What is “Lifestyle Property”

The term “lifestyle property” is a very broad term used to describe a significant proportion of the Hawke’s Bay real-estate market. While the term can cover a wide range of rural or semi-rural property, it is difficult to give any specific definition of exactly what comprises a “lifestyle” property, neither is there any good reason to do so. In Hawke’s Bay, it is sufficient to say that a “lifestyle” is a rural or semi rural property on which the occupants have an acceptable life – style.  A lifestyle property may or may not be income producing and can include property of any size. In many instances is used to describe properties having an income from livestock or horticulture, usually providing that there is also time or opportunity left over to enjoy a little of life.

The Hawkes Bay Lifestyle

Hawke’s Bay is increasingly recognised in New Zealanders and overseas as having the countries best all round climate. To that add an exceptionally beautiful and varied countryside, great out door recreational opportunities, comparatively modest land prices, excellent public and private educational opportunities and every other criterion most people would expect to support a very good lifestyle. As a result there has been an accelerating demand for small to medium sized rural and semi – rural property in Hawke’s Bay. The demand is strong from New Zealanders living outside of Hawke’s Bay especially the large metropolitan areas of Auckland and Wellington, and especially strong from overseas migrants who often best appreciate what New Zealand and Hawke’s Bay has to offer.

Value for money

Lifestyle property which is located within 15 minutes driving distance from the cities of Hastings, Napier, and the towns of Taradale and Havelock North can relatively expensive. Buying pressure has made some favoured areas particularly expensive e.g., within the near vicinity of Havelock North and to a lesser extent the surrounding foothills of Taradale and the nearby Puketapu District. Central Hawkes Bay, because of its relative distance from the major cities and urban centres of Hastings and Napier usually offers much better value for money. This District is based on the rural township of Waipukarau and to a lesser extent Waipawa. Rural property is usually significantly cheaper – other things being equal, than similar property within the Hastings District. To offset this there are fewer employment opportunities and to some extent educational choices.

There are no set rules governing the value of lifestyle property and each needs individual expert appraisal to ascertain its market value. Values vary widely, depending on a wide range of variable factors. These will include – property location, land quality, improvements to the property (especially quality of the home – if any) and aesthetic considerations of the property e.g., aspect, rural views, trees or other plantings or native bush cover, etc. As in any District of New Zealand, proximity and views of the ocean, and to a lesser extent any of the Hawkes Bay rivers, will give a property considerable extra value.

Overseas buyers of New Zealand lifestyle property

Rural properties of up to 5 hectares in area may in most instances be purchased without restriction by overseas citizens. Properties over .4 hectares in area which are designated as national heritage sites, or adjacent to heritage sites or lakes are likely to be exceptions to this rule. Rural properties over 5 hectares may in most instances be acquired by migrants who have been approved for New Zealand residency, or are already approved residents or citizens. More details may be viewed at www.oic.govt.nz

Filed under: Lifestyle, Moving to New Zealand