Property sales data on non-resident buyers has proven interesting so far but is from conclusive and is not likely to singlehandedly trigger further action by the Government or the RBNZ. The new rules introduced late last year shrunk the pool of foreign buyers who were waiting for new IRD numbers.
In the media a couple of reliable sources confirm rent increases have not risen alot over the last twelve months – so where are the greedy Landlords? Property sales and prices continue to forge ahead with gusto while rents remain static thus widening the gap between sales and rents according to the latest Trade Me Property Rental Index.
Expect to see another increase in the property sales price data for Wellington when the Trade Me Sales Price Index is released for March 2016. Homes in the region have sold within days of being on the market for sale; and they’re being purchased for tens of thousands of dollars over the Government valuation.
Landlords may soon be required to test for Meth use in their rental properties in-between tenancies as part of the new Health and Safety at Work Act 2015. The reported rise in P-contaminated houses is somewhat alarming insofar as the clean up costs are in the tens of thousands, plus residing in a meth contaminated environment can have negative health implications.
While physically inspecting a property before purchase remains the norm in 2016, a report on future trends in the real estate sector predicts house hunters will be buying up homes from the comfort of their living room – using virtual reality.
House inspections prior to purchase will become less frequent over the next decade, as virtual reality will allow prospectors to examine three-dimensional replicas of properties for sale.
Auckland’s property market plateaued for a couple of months (December and January) but sales activity picked up in February. There were more property listings last month than in February 2015 plus a modest increase in the average asking price. RealEstate.co.nz reports Auckland’s average property price increased by a modest 4.5% on the previous month, January.
Collectively Landlords can not be lambasted for raising rents in 2015 when the median weekly increase was only 4.2 percent. This increase saw the median weekly rent in Auckland rise by $5 to $500 according to Trade Me’s Rent Price Index for January 2016 and it’s been hovering around the $500 mark for months.
How and where we live and work is evolving as technology provides more freedom and we have greater access to competitively priced products and services.
Our homes are slowly becoming more high-tech and connected. Plus companies are increasing the number of ‘hot desks’ available in their workplaces.
Referrals speed up the property manager selection process for landlords and it’s why asking for referrals is a popular activity on PropertyTalk.
However what do you do when referrals are thin on the ground and you need to engage a property manager immediately? Thankfully the answer is online and Landlords can now ask prospective property managers a list of pre-qualifying questions.
During 2015 weekly rent in the Auckland region increased by an average of 7.6 percent. The median asking rent in Auckland reached $500 for the first time in November but settled back at $495 in December reports Trade Me’s Rental Price Index, a monthly report of new rental listings data. Auckland, however has a large footprint and rents are increasing at varying rates throughout the region so where are the largest rent increases in Auckland?
Reports that Landlords are attempting to increase profits from overcrowded rental properties has been refuted by Andrew King, Chief Executive of NZ Property Investors Federation in a news item on NZHerald today.
Yesterday a news item suggested maybe overcrowding was an initiative by greedy landlords to maximise profits with student accommodation in Auckland.
Talk of longer commercial-like tenancies for residential properties is creating a lot a discussion among property investors. Do Landlords want longer tenancies? Shorter tenancies offer Landlords the opportunity to adjust the level of rent to the market rate or higher on properties that have fallen behind and there is more control with more property inspections and renovations can be carried out between tenancies.