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Future of Bell Block elderly flats still undecided

Future of Bell Block elderly flats still undecided
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Housing affordability rule changed tipped to spur surge in commercial property

House prices have been skyrocketing across New Zealand over the last year.
Recent changes to rules around owning residential property may see investors swapping to buy commercial property instead, a New Plymouth commercial real estate agent says.
Colliers International agent Benet Carroll said some residential investors were selling up and swapping their focus to the commercial sector, which was not affected by new Government policies to make housing more affordable.
The changes targeted investors buying and selling residential property and extended the “bright line” test from five years to 10 years, meaning investors pay 39 per cent tax on profit from an investment property sold within 10 years of the purchase date. ....

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