It has come to light that in the proposed building code, houses are going to have an energy efficiency rating similar to star ratings on major home appliances. This will take the form of a checklist that the house seller will fill in and give to the buyer on sale. Houses will be rated from 1 to 6 stars based on ceiling insulation, wall and under floor insulation, solar hot water heating, double glazing etc. As part of the EECA subsided insulation scheme, they will issue the property with this rating certificate to give to the new owner when the property is sold.
On the Government front it looks like the Government and the Reserve Bank have given up on using the OCR to control the housing market and are looking at other methods. Don’t be surprised when you go to your local bank to fund your next purchase (especially if you are borrowing 100%), you find things more difficult.
The Government is looking at a raft of tax measures (see website www.ird.govt/resources/file/ebd2d10fc071845/IS0064.pdf )
Also the Government has also initiated an inquiry into Housing Affordability and the Residential Tenancy Act amending legislation is to be introduced in the second half of the year. If we get another Labour Government next year, there is a strong possibility we will get some form of capital gains tax.comments powered by Disqus