New Zealand Law Society - Landonline operating surplus up 4%

Landonline operating surplus up 4%

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Land Information New Zealand (LINZ) has reported that the net surplus from Landonline was up 3.8% from the previous year in the year to 30 June 2016.

The LINZ annual report for the 2015/16 year, shows Landonline operating income in 2015/16 was $74.314 million - up 9.6% on the previous year. Operating expenses were $58.059 million in 2015/16 (up 11.4% on 2014/15), resulting in a net surplus for the year to 30 June 2016 of $16.255 million ($15.655 million in the previous year).

LINZ says during the 2015/16 year, 189,398 titles were issued or reissued and 683,500 instruments were lodged.

The report says LINZ gained agreement from the Government to development of the Advanced Survey and Title Services (ASaTS) being developed. This will update and expand the range of services offered by the Landonline system for property transactions. The objective is full implementation by 2021.

"ASaTS will be able to create a complete picture of all land in New Zealand, bringing in Crown land information and improving the quality of Māori land information held by LINZ," it says.

"It will also enable us to link property information, like ratings valuation units and title information, which is held across government."

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