Ways to buy property in New Zealand
From auctions, tenders, selling at a fixed price and more, it's important to understand the different ways to buy, and how these work.
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To successfully buy real estate, you'll need to be armed with a wealth of information about the available properties on the market in the area/s you're interested in, as well as those that are in your price range. Buying a property is up there with one of the biggest decisions you'll likely ever make. And when it comes to real estate in New Zealand, there are many different ways that you can buy - so it's imperative that you understand the various buying options and how these work.
Auction
• Places a timeframe around the process (typically 4-6 weeks), giving purchasers a date to work their due diligence to.
• The property owner determines the terms and conditions of sale, including the settlement date under which the property is to be sold.
• A transparent process.
• When sold at auction, the sale is unconditional, with a deposit paid on the day.
- More information about Auctions
Fixed price purchase
• An asking price is placed on the property. Buyers are able to make conditional and unconditional offers at any time.
• Benefit to purchasers as they can see the property owners' expectations from the outset.
• No time pressure on property owners, but likewise on purchasers.
• Correct pricing of the property from the outset is critical to avoid the property becoming stale.
• Can shift the focus from buyer vs buyer to buyer vs owner.
Tender or deadline sale
• Places a timeframe around the process (typically 4-6 weeks), giving purchasers a date to work their due diligence to.
• While the owner sets out the terms and conditions in the tender document, it does allow purchasers to add conditions to their offer.
• Tenders remain open for a pre-determined timeframe after closing, allowing the owner to consider offers under less time pressure.
• Useful on complex sales that may involve various parcels of land and, therefore, different purchasing/selling options.
• Sets a specific timeframe within which a buyer must act.
• The owner sets preferred terms and conditions, but generally some flexibility for buyers to alter with their offer.
• The owner can consider offers prior to the closing date.
- More information about buying by tender or deadline sale
By negotiation
• Maximise the sale price by not fixing an upper limit.
• Allow a margin for a premium without over-pricing your property.
• Draw in a greater range of buyers to consider your property.
• Prevent buyers from dismissing the property because of your asking price.
• However, as with a fixed price sale, selling by negotiation is likely to remove any sense of urgency among buyers because there is no fixed sale date.
- More information about buying by negotiation
Need reliable advice and information?
It's a great idea to have a talk with one of our local Property Brokers salespeople. Our salespeople live, work and play in the communities they serve - from transport routes and schools through to new developments, our local team can help you with everything you need to know about the area.
Overseas and want to buy a property in New Zealand?
Be sure to read our investing in New Zealand information for a good guide around what can and can't be done.
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