Christchurch rental market turns to favour tenants

Things are looking up for Christchurch tenants, with rents beginning to fall and more homes available. Rental agencies say tenants are able to be more choosy and landlords in some cases are dropping rents. The city’s average rent of $408 is down from $430 at the start of the year and back at late 2013 levels, according to the latest bond figures from the Ministry of Building Innovation and Employment.  The number of Christchurch rental homes listed on TradeMe has jumped from 600 to 1550 in a year. Bernice Ireland, head of Quality Property Management, said tenants had a choice

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Christchurch landlords lower rents due to ‘oversupply’ of properties

Christchurch landlords are being encouraged to lower rents and offer incentives to secure tenants as properties sit empty for up to a month. The city is facing an oversupply of rentals as earthquake-damaged houses are repaired, new houses are built, and more as-is, where-is properties are listed as rentals. Ray White Shelleys Property Management director Shelley Scott said she had to teach several property owners about realistic weekly rents over the last year. “When we go to re-let the property we find we often have to make adjustments.” She recently dropped the rent of a new listing in New Brighton from $350 to $320 a week. “I’ve got some properties sitting for a

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Who’s the winner?

  Hamilton Catches Up with Auckland Area’s property growth rateHamilton house prices have risen faster than Auckland Market since January this year. According to Stuff.co.nz, the price has been slow down for a short period during this year then it starts to head up again. As Hamilton is the most populous city of the Waikato region, it becomes a hot area for investors. With only one hour and half drive from Auckland, it also becomes a good choice for first home buyer to live.   According to the Statistics provided by QV, the growing rate of property market in Hamilton

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What Owners Should Know About the Planned New Earthquake Legislation in Wellington?

As the Building Act 2004 has regulated and set the definition of an earthquake-prone building, all building constructed prior to 1976 must be at least 34%of the New Building Standard within a given period. But after Wellington was hit badly by the magnitude 7.8 Kaikoura earthquake on November 14, the council’s disaster planners are looking to speed up the introduction of new building regulations. The council was worried about the resilience of the city and was considering this as an opportunity to improve the city for the future generation. The focus was on homes because it was known that Wellington’s

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The deadline for insulation and smoke alarm installation is approaching

As the Housing Minister Nick Smith has announced, landlords will be required to insulate and install smoke alarms for their rental properties before mid of 2019 to meet the new standard in Residential Tenancy Act to provide the tenant with a proper living environment. “Overall this package will see the biggest improvement in the quality of New Zealand’s older homes this decade than in any decade and it will see a half million New Zealanders, particularly those on low incomes, having a safer warmer and drier homes,” As Smith announced. The landlord will be fined for breaching the tenancy legislation up

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How to choose the right property manager

When choosing a property manager, there are a number of things you need to consider before selecting the person who will be caring for perhaps your most valuable asset. Will the property manager: Accurately appraise your rental property to quickly rent your property to quality tenants and keep your vacancy period to a minimum? Conduct appropriate background checks on potential tenants before offering your property to a tenant? Bad tenants can cost you a lot of money in the long run. Understand the importance of ensuring the presentation of the property is maximised to attract the right tenant, who in

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Why Kiwis are losing confidence in NZ housing

With increasing interest rates and soaring median house prices, Kiwis are losing confidence over their ability to fulfil their dream of owning a home. More and more people are being driven away from reaching this dream, according to ASB’s latest housing confidence survey. The average Auckland house was valued at $1,045,207 as shown by data revealed by QV this week. This survey showed 35 per cent of respondents think its a bad time to buy a house with only 10 per cent saying its a good time bringing Kiwi confidence to an all time low. “Since 1996, there has never

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Tips to ensure you always get your rent

Renting out your property can be a complicated task, especially if you are having trouble collecting rent from your tenants. This article is to help property owners without property managers to avoid any complications and ensure they always get their rent in time. The first step is to prevent any unreliable tenants from renting out your property. Don’t rent to a tenant who you believe will struggle to pay despite what they tell you. A rule to stick to is the 33% rule – if the rent is more than 33% of the total household income then it will be

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