Purchasing property in current market conditions, is it better to wait?

Purchasing property in current market conditions, is it better to wait? Recent research conducted by Goldman Sachs indicated that there is a 40% chance of the NZ housing market going bust. Further insights concluded that NZ’s housing market is over-valued the most amongst the G-10 economies. A housing bust can be described as house prices declining by 5% or more and is calculated through ratio calculations relative to house prices to rents, annual household incomes, and inflation impacting house prices. In Auckland alone, the average house price has increased 91% since 2007. With these escalating figures, the amount of people

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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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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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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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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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