The 2016 New Zealand Architecture Awards were announced at an event in Wellington on Friday 11 November.
Twenty-eight buildings and structures have won honours in the leading architectural awards programme, which recognises the best work across all the types of projects designed by New Zealand’s architects.
Ten year tenancies are back in the news and also in the discussion on PropertyTalk.com. On the news site stuff.co.nz an article reports Auckland Property Investors Association (APIA) have called for a change in the fixed term tenancy agreements offered to residential tenants.
Predicting what the property market will do in the future has been the obsession of many property experts, commentators and investors for years. Right now their forecasts are so diverse we’re left with more questions than answers and this is causing more uncertainty especially among home buyers and property investors.
Increases in property sales prices have flatlined and property types preferred by investors are taking the biggest hit. Trade Me Sales Price Index reports sales prices are down for units and apartments while large homes of five beds or more are very strong particularly in Wellington. Does the RBNZ or Government need to take further action to curb property investors appetite?
Property Investors like to be forewarned so they can be forearmed when the property market moves into the ‘slump phase of the property cycle. The property cycle has a few phases – three most notable for change are: Boom, Slump, Recovery.
Property investors are buying fewer properties therefore there is less new rental stock in the market. While this will be pleasing the orchestrators of the recent LVR rule changes competition among property managers is now much tighter.
Property investors are part of the solution of making Auckland great again and their opportunities to invest locally are alive and well. However right now it’s only the Investors who have adapted well to the revised LVR restrictions who are active locally in Auckland.
Property investors say it’s always a good time to invest in property. Property values rise and fall and buying conditions change. However property investors continue to do well in any market when they focus on the core investing fundamentals. Property investor mentors from PropertyTutors say their investor clients are risk averse and only invest in properties with strong numbers (yield & equity).
Weekly rents rose just 4.8 percent in the twelve months to July 2016 according to Trade Me Rent Price Index. Tenants will be relieved Landlords are being realistic and not keen on hiking rents arbitrarily. Property sales have slowed and the average asking price has dropped significantly up ten percent since July 2015.
Property asking prices continue to drop in Taranaki. The downturn of their primary industries (oil, gas and diary) has made home buyers wary. The rest of the country has enjoyed months of capital gains except for Taranaki which has continued on a steady decline since August 2015 according to Trade Me Sales Price Index.
Banks have been given an extra month to process their back log of Pre-approvals therefore from 1 October all loans new and pre-approvals will need to adhere to the 60% LVR restriction rules. Yesterday the OCR moved to it’s lowest rate of two percent and the dollar rose more than a cent against the greenback. It could have gone lower too due to weak global conditions.
Tenants need to know they are now on notice regarding smoke alarms. The Tenancy Tribunal fined a Hamilton tenant for tampering with smoke alarms this month setting a new case-law precedent for future cases. Landlords and property managers have taken notice of this outcome and it can be said the Residential Tenancy Amendments Act 2016 (RTAA) effective 1 July 2016 is now very much part of Tenancy Tribunal legislation ‘tool-kit’.