Is Meth Test Still Necessary?

Information Retrieved from Stuff.co.nz; nzmethtesting.co.nz Landlords who forked out thousands are feeling duped after a government report busted the meth myth wide open. In a bombshell report issued on Tuesday, the Prime Minister’s Chief Science Advisor Sir Peter Gluckmanfound there is no evidence of risk to humans from third hand exposure to houses where methamphetamine has been consumed. But the meth testing industry has slammed the report, calling the office of the PM’s Chief Science Advisor “reckless”. After recent media and government attention on meth-testing in homes and rental properties I would like to give you my updated take on it all. Despite

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Westpac offers ‘special’ one-year mortgage rate at 3.99%.

Are you planning to apply for a Mortgage loan? This might be a good time. Read further to get information about the current happenings in the loan market.! Metro NZ Property Management would recommend you to first get a professional’s advice. Westpac has introduced one-year mortgage rate “special”. From 18thJan onwards Westpac is providing a one-year fixed term rate of 3.99%, reducing 16 points on its standard rate of 4.15%. The offer is only limited until February 1 and is only applicable for those who have more than 20% equity and have their salary going into a transactional account at the bank. 

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LANDLORDS WARNED BY REINZ TO INSULATE RENTAL PROPERTIES OR FACE FINE OF $4000

As the New year has started and people are steadily returning back to work from their vacation, the Real Estate Institute of New Zealand (REINZ) is cautioning landlords that they need to insulate their rental property till 1st July 2019 or else the can face a fine of up to $4000 from the Ministry of Business, Innovation and Employment (MBIE). Chief Executive at REINZ, Bindi Norwell stated, “from 1st July 2019 ceiling and under floor insulation will be compulsory in all rental homes across New Zealand. That deadline is now less than six months away, and MBIE has warned that it

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WHAT TO EXPECT FROM 2019 PROPERTY MARKET

WHAT TO EXPECT FROM 2019 PROPERTY MARKET 2018 has been an interesting year for New Zealand’s Property market. With steady volumes and values indicating reliable growth across New Zealand, however notably the market interest mostly concentrated on the recent government policy and measures to curb property conjecture. Below mentioned are the summarized key topics on the property and economic outlook for 2019. LVR Modification: Lightening the restrictions of the LVR from January 2019 onwards will be the initial landmark. However, the effects the changes that might have on the market will be watchful as it is expected that the banks

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The Reserve Bank to relax the speed limits on High Loan to Value Ration Lending and additionally ​more loosening of the rules expected in the future.

The Reserve bank has pronounced to lighten the rules about the high loan to value ratio (LVR) housing lending in an expected move that might encourage the housing market. The development was announced on 27thNov as part of the bank’s latest Financial Stability ReportFrom 1 January 2019: Up to 20% (increased from 15%) of new mortgage loans to owner occupiers can have deposits of less than 20%. Up to 5% of new mortgage loans to property investors can have deposits of less than 30% (lowered from 35%). This is the next lightening of the LVRs, first introduced in the year 2013, which the RBNZ has

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Parliament votes to pass the legislation for BANNING the letting fee.

The Parliament has voted to pass the legislation to ban the letting fee from 12th December onwards. The housing minister Phil Twyford said that letting fees are unfair for the tenants and banning it will be a good initiative in improvising the conditions for tenants, while in the long run, they are still reviewing the Residential Tenancies Act. He stated “Our tenancy laws are antiquated and don’t reflect the fact that renting is now a long-term reality for many of our families. Around half of New Zealanders now live in rented homes. This change could put up to $47 million

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Gluckman’s Meth Standard to be adopted by the Tribunal.

15 micrograms per 100cm2will be accepted by the Tenancy Tribunal as the minimum standard for meth contamination for rental properties. The Chief adjudicator of Tenancy Tribunal, Melissa Poole stated that it will use the 15mg level as recommended in the Gluckman report – as long as the meth was completed after the report was issued on 28thMay 2018. She further explained to the delegates at the NZ Property Investors Federation conference in Dunedin that the Tribunal worked a lot and spoke to numerous people about the standard, including the Housing Minister Phil Twyford. The Tribunal’s hand was pretty much forced

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Best opportunity for First Homebuyers..!!

