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

Read more

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

Read more

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

Read more

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

Read more

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

Read more

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

Read more

Calling All Owners of Property!

Calling all property owners! When you work with us, you are working with Auckland’s best that are investors in New Zealand and throughout Europe! Here’s what you can expect from Metro NZ Property Management. • Competitive rates • Professional Inspection Report • Investors Income Monthly Report • Online diary records every detail communication with Tenants • Professional Key Tag System • High quality service 24/7 • Maximum returns for property owners • Expert renovations, maintenance and repairs • Top quality customer service Call, text or email Frank on 021 642 110 [email protected] for more information Talk with our property managers

Read more