounted paints, each supporter played a pivotal role in bringing the mural to life.Photo Credit Deanna GerlachPaetara Aspiring Central35 Plantation Road, Wānaka 

New Zealand properties are now valued at seven times the average household income. In fact, last year, mortgage repayments accounted for a massive 49 percent of Kiwi household’s gross annual income1. Kiwis are being locked out of home ownership because it is simply unaffordable.But there is hope. Buying a house with family or friends can be a great way of getting yourself onto the property ladder. Co-ownership or shared ownership is becoming increasingly common and can give each person a distinct share in the property that you couldn’t otherwise afford on your own. Choose the person or people wisely though and it’s critical that you get a property sharing agreement drawn up.Before jumping in, you’ll need to think about what each co-owner’s share in the property will be. For example, do you want equal shares? Will you all put in the same deposit? Maybe the share of the property will be proportional to the size of each co-owner’s deposit?Property Sharing Agreements should always be drawn up on a case-by-case basis, but they will typically cover some or all of these areas.How the property is going to be owned and how each party’s ownership share is recorded on the title.If the parties are contributing different amounts to the purchase, then a clause should be included outlining what proportion is owned by each of the parties.Details of how the mortgage will be paid. One person may want to pay more than the others for example.What happens if one party fails to pay the mortgage?What is the decision-making process? Different parties may have different views on the need to renovate the house and maintain it.How will the property be maintained?Who is responsible for managing the property including paying the bills, organizing renovations, and managing tenants if you’re going to rent out the property.What happens if one party dies?What happens if one of you wants to sell? A common clause included in most agreements is the right of first refusal.Depending on where you live in New Zealand, property prices can double every 10 to 12 years, so home ownership certainly has its rewards. If you think a property sharing arrangement might be right for you, get in touch, we can help you get started. (1.last quarter of 2023, Corelogic)Level 1, 62 Ardmore Street, Wanaka,

If you’re a club or other organisation that is incorporated under the Incorporated Societies Act 1908, you need to re-register under the new 2022 Act to remain an incorporated society. Don’t panic. You have until 5 April 2026 to do it, but we encourage you to get the ball rolling now. Any incorporated society that does not reregister by the cut-off date will cease to exist.Until your club or organisation re-registers it must operate under (and comply with) the 1908 Act but once your new re-registration application is approved, you’ll be bound by the 2022 Act.There is no fee for reregistration, but you will need to do a few things before you can re-apply.   The most important task is to ensure that your Rules document (now called a constitution) complies with section 26 of the 2022 Act. You don’t need a lawyer to do this but we are always on hand if you need help.The Companies Office has some excellent information to help you.You can sign up to receive updates from the Companies Office. Just look for the button at the bottom of the web-page in the above link.There is also a constitution builder you can use to create a constitution which complies with the 2022 Act. For some societies, this may be easier than changing your existing Rules.Rule changes or adoption of a new constitution will require a general meeting of members and it makes sense to deal with this at an Annual General Meeting rather than calling a Special General Meeting. When is your AGM held?While April 2026 is still two years away, time has a funny way of disappearing so don’t leave it to the last minute.  If you’re feeling a little stressed about it all and want some guidance, give us a call, we’re here to help. Level 1, 62 Ardmore Street, Wanaka,

Several workplace incidents have already hit the headlines this year.Bunnings in Australia was ordered to pay out $1.3million to a former worker after she was seriously injured lifting a 11kg bucket of fertiliser. And, what’s more, the fertiliser manufacturer was ordered to contribute!In our own backyard, Trade Depot was forced to pay out almost $500,000 in fines and reparations when a customer was struck by a forklift and had to have her lower leg amputated.In the case of Trade Depot, the company was found to have no effective traffic management plan in place to keep pedestrians and moving vehicles separate. One-way systems, barriers, speed bumps, signage and designated crossing points could have prevented this terrible accident. These cases are a good lesson for Kiwis employers on the importance of health and safety at work.While the massive Bunnings payout was in Australia, New Zealand has its own very stringent health and safety laws which are largely based on the Australian work health and safety laws. The rule of thumb and guiding principle of the Health and Safety at Work Act 2015 (HSWA) is that workers and other persons should be given the highest level of protection against harm to their health (both physical and mental), safety, and welfare from any workplace risks, so far as is reasonably practical. And businesses must be able to demonstrate this. HSWA has shifted the focus here in New Zealand, from merely monitoring and recording health and safety incidents, to proactively identifying and managing all risks. As a business you have the primary responsibility for the health and safety of all your workers and any other workers they influence or direct. You are also responsible for the health and safety of people at risk from the work that your business carries out.Are you across your obligations and actively managing workplace risks? If you need advice on workplace policies and health and safety, get in touch, we can help.Level 1, 62 Ardmore Street, Wanaka,

All employers in New Zealand, no matter what size, are now able to use 90-day trial periods.Previously these were only open to employers with 19 or fewer employees but the changes took effect in December last year. That means if you’re hiring people on certain work visas, you’ll need to consider immigration requirements relating to the use of trial periods – specifically accredited employers and employees on an Accredited Employer Work Visa (AEWV).  Any trial periods must also be agreed to and included in the employment agreement before your employee starts work, or the trial period will be invalid.Beware though, if an employee is a member of a union and employed on a collective employment agreement that says they can’t have a trial period then these can’t be used.Level 1, 62 Ardmore Street, Wanaka,

The Government has announced bright-line changes are coming, namely a return to the 2-year bright-line tax rules for properties sold after 1 July 2024. But sellers beware. Nothing has been changed or updated yet. Until the proposed changes are passed through parliament, the current rules apply. If you’re looking to sell now, the current bright-line rules are still relevant. Here’s a quick summary:Selling before 1 JulyExisting bright-line rules applySelling after 1 July2-year bright-line rules applyMain home rules revert back to the old rules from 1 July50% land used as main home for 50% or more of the timeIf you’re thinking of selling, get legal advice before you put your property on the market, so you don’t get caught out. We’re always here to help so just give us a call.Level 1, 62 Ardmore Street, Wanaka,

The Government has announced bright-line changes are coming, namely a return to the 2-year bright-line tax rules for properties sold after 1 July 2024. But sellers beware. Nothing has been changed or updated yet. Until the proposed changes are passed through parliament, the current rules apply. If you’re looking to sell now, the current bright-line rules are still relevant. Here’s a quick summary:Selling before 1 JulyExisting bright-line rules applySelling after 1 July2-year bright-line rules applyMain home rules revert back to the old rules from 1 July50% land used as main home for 50% or more of the timeIf you’re thinking of selling, get legal advice before you put your property on the market, so you don’t get caught out. We’re always here to help so just give us a call.Level 1, 62 Ardmore Street, Wanaka,