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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What property owners and property managers need to know about smoke alarms

As a property owner, you should know that a correctly installed smoke alarm in your rental property is the best way to protect your investment and your tenants in the event of a fire. From 1 July 2016, new proposed regulations will make landlords responsible for ensuring operational smoke alarms and detectors are installed in their rental properties, and tenants will be responsible for replacing batteries or notifying landlords of defects. According to the New Zealand Fire Service, every year there are more than 3,500 house fires. Furthermore, in 80% of the fatal fires they attend, smoke alarms are either

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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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Why Trump win may make renting a better option

New Zealanders can expect higher home loan interest rates, and more pressure on house prices, thanks to Donald Trump’s victory in the US presidential election. Real estate listings website Realestate.co.nz was already reporting large numbers of United States visitors searching for New Zealand property before the result was announced. As it became clear that Trump will be the next president, and take over from Barack Obama within months, that increased further. Realestate.co.nz reported US-based traffic up 432 per cent after the result was revealed, compared to the same time last year. Of those visits, 78 per cent of people had 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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Is your investment property safe from chemical contamination?

New Zealand’s most dangerous drug is often an invisible one. Getting your investment property Meth tested can be extremely crucial in generating maximum returns for your rental property by ensuring a safe and liveable environment for your tenants. It only takes a few months smoking meth, or “P”. for chemical particles that cause breathing problems, headaches and nausea to attach to dust and leach into walls and carpets. In a recent article written by Stuff, it was stated that in 3 months – 44 percent of properties in Nelson that were tested by MethScreen returned positive results. More often that

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Auckland ranked 8th most liveable city in the world

Despite its record high property prices and traffic issues, Auckland has been ranked the world’s eighth best city in the latest 2016 liveability rankings released by the Economist Intelligence Unit. Auckland improved one spot from last year, and is now ranked ahead of Helsinki and Hamburg. Melbourne remains the most liveable of the 140 cities surveyed, followed by the Austrian capital Vienna. The global liveability survey gave cities a rating which represents the challenges they present to lifestyle of people living there. The unit scored each city across five broad categories: stability, healthcare, culture and environment, education and infrastructure. Worldwide

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Are you and your Property Manager ready?

The Residential Tenancies Amendment Bill was passed into law on 1 July 2016.  From this date Landlords and Property Managers need to beware of their respective responsibilities around rental properties meeting the required standards by the ‘Amendments’ due dates. Two immediate changes that are effective from 1 July 2016 is fire alarms in key areas of the property; and Landlords and Property Managers will need to state the level of insulation in the rental property on new tenancy agreements. Landlords of all other residential rental properties must install the required ceiling and underfloor insulation by 1 July 2019, and meet the

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Surging migration and Auckland’s property price boom

New Zealand’s population increased by nearly 100,000 people in the year to June, it’s biggest annual increase ever, with most of the rise coming from migration. Statistics New Zealand estimates this country’s population grew by 97,300 in the year to June, taking the total population to an estimated 4,693,000. “The last time we experienced population growth over 2% was in 1974, and before that, at the peak of the baby boom in the 1950s and early 1960s,” Statistics NZ senior manager Jo-Anne Skinner said. There has also been a massive increase in the number of Britons and Americans planning to come

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How to avoid fines and tenancy disputes

Managing a rental property can often be a complicated task – its not quite as simple as sitting back and collecting rent. There are many rules in place for landlords that are there to protect the rights of the tenants. If the landlord fails to comply with these rules, it may result in large fines and even prosecution. Here are some simple tips on how to avoid mistakes when managing a rental property. Discrimination When screening potential tenants for your property you are not able to base your selection on factors such as gender, marital status, religious beliefs, race, ethnicity,

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AUCKLAND – HOTTEST PROPERTY MARKET IN THE WORLD RIGHT NOW

Auckland is becoming the hottest property market in the world. A third of the population (1.3 million people) of New Zealand are now living in the city of sails. The QV House Price Index for August saw the average value for homes in the Auckland region reach a new milestone by topping $1 Million – $1,013,632 to be exact. This is a huge increase from the average house price of $500,000 ten years ago. New Zealand has the second highest rate of house price inflation in the world at 11.2%, according to Knight Frank’s Global House Price Index. Only Turkey

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Why you should hire a Property Manager

If you’ve ever owned a rental property or are planning on investing in one, you know that it can be financially rewarding. At the same time, you may be aware that owning a rental property requires a lot of time, commitment and hard work. You may think it makes sense to manage your property yourself, but for some people this isn’t practical. Owning a rental property brings with it many unique challenges – above and beyond the responsibility of ownership. Here are some reasons why you should hire a Property Manager Knowledge and experience Property Managers deal with managing properties

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Auckland speculators flipping homes on same day of purchase

Auckland speculators flipping homes on same day of purchase Saturday Sep 10, 2016 – NZ Herald Data reveal instant resales as sharp investors ‘flip’ properties for quick riches. Auckland property speculators are on-selling homes on the same day of purchase for huge profits, sometimes without even setting foot inside. Incredibly, one Auckland house was sold three times in a single day with its value surging by nearly $80,000 in less than 24 hours. Other astute buyers have “flipped” their new purchases for instant profits worth tens of thousands of dollars, with one speculator pocketing $100,000 the same day they bought

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Recommended by Big interest in new Auckland housing development

DANIELLE CLENT – Stuff September 6 2016 Half of the 72 units in a new development in the Auckland suburb of Avondale have been sold to investors. Ockham Residential is behind the new Set buildings that are being developed near the Avondale Jockey Club on 26 Racecourse Parade. Ground will be broken on the Avondale project on September 8 with construction to take one year to complete. The price of the apartments range from $430,000 to $820,000 with the smallest being 53sqm. Half of the apartments have already sold. Ockham property developer Mark Todd says that 50 per cent of

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