New Zealand Property Investors’ Federation, (NZPIF) is the umbrella body for 20 local Property Investors' Associations throughout New Zealand.
Phone: (03) 357 9243
An unfortunate aspect of this year’s Government Budget was the announcement that a rental property Warrant of Fitness was to be introduced for State Houses. There was also a strong indication that it would eventually be introduced to private rental properties.
Latest market statistics from the REINZ show that while median house prices have increased over the last year, 90% of the increase came from Auckland and Canterbury, with most of the increase coming from Auckland. These two areas accounted for just over half of all property sales in New Zealand.
A few weeks ago I had a meeting in Central Auckland and parked in a commercially owned Pay-And-Display carpark. The meeting was expected to last half an hour so as you could only buy time in Half Hour lots of $5, I paid for one hour to account for time to get to the appointment.
Following a recommendation by the Childrens' Commissioner, New Minister of Housing, Nick Smith, has requested that his officials look into the feasibility of a Warrant of Fitness for rental property.
After last months article on housing affordability, where I looked at reasons why we do not have a housing crisis, I started to wonder if in fact anyone who was employed could own a home.
The housing market is continuing to take a battering from well intentioned but misinformed lobby groups and political parties concerned about house prices. Facts do not back up their beliefs however.
The Waikato Property Investors’ Association and indeed the New Zealand rental industry lost a real asset with the passing of Brian Hancock shortly after the Waikato Conference last year.
This has been quite a year for the Rental Property industry. Since 2008, the NZPIF has been saying that the housing market is likely to be quiet until 2012 and this seems to have been a fairly accurate prediction. While it is certainly early day’s, the housing market is now nearing boom like increases in some parts of the country and is likely to move in other parts soon.
This years NZPIF conference in Hamilton was another major success. Attendees experienced a full weekend of devouring property related information plus sharing war and successes stories with other attendees. The mood was buoyant with many attendees looking to take advantage of market conditions.
The Childrens’ Commissioner established the grandly titled “Experts Advisory Group on Solutions to Child Poverty” in March this year. This group has recently produced its first report which included a number of proposals that the group claimed were “ambitious, but they are also realistic, cost-effective, based on evidence, and take into account New Zealand's economic and fiscal context”.
The NZ Property Investors’ Federation needs to gain more information on rental property insulation for both lobbying purposes and obtaining discounts for members.
Rental prices in New Zealand have grown well over the past few years, however this growth has slowed through this years winter months. The median rental price grew from $330 in January this year to $340 in May, but fell in July to $320.
Presidents Report: The opposition Labour Party have recently accused landlords of ripping off tenants who receive the accommodation supplement (AS).
Presidents Report: The latest quarterly investor confidence survey from ASB Bank confirmed that rental property is again the top investment that people felt would give them the best return. This is the first time that rental property has been at the top of the list for over two years.
There are many indicators pointing to an improving property market. The economy is doing well, affordability is back to levels last seen 10 years ago, Interest rates are predicted to stay low for longer, demand is increasing yet new building consents are still quite low.
The announcement that the Department of Building and Housing (DBH) was to be moved into the new “Super” Ministry came as a shock to the industry last month. DBH had already been restructured for “efficiencies” and the general perception from all industry participants was that the service level had fallen dramatically.
Having recently re-let a rental property, some of the comments from prospective tenants made me think about the service level of some rental property providers. Our rental was a nice place in nice condition and somewhere I would happily live. But it was by no means a mansion. It had not been renovated or improved for some time and we had just provided some basic extra cleaning in addition to the previous tenant’s efforts.
There has been quite a bit of media attention on increasing rental prices recently. This is a common occurrence at this time of the year, as many people are change their circumstances in the new year and University Students are coming back at the start of the new academic year. But does that mean we can all put our prices up?
The New Zealand Productivity Commission as an independent Crown Entity established by the Government in December 2010. The Commissions purpose is to help the Government improve laws and regulations that guide and incentivise how individuals, businesses and other organisations make their decisions.
The start of a new year is an excellent opportunity to examine your rental property, look at the investment environment and make some plans for what you want to achieve over the coming year. By the time you read this, hopefully you will still be on your Christmas break and will have some time to have a good think about what you are doing with your property, free from work or business commitments.
A common problem that I have been hearing for most of this year is how long it takes to get a Tenancy Tribunal hearing. I know from recent personal experience how frustrating it is to have a tenant living in your property and refusing to pay rent. You feel powerless as you wait for the hearing date to finally arrive.
The NZPIF has had two meetings this year with senior Labour Ministers. At both these meetings we asked about Labour's housing policy and if any new taxes were being considered. We were told that a land and capital gains tax had been looked at, to pay for extra planned spending, but there were problems with both and would not be part of their policy.
Last month the NZPIF held a communication meeting in Wellington for all affiliated Property Investor Associations around the country. This is an annual event and a marvellous opportunity the us to tell the PIA’s what we are doing, hear what they would like us to do and also share information among themselves on how to make their associations better for their members.
