The Housing Market April 2019
Over the whole of New Zealand house prices in April increased in 13 of the 16 regions compared to prices in March. The areas not seeing increases were Auckland, Nelson and Otago. Days to sell increased slightly from 36 days to 37 nationally.
Auckland increased by 4 days to 41 days to sell. What was noticeably down was the number of sales which year on year were down 11.5% nationally and 16.3% in Auckland. The recent fall in the official cash rate to a record low of 1.5% and the scrapping of the proposed capital gains tax should however give confidence to buyers.
It will be interesting to see if sales volumes increase in coming months compared to sales numbers for the equivalent month last year.
A Land Information Memorandum (LIM), is a summary report of the information held by the local council relating to a particular property (land only or house and land).
The information covers possible soil erosion, land slippage, flooding risk and possible hazardous substances on the land. These include asbestos and insecticides from agriculture or orcharding.
Other information contained in a LIM report will include maps or plans of the private (relating to the building) and the public drainage stormwater and wastewater.
Zoning information describing what can be built and what land size minimums have to accompany a building are now also included.
What Else is in a LIM Report?
The LIM report will also detail building consents (if before 1992) and Code Compliance Certificates issued if after 1992. The rates and any outstanding rates will also be recorded.
If the council is aware of any illegal work done on the property, it will record council notices, orders and / or requisitions that have been issued to the current owner.
Other special conditions may also be recorded such as New Zealand Historic Places Trust listings, which can limit or prohibit any additions or changes to the property.
Any work that may effect the property such as planned road widening will also be detailed in the LIM report.
What Does a LIM Report Cost?
The cost of a LIM report varies from council to council but is usually around $250 – $350. The time to provide the report is within 10 days but for an extra charge (about another $100 typically) an urgent LIM can be obtained within 2-3 days.
What Does a LIM Report Not Contain?
The building plans, drawings and building specifications detailing the type and quality of building materials is not present in a LIM report. The council do have this information on file if a building permit was obtained.
To obtain this information an interested party has to order a copy of the Property File. There is a charge for this, it usually costs less than a LIM report.