First homebuyers of Auckland at an advantage by $87 per week compared to 18 months back. Are you planning to fulfill your wish of having a dream house? This would be the best time. Read further to get more information! Metro NZ Property Management would recommend you to get professional’s advices first. Decreasing mortgage interest rates, marginally low house prices and gently increasing wages all are assisting in the dream of Auckland’s first home buyers. According to the Home Loan Affordability Report of Interest.co.nz for the month of September, calculates that mortgage payments for a lower quartile priced home in

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New Rules about Overseas Property Buyer

REAA has sent through a news letter to each agency about New Overseas Investment Rules. Are you overseas investment buyer? Read further to get more information! Metro NZ Property Management would recommend you to get professional’s advices first before you process your property transaction. New overseas investment rules live on Monday   The new overseas investment regime comes into effect next Monday, 22 October. From Monday 22 October, overseas people generally won’t be able to buy residential land in New Zealand unless they have a residence class visa and intend to live here. Every residential land sale will require a

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Watch Our Latest Video on Youtube!

We are pleased to announce that, Metro NZ Tube is officially online now and you can now watch all the videos of Metro NZ from Youtube. You can also subscribe our Facebook account by searching ‘Metro NZ Property Management’ to get the latest updates in Metro NZ as well as in Property Industry! Being the finalist to Westpac Business Award in Excellence of Strategy and Planning, we have made a huge effort to be stand out from the whole management industry. See what our staff say about Metro NZ and our services! Frank Rangi, Managing Director of Metro NZ Property

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Metro NZ Annual Charity Lunch for Love Soup 2018

At Metro NZ we believe businesses have certain responsibilities – we take our responsibilities seriously. This means we follow the spirit and the letter of all regulations, codes of practice and guidelines that affect our industry. Plus we take a proactive role in making the industry better, both for investors and tenants. This involves exceeding common standards of customer care and taking an active role in trade associations and industry bodies. An important aspect of doing business at Metro NZ is giving back to the community. Frank Rangi, our Managing Director, has a passion for the homeless and for those

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UPDATE ON THE OVERSEAS INVESTMENT BILL

According to Vesna Wills realestate.co.nz, at present the Overseas investment Amendment Bill is before the parliament and further amendment is required in the Overseas Investment Act 2005. The Bill is being drafted to assure that the investment made by overseas investors benefits the people of New Zealand. The Bill explains the limitation upon the type of investment can be done by overseas investors. To further clarify, the Bill will not be applicable on permanent visa holders and the resident visa holders who have spent most of their time in the country. These individuals will be applicable to purchase housing without

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Around 2000 buildings in Auckland recognized as Earth-quake prone.

  According to Dileepa from Stuff.co.nz  According to the findings of Auckland council, approximately around two thousand properties around Auckland are capable of posing a risk to the people or the properties nearby in an average earthquake. 1800 properties have been identified as earth-quake prone and the  owners have been sent notices, as well as eight council-owned buildings are also discovered to be in the same category and notices have been posted on them in the last two months. Victoria Theatre in Devonport, Leys Institute buildings in Ponsonby, Studio Toi Tu Ponsonby Road, Grey Lynn Library and three toilet blocks

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Updates on the Proposed changes to the Overseas Investment Act

According to Greg, the Government is likely to water down is proposed ban on foreign investors buying New Zealand residential property (Interest.co.nz, 19 June). Foreign Buyers would be allowed to buy into larger, multi-unit housing development such as apartment, according to Parliament’s Finance and Expenditure Select Committee. However, before Where a new development had a minimum of 20 units, overseas investors would be able to buy units off the plans, and retain them as investment properties once construction was complete. However overseas buyers would not be allowed to occupy these units themselves and there would be restrictions on how many

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Relax, Foreign Buyers!

According to Henry from Stuff.co.nz, the proposed foreign property buyers ban has been relaxed for foreign investors looking to buy apartments. “The Government will accept changes suggested by the majority of the Finance and Expenditure Committee in their report on the bill. The major change concerns apartments. Originally the ban would allow foreign buyers to purchase apartments off the plans, but would force them to sell them on once the building was completed. Now the ban will allow foreign buyers to hang on to apartments bought off the plan, as long as they are part of a development that is 20

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