Invercargill homes grabbed by Australians
Sunday 27 June 2004
Australians take advantage of students lured to Invercargill to snap up homes to rent out - no stamp duty, land tax in NZ
By The LandlordAustralians are flocking to Invercargill to buy up three-bedroom houses to rent out.
It is being put down to growing student numbers at the Southern Institute of Technology, which has a zero fees scheme.
That has left students looking for accommodation, and the Australians are cashing in by buying homes to rent out.
Local Real Estate Institute spokesman Ron Weir says they have been coming over for several months.
They are snapping up houses for around $100,000.
He says they are getting a higher percentage return on their money than they would at home, partly because there is no stamp duty or land tax in New Zealand.
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