The Minister of Finance did not include any surprise new taxes for property in this years’ budget. He has obviously seen that the changes from last years budget, which came into affect in April this year, have had quite an impact on the industry already and that we have made our contribution to these tough economic times.
It was the end of a very special era last month, when NZPIF President Martin Evans decided not to stand for re-election after four years in the job.
The half a percentage point reduction in the Official Cash rate will be good for the economy and a welcome relieve for rental property owners. The timing of the interest rate cuts is excellent, coming just as building depreciation allowances are being removed for residential rental properties. However the interest rate cuts will not fully compensate for the tax changes that came into place on the first of April. In addition, rental prices only increased by an average 3% last year while general inflation was at 4%. Combined with an increase in demand and weak supply, almost everything is pointing to higher rental prices.
There is a particular risk that has showed up recently and that is building a property portfolio in a single area. The recent events such as the Christchurch earthquake and the Queensland floods have caused huge problems for the local populations and even loss of life. These natural disasters have also caused many problems for property investors and their tenants in both areas. These problems will have been especially bad for investors who had all their properties in the one area.
In my travels around the Property Investor Associations I have picked up on quite a few experienced members increasing their portfolios. In fact even some of the less experienced investors are learning to be counter cyclical from other members and either starting or expanding their investments.
RTA Amendments tabled again. QV Insider updates. Communication Meeting. Another special for NZPIF Conference.
Drugs in rental properties. Responsibility for Outgoings. Submission on the Unit Titles Bill. Changes to Associated Persons rules. Monthly reports from Thomas Chin. HERS and NZBCD proposal.
Meeting with Minister of Housing. Assisting with revision of RTA Amendment Bill (no 2). Second survey on property managers. CHRANZ Aged Housing Workshop.
Outlook for 2009. Property investors will find opportunities. Important to consider the hardship of others. Rents likely to rise.
The promise of the New Year. Opportunities this year for cash flow properties. Acknowledging our national sponsors. First Executive meeting on February 21.
Findings of the Survey for Ministry of Justice Review Team. Check the property market while in relaxed holiday mode. New style membership cards being designed. Best wishes for Christmas and the New Year.
New Minister of Building and Construction. Effects of the global economic crisis. Meeting of DBH National Customer Service Council. Survey for Ministry of Justice Review Team. 2008/2009 NZPIF Executive.
Martin Evans reviewed the last year for members at the AGM held on October 24 in Rotorua. This, he said, has been a year of change during which the NZ Property Investors' Federation has shown leadership.
In Martin's absence, Andrew King writes about the Housing NZ 'P' case, tenant damage in Christchurch, importance of regular inspections and of checking the details of the cover your insurance policy provides you.
The report covers Housing Affordability, Lawyers and Conveyancers Act, Housing Policies of the Kiwi Party, National Party, NZ First and Green Party.
Positive response to Code from media. Rental market slow around country. MPs appreciative of NZPIF input to RTA Bill. Recent visits to PIAs.
Code of Ethics launched. New Landlord of the Year Award. Comments to politicians on RTA Amendment Bill. Online transaction facility organised. High profile speaker’s tour of 7 Associations.
RTA Amendments tabled in Parliament. Annual Communications Meeting held. New National Sponsor - Generation Developments. 08/09 Agreement with DBH - New Landlord Seminars
This month Martin Evans is re-elected as President of NZPIF for a further term. The fifth ANZ Property Investment Survey findings are released and NZPIF is involved in exploring future needs for social housing.
During April we have a campaign to tell non member investors that they can tap into a lot of experience and knowledge by joining a PIA. I gain information from a Tenancy Services Customer Meeting and I outline our plans for lobbying between now and the election
Commerce Select Committee members were told today by Martin Evans, President of the NZ Property Investors’ Federation.
It was an interesting and often worrying year for property investors. The government led by Treasury blamed us for fueling the economy and forcing house prices out of reach of first homeowners. We explained that homeowners buy with their hearts and investors buy using their heads. Homeowners will pay anything to purchase the house they have fallen in love with. Whereas the investor will back off and look for the next opportunity, which have been few and far between in this market.
With the collapse of seven finance companies in the last 16 months, including three in the last eight days, Martin Evans, President of the NZ Property Investors� Federation, says that the worry for investors in managed funds and shares is the prospect of who might be next.
The property market at last seems to be cooling. This is good news for property investors as Treasury and the Government try to hurry the downturn in the property cycle by suggestions of restricting our business.
The NZPIF has presented a submission on information matching between Government Departments. We believe that No government agency or its processes should shield those who have broken laws or contracts or those who are deliberately avoiding their financial obligations.
During the past couple of years the Federation has made significant progress on many fronts...
Submission on the issues paper 'Repairs and Maintennance to the Tax Depreciation Rules'
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