The Real Estate Agents Authority has had a name change to the Real Estate Authority. You will continue to see REAA on real estate agency signage and advertising as a correct reference to the Real Estate Agents Act 2008. The website for further information is rea.govt.nz.
In their March newsletter, the REA advised of their consumer website –
‘In February we also launched settled.govt.nz
, our new consumer website designed to better educate and inform home buyers and sellers. We are marketing the site to the public and it has already been viewed many thousands of times.’
They also provided this update on the Overseas Investment Amendment Bill:
‘The Overseas Investment Amendment Bill was introduced in late December 2017 and is currently before the Finance and Expenditure Select Committee. It seeks to implement the government’s policy on banning the sale of residential property to overseas buyers unless the sale is beneficial to New Zealand.
If passed, residential property will be added to the definition of ‘sensitive land’ and will become subject to restrictions in the Overseas Investment Act 2005 regime. This means that those who are not ordinarily resident in New Zealand will not be able to purchase residential property unless they can demonstrate that their purchase is beneficial to New Zealand.
The Select Committee is due to report back to Parliament on 21 May 2018.’