View Poll Results: Should there be a Capital Gains Tax on Property
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No
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Yes
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Goff is just an idiot
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Epic fail for Labour
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05-03-2019, 04:56 PM
#461
Member
Call me dumb but what is the exact definition of "Family home'?
Can a de facto partner have a family home? Can I have a family home also?. Can a family trust have a family home also?.
Last edited by Brovendell; 05-03-2019 at 04:58 PM.
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05-03-2019, 05:01 PM
#462
Originally Posted by Brovendell
Call me dumb but what is the exact definition of "Family home'?
Can a de facto partner have a family home? Can I have a family home also?. Can a family trust have a family home also?.
I'd think ones home address ...any property that's not being rented lived in by owners etc
"With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu
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05-03-2019, 05:07 PM
#463
Originally Posted by JBmurc
we purchased property here in central otago during 2016 RV 550k we paid 560k now worth over 850k etc so yes old RV way off now ..but its all relative no doubt when next RV come out it will be much higher ... just like your property will be ..
Your RV will be higher as there will be actual sales data for that property. Where as mine has no sales data - so all they can do is tweak it by whatever % they reckon is right.
Edit. Heres a wee test. Flash house opposite me has just got a "sold" sign put on it. RV = $900,000. Went on the market Oct 2018 under auction - didn't sell. Then listed for $845,000 (around what I thought it would go for) and didn't sell. Now advertised at $798,000. I'll keep an eye out for actual sale price
Last edited by minimoke; 05-03-2019 at 07:11 PM.
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05-03-2019, 09:20 PM
#464
Originally Posted by minimoke
Your RV will be higher as there will be actual sales data for that property. Where as mine has no sales data - so all they can do is tweak it by whatever % they reckon is right.
Edit. Heres a wee test. Flash house opposite me has just got a "sold" sign put on it. RV = $900,000. Went on the market Oct 2018 under auction - didn't sell. Then listed for $845,000 (around what I thought it would go for) and didn't sell. Now advertised at $798,000. I'll keep an eye out for actual sale price
Yes we got new RV last year i think it was upto 690k I see these days the banks uses some online instant valuer I guess like QV.co.nz can do early last year the bank believed are property was worth $815k ...insane lift in value... if the misses would allow me I'd list it for $850k and if sold go back renting for a year or two as these values aren't going to last
Last edited by JBmurc; 05-03-2019 at 09:34 PM.
"With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu
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06-03-2019, 09:15 AM
#465
Originally Posted by JBmurc
Yes we got new RV last year i think it was upto 690k I see these days the banks uses some online instant valuer I guess like QV.co.nz can do early last year the bank believed are property was worth $815k ...insane lift in value... if the misses would allow me I'd list it for $850k and if sold go back renting for a year or two as these values aren't going to last
I was at my bank the other day and they used www.homes.co.nz for instant valuations
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06-03-2019, 09:34 AM
#466
Originally Posted by fungus pudding
Only if you overlook that part of the regular payment was reducing the capital of the loan. IOW - paying yourself.
Agreed, and with amortisation over time 'paying yourself' exceeds the interest component.
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06-03-2019, 09:36 AM
#467
Originally Posted by iceman
I was at my bank the other day and they used www.homes.co.nz for instant valuations
Its quite a good site - but there is about a six month lag between sale and the new records being shown on the property. I use it as a broad guide - but to try and get a firmer idea on value you need a few more sales. Fine if you are in an area with lots of sales. Not so good if they are infrequent.
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06-03-2019, 09:37 AM
#468
Originally Posted by Brovendell
Call me dumb but what is the exact definition of "Family home'?
Can a de facto partner have a family home? Can I have a family home also?. Can a family trust have a family home also?.
The rules for the bright-line test include detail of the 'main home'. I expect something similar to be used in the government CGT policy, maybe tweaked but makes no sense to have a different set of tax rules.
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06-03-2019, 09:37 AM
#469
Originally Posted by minimoke
Its quite a good site - but there is about a six month lag between sale and the new records being shown on the property. I use it as a broad guide - but to try and get a firmer idea on value you need a few more sales. Fine if you are in an area with lots of sales. Not so good if they are infrequent.
I know. My area goes up and down quite a lot on this site due to infrequent sales and a mix of older less expensive homes and a newer part of the suburb with much more expensive homes. But I suppose all online tools will have that same issue
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06-03-2019, 09:48 AM
#470
Originally Posted by minimoke
Its quite a good site - but there is about a six month lag between sale and the new records being shown on the property. I use it as a broad guide - but to try and get a firmer idea on value you need a few more sales. Fine if you are in an area with lots of sales. Not so good if they are infrequent.
Can also get property estimates from Trademe, including rent estimates, where the sources of data are clearly spelt out. Not sure how the data sources compare to homes.co.nz but easy to compare anyway. Trademe has a lot of data from their many thousands of listings, and also produce quite comprehensive sale and rent analyses each month.
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