Following the Reserve Bank of New Zealand’s (RBNZ) announcement last week that it would require Auckland property investors to make a minimum down payment of 30% to qualify for a mortgage, effective from 1 October, the National Government over the weekend announced that this year’s Budget would include a bunch of measures aimed at curbing short-term property speculation, also effective on 1 October.
According to the media release, entitled “Taxing Property Gains Fairly”:
