New Zealand Property Investor - January 2024

Tradesmen covering Properties brought Healthy homes

30+ all of Auckland from 2,000+ up to healthy 6,000+ assessments
Pukekohe to Orewa homes compliance completed

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CONTENTS JANUARY 2024
FEATURES UP FRONT COLUMNS REGULARS

16 PROFILE 02 FROM 48 YOUR 63 FROM THE
Education and action are THE TEAM DEVELOPER PRESIDENT’S DESK
key for Sarah Wilson. Anthony Corin talks
22 YEAR AHEAD 04 NEWS soundproofing. 64 AROUND

THE REGIONS
What’s in store for 2024? 08 TENANCY 49 YOUR
28 TENANCY ACCOUNTANT 65 NZPIF
Mediators are great for
09 TAX UPDATE Mark Withers looks at
relationship splits.
SPOTLIGHT –
GREEN-FINGERED
conflict resolution.
10 EXPERT ADVICE 50 YOUR SHORT- TENANTS
32 DIY PROJECT 12 YOUR HOUSE TERM RENTAL 66 NZPIF
Caleb and Alice’s top Eric Hammond on
SPOTLIGHT –
3 ways to add value.
15 YOUR RATES increased STL demand.
CONFERENCE
38 RENOVATION 51 PROPERTY 68 RENTAL &
Mary-anne Tobin with style INSIGHTS Greg Watson
insights for 2024. shares inspection tips.
SALES STATISTICS
54 REGIONAL 52 YOUR REVIEW 79 SUBSCRIBE
REVIEW Tauranga:
NZ’s lifestyle city.
Stevie Waring’s clients
join forces to invest. 80 FINAL WORD
.
NZ PROPERTY INVESTOR 1
FROM THE TEAM
THE CRYSTAL
BALL IS OUT
Our lead story this month explores what experts
NZ PROPERTY INVESTOR
think property investors might face in 2024. MAGAZINE PUBLISHER
Opes Media Limited
redicting the year ahead is an imprecise art. But there’s something 2/236 High Street,
P comforting about experts’ take on what might be; it provides some

sort of surety (even if it doesn’t eventuate). Surely an informed guess
is better than nothing.
Our lead story this month explores what is likely ahead for property investors
in 2024. We have a new government that is promising much, but many of the
Christchurch, 8011
EDITOR
Joanna Mathers
E [email protected]
changes they are looking to make will take some time to be realised.
ART DIRECTOR
Sue Harrison, president of NZPIF, says that while property investors may see Sally Fullam
the new government as a sign for smoother sailing ahead, interest rates will E [email protected]
make it choppy.
ANZ’s chief economist Sharon Zollner says house prices are far below their ACCOUNT MANAGER /
peak and the bank’s position is that it will take years for them to return to the ADVERTISING SALES
heady heights of November 2021. Unemployment may rise, which could have an Stephanie Bryant
impact of the bank’s willingness to lend to people who are new to the market. M +64211658018
These are just a few of the predictions voiced in the story. Sally Lindsay has E [email protected]
also chatted to Jen Baird from REINZ; David Faulkner from Property Brokers;
WRITER
independent economist Tony Alexander; and Kelvin Davidson from CoreLogic.
Sally Lindsay
They all have interesting perspectives on the year ahead.
Mary-Ann Tobin, of Design Addiction, also looks into her crystal ball, SUB-EDITOR
predicting what the design trends will be for the year ahead. Although interior Mike Deacon
design doesn’t often feature strongly when we are renovating rentals, it’s very
important for those who have short-term rentals. If you fall into that category,
Tobin’s story should be of interest.
Our profile this month, Sarah Wilson, has always been convinced of the
power of property. She bought her first home, aged 23, with her husband. And
her long-term buy-and-hold rentals have served her well. She’s currently in the
process of developing one of her Auckland rental properties and adding five
new townhouses to the section – great for the housing pool in our largest city.
And if you are afraid of mediation, you should read Sarina Gibbon’s excellent
story on the topic. She believes it offers landlords a great service and a way
of getting your side of the story across if there are issues with a tenancy. As
general manager of Auckland Property Investors’ Association she has great
insights around this. We trust you find her story useful. SUBSCRIPTIONS
Jill Lewis
We hope you all had a lovely Christmas and new year. We look forward to T 0800 888 643
E [email protected]
informing and inspiring you in 2024.
To subscribe go to
All the best. www.propertyinvestor.co.nz/subscribe
From the team
CONTRIBUTORS
Shane Campbell, Anthony Corin,
Kelvin Davidson, David Faulkner,
Sarina Gibbon, Matthew Gilligan,
Eric Hammond, Sue Harrison, Caleb
Pearson, Kris Pedersen, Mary-anne
Tobin, Rachel Vogan, Stevie Waring,
Greg Watson, Ryan Weir, Mark
Withers.
2 NZ PROPERTY INVESTOR
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UP FRONT NEWS
IMMIGRATION BOOM A CHALLENGE

The jump in net migration has seen the country grow While Auckland has been building
by the population of a decent-sized city over the past houses rapidly in recent years, this is not
keeping pace with the volumes of new
year, but that growth also brings headaches. arrivals, making the evolving demand-
supply balance a tailwind for prices
Almost 119,000 people flowed into understanding the economic impact once more.
New Zealand over the 12 months to has become more important than ever, ANZ chief economist Sharon Zollner
the end of September – the largest Gibbs says. expects the additional pressure in the
population gain through migration for “To date the huge migrant inflow Auckland housing market to cause
any 12-month period. seems to be helping to alleviate spillovers to neighbouring regions such
This boom in net migration has seen tightness in the labour market while also as the Waikato and Bay of Plenty as
NZ grow by the population of a decent- underpinning a moderate lift in house relative prices adjust, given these regions
sized city over the past year. sales, prices and especially rents. are close to Auckland.
The population surge came from a net “How these competing influences
gain of 164,000 overseas citizens coming on the economy and inflation continue LABOUR MARKET
to the country long-term and a net loss to play out will have a bearing on the It’s not just house prices where pressure
of 45,000 New Zealand citizens leaving required level of interest rates over the is expected to emerge; rents are also
our shores – a new record level, with year ahead.” likely to see sustained increases from
Stats NZ estimating that about half of higher population growth. However,
those departures were to Australia. WAGE LEVELS Zollner says at some stage the cooling
Westpac economist Darren Gibbs Historically, migrants from India, China labour market will reduce tenants’
says migration figures will go through and the Philippines have earned slightly wage growth, meaning they will be
several rounds of revisions over time. below average wages in NZ. If that less able to pay higher rents. This will
Monthly arrivals stood at about 21,000 in remains the case, that implies more limit landlords’ ability to continue to
September, down from a peak of more upwards pressure on lower-priced raise rents.
than 26,000 in April but still about 8,500 homes and rentals relative to those at Given the unprecedented amount of
more than in September last year. the top end of the market. extra people who have recently arrived
Most immigrants are coming from Many migrants have moved to in the country and our inability to wish
India and, to a lesser extent, China and Auckland. As the country’s biggest city, new houses into existence, she says
the Philippines. About a third of people this has helped spur economic activity there is a clear risk these extra people
arrived on a work visa, and about a despite nationwide gloominess, while will cause rents, house prices, inflation
quarter on a visitor visa. putting upwards pressure on house and mortgage rates to rise more than the
Given the increasing size of this flow, prices, ANZ’s latest Property Focus says. bank or the RBNZ are expecting. Q
UP FRONT NEWS
Christchurch-based Gold
Band Finance mainly focuses
on non-CCCFA loans.
THE QUANDARY SOME

INVESTORS FACE
Despite a recent rise in loan applications, Christchurch-based Gold Band
Finance is seeing people committed to buying investment properties they
probably no longer want to buy.
Gold Band Finance’s chief executive, operational risk when there is legislation rates – the type who the National Party
Martin Brennan, says some investors saying directors can be personally liable said before the election should be
entered contracts months ago, but the for any non-compliance.” targeted in rewritten legislation aimed at
market has moved, and they are being protecting vulnerable consumers without
forced to settle. BIG ISSUE unnecessarily limiting access to credit.
A combination of factors has led to Directors and senior managers may Although tweaks were made to
this situation, he says. Interest rates went be personally liable, with penalties of the legislation by the previous Labour
up, property prices went down. “In other up to $200,000 and/or court ordered government, Brennan says Gold Band
words, the house bought for say $10, is damages or compensation. still has reservations and will wait to
now worth $8, which obviously leads to He says the legislation was done with see how the new government rewrites
impairment. Those investors are staring good intentions, but when ambiguous the CCCFA.
down a loss of value and an increase in laws are passed its problematic. The Gold Band has found loan demand
funding costs. In a lot of cases, they can’t act does not tell lenders how much this year the strongest it has probably
get funding because the asset values borrowers can commit to servicing been in the past three or four years for
have gone down. a loan; they have to make their own CCCFA and non-CCCFA lending. It’s not
“It’s a challenge. A lot of people are assessments and it’s a big issue. around budget, he says. “I think it’s about
having to settle on them and are selling Gold Band used to have a consumer a psychology. I’ve talked with people who
them straight away. Some will sell for a loan book of about $10 million, but it now just think the change in government will
loss; it depends on the circumstances.” mainly does non-CCCFA loans. Brennan’s lead to a change in culture that will make
It’s one reason Gold Band Finance question is where are those people for a better environment. I don’t think
has given up on doing Credit Contracts borrowing money from now? people are waiting for a specific piece
and Consumer Finance Act (CCCFA) Many industry pundits believe it’s from of legislation or something like that, it’s
loans. “They are just too hard and an rogue lenders charging high interest more a psychological view.” Q
UP FRONT NEWS
protection for landlords, particularly

when it comes to money held in a
trust account, and helping professional
conduct. “Ultimately those benefits
flow through into the tenants; they
know that they’re going to be treated
professionally.”
Faulkner says it’s not always the
case when dealing with mum and dad
CALL TO INCLUDE
investors, and that is not denigrating
them.
“There’s a lot of skill that goes into
PRIVATE LANDLORDS property management and landlords

need to know what they’re doing. Mum
and dad investors don’t always know
private landlords in any rewritten bill. their rights and responsibilities under the
The industry needs “If not that, at least to have a public Residential Tenancies Act, so I think the
to lobby the new register of every residential landlord in bill will go through.”
New Zealand.” There is a risk that it may not because
government to include However, he isn’t convinced the bill will ACT didn’t support Labour’s proposed
private landlords in any be rewritten to any great extent or if at all. bill, but Faulkner thinks it’s a small
rewrite of the Property The agency made a submission to the bill risk. “The coalition government can
and also backed the REINZ submission. change the bill, proceed with it as it
Managers Bill, says a Faulkner says regulation of property is, or scrap it. We think National and
team leader. managers is necessary and a good thing New Zealand First will proceed with it
as it will increase professionalism in because they voted for it when it first
The leader of a big property the industry. came before Parliament.”
management team says if there is any “There is a now a trend of more The Property Investors’ Federation
rewriting of the Property Managers Bill, landlords using property managers. I has argued against private landlords
introduced to Parliament by the previous believe more than 80 per cent of rental being included in the bill, saying
Labour government, it needs to include listings are now listed through a property landlords are hardly going to rip
private landlords. management or real estate company. themselves off and a tenant can always
Property Brokers property That’s a big change from a few years ago.” use the Tenancy Tribunal if they feel the
management general manager, David landlord is not keeping the rental up to
Faulkner, says the industry does need to GREATER PROTECTION standard or breaching the Residential
lobby the new government to include He says regulation will lead to greater Tenancies Act. Q
CONSTRUCTION TAKES A FALL

The amount of building been revised higher, says Westpac senior sharp slowdown in building activity over
economist Satish Ranchhod. “Taking a the year ahead. “But for now, with many
work has dropped longer-term perspective, building activity firms still completing projects that were
2.4 per cent, a sharper has effectively been tracking sideways at already on the books, the downturn has
elevated levels over the past year.” been modest.”
fall than at least one He says the capacity constraints and Looking across the main building
bank forecast. labour shortages mean that although segments, residential construction has
Although construction work is falling many buildings are being consented, now fallen 8 per cent from its 2022 peak.
away, the drop for the September actual building work isn’t keeping Consents for residential projects have
quarter is more than expected and so- pace, with backlogs developing and fallen 20 per cent over the past year
called resilience in the sector actually completion times stretching out. with developers reluctant to bring new
reflects a shortage of labour and projects to market and prospective buyers
significant capacity constraints plaguing COSTS AND RATES cautious about purchasing off-plan.
it over the past few years. Financial conditions in the building Ranchhod says that will flow through
The amount of building work put in sector have become tougher over the to lower building activity over the
place fell 2.4 per cent in the quarter, past year with large increases in build next year.
while Westpac had forecast it to fall by costs and interest rates, as well as a While non-residential construction
only 1.4 per cent. broader softening in economic activity. levels have fallen 6 per cent from their
However, Westpac says the result Against that backdrop, fewer new peak, the level of work in train is still high.
needs to be put in context. projects are coming to market and many However, he says developers and real
While there might have been a construction firms are reporting a sharp estate firms are reporting a sharp drop in
sharper fall than expected, estimates of downturn in orders. the amount of planned work, with high
building activity over the past year have Ranchhod expects that will result in a financing costs a major hurdle. Q
UP FRONT PROPERTY MANAGEMENT
THE QUESTION OF
HOW MUCH RENT
Sally Lindsay takes a look at the way rents are set
and the challenges around shifting regulations.
ne of the most asked ‘The rent needs to Award winning team
O questions is about rent – how

to set it and what level should
increases be at.
The previous Labour government
be priced correctly
for the location and
market it’s in’
brought in rules around rent increases,
allowing only one increase a year for an
Find tenants fast
existing tenant or when a tenant leaves
the property. professional property manager to do an
One of the miscalculations landlords appraisal based on similar properties in
make is believing the higher the rent, the the area.
better calibre of tenants the property Over the past two years there has Online owner portal
will attract. This is a misnomer and the been a push for landlords to increase
complete opposite. The only tenants the rents higher than inflation to cover
property will attract will be either two costs and make ends meet as an
families moving in together who can alternative to selling. While most
afford the high rent or people who can’t
get any other property.
landlords did not want to alienate their
tenants, if their property manager
We’re nice and we
The rent needs to be priced correctly advised them one of their properties is know our stuff!
for the location and the market it’s in. severely under-rented and warranted a
It has to be on a par with the market if rent rise, they have listened.
it is to attract the right tenants, because
the right tenants will not pay over the PRESSURE OFF Get in touch
odds and they often have a choice In a reverse situation some tenants
of rentals. have asked for a lower increase than
The message to landlords is to recommended, and as they have been
increase rents in small increments that good tenants and costs are covered,
are not out of kilter with the market. most landlords have agreed.
While the coalition government is
SHOCK FOR TENANTS reinstating tax deductibility for landlords,
In some situations, landlords often don’t rents are unlikely to drop, but rises will
increase their rents for several years stabilise at lower levels. The pressure
if they have good tenants. They then will be off landlords because they have
suddenly realise they are behind the some relief.
market, in deficit, and need to raise their The cost pressures from higher
rent by $100 a week to hit the market interest rates and the lack of tax
rate, which comes as a big shock for deductibility led to a surge of landlords
the tenants. getting out of the rental market
With the increased costs of rates, because they couldn’t make the
interest, insurance and interest tax numbers work.
deductibility, owners’ costs are Those who stayed in the market
increasing dramatically, and huge top- have been contributing quite heavily
ups have been needed. It simply isn’t to their rentals in the form of mortgage
possible to pass these cost on to tenants top-ups, and they are the ones
because that would mean huge rent who will get the biggest relief from
hikes of as much as 30 per cent, which tax deductibility.
the rental market and tenants are not Although that pressure is easing,
able to sustain. costs are still rising, particularly around
Landlords should make slow, insurance and council rates.
incremental rent rises so tenants The overall impact will probably
can afford it, say professional property be that landlords who have been
managers. If the right level is not thinking of selling may now stay in
immediately obvious, get a the market. Q
09 887 7420
therentalbureau.co.nz
UP FRONT TENANCY
TENANT LEFT WITH BILL

DESPITE MOVING OUT
The Tenancy Tribunal has ruled a woman, who left a rental she shared with
her partner after discovering he was using meth, is still liable for damages.
A woman who left a rented Manurewa, agreement at the time she left the can pursue any debt she incurs against
Auckland property she shared with her property. She did ask the landlord, McKenzie at the Disputes Tribunal.
partner after discovering he was using when she told him about her former The landlord was awarded exemplary
methamphetamine is still liable for a partner using meth, if she could be taken damages of $500 because McKenzie
half share of Tenancy Tribunal awarded off the tenancy agreement, but that failed to vacate the property on the
exemplary damages and other debts didn’t happen. date given.
owed to the landlord. After the meth testing McKenzie was Northwood said McKenzie was aware
The property was uninhabitable given seven days’ written notice to leave of the meth results, that the property
at the end of the tenancy and the property, but he didn’t leave until five was declared uninhabitable, and he had
required extensive restoration after days later. a hand-delivered letter advising of the
decontamination, costing $40,284. Wise Property Management and Fan tenancy termination and the date he
Taurean McLean McKenzie and the applied to the tribunal for rent arrears, must leave. Despite this, he remained at
woman were in a relationship at the refund of the bond, water bills, lock and the property for another five days.
start and during most of the tenancy. key replacement costs, $1,250 insurance The effect on the landlord was that
However, the woman, who has name excess for the meth decontamination his arrangements to have the property
suppression, left the property after and exemplary damages for unlawful use decontaminated were put on hold.
discovering McKenzie was using meth in of the premises and failing to vacate the He had lined up several professional
TAX UPDATE
GOOD START BY
THE COALITION
Matthew Gilligan is encouraged by the new regime’s
approach to property, but he notes the devil is always
in the detail.
n November 24, 2023, November talking about different timing, they would reduce the bright-line period
O New Zealand’s coalition

government with National,
ACT and NZ First was finally
announced, and some important
decisions around tax and property
which we interpret as a misunderstanding
of what has been announced.
What I can say with certainty is that
the reversal of the non-deduction rules
will help undo what was a manifestly
from 10 years to two. So, we know
what’s coming, but as yet we don’t
know when it will be implemented, and
whether it will be reduced to two years
or some other timeframe. Whatever it is,
investment have already been confirmed. wrong tax policy that caused rent a reduction from Labour’s imposed 10
Note that when I wrote this article increases, threw tenants out of their years is good news.
many of the details were yet to be homes when landlords sold their Still to come is the detail. Will the
revealed (but some may have been properties, skewed investment away rule change be retrospective on houses
clarified by the time you read this). from second-hand houses, and reduced already owned, or prospective on new
supply of rental properties. assets only? When will it take effect? The
INTEREST RULES ACT’s response to the combined devil is always in the detail.
The thing that we at GRA are most lobby efforts of the PIF and GRA, and
pleased about is that the coalition their follow-through on our request to FOREIGN BUYER TAX
parties have agreed to speed up the negotiate for us during coalition talks, It was reported that the planned foreign
reversal of the interest non-deductibility has shown ACT stands behind landlords buyer tax on residential property “will no
rules for property investors. and has done what they said they would. longer go ahead”.
GRA and the Property Investors’ What has actually been agreed is that
Federation (PIF) both lobbied National NO-CAUSE NOTICES there will be no changes to the current
and ACT to get these rules repealed, We are also pleased the new foreign buyer rules, which stipulate that
and we are happy and relieved that ACT government will reinstate 90-day no- only Australians and Singaporeans can
has negotiated to push through the cause tenancy termination notices. purchase residential property in New
changes more quickly than National was Labour’s removal of these caused Zealand. In other words, there will be no
originally planning. unnecessarily adversarial disputes in foreign buyer tax because there will be no
Interest deductibility will be restored the Tenancy Tribunal, and resulted in loosening of the foreign buyer restrictions,
to property investors over the next landlords avoiding what they considered and hence, no foreign buyers to tax.
couple of years as outlined below. to be risky tenants because eviction for
• 2023/24 tax year: 60 per cent anti-social behaviour was so difficult. In summary, the policy changes around
of interest cost will be deductible. This in turn put immense pressure on interest non-deduction, bright-line and
• 2024/25 tax year: 80 per cent social and emergency housing. tenancy rules are an excellent start
of interest cost will be deductible. Now landlords will be more inclined to by the new coalition government in
• 2025/26 tax year: 100 per cent of give a marginal tenant a chance because my view. However, while it is exciting
interest cost will be deductible. they know that if the tenant misbehaves news, we need to wait to see what the
(eg annoys the neighbours, damages the detailed policy looks like. There are many
It is yet to be revealed how these changes property, threatens the landlord), they unanswered questions.
will exactly be implemented, or even if won’t be stuck with them. We will keep you posted on the
this timing is correct as announced. We GRA website (www.gra.co.nz) as
say this because Nicola Willis was already BRIGHT-LINE CHANGE further property and tax updates
on record in the media at the end of Before the election, National signalled are announced. Q
GET IN TOUCH FOR YOUR FREE CONSULATION WITH

NEW ZEALAND’S NUMBER ONE PROPERTY ACCOUNTANTS
W www.gra.co.nz ADDRESS Level 6, 135 Broadway Newmarket
E [email protected] PO Box 9918, Newmarket, Auckland
P +64 9 522 7955
GETTING CROSS
ABOUT THE
MATTHEW GILLIGAN
Matthew Gilligan is a
property investor, developer
and tax adviser. He is
managing director of
CROSS-LEASE
chartered accounting firm
Gilligan Rowe & Associates, Upset over development plans can be addressed,
where he heads the
specialist property and but it pays to follow the correct procedure.
asset planning divisions.
We have a neighbour who prior to the case being heard, you will
KRIS PEDERSEN
Q shares a cross-lease with us need to give the court an undertaking as
Kris Pedersen of Kris
and three others in Auckland. to damages. This is a promise that if the
Pedersen Mortgages is a The neighbour is putting an 8x4 metre court ultimately decides against you, you
commentator on property
and finance. His team sources
unit on the back of their property, will reimburse your neighbour for loss
top finance strategies. which will overlook ours and severely suffered because of the injunction.
Phone 09 486 4719, www. impact our privacy. It is openly In making any interim order to stop
krispedersenmortgages.co.nz
opposed by us and the others on the work, the court will look at a range of
cross-lease. Is there anything we can factors including how strong your case
do to stop the building going ahead? as to breach is and how best to preserve
MARK WITHERS All the materials are on site and the the status quo. As a court application
Mark and his team specialise
in advising on property-
builder is apparently due to start. will involve legal costs, if time allows we
related transactions, The answer to the question will recommend writing to your neighbour
valuation and restructure
services, and tax planning. A depend on the wording of your first, telling them that construction
Withers Tsang cross-lease, which vary. Most would be in breach of the cross-lease
phone 09 376 8860, cross-lease agreements prohibit lessees and that all other lessees object.
www.pfkwt.co.nz
from undertaking alterations or additions You could warn them that if they
without the other lessees’ consent. This continue, they risk a court ordering
RYAN WEIR is usually with the proviso that consent removal of the unit at their own cost, in
Ryan is managing cannot be unreasonably withheld. In addition to an order to contribute towards
director and franchisor of
Propertyscouts NZ. He’s deciding whether refusal is your court costs. It would also be worth
deputy chairman of the unreasonable, judges will normally weigh noting in the letter that construction could
RPMA and is passionate
about the property the detrimental effect on the other result in a defect in your neighbour’s title
management industry, lessees against your neighbour’s benefit. and issues when their property is sold,
particularly, raising
industry standards.
Detriment can include matters such depending on the nature of the unit.
as loss of amenity, peace or privacy – Shane Campbell
from being overlooked, which you say
SHANE CAMPBELL applies here. For example, in one case My mum and I bought our first
Q
A partner in Wynn Williams’
Dispute Resolution Team, installation of French doors and deck home in March last year. The
Shane specialises in complex was said to create “a strong sense of interest rate was fixed for two
commercial disputes. He acts
on property disputes, product visual intrusion” making it reasonable to years at 5.99 per cent. My mum died in
liability, defective buildings refuse consent. Your options may vary September and her will has my siblings
and professional negligence
- including claims for and depending on where the proposed unit written into the house. What is the
against lawyers, architects, is placed on the property ie, on common likelihood of the mortgage being
accountants, engineers, valuers
and property managers. property or on the neighbour’s exclusive rewritten under all of our names and the
use area. interest rate being changed?
ERIC HAMMOND We recommend checking the flat plan If you want to change the
Eric is the founder and
managing director of The and cross-lease agreement carefully. If A ownership then you will almost
Stay Hub and Hammond & Co you decide construction would be in certainly lose the interest rate.
Property Management.
His team specialise in both
breach of the cross-lease agreement, Do note that if you do decide to go
short-term and long-term then this may be grounds to seek an down the path of adding your siblings on
rentals with a portfolio
injunction from a court ordering your that there can be other negative
spanning both central and
greater Auckland. neighbour to stop work and/or undo any implications to be aware of. If they
work carried out. If you want to prevent haven’t purchased a property previously
construction work being carried out this may impact their ability to access
Do you have a burning property investment question you need an answer

for? Whether you are just starting out in property investment, or an
experienced investor, email [email protected]
to have your questions answered.
EXPERT ADVICE
KiwiSaver later for a home for My tenant has expressed for host damage protection costs and
themselves. Also note that lenders will Q interest in adding a portable a further US$1 million for host liability
look at the full debt as being applied to pool for the summer, but I’m insurance.
each person individually if anyone feeling a bit concerned about potential Regardless of a booking platform’s
applies for a mortgage in the future. issues. Are there any specific rules and terms and conditions, hosts are also
What I mean by this is let’s say there regulations I should be aware of, and entitled to draft their own rental
were four of you so you each own 25 per would it be advisable to proceed with agreement. This can include rules
cent of the house and believe you are caution in this situation? surrounding deposits and refunds, the
responsible for 25 per cent of the Considering the tenant’s maximum number of guests staying
mortgage. The banks will load 100 per A addition of a portable pool is a on the property, liability for accidents,
cent of the mortgage onto any applicant decision that involves careful and things such as bringing a pet onto
who applies for other mortgages consideration of legal and safety the property. If you decide to include a
elsewhere, which can restrict what they aspects. Section 42B (Minor Changes) of short-term rental agreement with your
may want to do individually. the RTA is pivotal here. Firstly, evaluate listing, you need to ensure guests are
– Kris Pedersen whether the pool presents a risk of aware of its existence and the terms
material damage to the premises. For prior to booking, not on checking in.
We have a property that will instance, placing it on grass may risk While OTAs usually have identity
Q need work when the tenant damage to the lawn. Additionally, assess verification rules in place for guests, to
leaves, in the next couple of potential health and safety risks, best protect your asset we recommend
years. We are saving for this work but especially if there are young children in joining a professional property
as the savings are profit, we are subject or around the property. As the management company that can
to tax. Is there any way of buying PCBU (person conducting a business or implement more thorough processes
vouchers or getting store credits for undertaking), conducting a thorough risk for screening guests, including
items we will need for the renovation assessment aligns with your obligations background checks and social media
at a later day, so it is not counted under the Health and Safety Act. vetting. Joining a team of professionals
as profit? Moreover, portable or above-ground can also offer your guests 24/7 support
I would have several concerns pools with specific characteristics may and ensure rules surrounding parties and
A over this. Firstly, if you wait until require regulatory consent, such as a noise are upheld or dealt with as soon as
a tenant departs before building consent for a compliant fence. an issue arises.
undertaking maintenance that ultimately If the pool’s height is less than 1.2 metres – Eric Hammond
leads to you selling the property rather above ground or it’s in proximity to
than re-letting it, the works lose their permanent structures like decks, fencing I have a rental property and
nexus with the income earning activity may be mandatory. Q I need to know if I have to
which is the renting. This then means the – Ryan Weir pay tax or not. I have not made
works are considered capital works any profit from rent yet. And what
designed to achieve the capital gain on I have been renting out my about if I don’t pay tax and don’t
sale and are non-tax deductible, even if Q property investment in the claim expenses?
they would have been deductible if re-let. long-term rental market since When you say you have not
My second concern would be that it was purchased six years ago. This A made a profit from the rent
buying vouchers without actually taking year I would like to explore short-term yet, the “$64 million question”
the goods or beginning the work leaves renting. What will this switch mean in here is: How have you calculated your
you as an unsecured creditor of the terms of the Residential Tenancies Act profit? Unfortunately, tax is not so simple
merchant. In the event the business and protecting my property? as just looking at what the cash flow
collapsed you would almost certainly When you list your property in position is. Some expenses that
have lost your money. Lastly, the point at A the short-term rental market, you might expect to be deductible, are
which a deduction for the maintenance things such as the Residential not deductible. Interest is the prime
cost (assuming the property is re-let) is Tenancies Act and Healthy Homes example of this if the property was
triggered is when the work the voucher regulations are not applicable. This bought on or after March 27, 2021,
will pay for is undertaken and the means any standard rental agreements and it is not a new build or rented as
voucher redeemed, not the point in time seen in long-term renting do not apply social housing.
where the voucher itself is acquired. to your property or the guests who stay In summary, whether you make a
My suggestion overall would be to there. With that said, online travel agents profit or not from a tax point of view,
budget for the works needed and pay (OTA) such as Airbnb will have legally you need to file a tax return. Therefore,
for them when the work is undertaken, binding terms and conditions that cover I suggest you engage an accountant to
ideally prior to the property becoming aspects such as payments, cancellations help you with this, and they will be able
unlet and certainly before the property is and damages. On Airbnb, all hosts are to determine if there is a profit or loss for
marketed for sale. offered AirCover free. This insurance tax purposes.
– Mark Withers agreement includes up to US$3 million – Matthew Gilligan
YOUR HOUSE
LADIES AND GENTLEMEN,

WE HAVE LIFT-OFF
Average property values have left the launch pad, but
credit conditions and other market pressures mean the
stratosphere is a long way off, writes Sally Lindsay.
oreLogic’s House Price into a surge in the number of deals. market averages have started to turn
C Index shows another rise in

November of 0.7 per cent.
The net result is that
average property values were up by
1.1 per cent over the three months to
Meanwhile, credit conditions remain
challenging. “Even if mortgage rates
don’t rise much further, or even dip a bit
for the longer-term fixed rates, they’re
still high, and serviceability testing
around, could well remain a feature in
coming months.
Further south, Wellington is another
key part of the country where property
values have also started to turn around
the end of November, and the annual remains a significant hurdle,” he says. relatively promptly.
change sits at -4.5 per cent, the softest “Loan-to-value ratio rules are quite a Lower Hutt and Porirua had seen
annual decline since November 2022, restraint on low-deposit lending as well, average values rise by 1.5 per cent in
when it was -2.9 per cent. although first home buyers are certainly November, with the latter’s figure now
From the peak to September trough, taking advantage of that speed limit up by almost 5 per cent in the past three
values fell 13.2 per cent. After the where they can.” months. While that momentum may
increases in October and November, In Auckland the growth in property not be maintained, for now Porirua is
values remain 12.3 per cent down from values over November was fairly showing steady gains.
the high, at $915,448. consistent across the sub-markets, Diversity in market conditions
Auckland, Hamilton, Tauranga, with North Shore up by a robust 1.8 per exists outside the main centres, with
Wellington and Christchurch had cent, but Rodney, Auckland City and Queenstown at 3.2 per cent and
monthly rises in the range of 0.7-0.9 per Waitakere in a more measured range Gisborne at 1.9 per cent posting strong
cent, while Dunedin rose by a buoyant of 0.7-0.8 per cent. Franklin was a little gains in November. Whangarei at
1.9 per cent. softer, while Manukau and Papakura -0.9 per cent and Rotorua at -0.6 per
However, the market hasn’t exactly actually saw values drop in November. cent lagged behind, while Nelson and
soared away, says Kelvin Davidson, “The results serve as a further Invercargill were flat.
CoreLogic’s chief property economist. reminder this upturn may not be all Davidson says this just illustrates
While sales volumes have been growing one-way traffic,” Davidson says. the variability evident from region
steadily in percentage terms, it’s The patchiness in property values to region which might stay in play in
from a low base that hasn’t translated by sub-region, even though wider coming months.
WHAT’S DRIVING
HOUSE PRICES?
HOUSE PRICES: UP CoreLogic’s House Price
Index shows average property values were up
1.1 per cent over the three months to the end of
November, and the annual change sits at -4.5 per
cent, the softest annual decline since November
2022, when it was -2.9 per cent.
OCR: STEADY The Reserve Bank’s official cash
rate has been held at 5.5 per cent since July last
year after the RBNZ indicated it was at the end
of its tightening cycle. However, in its November
Monetary Policy Statement it said it could lift the
OCR again if inflation fails to drop.
INTEREST RATES: DOWN ANZ is predicting
the one-year mortgage interest rate should be
down to about 6.3-6.6 per cent mid-this year,
before dropping to 6 per cent in December.
BUILDING CONSENTS: DOWN The number
of new homes consented in October was down 21
per cent compared with October last year. Across
the board, 39,900 new dwellings of all types
were consented for the year to October and in the
month, there were consents issued for 3,060 new
homes, comprising 1,380 townhouses, flats and
units; 1,255 stand-alone houses; 201 apartments
and 184 retirement village units.
MORTGAGE APPROVALS: UP October’s new
mortgage commitments were $5.8 billion, up 11.2
per cent from $5.2 billion in September and up 3.5
per cent on an annual basis. New mortgages to first
home buyers rose 12.3 per cent to $1,369 billion
in October, up from $1,253 billion in September,
while lending to investors rose slightly, up to 17.7
Auckland value growth for per cent, or $1,021 billion, from $894 million in
November was consistent across September. The share of mortgages to first home
sub-markets – with North Shore buyers has exceeded the share to investors each
up by 1.8 per cent. month since April 2022, but the share of lending
to investors has been rising and increased from
15.4 per cent in January. The average value of
new mortgages across all borrower types rose to
AUCKLAND REBOUNDS in November, up 13 per cent on the $367,100, up from $347,000 in September.
Wealthy Auckland buyers who can previous month and a third higher than
RENTS: UP Rents across the entire market,
afford $2 million-plus houses have in the same month last year. It’s the including existing tenancies, rose 4.1 per cent
returned to the market in force. highest number of properties sold in a nationwide in the year to October, according to
The city’s biggest real estate agency, month for 21 months. Stats NZ’s latest price index. That figure was up
Barfoot & Thompson, sold 91 properties Property prices have started to 1.5 per cent annually. It contrasted with Trade
Me’s latest rental figures, which show the national
in November priced at more than bed in, with the median price hitting median rent was up 7.5 per cent over the year, just
$2 million – the highest in a month for $1,018 million – the highest in eight ahead of the 7.2 per cent rate of inflation. While
20 months. Of this number, 24 sold for months – while the average price the national median rent was $575 in September,
more than $3 million, also the highest at $1,185 million was the highest in a jump of $40 on the same time last year, it had
remained in the $570-$580 bracket since January
number for 20 months. 19 months.
last year.
Barfoot & Thompson’s managing Significantly, the average sales price
director, Peter Thompson, says the for the month was up 2.8 per cent IMMIGRATION: UP Stats NZ data show
migration surged to a new record of 128,919 in the
housing market has accelerated with on that for November last year. The 12 months to the end of October. About 245,648
sales numbers increasing significantly median monthly price in November arrived in New Zealand on a long-term basis while
and prices recovering most of the lost is within 4.4 per cent of its 2022 116,730 departed long-term, giving a net gain of
ground recorded in the 12 months to the equivalent, the closest the 2023 128,919. This is the biggest net gain ever recorded
in any 12 month period.
end of November. monthly median price has come to
The agency sold 956 properties matching that for 12 months earlier.
YOUR HOUSE
“This demonstrates prices being paid CoreLogic’s latest Pain and Gain
are no temporary, short-term recovery,
‘Auckland’s Report shows in the third quarter of last
but show a sound, rising market,” rents are among year 92.6 per cent of houses were sold
Thompson says. for more than their original prices, but
the priciest in the figure is down on 92.9 per cent in
PRICE PREDICTIONS the world’ the second quarter of last year and well
ANZ is not expecting meaningful house down on the 99.3 per cent in the fourth
price rises this year. quarter of 2021.
Nationally, house prices are still a Property Investors’ Federation vice- Although it still represents more
long way below their peak and the bank president Peter Lewis says he would be than nine in every 10 properties selling
is forecasting it will take years to attain surprised if rents had risen that much. for more than the owner originally paid,
those levels again. He says it may be possible for newly- the figure is also barely changed from
Chief economist Sharon Zollner says signed rental agreements, but would be last year’s second quarter result of
it’s not just house prices that are on astonished if it related to existing rentals. 92.9 per cent.
the weaker side – indicators for sales “While many landlords have put up Put another way, says CoreLogic’s
and new listings show there is further rents to existing tenants because costs Davidson, most property resellers in the
softness to come. have gone up in terms of insurance, rates third quarter of 2023 still got a price
New listings are (just) above 2022 and interest payments, I don’t think they higher than what they originally paid,
levels. Zollner says all else equal, this would have risen that much.” reflecting the fact that most people have
extra supply will make it more difficult For example, Lewis says he tries held their property for several years.
for house prices to rise meaningfully to keep his rents at market level. On a “None of this should be too
over the next few months. This lift in $500-a-week rental he would be putting surprising,” he says. “Driven by higher
listings is on top of an already large the rent up $40-$45 a week to keep up mortgage rates, the wider downturn in
stock of inventories, which needs to with rising costs. “That’s about an 8-9 property values began in late 2021 and
decline before meaningful rises in house per cent weekly increase over 12 months. ran for about 18 months, meaning that
prices are likely, she says. “Providing rental accommodation a pass-through to less gain (or more
“The risk is that house prices rise less is the only industry in New Zealand “pain”) for property resellers was always
than we expect this year, given recent restricted to how often it can change or inevitable – especially if they’d only had
modest further lifts in mortgage rates increase prices. Petrol stations, banks, a relatively short hold period of one to
and the somewhat faster-than-expected supermarkets can put up prices as and two years, meaning they bought at or
labour market loosening. Dropping job when they wish, but for some obscure near the peak of the market, and are now
security is likely to make would-be first reason landlords are the only people selling in different conditions.”
home buyers more nervous about taking who are restricted to one rent increase For context, national average values
the plunge, but there’s also a feed-back every 12 months.” are about 13 per cent below the peak and
loop here. Knight Frank’s Prime Global Rental are back down to mid-2021 levels. That’s
“Sharply rising unemployment can Index show rents are rising at a rate roughly two years ago, and breaking
negatively influence credit availability three-and-a-half times their long-term down the loss-making resales of the third
too, making the outlook all the more pre-pandemic trend. quarter, about 53 per cent of those had a
uncertain for credit providers.” Strong global growth has pushed hold period of less than two years.
Zollner says the faster than prime rents 17.9 per cent above their On the other hand, the wider property
anticipated restoration of mortgage pre-pandemic high in the third quarter of market has now generally found a floor,
interest deductibility and other landlord- 2019 and 25.5 per cent higher than the although some areas are still falling.
friendly policy changes agreed to by the pandemic low of the first quarter of 2021. Davidson says given there can be
new coalition government are risks in Auckland’s rent rises can be put down lags to some extent between market
the other direction, although difficult to record numbers of new migrants values and the trends for the pain/gain
to quantify. flooding into the country and a lack of indicators, it wouldn’t be a complete
rental housing. Lewis says he has seen a surprise if the resale performance
RENTS AND SUPPLY big increase in the number of migrants of property over the next quarter
Auckland’s rents are among the priciest looking for rentals. or two weakened a little further –
in the world. Earlier last year he rented one of especially if the labour market softens
The city has the dubious distinction his properties to a South African family more materially.
of being the third most expensive city on a two-year work visa and he’s However, he says it also seems fair to
globally in which to rent. It’s only behind expecting a house he has coming up suggest the “pain” proportion is closer
Sydney and Tokyo. for rent to attract a slew of applications now to its peak than the trough, and a
The latest report by global real estate from migrants. slow recovery in property values over
agency Knight Frank shows Auckland the next few years will eventually see the
rents spiralled up by 13.1 per cent FROM PAIN TO GAIN loss-making proportion slowly decline
over the 12 months to the end of the Median resale profits on houses are just again over the medium term – especially
September. That’s a 5.9 per cent increase short of $285,000, down from the peak in most cases where the hold period has
from the second to third quarter. of $440,000 in late 2021, but still strong. been lengthy. Q
YOUR RATES
HAWKISH TONE
STILL CIRCLES
The tone adopted by the Reserve Bank suggests they
may not be done with rate increases quite yet, warns
Kris Pedersen.
he recent OCR review on dining out, the tourism, hospitality TWO-YEAR TERMS
T November 29 surprised no-one.

The cash rate was kept at 5.5
per cent, which was expected,
but the hawkish tone adopted by the
Reserve Bank suggested they may not
and retail industries are in for a
hard ride.
As mentioned above I expect this to
translate into pretty negative stories in
the first few months of next year and this
Having said that there are always
unforeseen circumstances (just think
Covid, the Russian-Ukraine war or
the Middle East) so if you want more
certainty or to hedge you may want to
be done with increases yet. should play a part in bringing inflation look at including 18-month or two-year
This went against the tone from numbers down. terms into your rate strategy.
most of the market, where over the last I am still in favour in most cases of I think at this stage rates any longer
month other economists (who had still the 12-month rate, with the belief we will (three to five-year fixed rates) are not
been predicting we may see an increase start to see the cash rate drop within worth the risk of fixing and being
early in 2024) started to agree that the that time. locked in. Q
massive OCR increases we have seen
over the preceding 24 months have been MORTGAGE 6 1 18 2 3 4 5
FLOATING RC
doing their job and the next move is LENDER MTH YEAR MTH YEARS YEARS YEARS YEARS
more likely to be a drop. ANZ 8.64 7.95 7.99 7.75 7.69 7.49 7.34 7.34 -
I do suspect there may be some ANZ Special - 7.35 7.39 7.15 7.09 6.89 - - -
misleading of the market going on
BNZ - Classic - 7.39 7.35 7.15 7.05 6.85 6.75 6.75 -
by the Reserve Bank, with them
knowing that further negative data BNZ - 8.69 - - - - - - - -
TotalMoney
coming through next year will assist
them in their attempt to get inflation HSBC Premier 8.59 - - - - - - - -
under control. HSBC Premier - - - - - - - - -
With the strong immigration numbers, LVR > 80%
and the housing market starting to HSBC Special - - - - - - - - -
show some positivity, the last thing
Kiwibank 8.5 8.39 8.35 - 8.05 7.79 7.69 7.69 8.55
the Reserve Bank wants is untamed
spending over the Christmas break. My Kiwibank - 8.5 - - - - - - - -
Offset
personal belief is that we will see a lot
Kiwibank Special - 7.39 7.35 - 7.05 6.89 6.79 6.79 -
more negative data in the first quarter
of next year in regard to job losses, SBS Bank 8.74 8.05 8.05 7.75 7.65 7.29 7.29 7.29 -
business failures and arrears around SBS Bank - 7.55 7.55 7.25 7.15 6.79 6.79 6.79 -
mortgages and credit overall. Special
TSB Bank 9.44 8.19 8.19 7.99 7.89 7.65 7.59 7.59 -
SPENDING DROP TSB Special 8.64 7.39 7.39 7.19 7.09 6.85 6.79 6.79 8.74
A recent Westpac survey showed
44 per cent of respondents expect Westpac 8.64 7.99 7.99 7.79 7.59 7.35 7.29 7.09 -
to spend less over this Christmas Westpac Offset 8.64 - - - - - - - -
season compared with last year. With
Westpac Special - 7.39 7.39 7.19 6.99 6.75 6.69 6.49 -
47 per cent expecting to spend less on
Median 8.64 7.39 7.45 7.15 7.4 6.87 6.85 6.92 8.25
holiday accommodation, 45 per cent
looking to spend less on travel and The interest rates specified in this table were accurate on 17 December 2023. Interest rates are subject to change without notice. Different
fees and charges apply to each loan depending on the motgage lender. Seek expert advice to determine the mortgage lender that is right for
43 per cent a decrease on gifts and you and your circumstances. A Disclosure Statement is available on request and free of charge. Data provided by tmmonline.nz
PROFILE SARAH WILSON
EDUCATION
+ ACTION
= SUCCESS nvestor Dolf de Roos once said,
Sarah Wilson has discovered that learning and

taking action is the perfect property strategy,
I “The deal of a lifetime comes once
a week.” For Sarah Wilson, these are
words to live by.
“A lot of people are looking for an
ideal set of circumstances [before they
writes Joanna Mathers. commit to investing] but educating
yourself and taking action is the best
Photography Stephanie Creagh. thing you can do.”
Wilson lives in the leafy Auckland
suburb of Mt Eden, and she’s been
investing in property since 1998. She and
her husband Aaron were straight out of
university when they purchased their
first home in Glen Eden, west Auckland,
for the grand total of $165,000. They
were just 23.
The three-bedroom house on a large
section needed renovating, and they
spent too much on it, she recalls.
“It ended up costing more than what
we expected because we needed to
replace the roof and other things. But we
learned a lot buying that property and
going through that process. And we did
a lot of the work ourselves, which I think
was good.”
Their investment journey started eight
years later, in 2006.
Eighteen years on they are now
developing that first property and
putting years of experience and
education around property to good use.
FAMILY LEAD
Wilson grew up with a family of investors
– her parents understood the power of
property. “I think it probably encouraged
me to see buying property as a good
step,” she says.
Growing up in Hamilton, she left the
city after graduating from secondary
school, moving north to study at the
University of Auckland. It was here she
met Aaron; a young man who shared her
vision for the future. They would go on
to marry and embark on their property
journey together.
Wilson purchased her first

property – straight out of uni – in
1998. The Glen Eden home cost
the 23-year-old and her husband
Aaron $165k.
‘Wilson grew up
with a family of
investors – her
parents understood
the power of
property’
After purchasing their Glen Eden

home, Wilson’s passion for property
grew. With the internet in its infancy,
print was the key to education, and the
New Zealand Property Investor magazine
provided advice. She would also go on
to join the Auckland Property Investors’
Association (APIA), which provided her
with a supportive network.
So, by 2006, the couple were ready to
buy their first investment property.
They were interested in capital
growth, of course, but their primary
focus was cash flow and yield. So,
WIlson worked with real estate agents
and found a property in Mangere East
that fitted their requirements.
“We found a 1950s-era home-and-
income, which offered two income
streams,” she says.
On a large section, it also had
development (and capital growth)
potential. They purchased the property
for $320,000 from another investor
and kept the tenants who were already
living there.
The experience was so positive that
they quickly decided to buy again. “We
saw a ‘for sale’ sign outside a property
in Papatoetoe and decided ‘OK, we’ll get
that one too’.”
Another large home that suited
families, they bought this Mangere
East property for $318,000. The yield
across the two homes was a healthy
7.9 per cent.
THE EDGE
Networking has been a large part of
Wilson’s success. Alongside her APIA
membership, she was also a member
of Business Network International
(BNI): “I met accountants, people from
investment companies, mortgage
brokers, lawyers, real estate agents
and builders.”
This gave her a competitive edge;
her contacts helped her to get ahead
in property and in 2011 the couple were
ready to buy again.
Networking is a big part of

Wilson’s success. Along with
APIA she was also a member
of BNI – the contacts she made
helped her get ahead.
built. They aren’t interested in selling

Wilson prefers to use property
managers and plans to continue
‘Networking has the townhouses; instead, they will add
with this strategy. been a large part them to their portfolio of buy and hold
Auckland rentals.
of her success’ Wilson has always used property
managers and will continue to do so. Her
They wanted to stick with their property to the tenants, in December strength lies in her instinct for properties
tried-and-true strategy and settled on 2021. It is their first house and they used that will generate great cash flow and
a third property that fitted their criteria KiwiSaver to purchase,” she says. provide homes for families.
– five bedrooms with a large section in While her commitment to education
Manurewa, for $340,000. RENOVATION PLAN and networking skill have stood her
Meanwhile, Aaron’s career had really The couple returned home in 2018; and in good stead, she says she’s not
taken off, and the couple moved to the the first job was to renovate the family without regrets. “I wish I’d bought
Philippines in 2015. Wilson didn’t have home in Mt Eden. more properties earlier on,” she says.
permission to work there, so studied Further renovations were made last While she understands why people are
theology instead; she is currently year; this time it was the Mangere East cautious, she feels that educated risk is a
working towards her master’s degree in home purchased in 2015. “This resulted better choice than inaction due to fear of
this discipline. in a rental increase – from $650 to $800 the unknown.
But the tyranny of distance didn’t per week.” “You don’t know how things are going
stop the couple from investing. Using a And there has been another project to turn out,” she says.
property finder, the couple bought an in the works – the development of “I think it’s good to be educated in
investment property in Mangere East in their first investment property in terms of property investment, have
2015 – five bedrooms, on a large section. Mangere East. a good team of people that you’re in
And a year later, from a distance, they The two original dwellings have been contact with, but [realise you will need
facilitated the reno of their Papatoetoe demolished, civil works undertaken, and to make] the best decisions based on
property. “We went on to sell this five townhouses are currently being the imperfect information.” Q
WHAT’S IN STORE
THIS YEAR
A new government has taken the reins, the property
market is in a holding pattern and mortgage interest
rates are set to remain high for longer, so what does
that mean for investors this year?
Sally Lindsay has spoken to six experts for their
views on the next 12 months.
FEATURE THE YEAR AHEAD
It’s difficult to predict the future SUE HARRISON

effects of climate change for the PRESIDENT NEW ZEALAND
Pacific Islands but there’s no PROPERTY INVESTORS’
doubt it will increase population FEDERATION
numbers in NZ. While the signs are good for a better
housing market this year, it will still be
difficult for investors because interest
rates will remain high and possibly
increase into next year. House prices will
also rise.
One of the biggest house price
boosters is immigration. People have
to live somewhere and when there is a
restricted supply of rentals, demand and
rents go up ... and house prices increase.
It’s the inevitable outcome of housing
supply dropping.
What is really being underestimated is
what effect the impact of climate change
will have on housing and what, as a
country, we are doing about it.
No-one has got a grip on the number
of people who will have to leave Pacific
Islands for other countries, such as New
Zealand, when rising sea levels make
their homes and country uninhabitable.
It’s already happening.
What is this going to do to housing
demand in NZ and how long can the
country stop the immigration of people
who can’t live on their island homes?
The future of the housing market
is undoubtedly going to be climate
influenced. People are moving around,
making choices about where in the
future it’s wise to own homes and
investment grade properties. NZ needs
to be well placed for what is coming
in terms of climate change and it’s a
major issue no-one is really confronting
apart from insurance companies and
some councils.
Insurance companies have already
signalled they are not going to insure
many coastal properties or those on
floodplains in the future.
The price of insurance will massively
influence where people have investment
properties and by and large they are
not going to be those where insurance
premiums are high and rising, which is a
good thing as rentals need to be in the
safest places possible.
NZPIF would be keen to be part of a
working group or “think tank” with the
government to unpack how the country
is going to house people in the future
– what is going to make a difference to
increase housing supply, what does have
an effect and how is that managed?
The country needs solutions to these
problems and quickly.
‘Dropping job
security is likely
to make would-be
first home buyers
more nervous’
SHARON ZOLLNER
nervous about taking the plunge.

But there’s also a feedback loop
here. Sharply rising unemployment can
negatively influence credit availability,
making the outlook all the more
uncertain for credit providers.
And we don’t expect much relief
for mortgage holders next year. While
mortgage rates have probably peaked,
the Reserve Bank in its recent Monetary
Policy Statement kept the OCR at 5.5
per cent and indicated there wouldn’t
Although the coalition government is is that house prices rise less than we be cuts until 2025. It blamed rising
reinstating tax deductibility for property expect next year, given recent modest mortgage rates on record immigration.
investors, the conditions need to be further lifts in mortgage rates and the The weaker than expected labour
right for more investors to come into the somewhat faster than expected labour market is one of several reasons we
market. If the numbers work a private/ market loosening. changed our official cash rate (OCR)
public partnership could be considered to Faster than anticipated restoration call and no longer expect the RBNZ to
investigate options for increasing housing. of mortgage interest deductibility increase the OCR next year, but neither
If the drivers are right more landlords and other landlord-friendly policy cut rates.
will buy and the federation has the changes agreed to by the new coalition Consistent with our OCR forecast
courses and information to upskill them. government are risks in the other change, we have changed our forecasts
With a new government in place, direction, though difficult to quantify. for the wholesale rates that underpin
landlords are feeling slightly more New labour market data shows mortgage rates, expecting them to peak
optimistic than they have for a while. unemployment rising as tighter at a lower level, but remain high for longer.
Over the past three years landlords have monetary policy cools demand. While a lower peak is good news,
felt marginalised and put upon. Many are Dropping job security is likely to make later cuts (all else equal) are likely to
baby boomers and looking at available would-be first home buyers more keep the housing market somewhat
options to provide money for their
retirement, unless they are being forced
to sell because of the tax imposition.
The changes that will be made will
set the market in the right direction
to provide renters with more options,
and the more the government involves
stakeholders in coming up with solutions
to the rental shortage, the better.
SHARON ZOLLNER
ANZ CHIEF ECONOMIST
Nationally, house prices are still a long
way below their peak and ANZ is
forecasting it will take years to get back
to those levels.
It’s not just house prices that are on
the weaker side – indicators for sales
and new listings show there is further
softness to come.
New listings are just above 2022
levels. This lift is on top of an already
large stock of inventories, which
needs to decline before meaningful
rises in house prices are likely. The risk
The cost of living and inflation

are still impacting what house
buyers can afford.
sluggish into 2025 by constraining couple of years. So even though these cautious outlook. The emerging upturn
prospective first home buyers’ and rule changes might add to the mood, in sales volumes and house prices
investors’ borrowing power. when an investor actually sits down and will continue.
That said, financial markets make up looks at the sums, they are still going to However, sales volumes are starting
their own minds about what they think is have low yields and high mortgage rates. from a low level, so even 10 per cent
going to happen, and to the extent they Even with smaller tax bills, the high growth would still leave them low. And
anticipate sharp or imminent cuts, that interest rates mean there will still be house prices might tick up 5 per
could put downward pressure on fixed significant top-ups for many mortgaged cent, maybe a bit more, but it’s nothing
mortgage rates for a time – whether the investors. The two key things (interest like the sort of speed of upturns of the
RBNZ actually delivers or not. rates and low yields) aren’t changing. past. There is positivity, but still a lot
Most mortgage holders have refixing We might see some investors come of restraints.
coming up in the next year. If market back in terms of purchasing, but it won’t Over the past three-and-a-half years
expectations for cuts strengthen from be a flood. When the rubber really hits the what we’ve really seen is the key role
here, wholesale rates and therefore retail road in terms of doing the sums it’s still of credit – the cost of credit and
mortgage rates may be lower when that going to look a little bit tricky for most. the availability.
date comes. There’s a bigger picture too. After the pandemic mortgage rates
But if the inflation news turns worse Affordability is a big issue for the housing collapsed and house prices surged. Then
again and market expectations evolve market, especially when higher for longer the correction kicked in – mortgage
to price later cuts or even a chance mortgage rates are factored in. rates soared higher and house prices fell.
of more hikes, wholesale rates could The popular one and two-year It shows the key role credit plays over
increase. Mortgage rates depend not fixed terms are probably going to stay shorter horizons, especially for investors
only on wholesale rates but also global pretty high. Although Westpac pushed trying to get mortgages now. It’s
funding costs. through some falls on longer-term three expensive and, at the same time, rental
Whatever happens, many of these to five-year fixed rates, hardly anyone yields on property are quite mean.
homeowners will be rolling onto a much fixes for that long. In those really key It’s partly to do with the Reserve
higher rate. shorter-term rates, it’s still a story higher Bank. Mortgage rates and the OCR
for longer, so that’s going to keep some play a role, but other things matter,
KELVIN DAVIDSON pressure on. such as loan-to-value ratios, the Credit
CORELOGIC CHIEF PROPERTY Debt-to-income ratios are still likely in Contracts and Consumers Finance
ECONOMIST the second half of next year in terms of Act (CCCFA), psychology and banks’
Some investors, as we start off the year, capping the size of loans in relation mortgage serviceability rates. Until
will be feeling a bit happier on the back to people’s incomes. That will be a mortgage rates start to fall and people
of signalled government changes to tax restraint on the market, but it might expect them to fall, the housing market
deductibility. It will mean a bit more of a not necessarily kick in straight away will stay restricted.
positive vibe. because interest rates are doing the job The best guidance at this point is
While tax deductibility is coming at the moment. that mortgage rates won’t really fall
back, 100 per cent doesn’t kick in for a What it all amounts to is a pretty significantly for a year or so at least.
JEN BAIRD
REINZ CHIEF EXECUTIVE with – a cash rate that will stay high for That said, we are in the warmer
What we are seeing and hearing is a a long period – and that impacts the months, which are busier in real estate,
level of confidence from members. property market. irrespective of market conditions. We
Agents across the country are seeing Inflation and the cost of living are have seen sales prices levelling out and
more activity – buyers and sellers feeling still big questions for people. And while the general sense in the market is that
more positive about what the market house prices might have come down, the low point in this cycle is behind us.
is looking like post-election, although it the actual affordability equation has Agents are handling more listings,
hasn’t shown up in the numbers yet. changed again, and not in favour of so more people are making the active
Fundamentally the property market house buyers which, of course, is decision to sell. More people are at open
is driven by interest rates, and the OCR the point. homes, there are more multi-offers on
staying at 5.5 per cent just adds a level It always comes down to finance and properties, and more homes are being
of certainty. that is expensive. Buyers are having to sold at auction.
The RBNZ has been clear about its carefully weigh up how much they have, There is a sentiment element to this.
expectations, and this certainly helps. how much they can afford to pay, can People are feeling more confident and
People know what they’re dealing they do it now, and does it make sense? actually thinking maybe now is the time
to have a look around and see what’s
happening. Some of that is moving into
sales, but we know there is a certain level
of activity that happens in the market
anyway – from downsizing, retirement,
and moving for a new job.
Those people are in the market,
irrespective of conditions. Life happens
and a property transaction happens
because of that. People are not waiting
around for the market to be perfect.
An interesting point is vendors are
not selling before buying. A couple of
years ago things were moving so quickly
buyers would need to sell and have
that money available to buy
unconditionally at auction, and even
if it was not being auctioned the
property would sell quickly.
Now buyers can make a conditional
offer that includes selling their house as
we are in an environment where they
have a little bit more power and more
ability to call the shots.
The market feels more balanced than
it has been for some time.
TONY ALEXANDER
INDEPENDENT ECONOMIST
Immigration will have a significant
impact on the housing market this year.
I’ve been talking about this for quite
some time in the context of initially the
upward pressure on rents, which the
Reserve Bank mentioned several times in
in its last Monetary Policy Statement.
Over time immigration acts as an
incentive for young people to move
out of tenancies and into owning their
own property. We are not talking
about migrants buying properties, but
it becomes more expensive for other
people to rent, and the lack of rental
property is an increasing problem, so
Rents have been rising
more first home buyers are looking to
8-10 per cent per year.
make a purchase.
But the key thing is going to be when
people start more deeply debating extra 20 per cent is pretty meaningless. challenging, but it’s also rewarding and
the migration surge, particularly when I expect house prices to rise 10 has a creative purpose.
they realise what it means for housing per cent next year. There is definitely Automation will help property
pressures. I don’t think we’re there yet, more confidence coming in terms of managers. There are a lot of repetitive
but in Australia they are in the middle of expectations, but what I also find is a lot tasks in property management that can
a big debate about housing pressures of people have decided, OK, we’ve had be automated, and it will enable them to
from record net migration inflows. an election, the world is not so good, manage more comfortably.
When that debate comes to NZ at Christmas is coming, let’s go sit on the For example, Property Brokers is
some point in 2024, it will act as quite sidelines and come back in late January looking at rent arrears being automated
a motivator for investors to re-enter or February. Rather than feeling that using software. A property manager is
the market. they immediately need to move, buyers still responsible, but the software does
However, they will not come back are looking to go on holiday for a couple the task rather than the manager.
into the market in great numbers next of months. Already, 360-degree inspections
year – not until interest rates start falling. for entry have been introduced. This
Looking at my latest survey of real estate DAVID FAULKNER saves on average about 90 minutes of
agents there is no evidence of a frenzy PROPERTY BROKERS PROPERTY a manager’s time and creates greater
and no evidence of investors going back MANAGEMENT GENERAL MANAGER transparency for a landlord.
wholesale into the market. With property management With automation managers can start
They are re-entering, but there’s regulations pending, more rentals will handling more properties. The bigger
definitely no fear of missing out (FOMO). be professionally managed by fewer companies have an advantage when it
Much of the reluctance is simply because companies. comes to the use of artificial intelligence
interest rates are too high in combination Costs and the pressure of regulations because they have more data, and with
with rising costs for insurance, council on smaller companies will mean the that data they can make better decisions
rates and maintenance. industry is dominated by bigger and predictions.
As far as falling house building goes, companies. We are starting to see this For example, Property Brokers can
changes the coalition government is already. Several smaller companies are predict better how much money a
proposing (repealing the Resource starting to sell up and bigger companies landlord is going to have to spend on a
Management Act and providing some will take them over. particular type of property. That’s where
undefined financial incentive for councils That doesn’t mean boutique property AI will come into play, but it still needs a
to accelerate construction) are not management will disappear; it just human to do the negotiating.
really going to make a great difference means there will be fewer of them. Rents have been on a steep rising
to the market. The bigger companies will have more curve and increasing at 8-10 per cent
These are things that may have an resources in terms of training, with some a year. It’s not sustainable for property
impact over a 10 to 20-year period, but using external training providers. managers and landlords to keep
in the immediate future it’s not going to Across the board, property increasing them at those levels because
offset still falling house production. management knowledge has to improve ultimately what dictates rent is what
And, of course, the opposite is the as managers are dealing not only with people earn and what they can afford.
incentive for investors to buy with the the Residential Tenancies Act, but also Big rent rises have occurred because
return of interest expense deductibility the Human Rights Act, the Privacy Act, they have been steep in Auckland, which
far earlier than expected. And even Consumer Guarantees Act, Building Act, makes up a third of the rental market,
though it’s only 80 per cent deductibility and Health and Safety Work Act. and provincial NZ has been catching
starting from April 1, for many people People are starting to take property up. In my opinion rent increases could
80 per cent is as good as 100 per cent. management seriously as a career. Every probably drop to about 4 per cent a year
Frankly, waiting an extra year for the day is different, it can be stressful and over the next 12 months. Q
LANDLORD’S
BEST FRIEND
Mediation can provide both landlords and tenants with workable
solutions. Sarina Gibbon, general manager of Auckland Property
Investors Association, offers some tips.
mediation is the one that lets you have a
some very complex MAKE YOUR
say in what an agreeable and enduring COUNTERCLAIM.
resolution looks like. The alternative is tenancy laws’ Mediation is one of those rare moments
to leave everything in the hands of a in life when it is appropriate, prudent
tribunal adjudicator. And I don’t need even, to air out your dirty laundry.
to tell you how much of a gamble that If you have legitimate grievances
can be. against the tenant and find yourself
Don’t overplay the self-determination best to understand and navigate some at the receiving end of a tribunal
aspect of mediation in your head. You very complex tenancy laws. Most people application, file your counterclaim before
are not going to have your way just by don’t arrive at a mediation with clean the scheduled mediation so that all the
showing up. That said, there are some gloves. outstanding issues can be addressed in
techniques that will help you participate For genuine and inadvertent mistakes, a single forum. There’s no point starting
effectively in a tenancy mediation and such as not providing a rent summary on the back foot if you don’t have to. By
influence the outcome. Here are some on request, I suggest you fix them up laying everything out at mediation, you
simple ones that come to mind. as best as you can, as soon as you can. and your tenant can flesh out the best
It’s less about doing the right thing (you way to resolve the dispute and move on.
DON’T CRY OVER should) and more about being strategic If your (counter)claim involves rent
SPOILED MILK, with your approach. Starting a mediation arrears, be sure to front up to the day
BUT DO THROW IT OUT. with as clean a slate as possible saves with an updated rent summary so
Try as media sensationalists might, you precious time on knucklehead everyone knows precisely how much the
renting is far less Dickensian than they stuff. Why bother when the ending is tenant owes.
would have you believe. There are hardly merely a foregone conclusion? You are
any absolute victims or villains. For the better off spending most of the time on KNOW THE
most part, landlords and tenants are contentious issues where you stand to MEDIATOR’S ROLE
much the same. Everyone is doing their gain significant ground. Cynics will have you believe that tenancy
FEATURE TENANCY
Mediators are problem solvers and can opportunity to further your interests. labour shortages. It is a shame that a
help expedite fair outcomes for both What good is winning the battle if that mediator has to get involved.”
tenants and landlords. means losing the war? Park the emotions at the door and
Have two very specific outcomes in get your sardonic kick elsewhere. You
mind: the best possible (what you want) are not just there to negotiate with the
and the one you can live with (what you tenant. You are also signalling to the
need). Anything in between is a win. mediator that yours is a worthy corner to
These parameters will keep you be on. And when it comes crunch time,
mediators are ideologues powered by razor-focused on the big picture so you you want the mediator to go the extra
a fervid desire to stick it to landlords. don’t get carried away by the heat of mile to get that deal you want across
That couldn’t be further from the truth. the moment. That steadiness of mind the line.
Most landlords I’ve worked with have will go a long way to help you negotiate
come away from the process with the effectively with the tenant. GET THE ORDER SEALED
view that mediators are problem-solvers The agreement you make in mediation
with a singular focus on expediting fair WATCH YOUR MOUTH will be recorded as a mediated order,
and mutually agreeable outcomes. We Chances are, relations are already which is not legally binding unless it
often think of tenancy mediators in less than amicable. I don’t blame you. is sealed.
the context of mediation, but their role It is hard to stay friends when legal Effectively, an unsealed order is a
is more pivotal and far-reaching than proceedings are involved. Conscious gentleman’s handshake; there isn’t much
that. They are also intermediaries in uncoupling isn’t for everyone, and snark you can do if the tenant reneges on any
subsequent negotiations between you can be oh-so-tempting. Find your inner of the terms. Why run a marathon only
and your tenant if the mediation yields Michelle Obama; go high when the to drop out after 41kms? Always ask the
no agreement. tenant goes low. mediator to arrange for the order to
Treat the moderator as an ally, not Lower your voice, don’t interrupt the be sealed.
an adversary. Defer to their expertise; tenant and wipe that scoff off your face. I often chuckle at the thought that,
when it comes to tenancy, they know a Most importantly, sanitise your language. as investors, we take great joy out
great deal about the law and where the The tenant isn’t lying; you just remember of negotiating for properties, but as
tribunal leans. Be a respectful participant things differently (bonus points if you landlords, we shy away from tenancy
and do everything you can to help them can provide documents that support mediation when the two are much the
help you. your narrative). “She is not crazy. Oh, same. When you see mediation for what
no. She just became highly distressed it truly is: an opportunity to get your
WANT VS NEED after the floods. You did your best to do rental business back on track, you will
Treat mediation not as a forum to what was right by her, but you couldn’t come to appreciate how essential a skill
reaffirm your positions but rather as an do anything about insurance delays and it is to have in your landlord toolkit. Q
The myRent team
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DIY PROJECT CALEB AND ALICE PEARSON
TOP THREE WAYS

TO ADD VALUE
After renovating properties for the past 13 years,
Caleb and Alice Pearson, of Pearson + Projects,
have found three key areas to focus on.
BEFORE
BEFORE AND AFTER
Improving the layout of
this kitchen opened up
the space. It’s now more
user-friendly with a
peaceful colour palette.
AFTER
BEFORE
ABOVE AND LEFT Open plan

is a popular choice for layout
improvements. Consider the flow
and likely furniture placement.
hen it comes to spending
W money on your property,

most homeowners
want confidence that
what they invest is adding value to
their property.
Whether you have a rental portfolio,
just moved into your own first home,
or are using your current property as
a stepping stone, investing in the right
locations can result in your property
being worth more than you invested.
If you are after the magic formula
for making a lot of money on your
property – sorry, it’s not that simple.
AFTER However, after renovating our own
properties for the past 13 years we have
refined the projects we take on to add
value. Here are three key areas we focus
on to guide our decisions on which
projects we prioritise.
IMPROVE THE LAYOUT

The default response to changing the
layout of a house is to make it open plan.
There is sound logic to this as the way
we live has shifted, and more people
enjoy living in connected environments
and better flow between rooms. But
there is more to layout than removing
walls in a house. Layout is about the flow
of the house, how each space connects
and how you want to live.
When reviewing the layout of your
house we focus on two key factors.
How we think the space will be best
lived in, and the likely placement of
furniture. While you can’t predict how
tenants will furnish a space, having a
vision for spaces means you are getting
the best outcome.
Take our renovation across as an
example. We removed the wall between
the kitchen and the living area. As we
planned the layout of the dining, kitchen
and lounge we thought about where
people would gravitate to, the walkways
through to the kitchen and deck, making
sure each space could still serve its
purpose within a shared setting.
The dining space design focused on
maximising the space in a functional
layout. The bench seat and shelving gave
the room a feature (and storage) but
pushed the dining table to be closer to
the wall, creating more room.
In another project we intentionally
didn’t remove the wall between the
kitchen and the lounge. In this smaller
two-bedroom unit (where the kitchen
BEFORE
also includes the laundry) the wall was
important. It created wall space in the
kitchen for storage and the stove, as well
AFTER
as a wall for the TV within the lounge.
UPDATE DESIGN
A refreshed look on the surfaces of your
home can really transform a property.
This could be a large-scale project, cost
effective or cosmetic, or a range of many
shades between.
There are several simple, cost-
effective projects you can do to update
the design of your house and make it
more appealing. We have been big users
of painting and wallpaper as they are
affordable projects that you can DIY and
have a big impact.
Other easy and cosmetic ideas
include changing light fittings, spray
painting your kitchen handles or door
handles, adding open shelves in your
ABOVE Select the right colour scheme to really improve your space.
laundry or finding a new mirror for your
BELOW A quick update can be as simple as replacing handles and a repaint.
BEFORE AFTER
BEFORE AFTER
ABOVE AND RIGHT A pendant light,

added shelving, a feature wall and
replacement fireplace gave this room a
designer feel.
BELOW This entrance hallway creates
the perfect welcome with its lighter and
brighter upgrade. If interior design’s not
for you a professional can help.
OPPOSITE PAGE Don’t forget your first
impressions: ensure your roof’s in good
condition, your gutters are clean and
maintained and the lawn and garden
are tidy.
BEFORE AFTER bathroom. In the kitchen above we gave

it a mini makeover on a small budget by
simply modernising the colour scheme
with paint, adding extra storage/
bench space, replacing the handles and
installing new feature lighting.
But a new coat of paint doesn’t
always result in adding value. It’s about
sourcing the right products, selecting
the right colour scheme, and enhancing
the room’s features.
In the above renovation we
transformed our space by adding new
drapes, a new pendant, restoring the
wooden floors, giving it a new colour
scheme, adding shelving and giving
the fireplace a designer look. If interior
design isn’t something you are
confident in, it is well worth getting a
professional’s advice.
BEFORE
AFTER
FIRST IMPRESSIONS is a great way of checking up on the

First impressions last and this is true condition of the paint and getting rid of
when it comes to a house. The exterior moss or mould.
of your property plays a significant And we rarely miss an opportunity to
part in the value of the house and can create an outdoor living space and add
cause headaches if not looked after. landscaping elements. We find this to be
There are many factors to consider here, a great return on investment and adds to
but maintenance is important for the a property and its appeal.
integrity of your home as well as making If you are planning to spend money
it look appealing. on your property, take time to make
It’s important to ensure your roof a plan, think about these elements in
is in good condition, to clean or repair relation to your property, and where
your gutters and maintain your lawn or you can make the biggest difference for
gardens. Giving your house a water blast your investment. Q
RENOVATION
Our indoor spaces will

become even more of a
sanctuary in which to escape
the hustle and relax.
NEW YEAR,
NEW LOOK
Mary-anne Tobin, of Design
Addiction, gives her insight
into 2024 interiors, a year of
refresh and reset.
e are going to see
W continued emphasis
in our home spaces to
create an invitation to
escape from our daily hustle and provide
a sanctuary to recover and reset. I think
we can all agree we deserve some much-
needed rest. With rising interest costs
and Covid fatigue overhanging, 2023 has
been a challenging year for many Kiwis.
Purchases of larger furniture
items may be reduced, and educated
consumers will focus more on styling
their homes or renovating existing
properties. Airbnb listings will increase
as an appealing method to source
additional revenue. Reduced travel
budgets will evoke a desire to renew our
existing home interiors in resourceful
and inviting ways.
RENOVATION
LEFT Soft neutrals will continue to

be popular.
ABOVE A nature focus with
‘Educated will become more prominent, reminding
us of the stability our homes comfort
reclaimed woods and sand hues. consumers will us with.
For the modern interior soft neutrals
FLORAL STATEMENTS focus more on will continue to be popular, underplayed
The outdoors will be brought back styling their homes earthy neutrals, caramels, burnt orange
indoors; floral designs will be making and muted green tones. Textured walls,
statements. Green tones will align with or renovating such as Venetian plaster, and lime
the floral prints, but with more muted
tones such as olive and sage. The
existing properties’ finishes for a marble/limestone aesthetic
will elevate our homes further.
psychological impacts of using green are
also positive as it represents harmony earthy browns will ground our spaces. MOODY HUES
and health, so it is a very restful hue. Grey is out, brown is in, nature is here to While there will always be appeal for
Blue hues are also calming and stay next year. bold, vibrant colours, we will see more
productive, which can aid in reducing Natural fibre products such as of a moody energy with darker interiors,
stress and helping relaxation. With more sheepskin, merino and Tibetan will be leather, and more detailing. The Lexus
focus on nature this brings warmth and used as layering with throws, exuding SUV in Nori Green is a good example of
texture into spaces – reclaimed woods, warmth into our living areas. Dried floral this deep moody green.
paired with golden and sand hues, arrangements, branches and organic What’s your colour crush for 2024?
creating tonal spaces working together sculptures will be seen more to style Resene Summer Rose – a muted
beautifully as a colour palette. Deep properties. Heavier curtain fabrics terracotta beige, faded with antiquity.
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RENOVATION
ABOVE Following overseas trends black could be seen more again.

BELOW Flower arrangements and prints add to the nature theme.
Resene Double Duck Egg – a complex
muted green, grey, and blue. Resene
Baring Head – a moody and stormy grey
green blue. Resene Times Square – a
nearly black neutral.
In terms of upholstery and wallpaper
I see some exploration in design. The
Canvas by Mokum fabric range from
James Dunlop is stunning for a teen
room. We could see more softer hues
such as Resene Summer Rose or
Double Duck Egg Blue in nurseries.
Resene Contented is also a gentle and
warm option for these areas. Miss Lolo
has recently announced a 2024 floral
wallpaper range, and a collaboration
with Incy Interiors for a new children’s/
tween wallpaper range, which is exciting
to see.
BLACK MAY BE BACK

New Zealand is typically slower to take
on international trends, and we could
see some soft black features entering
the decor scene. With celebrities such
as Kylie Jenner launching her new
black faux leather fashion line Khy, and
Renowned international interior designer
Kelly Wearstler is also seen in black more
taken on the design and conceptual
planning, from walls to ceilings, to
floors and property styling. We won’t
2 The mid-brown sheepskin
collection and Margot chair from
Hawthorne Collections.
frequently, you could see these fashion
statements enter home interiors.
By incorporating black into an
be taking risks next year; it will be more
educated methodical design planning. 3 Frank and Earnest Ceramics also
make the most delightful and
affordable unique handmade glazed
interior, it helps to anchor and ground FAVOURITE FIVE mugs right here in Hamilton.
a space. Using subtle features and
accessories such as leather detailing
surrounding a mirror, black light fittings
When times get tough financially, we
support our local artists and small
businesses. A more serene and tailored
4 Artists such as Author Ceramics
express creativity with curved
and organic ranges, made with clay and
or sconces, or something simple like a identity for home will be important sand from our NZ shores – the Rosa and
black picture frame, decorative cushion in 2024. We will see more handmade Marlow pieces are a beautiful addition to
or black marble book ends. pottery with organic shapes and textures any home.
Working from home offices and
hybrid working options will continue
to develop. We will continue to
and continue to educate ourselves on
environmental awareness with a focus on
sourcing sustainable products.
5 The Canvas by Mokum fabric
range from James Dunlop is
stunning. Q
create a harmonious home and
work environment. Design is three
dimensional; more emphasis will be
1 Ned Collections has released a
hand-crafted gorgeous bluff bowl
due to be released March 2024.
Head to www.designaddiction.co.nz to
see our services
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UNLOCK THE VALUE
OF YOUR LAND
hen Chris and Andrea’s
W
Unlocking the value of your land could be easier children left home, they
than you think as one couple recently discovered. discovered subdividing
their section and building
a second home was an ideal way to
unlock the value of their land and get
what they wanted in a new home.
“When the kids left home, we decided
we should do something with our
extra land. We got a real estate agent,
weighed up our options, and decided it
was by far best to build a second home
on the site rather than sell the section,”
they said.
“It had to be a nice house, that would
complement our old home to keep
the value of both of them. GJ’s helped
us with all our boundaries, plans and
daylight angles, and dealt with all of the
contractors and services.
“It was a complex job made simple
with GJ’s. In the end it’s going to be a
really good investment. We’ve got two
really nice homes.”
NEW BUILDS SPONSORED BY GJ GARDNER HOMES
BUSY LIFESTYLES
Many older homes in New Zealand were
built on large sites, and the houses were
often positioned at one end or corner of the
section to create a big outdoor space with
a huge lawn and gardens. But with today’s
busy lifestyles there comes a time when
mowing lawns and trimming hedges gets in
the way of doing the things you enjoy most.
Subdividing your existing section and
building a new home gives you a range of
options. You could:
• Sell the section, pay off your mortgage
• Live in one house, sell the other
• Live in one house, rent the other
• Sell them both
• Rent them both and go travelling.
If your home is on a large section, there’s

a good chance you could build a second
home on the same site or relocate your old
house and build several new ones.
Click on the QR code to hear
more about Chris and Andrea’s
journey here. And if you think
this might be the option for you,
call GJ’s to discuss your options.
GJ Gardner Homes is proud to be New Zealand’s Most Trusted Home Builder having built
almost 23,000 homes throughout NZ, with every home completed.
To discover for yourself why more New Zealanders trust GJ Gardner to build their
homes year after year than any other builder visit gjgardner.co.nz.
TWO-BED TOWNHOUSES
A POPULAR CHOICE
One of the most common investment properties remains a new two-bedroom
townhouse, but investors still need to do the numbers to ensure a good return,
writes Andrew Nicol.
wo-bedroomed townhouses
T are one of the most common

investment properties.
But, with so many new builds on
the market, how do you figure out if one
is a good investment or not?
IS SELWYN STREET A GOOD INVESTMENT?
PROPERTY DETAILS
SELWYN STREET DICKENS STREET COLOMBO

STREET
Here’s a case study of a development Suburb Addington Addington Sydenham
I recently recommended to investors Price $585,000 $629,000 $620,000
in Christchurch. Developer XXXXXXXXX XXXXXXXXX XXXXXXXXX
Bedrooms 2 2 2
WHAT’S THE PROPERTY?
Bathrooms 2 1 1
This development is at 377 Selwyn
Street. It’s a project of eight, two- Car parking 1 1 1
bedroomed townhouses in Addington, Floor area 73m2 n/a 80m2
Christchurch. The rental assessment
says it will likely fetch between
$520-$540 a week.
The developer is Four Avenues, a
company started by three brothers in tell you whether it’s a good investment within a few kilometres of each other.
2019 – Jack, George and Rob. They or not. Instead, you need to look at the Selwyn Street is at least $44,000
come from the Clifford family, an following three factors. cheaper than other comparable
established family in Christchurch who properties in the area. These three
accumulated an expansive portfolio of THE PRICE properties are all within a few kilometres
land over the years. The brothers are The most crucial factor when looking for of each other.
now developing townhouses on this new builds is price. It needs to be a good The Colombo Street property is
land. deal compared to other properties on $35,000 more expensive than Selwyn
But don’t spend too much time the market. This table compares Selwyn Street. It has a larger floor area but has
looking at the pretty visuals. They won’t Street with similar developments, all one less bathroom.
NEW BUILDS SPONSORED BY OPES PARTNERS
A GOOD INVESTMENT?
There are two main numbers you need
to know when you invest in a property:
• cash flow (the amount of money
you need to top up the property
per week)
• return on investment (for every
$1 invested in a property, how much
do I get back?)
Let’s take a look at how Selwyn Street

measures up. HOW DOES THE 1. You can use the information to find
PROPERTY COMPARE a property yourself through a
CASH FLOW TO OTHERS? developer.
The primary way you make money Addington is in the top 15 per cent 2. You can work with a property
through a new build is by holding the of suburbs for gross yields. And on investment company. These
property over the long term. average, house prices in Addington businesses build you a financial plan
The value goes up as the market have increased 6.50 per cent per year and then find new build properties
appreciates, but you can’t get those (Jan 00 - Sep 23). that fit that plan.
gains unless you can afford to hold on to Property prices in this area tend to be
the property. And like most properties more affordable, because they are 27.89 Opes Partners is one example of a
bought in 2023, the rent doesn’t cover all per cent lower than the average house property investment company, although
expenses. That means the investor needs price in Christchurch. there are others. Property investment
to cover the shortfall. Investors call this Selwyn Street is expected to achieve companies often don’t charge you a fee.
a “top-up”. It’s also known as negative a gross yield of 4.75 to 4.83 per cent, Instead, they get paid by the developer.
gearing in property circles. depending on the size of the property, It’s a bit like mortgage brokers, who
By my forecasts, the investor will and the number of bathrooms. This is usually get paid by the bank.
need to top up Selwyn by $139 a week higher than the Christchurch median of For my complete analysis on this
in the first year, and continue to top-up 4.06 per cent. property, go to opespartners.co.nz/
for eight years (although the amount will This rental range is very likely to be selwyn Q
come down as interest rates gradually achieved. Over the last six months, 630
decline and rents continue to rise). different two-bedroom properties were Through Opes Partners, Andrew Nicol
rented within the suburb. That makes up works with 97 developers from around
ROI FIGURES 37.5 per cent of all properties that found the country. He and his team of financial
Selwyn Street has a return on investment a new tenant in Addington over that advisers build Kiwi property investors
of 266 per cent. time frame. a financial plan and match these
This means for every dollar you invest, This shows that there is demand for investors with new build properties
you’ll get $2.66 back (as well as your two-bedroom properties within the area. that fit the plan.
initial investment).
For every dollar you put into Colombo HOW DO I BUY
Street you get $2.28 back; Dickens A NEW BUILD?
Street you get $2.45 back. So, from this If you’re looking to invest in a new build
financial modelling, you’d say, “Selwyn property like this, there are two ways to
Street is the better investment.” get one:
YOUR DEVELOPER
THE IMPORTANCE OF
SOUNDPROOFING
As Kiwis find themselves living in closer proximity to
their neighbours, the need for effective soundproofing in
residential construction becomes key, writes Anthony Corin.
hings are rapidly changing the concrete cures, but with ICF these
T on the housing front in

New Zealand with higher
intensification of residential
developments across larger cities to
accommodate our quickly growing
‘The way ICF
works with noise
control makes it
insulated forms are left in place. As
sound waves attempt to pass through
the wall, they encounter the insulated
foam and dense concrete mass which
effectively absorbs and dissipates this
population.
an ideal solution’ energy, preventing it from travelling
In particular this will become more through to the other side.
apparent as planning rules are set to The way ICF works with noise
be revisited allowing greater housing 65 is completely soundproofed. control makes it an ideal solution
intensification with less restriction. When we look at construction for shared walls in settings such as
Apartments and townhouses are systems, they vary in their soundproofing townhouses or apartment buildings,
popping up all over the place, with performance. Take a timber-frame build ensuring enhanced acoustic comfort is
property developers aiming to make for example. It will usually sit around achieved. Additionally, the impressive
the most of the space under land 30-40 on the STC scale, but if you soundproofing standard of ICF makes it
use rules. go for an option that uses denser a sought-after material for professional
While these developments help grow materials such as insulated concrete recording studios. This is well utilised
and support communities, they also formwork (ICF) you are looking at in professional spaces, and we can also
raise new concern from a structural a considerably higher STC rating translate this to residential developments.
standpoint; noise transmission between reaching 55+. This large difference In today’s changing landscape of
shared walls. As New Zealanders find highlights the importance of considering residential construction, making sure
themselves living in closer proximity to soundproofing capability of a our homes are quiet and cosy matters
their neighbours, the need for effective construction system. more than ever. Opting for higher
soundproofing in residential construction quality solutions like ICF is a strategic
becomes very important to ensure STANDOUT CHOICE choice for developers. ICF is a great
residents’ comfort and privacy. When evaluating construction solutions choice for soundproofing purposes,
for effective noise reduction, ICF and also performs well across the board
SOUND TRANSMISSION emerges as a standout choice due to in terms of durability, maintenance,
When it comes to measuring how its remarkable soundproofing qualities fireproofing, thermal performance, and
effective a material is at blocking and insulation. With the previously more. This all helps to create modern
sound out, we use a tool called Sound mentioned high STC rating of 55+ it living spaces.
Transmission Class (STC) rating. means that even shouting would not be For a developer it’s not only about
The higher the rating, the better heard from the other side of the wall. maximising space, it’s about keeping
soundproofing capabilities the material ICF forms a solid barrier made of residents comfortable with their privacy
has. The scale measures from 25 to two layers of insulating foam filled with and increasing the quality of their
65: 25 shows no soundproofing and reinforced concrete. In a typical concrete living by building with innovative
casual talking can be heard and build the formwork is removed after construction techniques. Q
Anthony Corin and his team specialise in property development and construction using ICFs and operating through a relational
contract, open-book system. Shorcom Ltd, 0800 SHORCOM, www.shorcom.co.nz
YOUR ACCOUNTANT
TAX, PROPERTY AND

RELATIONSHIP SPLITS
Lawyers need to be mindful of potential tax
liabilities when advising on the fairness of
separation agreements, writes Mark Withers.
any investors will have a a trust can constitute a nuptial settlement concessions from the specific land taxing
M sense of the matrimonial

property rules that can give
a spouse or partner a claim
for 50 per cent of relationship property
assets after a relationship that has run
and establishing a trust while already in
a relationship will likely not offer much
protection in the event of separation.
‘CONTRACTING OUT’
provisions in the Income Tax Act.
TAXING EVENT
The general rule is that the transferee is
deemed to have acquired the land at the
for only three years. The best protection is entering a formal transferor’s cost and at the transferor’s
This issue is often forefront in parents’ relationship agreement where part 6 date of acquisition, which generally
minds when they seek to assist children of the agreement under the Property means the transfer of property subject
into property. Relationship Act provides for couples to a relationship agreement does not
The potential for money provided “contracting out” of the act. trigger a taxing event.
to a child being halved because of a Part 6 deals with the right to decide Care is needed with respect to future
relationship split down the line has how property is to be divided in the plans. For example, let’s assume a wife
many worried about the best way to event of separation. receives property that is tainted by her
provide this assistance and what the tax These agreements can specify what ex-husband’s land dealing activity. No tax
consequences of navigating relationship happens to assets during the lives of the will be triggered when these assets are
property rules might be. parties, on the death of one partner, and transferred to her under the separation
Many people are under the common in the event of separation. agreement but, if she subsequently sells
misconception that the three-year period These agreements are void unless them within 10 years of his acquisition
that must elapse before a partner has certain requirements are met, so they date, she is liable for all the tax payable
a claim begins from the point the couple are best left to lawyers to draft so they based on her ex-husband’s cost price.
start living together in a traditional are formal and binding. One of the main Lawyers need to be mindful of these
de facto arrangement, i.e. under the requirements to be binding is that both potential tax liabilities when advising on
same roof. parties must have taken independent legal the fairness of separation agreements.
The matter is not that clear-cut, advice before signing. For families making funds available
though. The three-year period begins I have seen many situations where that to children for house deposits, it must
from when the relationship became “akin legal advice to one party is “don’t sign”. be made clear whether the money is
to a marriage”. This does not necessarily This then forces a negotiation over the provided as a gift or a loan. A loan can
begin when you move in together under terms, and concessions may be needed be recalled in the event of a child’s
the same roof. by the wealthier party before agreement relationship ending, but a gift may well
Lawyers suggest the better can be reached. have become joint relationship property.
determinate of the start point is when With respect to taxation, Subpart It may also be appropriate to
your friends and family begin to consider FB of the Income Tax Act provides the encourage a child to formalise a
you to be in a relationship with someone general rule with regards to the division contracting out agreement before gifts or
who has become your “partner” of relationship property. This section trust distributions are made. The optimism
regardless of whether you are living provides general rollover relief to property of youth often means these hard
together. But even then, this leaves room transferred pursuant to a relationship conversations won’t happen unless some
for interpretation and ambiguity. agreement. pressure is exerted to encourage them.
In recent years, the protections that a There are also sections FB3A and FB4 As always, seek professional advice,
trust affords you from relationship claims that deal specifically with land. both legal and accounting, when
has begun to be eroded by the courts. These sections provide rollover relief considering land transactions that can
Adding a new partner as a beneficiary to from bright-line and certain rollover relief have relationship property impacts. Q
Mark and his team specialise in advising on property-related transactions, valuation and restructure services, and tax planning.
PKF Withers Tsang & Co Phone 09 376 8860, www.pfkwt.co.nz
YOUR SHORT-TERM RENTAL
TIME TO TAKE
A GLOBAL VIEW
Within a short time online travel agents have dominated
nearly half the global travel market, with short-term rentals
serving as a core revenue driver, writes Eric Hammond.
ccording to Grand View Expedia falls under the Expedia staycations, the sudden surge of people
A Research, the short-term

rental market held an
estimated value of US$109.76
billion in 2022. The market’s expected
compound annual growth rate has been
Group’s network of brands, also home
to Vrbo. According to Peter Kern,
Vice-Chairman and CEO of the Expedia
Group, their third-quarter results in the
market for 2023 hit record figures for
using short-term rentals for work and
leisure has played a key role in demand.
Airbnb CEO Brian Chesky has said, “We
wouldn’t have recovered so quickly from
the pandemic had it not been for millions
projected at 11.2 per cent from 2023 revenue and profitability, reflecting “the of people working from Airbnbs.”
to 2030. Key drivers for demand and resilience of travel demand” in a post- According to the platform’s latest
supply include healthy post-Covid travel Covid world. quarterly results, the company’s business
recovery and trends such as staycations. Despite market share breakdowns, in Asia-Pacific has “fully recovered to
While short-term renting has existed 2023 data from Lighthouse suggests pre-pandemic levels”. Compared to Q3
for decades, it is still relatively new to that only one-third of vacation rentals 2019, gross nights in the region grew
Kiwis. Property owners would not be are listed across multiple OTAs 23 per cent in Q3 2023.
alone in assuming Airbnb was the only worldwide. Most inventory is exclusive Across the New Zealand market,
notable platform, but this could not to Airbnb. For self-managed properties, Auckland has held a healthy rental
be further from the truth. Airbnb does creating listings across every major demand score of 95/100 on AirDNA for
hold one of the largest market shares booking channel requires time and the last quarter of 2023, while revenue
worldwide, but there are plenty of other technologies that owners often do growth has sat between 92 and 95*.
online travel agents that should be not have. According to the leading data platform,
considered when creating listings. When you join a professional other top-performing markets across the
Booking Holdings is particularly management company, your property country include Wellington, Queenstown
popular across European countries, with will be pushed to every platform it and Dunedin.
Hospitality Europe reporting a market needs to be on to ensure your global
share of 71.2 per cent in 2021. In 2022, marketing reach is maximised. Of course, DEMAND CURVE
Holdings recorded US$121.3 billion in some channels are exclusive to property With pandemic restrictions now a thing
gross travel bookings. The company’s management companies, such as Homes of the past, it has become clear that
brands include booking.com and Agoda, & Villas by Marriott International. This demand for short-term rentals is not
both travel specialists in short-term platform caters to the luxury travel slowing. This could perhaps, in part, be
rentals, with the latter primarily serving market, with a global reach of over 157 attributed to the more intimate nature
the Asia-Pacific region. Roughly 89 million Marriott Bonvoy® members. of short-term renting, which avoids
per cent of the travel conglomerate’s the often-crowded hotel environment.
revenue comes from booking.com. PREMIUM RATES Expedia’s 2023 Travellers Index has
Unlike the likes of Airbnb, Homes & reported 35 per cent of travellers still
US AND THE WORLD Villas will only partner with property prioritise minimising Covid-19 exposure,
In the US, Apptopia’s most recent market management companies that uphold while 51 per cent state safety and
data on travel apps lists Booking.com their quality service standards. At cleanliness is a top priority for travel.
with a market share of 21.56 per cent and The Stay Hub, luxury properties can The Stay Hub had a phenomenal year,
Airbnb with 17.13 per cent. Worldwide, command premium rates hitting up to with bookings up 80 per cent as we end
Booking.com takes in just under 35 per $5,000 per night, especially in peak 2023. If you are interested in finding
cent with Airbnb sitting at 22.90 per short-term rental season. out what you could earn in the industry,
cent. Expedia surpassed Airbnb in the As we kickstart 2024, the past reach out for a free appraisal. Q
US with a share of 19.88 per cent, but year has seen a huge uptake in travel *AirDNA data current as of
came in third worldwide. and tourism expenditure. Alongside December, 2023
The Stay Hub offers a full range of Airbnb and short-term rental property management services, covering everything from
extensive global marketing to hands-on revenue management, guest vetting, cleaning after each stay, and plenty more. We have a
technological and data-led approach, with owner and guest experience at the heart of our operations. Visit www.thestayhub.co.nz.
PROPERTY INSIGHTS
TOP TIPS ON RENTAL

INSPECTIONS
Greg Watson shares his experience of visiting
thousands of homes.
ver my career I’ve been into inspection. Anything from tenants
O thousands of homes and

‘The tenancy law changing locks without permission,
filled out a huge number of is on your side more people living in the home than
inspections. Throughout that the tenancy agreement allows, change
time there have been trends, lessons when it comes to of tenants living in the home, and
learnt and some valuable tips I would evidence of pets when not allowed, are
like to share with you. When conducting
several things you breaches of tenancy law. Rather than just
inspections, I often feel like a “duck on may discover’ accepting the situation, I believe it’s best
the water”. Tenants see me as happy, to either serve a 14-day notice to rectify
polite, helpful and calm, much like the the breach or make a change to the
serene surface of a duck gliding on early should save money in the long run, tenancy agreement signed by all parties.
water. Meanwhile, beneath the surface, so make sure you have a close look. It If you have long-term tenants,
my mind is like the duck’s feet, rapidly can feel uncomfortable to inspect closely changing a tenancy agreement may
processing what I consider the most when the tenant is at home, but if you trigger the need for the house to comply
important aspects of the inspection. explain why, it’s usually fine. For example, with Healthy Homes legislation, so get
In no order, I consider the following: I might say, “You will notice me looking advice before acting. Tenancy Services
in the cupboards under the kitchen have a helpful section on their website
CARE FOR THE HOUSE sink; I am just looking for water-related which explains the type of changes that
A general overall summary of the level of matters”. Likewise, it’s fine to look in will and won’t “trigger” this compliance.
care the tenants are taking. I note down built-in wardrobes if you are looking for
and photograph any damage caused damage such as signs of a leaky roof. CIVIL LAW
by the tenant. Some landlords wait to During an inspection it’s crucial to be
sort out accumulated damage (using HAZARDS vigilant for violations of civil law, also
the bond) at the end of a tenancy, but I Landlords have obligations under known as offences under the Crimes
believe it’s a much better idea to address the Health and Safety at Work Act Act 1961. I tend to look for evidence of
issues at the time. This may include 2015. Landlords are considered a “person illicit drug use, cultivation or production
a 14-day notice for tenants to rectify conducting a business or undertaking” of prohibited substances and receipt of
damage and a subsequent follow-up (PCBU). This means it’s important to stolen goods. The appropriate action to
check. A proactive approach reinforces look for hazards at inspections and take is to contact the police and obtain a
acceptable behaviour, so hopefully the take action required by law to mitigate, file number. This is crucial for compliance
tenants take more care going forward. reduce or remove them. Ideally, a with your insurance company. If you
pre-inspection would have picked up know something bad is happening and
HOME HEALTH most hazards, but it is still important to you fail to act, the insurance company is
The “health” of the home can affect check regularly. less likely to pay out if things go wrong.
the value of your investment and the There’s lots to look out for at the
health of your tenants. These are very BREACHES inspections and it’s always a good
good reasons to be looking for evidence The tenancy law is on your side idea to document everything well.
of water damage, mould, dry rot and when it comes to several things Good luck with the inspections, and
rust. Spotting and dealing with problems you may discover during a routine happy landlording. Q
Greg Watson is an experienced property manager who excels in providing informed advice and continuously improving the property
management service. He is a recognised industry expert, winning national awards and contributing to industry standards.
Phone 06 353 7274, www.watsonrealestate.nz
YOUR REVIEW
MATES AND MORTGAGES

CAN WORK
Five friends in their early 20s worked together to buy
their first investment property ... and it turned out just
fine, writes Stevie Waring.
ochie didn’t have enough friends formed a company called Room They’ll go from there, but it will get to
L money to buy an investment

property by himself, but when
he and four friends banded
together to create a meaty deposit ...
they figured they’d go all out.
4, the number of the room three of the
friends once shared.
LESSONS LEARNED
Buying property is complicated enough,
a point where the friends will want to
settle down, start families, and eventually
buy their own homes.
And that’s OK. “We’re not going to be
investing with each other till we’re 70,”
Here’s how five friends in their early but it becomes even more complex Lochie points out.
20s worked together to buy their first when you’ve got multiple parties buying He’s found a lot of pros by going
investment property. and, specifically, when those people down this investment journey with his
aren’t in a relationship. This is because mates. As a group you can afford a nicer,
WHAT GOT THEM banks pool the income of partners or better property than you otherwise
STARTED? spouses. But, as a rule, if friends buy a would because of pooled resources. The
The idea of investing as a group had property together the banks assess their downside is that the application process
been in the works for years since three of incomes individually. is tough and can be more restrictive
the five friends shared just one room in a For instance, let’s say you and a when buying progressive properties.
Dunedin flat in 2010. friend are going 50/50 on an $800,000 But even more important, the last thing
Each member of the group wanted property. The bank assesses whether you want to do is ruin a friendship if
a way to get onto the property ladder you both can afford the mortgage everything turns sour.
as early as possible, but obviously it individually. But if you were a couple, This is why Room 4 got a
wasn’t possible to go it alone. The initial they’d add the money together and call shareholders’ agreement drawn up in
game plan was to renovate an existing it household incomes. 2022. Lochie says it’s bulletproof and
property in Oamaru, but as two more This is why it can be harder for covers everything from redundancies to
friends joined the group, the type of friends. Lochie said the experience exit strategies.
investment strategy changed. was quite intense. There was a lot of
They all realised they weren’t paperwork to go through, and there was ADVICE FOR OTHERS
builders and, coupled with the fact they a lot of back and forth with the banks. Lochie says this way of investing
were scattered around the country, it Many of the banks didn’t want to gets overlooked because it can be
meant they needed a low-maintenance touch an application with five people quite complicated ... in every way. But
investment. involved. In the end, ASB did assess the assuming everything goes well, it can
application on their collective incomes ... be quite lucrative. He says he would
WHICH INVESTMENT? and they gave them the “yes” too. How absolutely recommend investing
The group settled on a four-bedroom, income is assessed is at the discretion with a friend, but probably wouldn’t
2.5 bathroom, standalone house in West of the bank. They’ll chop and change recommend doing it in a group of five.
Auckland. The sale price was $925,000. depending on their lending appetite at
For a first investment, such a large the time. NEXT STEPS
property was very impressive. “We Lochie’s experience might resonate with
thought we might as well kind of go all THE FUTURE some potential investors. Maybe you
out,” was Lochie’s view of the purchase. The five have their sights set on a can’t afford to invest right now, so you
Everyone was able to front $50,000, Christchurch property, but beyond that want to go in with friends.
and all would contribute equally to top- there’s no real timeline. If you want to discuss your options,
ups and expenses. Growth was the big Lochie says the initial plan was to get the next step is to book a Portfolio
drawcard for Auckland. on the ladder as early as possible and Planning Session with us here at
To buy the property together the five get as many properties as they could. Opes Partners. Q
Disclaimer: Just remember this is a column in a magazine, going out to thousands of people. It’s not personal financial advice. But, it
is an example of what can be achieved with personalised financial advice. If you are wanting to book a consultation, email us through
the website at https://www.opespartners.co.nz/contact
A property
inspection app
for landlords.
19,337+ Inspections performed

639,020 Photos & videos uploaded
SUN, SEA
AND SALES
Post-election, the sun-soaked city of Tauranga has seen
a surge in house sales, as Sally Lindsay explains.
Images Tourism Bay of Plenty
estled on the sun-soaked
N shores of the Bay of Plenty,

Tauranga is a large city with a
small-town vibe.
While Captain Cook named the Bay of
Plenty area in honour of the plentiful fish,
timber and generous people, he could
well have been referring to the sunshine.
Tauranga is one of the sunniest places in
the country, receiving an average 2,200
hours every year.
Although Tauranga is classed as
one of the smaller cities (by area), the
rapidly increasing population has made it
New Zealand’s sixth-largest city
by population.
More than 150,000 people call
Tauranga home. In spite of this, it
generally doesn’t feel crowded.
REGIONAL REVIEW TAURANGA
At 232 metres tall Mount Maunganui

rewards its summit track climbers with
gorgeous bay views.
THIS PAGE FROM TOP Papamoa Surf Club,

picnicking at Pilot Bay.
OPPOSITE CLOCKWISE FROM TOP LEFT
Tauranga Art Gallery, biking at Summerhill
recreational farm, The Mt’s Izakai bar and
eatery, Matariki pou carvings – The Strand,
waterfront playground fun, Barrell Room on
Wharf Street.
It’s also a city that’s sprawling with

trendy cafes, restaurants and bars, giving
the perfect mix between outdoor and
indoor lifestyle.
QUINN OCONNELL
AFFORDABLE OPTIONS
There are great housing neighbourhoods
throughout the entire city – suburbs,
outskirts, or coastal areas. Otumoetai,
Papamoa and Mt Maunganui are all
coastal, so generally carry a slightly
higher price tag. Yet not everywhere is
pricey. Tauranga Central and Gates Pa
offer great, affordable options to get you
Development has mostly kept up with agriculture, healthcare, education, retail into the area.
the influx of people, and there are plenty and hospitality. Price drops are falling back across
of housing options. Like every city in NZ, Tauranga has Tauranga; Judea had the biggest drop
Job opportunities are one of the an excellent quality of life, with a mix for the year to November 2023. The
things that makes Tauranga a practical of warmer weather, clean air, and a suburb fell 5.2 per cent from $752,500
place to live. It’s part of the golden close-knit suburban lifestyle. For young in November 2022 to $731,650 in
triangle along with Auckland and professionals wanting to be in November last year, followed by Bellevue
Hamilton, and it’s predicted these three a central location, cycling and walking dropping 5 per cent from $817,500 to
areas combined will be home to 53 per are common ways of commuting to $776,950, and Welcome Bay declining
cent of NZ’s population by 2031. work, while families gravitate to outer 4.6 per cent, from $865,450 to
The unemployment rate in Tauranga suburbs like Papamoa Beach, which are $826,000. Parkvale and Pyes Pa both fell
is about 4.7 per cent, a tell-tale sign that still only a 15 to 20-minute drive from 4.5 per cent, Hairini 4.1 per cent, Gates
there’s plenty of work to be found. It’s the city. Pa 3.9 per cent, Bethlehem 3.7 per cent,
one of the country’s biggest port cities It’s a popular tourist destination for Papamoa 2.5 per cent from $944,850 to
and there is opportunity in everything Kiwis who want immaculate beaches, $921,400, and Ohauiti 2.3 per cent from
from business, commercial fishing, hiking trails, waterfalls, and water sports. $1,018,000 to $994,650.
CHRIS PARKER
STRIKE PHOTOGRAPHY
BRIAN SCANTLEBURY QUINN OCONNELL

ABOVE Spot the cruise ship, Mt Maunganui.
BELOW Twilight at Mount Hot Pools.
motivation and whether a vendor really

wants to sell, but there are more willing
to meet the market.”
Billinghurst says despite the
difficulties for investors over the past
two years with increasing tax payments
and costs for insurance and council
rates accelerating, there haven’t been
distressed sales across the board.
He says the agency is not seeing a
big flurry of investors either, probably
slightly more than usual, and a lot
just waiting until the new government
announced last year it was reinstating
tax deductibility. Investors can now claim
60 per cent this tax year, 80 per cent in
2024/25, and 100 per cent in 2025/26.
Investors agents have seen are the
ground breakers – those coming back
into the market before the government’s
Raine & Horne director and buying and selling, but it’s not the 2021 new property policies have properly
auctioneer Paul Billinghurst says there boom by any stretch of the imagination.” kicked in. “They are definitely looking for
has been much more housing market More properties are coming onto the bargains,” says Billinghurst. “Previously
activity since the election. “There market, but the ratio of buyers to listings they would pay either just above market
seemed to be a lot of people just waiting hasn’t changed that much. price or come in with ‘we don’t care
to see what happened. It has picked “Vendors have finally woken up and what we pay, we just want to buy’
up since. We have more multi-offers on are meeting the market as opposed attitude. There is none of that from an
properties and more people interested in to two years ago. It comes down to investor point of view at the moment.”
SAVVY INVESTORS ‘There are great suitable to rent its properties and
If a property has issues, such as a leaking middle-income earning families are
roof, and a first-time buyer is not going neighbourhoods holding down more than one job to keep
to get financed, then investors will
swoop in. “The more seasoned investors
throughout the a roof over their heads,” she says.
Thrown into the mix are people
know they can fix the problems and entire city’ relocating for jobs or commuting to
if they can get it at a bargain price, work in Auckland, all looking for a rental.
then it’s worthwhile, whereas a first- “With a rapidly growing population the
home buyer will be mortgaged up to region is hundreds, if not thousands of
the hilt and the bank will not lend $500,000 are typically two-bedroom rentals short.”
because they cannot afford to repair homes or older style apartments. Very This is shown up in the number of
the house. Those kinds of investors are seldom would a buyer get a three- viewings for each rental. Recently a two-
always there.” bedroom house under $500,000, he bedroom house Turner had on her books
He says savvy and educated property says. At the height of the market an had 54 applicants and more than that
investors will always look at cash flow average three-bedroom home would number showed up at viewings. “This is
and returns first, which generally means sell for $700,000-plus, but that has now normal as people desperately search for
they are after a bargain. dropped to between $500,000 and somewhere to live.”
“They are always going to try to get a early $600,000. Making light work of the application
property for the lowest price possible. First-home buyers are looking in the process and the appropriate checks
“When it is a mum and dad or not $750,000-$800,000 range, whereas a keeps the business going smoothly.
very educated investor they get caught few years ago when interest rates were “This is not a five-minute job when
up with the hype and believe that sub-three per cent, they would look at a there are 50-odd applications to deal
property prices are going to rise by 10 $1 million house. An $800,000 mortgage with and everyone is given a fair chance,”
per cent every year and interest rates will was serviceable then, but now that Turner says.
stay low. would be fairly challenging for most New rentals are continually flowing
“They are buying emotionally people, Billinghurst says. into the business from property owners
compared to those buying on financials He says Tauranga’s housing market it taking time out and travelling NZ in
and who won’t buy if the figures don’t just as bad as the rest of the country in campervans or caravans, going overseas,
stack up. The savvier investors will that there are not enough rentals. It’s a and younger people trying mining in
gravitate to the ‘dunger’ around the major problem, but the new government Australia to make more money.
corner because it’s a better investment should be a lot friendlier to landlords Investors are still buying properties as
and will rent for more.” when tax deductibility is restored, and rentals if they have the required 40 per
When taking offers on properties, the bright-line test shortened. cent deposit or a good chunk of capital
Billinghurst says they are more often in their own home or other properties
subject to sale. Not many vendors are RENTAL VIEWINGS they own. However, Turner says a few
buying before they have sold, so stock Propertyscouts Tauranga business owner landlords she deals with (five in the
is fairly static. Several sellers are moving and property management specialist, past year) have sold up mainly because
into retirement homes and others are Adrienne Turner, says there is a huge of high interest rates and difficulty in
moving out of the region, while there are shortage of rental properties in the Bay servicing mortgage repayments. “This
always movers within the city. of Plenty. would mean a huge hike in rents to cover
Cheaper properties are in the “Even though Kainga Ora is building the difference and that would not be fair
$500,000-$600,000 range. Under dozens of houses, not everybody is on tenants.
MEDIAN PRICE & SALES ABOVE Cyclists at Gate Pa memorial reserve.

Annual change in Tauranga’s median price and sales volumes over five years:
YEAR ENDING MEDIAN PRICE % CHANGE SALES % CHANGES
“Investors, of course, want to
Nov-23 $887,000 -9.4% 2,308 -1.4%
minimise their outgoings and should be
Nov-22 $979,000 5.3% 2,341 -24.8%
able to do this when tax deductibility
Nov-21 $930,000 24.7% 3,111 -2.6% is reinstated. When interest rates drop
Nov-20 $745,500 11.0% 3,195 -10.2% there should be an increase in more
Nov-19 $671,500 3,558 investors buying again.”
The city’s rental market fluctuates
Source: REINZ
quite a bit. Turner says when owners/
PRICE BAND SALES landlords notice rents increasing they
Annual change in Tauranga’s sales volumes across price bands over three years: feel they can achieve the same sort of
% OF SALES rent. “Bearing in mind Healthy Homes
standards, location and what is on offer
YEAR ENDING YEAR ENDING YEAR ENDING YEAR ENDING
PRICE BAND at their property has an impact on rents.
NOV 2020 NOV 2021 NOV 2022 NOV 2023
Less than $400k 1% 0% 0% 1% Comparisons at the time of renting out a
home are important to keep in line with
$400k-$599k 21% 5% 3% 7%
market rent, but not go overboard.”
$600k-$699k 19% 11% 9% 12% Popular rental areas are Mount
$700k-$799k 18% 14% 12% 15% Maunganui, Pyes Pa, Greerton and
$800k and over 41% 70% 76% 65% the Avenues for one to two-bedroom
homes and at the other end four to five-
Source: REINZ
bedroom houses.
SUBURBAN GROWTH Rent on a two-bedroom house starts
Tauranga’s top 10 suburbs for capital growth in the year ending October 1, 2023: at a minimum of $500 a week and for
SUBURB NAME MEDIAN VALUE MEDIAN VALUE ANNUAL % a basic three-bedroom home $680 a
1/11/2022 1/11/2023 CHANGE week. Houses that are priced right can
Ohauiti $1,018,000 $994,650 -2.30% take less than 28 days to rent. Q
Papamoa $944,850 $921,400 -2.50%
Bethlehem $1,099,900 $1,059,550 -3.70%
Gate Pa $700,000 $672,700 -3.90%
Hairini $795,850 $763,450 -4.10%
INVESTING IN
Pyes Pa $1,068,900 $1,021,200 -4.50% TAURANGA
Parkvale $682,900 $651,850 -4.50% For more information about
Welcome Bay $865,450 $826,000 -4.60% investing in Tauranga go to www.
Bellevue $817,500 $776,950 -5.00% tauranga.nzpif.org.nz
Judea $752,500 $713,650 -5.20%
Source: CoreLogic
In the two-bedroom bracket (24 per too, apart from Tauranga Central/ Tauranga Central/Greerton, down to a
cent of all Tauranga houses recently Greerton, at 49 per cent. relatively low figure of less than 3 per
for rent), Tauranga Central/Greerton cent in Mt Maunganui.
has been the largest market, with 63 RENT AND YIELD That said, even with large parts of
properties. It’s also had the highest By matching average value to rent Tauranga seeing rental yields on three-
concentration rate (38 per cent), with we can look at gross yield for three- bedroom houses below 4 per cent,
Pyes Pa/Hairini/Welcome Bay at the bedroom houses in each area. at least the growth in rents on those
other end of the spectrum. However, Median weekly rents for three- properties might be looking appealing
the latter is a key area for four-bedroom bedroom houses across Tauranga to some investors. Growth of 5-7 per
houses on the rental market. are in a fairly tight range of $660 cent over the past year has been fairly
For the key three-bedroom bracket (Tauranga Central/Greerton) up to common, with Papamoa Beach pushing
– 59 per cent of houses recently for rent $700 in Papamoa Beach. However, 8 per cent, and Tauranga Central/
in Tauranga – Papamoa Beach has had there’s a wider spread for the values of Greerton getting into double digits. Q
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NZPIF FROM THE PRESIDENT’S DESK
SUE HARRISON
EXCITING YEAR FOR

RENTAL INDUSTRY
It’s a good time to review investing, and social
housing could be a viable option for some owners,
writes Sue Harrison.
his is an exciting year to be part of New Zealand’s rental
T housing industry. While there are constant challenges

investing in “bricks and mortar” rental homes, the
importance of our place in the system is crucial. The
demand on housing is ever increasing post-Covid, with high
levels of immigration and record interest in moving to New
Zealand. We know that climate change is going to increase
people shifting to cooler climates, and it will be hard to keep the
borders closed on refugees.
Housing First, a social housing provider in Christchurch,
invited me to a breakfast before Christmas with other owners.
It was a pleasure to see several Canterbury Property Investors’
Association members also there as we heard about the great
work these agencies do; work that’s repeated around the country.
GOOD MANAGERS
Many owners find there is the satisfaction in meeting housing
needs and the convenience of having competent managers take
care of their rental.
Recently, an added incentive is having tax deductibility
allowed on rentals providing this type of housing. One of the
barriers has been insurance as not all companies will cover
social housing. Sometimes, education is needed around the care
managers take to cover the risk of damage. It’s only really an
issue if the property has to change providers.
FUTURE PLANS
The public/private partnership and spirit of collaboration is visible
in a very positive way through the connections. The removal of
tax deductibility, rising expenses and other risks associated with
owning rental housing has changed many owners’ future plans.
It’s a good time to review your investing; considering social
housing is a viable option for some rental investments.
We plan to run a national webinar on this topic, and other
topics of wide interest next year. Be sure to stay connected to
your local Property Investors’ Association to find out more.
www.nzpif.org.nz Q www.nzpif.org.nz or email [email protected] to join now.
THANK YOU FOR THE CONTINUING SUPPORT FROM NZPIF BUSINESS PARTNERS
NEXT MEETING: Thursday, February 8, 7pm at Lifepoint
Church, 61 Hopper Street, Mt Cook.
TOPIC: Email [email protected] for more information.
WAIRARAPA
NEXT MEETING: Thursday, February
22, 7.30pm at the Lone Star.
TOPIC: Contact Tim Horsbrugh on
NELSON 021992628 for more information.
NEXT MEETING: Tuesday, February 20, 6pm
Investor Dinner,
r 7.30pm presentation at the
Honest Lawyer, 1 Point Road, Monaco.
TOPIC: Top tips for managing residential
rental property, a Q&A session with
professional property managers MARLBOROUGH
NEXT MEETING: Wednesday, February 21,
7.30pm at Ray White Blenheim.
TOPIC: Speaker Braden Stanton, director
CANTERBURY Ray White Blenheim. A valuer’s and an
NEXT MEETING: Saturday, February 10, 10.30- investor’s story.
12.30pm, Rogues of Rotherham function room,
42 Rotherham Street, Riccarton, Christchurch.
TOPIC: CPIA Women in Property. Interested
in your financial future? Come along and hear
from Sheryl Sutherland, financial adviser,
r on SOUTH CANTERBURY
NORTH OTAGO NEXT MEETING: February 2024.
the topic of behavioural finance. NEXT MEETING: Please contact
TOPIC: Please contact Kerry Beveridge at
the association, Jeanette Halcrow
[email protected] or 021482840 for
at [email protected] or call
information on next meeting.
034348268 for information on
SOUTHLAND next meeting.
NEXT MEETING:
February 2024.
TOPIC: Email JOIN A PROPERTY INVESTOR
[email protected]
OTAGO
NEXT MEETING: Tuesday, February 20. ASSOCIATION FOR INDUSTRY
for more information on UPDATES, NETWORKING AND
TOPIC: Come along to our annual OPIA Bus Trip.
this meeting. COMMERCIALLY INDEPENDENT
Email [email protected] for more information.
INFORMATION – A GREAT WAY
TO PROTECT YOUR RENTAL
PROPERTY INVESTMENT.
NZPIF SPOTLIGHT
TENANTS
WITH
GREEN
FINGERS
Research shows tenants
who are engaged with
growing food at home
or in communal areas
take more pride,
writes community
gardening ambassador
Rachel Vogan.
t’s been found that people who
I have gardening spaces report

a better quality of life, and by
providing spaces where tenants
can relax and grow food gives a sense
of belonging. The quarter-acre paradise
is long gone in New Zealand, but new
ways of growing food in small or shared
spaces are emerging.
The Canterbury Community Gardens
Association (CCGA) is leading the way
in communal gardening with 60 gardens
registered within the organisation. The
CCGA is keen to branch out and help
develop connections between landlords
and tenants in offering common spaces
to grow food, interact with others limit food waste in group housing CLOCKWISE FROM TOP LEFT Peggy Kelly CCGA
and share gardening skills. They are establishments. CCGA helps support and patron and Viviana Zanetti – Phillipstown Community
IMAGES: RACHEL VOGAN. COMMUNITY GARDENING AMBASSADOR / ADVOCATE
encouraging more property owners to educate families and individuals about Hub, flower borders with edible benefits, CCGA
make spaces available for tenants and how easy it is to limit food waste by Connecting Communities’ members, harvest-time.
residents to grow food, make compost recycling it into rich fertiliser or compost.
and recycle waste. Worm farms, compost bins and bokashi such as silver beet, tomatoes, zucchini
Communal growing spaces have systems are all easy ways in which the and beans.
grown in popularity and post-Covid community can limit food waste and “It is possible to note in the tenancy
are now very much on trend. With recycle it at the same time. agreement an obligation to keep that
densification comes less space to grow Peggy Kelly, patron of the CCGA, is area tidy.”
food at home, and less ground is being keen to work with property investors
made available to tenants to put in to enable more families to grow food. SOCIAL CONTACT
gardens or grow food. These areas bring “People tell us that they don’t have a Growing a garden or participating in
residents together in a harmonious way garden because they are ‘only renting’ a community garden is likely to mean
to nurture each other and grow food. or that they want to plant a patch but the tenant will stay longer and take
Nationally, there is a growth in are reticent about seeking permission better care of the property. Tenants who
community gardens being built and from their landlord or landlady in case come as immigrants will bring different
this is seeing empty sections, pieces of it will draw attention to themselves and attitudes to cultivation. It may well be
parks and road berms being turned into consequentially, their rent might go up,” their custom to grow food or indeed it
abundant food growing spaces. she says. may become an economic necessity.
“We feel that these fears are Gardening has many benefits, and this
FOOD WASTE probably mostly unfounded and yet they includes increasing social contact and
One aim of CCGA is to help support are real to some tenants. It seems to us collaboration.
implementation of compost systems that it would be fairly easy to designate For more information on the CCGA,
or food recycling initiatives to help a small patch of garden for growing food visit www.ccga.org.nz Q
NZPIF SPOTLIGHT
TIPS ON LIFE BY
became too insistent and loud, Paula
would walk her down the road and put
her in a taxi.
TWO SUCCESSFUL
This visualisation was very effective
during the years Paula was managing
a range of 14 different ministerial
LEADERS portfolios while she was a member of

Parliament.
During life you have choices, she said,
and doing what makes you happy is the
What do Paula Bennett and Steve Goodey have in way to go.
common? Turns out they both know how to use the This sentiment was echoed by Steve
Goodey, who had this confirmed early in
right building blocks in this thing we call life. life when the profit from the sale of his
first house enabled him to travel rather
than get a job. Although now a very
successful property investor and possibly
at first glance a more appropriate
speaker at an NZPIF conference, he
also had life tips which can be used by
anyone in any walk of life.
THREE POINTS
Steve recommended looking at where
people are doing well, and learning how
to do that. He had three further points
for the audience: In life you should get
yourself sorted first; then work to leave
a legacy for your family; and finally
decide how you can contribute to the
community. Always look for cash flow
positive properties as the first three or
four you have will enable you to reach
your goals.
Paula stressed that you need to own
the life you lead. Not only doing what
makes you happy, but keeping it real.
Mistakes give you resilience and the
strength to push boundaries. When
Paula Bennett and Steve Goodey speaking at the NZPIF annual conference in Queenstown.
she first considered going into politics,
she went ahead saying to herself “why
not me in Parliament?” She felt she
had nothing to lose, particularly as she
t might be considered unusual to then stopped caring what other people
I have Paula Bennett as the opening

speaker at the recent 2023 Annual
Conference of the NZ Property
Investors’ Federation.
Held in Queenstown at the Rydges
‘Mistakes give you
resilience and the
strength to push
thought about her.
Steve Goodey put it another way by
simply saying you are the master of your
own destiny. Q
Lakeside Hotel overlooking the snow-

boundaries’ NZPIF is a not-for-profit organisation
dusted Remarkables, an audience of and does not provide financial, legal,
property investors from across the tax or accounting advice. Information
country gathered to hear about the THE RECIPE provided by, on behalf of, or under the
latest trends in the housing market. She decided it was up to her to make auspices of NZPIF is necessarily of a
But what could Paula offer? For a it work and the recipe for success was general nature. NZPIF and its officers
start she talked about working two jobs having a plan and a list of milestones; and agents have no responsibility or
to save enough money to purchase her sometimes it was just putting one foot in liability of any kind to any person for
first house. Many property investors front of the other. such information. NZPIF recommends
in the audience could relate to that as Paula stressed it was important to get you consult appropriate professional
often they have built up their property rid of the voice saying you are not good advisers before making any investment
investment portfolios that way – working enough. In her case she actually called decision or entering into any investment
hard and sometimes at more than one that voice “Mildred”. When Mildred or transaction.
job at a time.

, )- +$--$ &

, - -)! $
, -& &---$ !$--! #+
( %& &-$&" ' $- * $- - $- $

RENTAL & SALES STATISTICS
JANUARY 2024
HOW TO USE THIS SECTION
The key to any good Investment is Information. NZ Property Investor magazine, with the trusted data supplied by
Corelogic would like to show you how you could use this data to optimise your next investment search.
1 COMPARE RENTS AND VALUES FOR 3 AND 4 BEDROOM HOUSES IN A GIVEN SUBURB
Then consider what the rent and value increase
would be if you renovated a 3 bedroom property
into a 4 bedroom property.
Example: Manurewa North going from 3 to 4 beds,
looks like an increase of about $200,000 and rent
of about $80 a week.
2 ESTIMATE AN INCREASE IN RENT FROM A RENOVATION

Example: If my house is in Manurewa North and
has 3 bedrooms. If it currently rents for $590 and has
3 bedrooms, a renovation could push it up the rental
range to the upper quartile. Currently $670. That’s an $80
increase.
Estimate the 1 year increase. This can also be useful
when estimating how the value of your property may have changed over the prior 12 months, which can then impact your ability to
purchase your next property.
3 ESTIMATE RENTAL DEMAND AND HOW

LONG IT WILL TAKE TO FIND A TENANT
For instance there were 48 bonds issued in Dinsdale South
in the last month. That means there are about 12 3-bed
houses renting in that suburb per week. That might tell you something about how much vacancy you might have.
Whangarei - Kamo/Tikipunga/
House 4 1498 33 645 - 725 655 5.1 31.8 768100 -10.0 27.3 4.4 16.8 3.5
Kensington
Whangarei - Whangarei Central/
Flat 2 816 0 - 0 0.0 0.0 489800 -5.4 36.5 0.0 0.0 0.0
Otangarei
House 2 497 30 471 - 520 490 8.9 36.1 550250 -12.9 35.1 4.6 25.0 0.7
Otangarei
House 3 1744 27 550 - 620 590 1.7 40.5 612200 -9.2 33.6 5.0 12.0 5.1
Otangarei
Whangarei - Ngunguru/Onerahi/
House 3 4509 69 576 - 650 605 7.1 34.4 827550 -13.1 30.0 3.8 23.2 3.4
Whangarei Heads/Waipu
Whangarei - Ngunguru/Onerahi/
House 4 2122 45 650 - 700 660 -2.9 34.7 1081650 -7.6 35.0 3.2 5.0 -0.3
Whangarei Heads/Waipu
Whangarei - Morningside/
House 3 1930 33 565 - 610 580 3.6 38.1 544900 -12.3 27.9 5.5 18.1 8.0
Raumanga/Maunu
Kaipara - Entire District House 3 3480 39 499 - 628 560 0.9 47.4 834200 6.5 59.4 3.5 -5.3 -7.6
Rodney - Wellsford/Warkworth/
House 2 1256 30 499 - 550 525 10.5 28.0 960500 0.8 36.9 2.8 9.6 -6.5
Helensville
House 3 4821 60 595 - 680 640 4.9 28.8 1117300 -8.7 26.4 3.0 14.9 1.9
Helensville
House 4 2780 36 650 - 739 695 -0.7 23.0 1570250 -4.1 39.7 2.3 3.6 -11.9
Helensville
Rodney - Orewa/Whangaparaoa Flat 2 870 12 521 - 550 548 0.0 32.0 841350 -7.7 21.0 3.4 0.0 9.2
Rodney - Orewa/Whangaparaoa House 2 1370 69 530 - 630 575 6.5 25.0 937500 -9.4 20.4 3.2 17.6 3.9
Rodney - Orewa/Whangaparaoa House 3 6322 96 640 - 740 695 6.9 21.9 1115750 -4.1 24.1 3.2 11.5 -1.7
Rodney - Orewa/Whangaparaoa House 4 5395 114 799 - 900 850 7.6 13.3 1374200 -10.8 27.3 3.2 20.6 -11.0
Rodney - Rewiti/Kumeu/Riverhead House 4 1725 33 798 - 850 825 3.1 13.0 1391350 -8.2 21.9 3.1 12.3 -7.3
Rodney - Gulf Harbour House 3 938 18 670 - 748 695 3.3 21.9 1036500 -6.3 18.0 3.5 10.2 3.4
Rodney - Gulf Harbour House 4 1152 15 730 - 795 780 7.9 26.8 1159200 -9.5 17.0 3.5 19.2 8.4
AUCKLAND
North Shore - Torbay House 3 1718 33 660 - 750 700 4.5 20.7 1163250 -5.6 19.0 3.1 10.7 1.4
North Shore - Torbay House 4 1395 36 820 - 901 873 10.5 16.4 1325600 -8.3 3.9 3.4 20.5 12.1
North Shore - East Coast Bays Flat 2 619 6 576 - 645 628 5.5 20.8 1039500 -11.3 16.6 3.1 19.0 3.6
North Shore - East Coast Bays House 3 1237 33 763 - 944 850 16.4 25.0 1677800 -15.3 2.6 2.6 37.4 21.8
North Shore - East Coast Bays House 4 1623 24 823 - 1138 988 12.9 15.6 2204800 -7.7 10.4 2.3 22.4 4.6
North Shore - Albany House 3 451 30 681 - 756 710 9.2 14.5 1211000 2.2 24.1 3.0 6.9 -7.7
North Shore - Albany House 4 903 27 823 - 980 895 12.6 19.3 1527300 -1.0 27.1 3.0 13.7 -6.1
North Shore - Wairau Park/Glenfield
House 3 1440 45 635 - 700 660 3.1 15.8 1047750 -5.6 24.0 3.3 9.2 -6.6
North
North Shore - Browns Bay House 3 795 18 700 - 828 750 14.0 15.4 1253700 -0.3 21.0 3.1 14.4 -4.6
North Shore - Rothesay/Murrays/
House 3 1131 33 690 - 825 730 6.1 9.0 1469650 -15.3 8.1 2.6 25.2 0.8
Mairangi Bays
North Shore - Rothesay/Murrays/
House 4 1827 33 838 - 965 900 9.8 16.1 1689250 -7.0 5.4 2.8 18.0 10.2
Mairangi Bays
North Shore - Takapuna Flat 2 793 0 - 0 0.0 0.0 1044700 -13.8 26.0 0.0 0.0 0.0
North Shore - Takapuna House 2 186 27 580 - 740 630 10.5 15.6 1528550 -11.3 17.5 2.1 24.7 -1.6
North Shore - Takapuna House 3 1182 36 790 - 958 863 21.5 19.9 1666000 -18.5 11.1 2.7 49.1 7.9
North Shore - Devonport Flat 2 522 9 485 - 615 540 -4.4 9.8 1050200 -5.5 18.2 2.7 1.1 -7.1
North Shore - Devonport House 3 1550 18 774 - 905 835 11.3 21.9 1851350 -15.5 14.0 2.3 31.8 6.9
North Shore - North Harbour/Pinehill House 3 906 27 698 - 808 780 11.4 20.0 1316900 -5.1 27.1 3.1 17.4 -5.6
North Shore - North Harbour/Pinehill House 4 1330 21 820 - 920 890 4.7 17.1 1527950 -4.2 21.3 3.0 9.3 -3.5
North Shore - Greenhithe/Unsworth
House 3 1161 15 720 - 850 790 17.9 27.0 1184050 -5.8 20.3 3.5 25.2 5.6
Heights
EXPLANATION OF STATISTICAL TERMS

No. of Properties: Total number of residential properties. No. of Bonds: Total number of bonds lodged in last three months. Median Rent: Weekly rent based on the bonds lodged in the latest three months.
Rent Quartile Range: Inter-quartile range of weekly rent based on the bonds lodged in the latest three months. Median Value: The median value of properties in the group based on estimating the current
market value of each property using our E-Valuer at the end of the latest month. Gross Yield: Annualised median rent as a percentage of median property value for specified time period.
RENTAL & SALES STATISTICS JANUARY 2024
trusted data
RENT MEDIAN RENT MEDIAN VALUE YIELD

RENTAL AREA NO. OF
TYPE BEDS PROPERTIES NO. OF
BONDS QUARTILE 1 YR 5 YR 1 YR 5 YR 1 YR 5 YR
RANGE CURRENT CHANGE CHANGE CURRENT CHANGE CHANGE CURRENT CHANGE CHANGE
North Shore - Sunnynook/Westlake Flat 2 644 9 581 - 600 593 10.2 19.3 919650 -2.2 11.7 3.4 12.8 6.9
North Shore - Sunnynook/Westlake House 2 208 36 550 - 620 595 6.3 19.0 1298400 2.5 30.4 2.4 3.6 -8.8
North Shore - Sunnynook/Westlake House 3 1777 60 675 - 798 720 5.9 16.1 1259800 -10.4 16.3 3.0 18.2 -0.2
North Shore - Sunnynook/Westlake House 4 936 42 808 - 950 880 14.3 29.4 1569050 -8.2 17.8 2.9 24.5 9.9
North Shore - Glendhu/Glenfield Flat 2 581 6 535 - 571 543 1.5 14.3 752200 -4.2 12.1 3.8 6.0 2.0
North Shore - Glendhu/Glenfield House 2 199 21 538 - 630 590 12.8 21.1 956100 -2.3 26.1 3.2 15.5 -3.9
North Shore - Glendhu/Glenfield House 3 2207 51 650 - 734 695 10.3 24.1 1062250 -0.8 19.9 3.4 11.2 3.5
North Shore - Hillcrest/Northcote Flat 2 655 9 505 - 600 570 23.9 21.3 802950 -3.5 13.5 3.7 28.4 6.9
North Shore - Hillcrest/Northcote House 2 167 33 563 - 650 600 12.1 20.0 1107750 -6.4 13.0 2.8 19.8 6.2
North Shore - Hillcrest/Northcote House 3 1524 45 686 - 840 750 15.4 21.0 1235950 -6.6 23.3 3.2 23.5 -1.9
North Shore - Hillcrest/Northcote House 4 1130 21 835 - 1000 910 15.2 30.9 1536200 -5.4 24.8 3.1 21.8 4.9
North Shore - Beachhaven/Birkdale House 2 419 27 559 - 653 620 19.2 27.8 944750 -7.4 19.6 3.4 28.7 6.8
North Shore - Beachhaven/Birkdale House 3 3376 75 650 - 721 683 10.2 24.2 1061850 -0.8 21.2 3.3 11.0 2.5
North Shore - Chatswood/
Flat 2 454 6 543 - 560 550 8.3 20.9 789800 -6.6 13.1 3.6 15.9 6.9
Birkenhead/Northcote Point
House 2 247 15 585 - 663 600 8.1 11.1 1265550 -0.4 16.2 2.5 8.5 -4.4
House 3 1872 21 680 - 800 750 2.7 20.0 1445400 -9.2 29.7 2.7 13.1 -7.5
House 4 1665 18 800 - 1061 840 0.0 8.8 1659600 -4.8 18.1 2.6 0.0 -7.9
Waitakere - West Harbour House 3 2060 57 620 - 760 695 6.9 13.9 1132750 -5.6 29.6 3.2 13.3 -12.1
Waitakere - West Harbour House 4 2315 30 814 - 891 850 6.9 13.3 1418200 -6.7 24.9 3.1 14.6 -9.3
Waitakere - Massey/Royal Heights House 3 2948 93 630 - 720 680 15.3 36.0 961200 -4.2 26.9 3.7 20.3 7.1
Waitakere - Massey/Royal Heights House 4 1177 36 750 - 849 800 15.1 33.3 1086300 -5.8 28.8 3.8 22.2 3.5
Waitakere - Te Atatu Peninsula House 3 1192 39 650 - 700 680 4.6 19.3 1073150 -7.5 21.1 3.3 13.1 -1.5
Waitakere - Te Atatu House 3 716 24 630 - 671 650 12.1 23.8 961450 -7.1 20.6 3.5 20.6 2.6
Waitakere - Ranui House 3 1588 30 630 - 660 650 11.5 31.3 796300 -10.0 16.2 4.2 23.9 13.0
Waitakere - Henderson Flat 2 844 0 - 0 0.0 0.0 639350 -7.8 12.0 0.0 0.0 0.0
Waitakere - Henderson House 2 618 60 550 - 600 595 19.0 32.2 806600 -5.9 24.1 3.8 26.4 6.6
Waitakere - Glendene House 3 1718 24 591 - 674 635 5.3 21.0 914750 -8.2 21.0 3.6 14.8 0.0
Waitakere - Kelston House 3 1471 24 588 - 700 650 8.3 22.6 934200 -5.5 25.2 3.6 14.7 -2.0
Waitakere - Glen Eden House 3 2446 45 594 - 660 648 12.7 29.1 864550 -8.5 17.2 3.9 23.1 10.2
Waitakere - Titirangi House 2 649 12 500 - 575 550 5.2 15.3 935250 -8.7 25.4 3.1 15.2 -8.0
Waitakere - Titirangi House 3 3954 24 600 - 700 650 0.0 18.2 1062150 -7.6 26.4 3.2 8.3 -6.5
Waitakere - New Lynn Flat 2 972 12 483 - 581 520 15.6 23.8 657550 -7.3 19.2 4.1 24.7 3.8
Waitakere - New Lynn House 2 422 48 531 - 615 568 13.6 28.5 881950 -10.6 25.2 3.3 27.1 2.7
Waitakere - New Lynn House 3 1740 54 600 - 671 650 8.3 18.2 973050 -8.6 19.5 3.5 18.5 -1.1
Waitakere - Western Beaches/Rural House 2 562 18 540 - 630 585 -1.7 39.3 964050 -8.5 22.8 3.2 7.5 13.4
Waitakere - Western Beaches/Rural House 3 1753 24 605 - 738 665 7.6 26.7 1052600 -7.1 15.5 3.3 15.9 9.7
Auckland - Central East Apt 1 4856 240 380 - 480 420 16.7 5.0 358150 -0.8 -15.9 6.1 17.7 24.9
Auckland - Central East Apt 2 2998 117 520 - 660 570 26.7 8.2 605300 -17.1 -5.2 4.9 52.7 14.1
Auckland - Parnell Apt 1 255 21 490 - 575 540 4.9 9.1 582000 -5.3 11.9 4.8 10.7 -2.5
Auckland - Parnell Apt 2 377 27 650 - 850 735 13.1 -2.0 0 0.0 0.0 0.0 0.0 0.0
Auckland - Parnell House 3 620 21 855 - 1098 995 3.3 18.2 2298900 -15.0 3.7 2.3 21.5 13.9
Auckland - Herne Bay/St Marys Apt 2 223 12 700 - 850 770 10.8 12.4 1182400 -1.2 10.8 3.4 12.1 1.5
Auckland - Ponsonby/Freemans Bay Apt 1 204 12 520 - 635 560 13.1 16.2 646700 -5.8 0.0 4.5 20.1 0.0
Auckland - Ponsonby/Freemans Bay Flat 2 371 9 570 - 650 590 0.0 0.0 1002400 -9.5 5.7 3.1 0.0 0.0
Auckland - Ponsonby/Freemans Bay House 3 1267 27 900 - 1120 995 1.5 8.2 2384450 -9.4 27.0 2.2 12.1 -14.8
Auckland - Pt Chevalier House 3 1331 21 700 - 900 775 0.6 15.7 1779100 -12.1 13.3 2.3 14.5 2.1
Auckland - Grey Lynn/Arch Hill Apt 1 365 33 545 - 625 590 13.5 20.4 565350 -5.7 26.3 5.4 20.3 -4.7
Auckland - Grey Lynn/Arch Hill Apt 2 484 12 719 - 888 820 11.1 20.6 927250 -3.6 3.2 4.6 15.3 16.8
Auckland - Grey Lynn/Arch Hill House 4 510 6 1000 - 1150 1100 16.4 25.7 2527350 -12.5 16.5 2.3 33.1 7.9
Auckland - Westmere/Surrey
House 3 1122 21 875 - 1013 940 10.6 20.5 2271800 -12.8 33.0 2.2 26.8 -9.4
Crescent
Auckland - Mt Eden Flat 1 719 21 405 - 480 450 7.1 17.8 509900 -14.0 2.2 4.6 24.6 15.2
Auckland - Mt Eden Flat 2 800 18 506 - 599 573 21.9 16.9 807450 -11.0 15.8 3.7 37.0 1.0
Auckland - Mt Eden House 3 945 18 743 - 890 770 4.1 5.5 2185400 -10.3 23.0 1.8 16.1 -14.2
Auckland - Waterview/Avondale
Flat 2 337 6 491 - 533 513 2.6 0.0 726050 -10.4 17.1 3.7 14.5 0.0
Heights
Auckland - Waterview/Avondale
House 3 977 27 670 - 770 750 18.1 24.0 1102450 -8.5 23.0 3.5 29.1 0.8
Heights
Auckland - Avondale House 3 1713 42 625 - 710 675 12.9 25.0 1010000 -4.7 20.9 3.5 18.4 3.4
Auckland - Blockhouse Bay/New
House 3 1668 57 660 - 750 693 11.2 17.5 1159100 -8.1 24.2 3.1 21.0 -5.4
Windsor
Auckland - Mt Albert/Owairaka Flat 2 785 15 535 - 580 560 9.8 20.4 719500 -11.2 12.2 4.0 23.6 7.4
Auckland - Mt Albert/Owairaka House 3 1459 18 665 - 808 750 11.9 13.6 1562750 -11.3 11.7 2.5 26.1 1.7
trusted data

RENTAL AREA NO. OF
Auckland - Mt Roskill/Wesley House 3 827 27 700 - 770 745 14.6 28.4 1078600 -5.6 14.8 3.6 21.4 11.9
Auckland - St Lukes/Sandringham Flat 2 871 21 530 - 580 550 11.1 17.0 699150 -9.1 7.4 4.1 22.2 8.9
Auckland - St Lukes/Sandringham House 3 1258 24 646 - 808 700 13.3 15.7 1573800 -11.8 24.2 2.3 28.4 -6.8
Auckland - Epsom Flat 2 711 12 550 - 610 598 6.8 13.5 967800 -8.1 11.8 3.2 16.2 1.5
Auckland - Three Kings House 3 575 9 645 - 750 745 8.0 10.4 1256750 -13.9 10.5 3.1 25.5 -0.2
Auckland - Royal Oak/One
/ Tree Hill House 2 311 30 578 - 718 645 15.2 21.7 1428200 -16.7 18.5 2.3 38.3 2.7
/ Tree Hill House 3 1450 42 740 - 850 780 8.3 20.0 1748850 -15.0 23.0 2.3 27.4 -2.4
/ Tree Hill House 4 1206 24 958 - 1100 1050 22.8 28.0 2359050 -7.6 17.5 2.3 33.0 8.9
Auckland - Onehunga/Oranga/Te
Flat 2 1740 18 555 - 595 575 9.9 21.1 759600 -9.9 6.0 3.9 22.0 14.2
Papapa
House 2 890 75 573 - 630 620 12.7 24.0 1163800 -14.1 18.3 2.8 31.2 4.8
Papapa
House 3 2359 51 678 - 768 725 6.6 17.9 1302850 -16.1 25.6 2.9 27.1 -6.1
Papapa
Auckland - Remuera Flat 2 446 9 560 - 620 580 6.4 11.5 985200 -9.2 4.2 3.1 17.2 7.0
Auckland - Remuera House 3 1730 54 800 - 965 913 8.0 14.8 2459550 -3.5 17.8 1.9 12.0 -2.5
Auckland - Remuera House 4 2011 24 975 - 1573 1150 6.5 27.8 3651300 -7.4 15.9 1.6 15.0 10.3
Auckland - Remuera South/
House 3 1310 24 780 - 850 800 3.9 17.6 1542550 -6.6 19.0 2.7 11.3 -1.2
Meadowbank South
Auckland - Penrose/Mt Wellington
Flat 2 465 9 545 - 565 550 10.0 22.2 681550 -6.0 16.4 4.2 17.0 5.0
South
Auckland - Penrose/Mt Wellington
House 3 1307 48 650 - 730 690 7.8 16.0 1137450 -5.6 42.2 3.2 14.2 -18.4
South
Auckland - Mission Bay/Orakei
/ House 3 1119 21 860 - 1000 970 19.3 21.3 1967850 -10.3 7.3 2.6 33.0 13.0
Auckland - St Helliers/Glendowie House 3 1839 30 800 - 953 850 8.3 16.1 1706050 -20.0 4.5 2.6 35.3 11.1
Auckland - St Helliers/Glendowie House 4 1659 15 1000 - 1195 1150 4.5 19.2 2339700 -15.8 -3.9 2.6 24.2 24.0
Auckland - Ellerslie Flat 2 621 15 510 - 570 525 4.0 12.9 750150 -6.4 12.0 3.6 11.1 0.8
Auckland - Ellerslie House 3 1260 30 710 - 850 750 7.9 15.4 1302400 -12.5 14.1 3.0 23.3 1.1
Auckland - Glen Innes/Pt England/
House 3 1272 33 630 - 765 680 7.9 13.3 1203200 -8.4 17.6 2.9 17.8 -3.6
Wai O Taiki
Auckland - Mt Wellington North Flat 2 610 15 498 - 578 550 8.9 23.6 700950 -5.8 12.4 4.1 15.7 10.0
Auckland - Otahuhu Flat 2 506 12 438 - 534 450 0.4 11.1 488050 -10.1 17.4 4.8 11.7 -5.4
Auckland - Otahuhu House 3 1040 21 600 - 700 650 3.2 25.0 919300 -8.9 31.4 3.7 13.3 -4.9
Auckland - Waiheke Island House 2 1676 12 595 - 678 645 1.6 32.4 1273400 -12.0 21.2 2.6 15.4 9.3
Auckland - Waiheke Island House 3 1980 15 759 - 950 893 19.1 42.9 1586250 -28.0 20.3 2.9 65.3 18.8
Auckland - Central West Apt 1 4687 222 400 - 534 465 16.3 16.3 379600 -3.9 -11.7 6.4 20.9 31.6
Auckland - Lynfield House 3 1445 27 640 - 718 675 7.1 18.4 1108900 -10.6 19.9 3.2 19.8 -1.3
Auckland - Newton/Grafton Apt 1 893 45 435 - 590 530 24.7 17.8 352300 -10.3 -15.1 7.8 39.0 38.7
Auckland - Newton/Grafton Apt 2 1043 33 590 - 795 690 19.0 21.1 544850 -5.1 -1.5 6.6 25.4 22.9
Auckland - Eden Terrace Apt 2 589 15 590 - 735 650 8.3 12.1 746400 0.2 16.4 4.5 8.2 -3.8
Auckland - Hillsborough House 3 1499 39 650 - 770 720 12.5 21.0 1172950 -3.6 22.2 3.2 16.7 -1.0
Auckland - Meadowbank House 3 750 15 773 - 858 810 7.3 15.7 1711150 -6.7 27.7 2.5 15.0 -9.4
Auckland - St Johns Flat 2 346 9 550 - 600 580 16.0 22.1 812300 -16.2 10.1 3.7 38.4 10.9
Auckland - Mt Wellington Flat 2 343 0 - 0 0.0 0.0 707600 -5.9 16.3 0.0 0.0 0.0
Manukau - Mangere Bridge/Airport House 3 1661 18 679 - 750 700 3.7 25.7 1047850 -14.4 17.7 3.5 21.2 6.8
Manukau - Mangere House 3 2307 33 620 - 700 680 4.6 24.8 916950 -10.2 31.8 3.9 16.5 -5.3
Manukau - Mangere House 4 655 21 765 - 820 800 9.6 36.8 961050 -7.8 33.8 4.3 18.9 2.2
Manukau - Otara House 3 2216 39 650 - 750 700 12.9 35.4 768250 -6.1 30.6 4.7 20.3 3.6
Manukau - Papatoetoe North Flat 2 624 9 550 - 590 580 18.4 27.5 604000 -7.4 11.7 5.0 27.9 14.1
Manukau - Papatoetoe North House 3 904 33 658 - 773 740 13.8 29.8 888600 -3.7 18.9 4.3 18.3 9.2
Manukau - Manukau Central House 3 1260 21 628 - 720 698 14.4 26.9 809800 -7.0 19.9 4.5 23.0 5.8
Manukau - Botony Downs House 3 2360 30 700 - 758 723 4.8 18.5 1254050 -5.6 19.6 3.0 11.0 -0.9
Manukau - Botony Downs House 4 2398 21 790 - 920 850 6.3 21.4 1467950 -4.6 13.3 3.0 11.4 7.1
Manukau - Dannemora House 3 1181 24 720 - 798 755 11.0 18.0 1315350 -3.9 31.0 3.0 15.5 -9.9
Manukau - Dannemora House 4 2806 39 798 - 880 830 2.5 17.7 1426400 -5.1 21.1 3.0 8.0 -2.8
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RENTAL AREA NO. OF
Manukau - Howick House 2 195 27 560 - 650 610 10.9 27.1 1150000 -1.4 27.0 2.8 12.5 0.1
Manukau - Howick House 3 1687 30 665 - 754 720 9.1 24.1 1280300 -4.5 22.3 2.9 14.3 1.5
Manukau - Howick House 4 1637 12 765 - 875 845 7.0 17.4 1606450 -4.0 20.8 2.7 11.4 -2.8
Manukau - Half Moon Bay/Farm Cove House 3 1443 33 650 - 750 700 7.7 25.0 1347000 -5.1 34.1 2.7 13.5 -6.8
Manukau - Highland Park House 3 1894 48 650 - 750 700 11.1 20.7 1335650 -6.8 42.1 2.7 19.2 -15.1
Manukau - Highland Park House 4 1019 30 763 - 890 800 3.2 27.0 1451700 -11.5 27.6 2.9 16.7 -0.4
Manukau - Pakuranga Flat 2 556 6 543 - 550 550 5.2 22.2 776300 -4.0 16.6 3.7 9.6 4.8
Manukau - Pakuranga House 3 1617 42 638 - 770 710 9.2 29.1 1300250 -0.5 36.2 2.8 9.8 -5.2
Manukau - Manukau and Manurewa
House 3 2362 33 668 - 750 720 6.7 23.1 971300 -7.8 12.5 3.9 15.6 9.4
Heights
Manukau - Manukau and Manurewa
House 4 1922 24 750 - 820 790 5.3 18.8 1143300 -3.8 20.9 3.6 9.5 -1.7
Heights
Manukau - Wattle Downs/Conifer
House 3 1498 24 675 - 750 723 11.2 31.5 958600 -12.7 31.7 3.9 27.5 -0.2
Grove
Manukau - Manurewa North Flat 2 834 12 503 - 534 520 8.3 20.9 564600 -12.8 16.5 4.8 24.2 3.8
Manukau - Manurewa North House 2 840 45 520 - 568 540 8.0 22.7 668600 -9.3 24.4 4.2 19.1 -1.3
Manukau - Manurewa North House 3 4224 144 640 - 700 660 6.5 26.9 809500 -3.3 24.8 4.2 10.0 1.7
Manukau - Manurewa North House 4 924 30 706 - 830 795 13.9 35.4 926500 -9.0 21.0 4.5 25.1 11.9
Manukau - Mangere East House 3 1150 27 650 - 700 680 4.6 24.8 846900 -7.8 28.9 4.2 13.4 -3.2
Manukau - Papatoetoe South Flat 2 1322 15 500 - 550 550 7.8 24.4 617600 -7.7 10.0 4.6 16.8 13.1
Manukau - Papatoetoe South House 3 985 33 680 - 735 700 7.7 25.0 905900 -1.9 22.6 4.0 9.7 1.9
Manukau - Papatoetoe West House 3 1040 24 635 - 700 685 12.3 24.5 845650 -5.2 19.8 4.2 18.4 3.9
Manukau - Weymouth House 3 1410 18 650 - 696 670 11.7 34.0 779800 -9.0 25.0 4.5 22.7 7.2
Manukau - Maraetai/Clevedon House 3 1115 24 650 - 765 720 2.9 20.0 1176400 -7.3 20.0 3.2 11.0 0.0
Manukau - Maraetai/Clevedon House 4 2406 36 820 - 915 850 4.3 18.9 1438050 -9.3 24.8 3.1 15.0 -4.7
Papakura - Takanini/Ardmore House 3 1632 45 650 - 720 680 6.3 25.9 882700 -7.4 25.8 4.0 14.8 0.1
Papakura - Takanini/Ardmore House 4 1333 36 770 - 800 800 9.6 23.1 1047900 -7.9 29.2 4.0 19.0 -4.8
Papakura - Papakura/Drury/Karaka Flat 2 762 6 465 - 519 483 0.6 20.8 607250 -13.0 25.4 4.1 15.7 -3.7
Papakura - Papakura/Drury/Karaka House 2 867 39 520 - 580 550 10.0 29.4 684700 -9.8 26.4 4.2 22.0 2.4
Franklin - Pukekohe/Tuakau House 2 572 27 490 - 550 515 5.1 28.8 682150 -9.8 29.1 3.9 16.5 -0.3
Franklin - Waiuku House 3 1640 24 573 - 670 600 11.1 33.3 785200 -8.8 40.3 4.0 21.8 -5.0
Franklin - Rural Franklin House 3 1891 39 608 - 671 645 12.2 34.4 810700 -12.5 32.3 4.1 28.2 1.6
Franklin - Rural Franklin House 4 1638 18 658 - 810 725 8.2 25.0 1041550 -14.6 34.4 3.6 26.8 -7.0
WAIKATO / BAY OF PLENTY

Thames/Coromandel - Entire District House 2 3947 24 418 - 500 450 0.0 34.3 1036850 1.9 59.5 2.3 -1.9 -15.8
Thames/Coromandel - Entire District House 3 9440 66 480 - 600 550 0.0 44.7 1205400 -1.1 57.9 2.4 1.1 -8.4
Hauraki - Entire District House 3 3310 33 475 - 600 540 8.0 54.3 637250 -2.7 55.5 4.4 11.1 -0.8
Waikato - Huntly House 3 1532 21 505 - 573 550 14.6 57.1 477700 -7.9 37.5 6.0 24.4 14.3
Waikato - Rural Waikato District House 2 935 24 450 - 500 495 10.0 50.0 722300 -3.0 53.6 3.6 13.4 -2.4
Matamata/Piako - Entire District Flat 2 517 9 343 - 415 400 0.0 40.4 528800 -2.6 53.4 3.9 0.0 -8.5
Matamata/Piako - Entire District House 2 777 27 420 - 470 450 4.7 50.0 572750 -6.9 56.1 4.1 12.4 -3.9
Matamata/Piako - Entire District House 3 4764 84 500 - 580 543 8.6 42.9 647750 -7.1 32.5 4.4 16.9 7.9
Matamata/Piako - Entire District House 4 1865 30 530 - 691 600 13.2 42.9 821700 -6.5 36.0 3.8 21.1 5.0
Hamilton - Te Kowhai/St Andrews/
House 2 719 51 514 - 550 530 1.9 34.2 700850 -1.6 51.5 3.9 3.6 -11.4
Queenwood
House 3 4769 108 580 - 650 610 7.0 35.6 795800 -8.5 32.7 4.0 17.0 2.1
Queenwood
House 4 3322 54 670 - 750 700 6.1 27.3 1066850 -9.3 36.8 3.4 16.9 -7.0
Queenwood
Hamilton - Flagstaff/Rototuna House 3 1739 57 630 - 684 650 3.2 30.0 928550 0.6 36.5 3.6 2.6 -4.8
Hamilton - Flagstaff/Rototuna House 4 4053 72 711 - 760 750 9.5 36.4 1038900 -2.5 34.4 3.8 12.3 1.5
Hamilton - Fairfield/Fairview Downs House 2 765 24 480 - 518 500 2.0 34.4 593000 -3.7 50.0 4.4 5.9 -10.4
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trusted data

RENTAL AREA NO. OF
Hamilton - Hamilton East/University Flat 2 787 15 399 - 463 430 10.3 34.4 512800 -3.2 39.6 4.4 14.0 -3.7
Hamilton - Hamilton East/University House 2 655 51 440 - 520 480 3.2 26.3 672850 -3.6 42.9 3.7 7.1 -11.6
Hamilton - Hillcrest/Silverdale/
House 3 1603 45 550 - 610 580 5.5 34.9 791350 -4.5 36.9 3.8 10.4 -1.5
Tamahere
Hamilton - Dinsdale North/Nawton House 3 3321 51 530 - 585 570 5.6 35.7 692500 -4.4 38.5 4.3 10.4 -2.0
Hamilton - Dinsdale South/Frankton House 3 1605 33 525 - 585 550 1.9 34.1 692000 -5.5 50.4 4.1 7.8 -10.8
Hamilton - Hamilton Central/Maeroa/
Flat 2 473 12 365 - 430 383 -1.8 32.1 0 0.0 0.0 0.0 0.0 0.0
Frankton Junction
House 3 1011 57 560 - 660 600 7.1 31.9 745100 -3.9 47.3 4.2 11.5 -10.5
Frankton Junction
House 4 299 6 555 - 650 630 -10.0 20.0 0 0.0 0.0 0.0 0.0 0.0
Frankton Junction
Hamilton - Deanwell/Melville/Fitzroy Flat 2 520 6 395 - 460 400 -2.4 21.2 489050 -6.6 36.6 4.3 4.4 -11.2
Hamilton - Deanwell/Melville/Fitzroy House 2 609 63 470 - 545 500 6.4 31.6 695500 3.2 52.7 3.7 3.1 -13.8
Hamilton - Deanwell/Melville/Fitzroy House 3 3458 78 550 - 620 580 6.8 38.1 735050 1.2 51.0 4.1 5.5 -8.6
Hamilton - Deanwell/Melville/Fitzroy House 4 989 9 600 - 650 650 10.2 28.7 790600 -5.3 33.6 4.3 16.3 -3.7
Waipa - Cambridge/Leamington House 2 626 30 496 - 550 515 7.3 35.5 745100 5.0 53.4 3.6 2.2 -11.6
Waipa - Cambridge/Leamington House 3 2713 42 610 - 700 650 12.1 47.7 819050 -5.6 52.7 4.1 18.7 -3.2
Waipa - Cambridge/Leamington House 4 1338 12 700 - 768 750 15.7 38.9 1106200 -1.7 42.7 3.5 17.7 -2.7
Waipa - Te Awamutu House 3 2512 33 550 - 593 565 7.6 41.3 662100 -7.4 42.2 4.4 16.3 -0.7
Waipa - Rural Waipa House 3 1592 42 550 - 695 600 0.0 53.8 849250 -2.6 56.6 3.7 2.7 -1.7
Waipa - Rural Waipa House 4 1977 30 685 - 800 745 6.4 40.6 1220450 -5.0 50.1 3.2 12.0 -6.4
Otorohanga/Waitomo - Both Districts House 3 2041 30 400 - 525 450 2.3 50.0 453250 -2.6 70.1 5.2 5.0 -11.8
South Waikato - Entire District House 3 4482 87 450 - 525 480 4.3 68.4 430150 -7.8 76.9 5.8 13.2 -4.8
South Waikato - Entire District House 4 913 9 535 - 595 560 9.8 62.3 509900 -9.9 63.7 5.7 21.9 -0.9
Taupo - Taupo Central/Tauhara House 2 581 15 450 - 500 480 14.3 40.4 584400 -2.8 57.1 4.3 17.6 -10.7
Taupo - Taupo Central/Tauhara House 3 1550 27 550 - 623 578 13.3 56.2 685450 -3.3 55.8 4.4 17.2 0.3
Taupo - Taupo West/Taupo South House 3 3498 45 570 - 699 645 17.3 51.1 869050 -5.6 53.2 3.9 24.2 -1.4
Taupo - Taupo West/Taupo South House 4 1895 6 718 - 773 760 16.9 43.4 1062200 -9.8 23.4 3.7 29.6 16.2
Taupo - Rural Taupo House 3 3288 24 443 - 594 470 11.9 56.7 695250 -5.1 65.3 3.5 18.0 -5.2
Western Bay of Plenty - Kaimai/Te
House 2 670 21 537 - 578 560 12.0 60.0 764900 -1.5 52.7 3.8 13.7 4.8
Puke
Western Bay of Plenty - Kaimai/Te
House 3 2922 51 660 - 700 680 9.7 51.1 886850 1.9 59.0 4.0 7.6 -5.0
Puke
Western Bay of Plenty - Waihi Beach/
House 3 3646 27 560 - 650 600 7.1 36.4 1012850 -7.2 57.8 3.1 15.4 -13.6
Omokoroa
Western Bay of Plenty - Waihi Beach/
House 4 1935 15 650 - 750 700 -1.8 41.4 1207450 -10.9 45.9 3.0 10.1 -3.1
Omokoroa
Tauranga - Mt Maunganui Apt 2 617 12 614 - 726 680 15.3 36.0 0 0.0 0.0 0.0 0.0 0.0
Tauranga - Mt Maunganui Flat 2 764 9 545 - 600 575 8.9 40.2 892700 -16.6 36.8 3.3 30.5 2.5
Tauranga - Mt Maunganui House 2 723 33 550 - 650 590 7.3 35.0 1081500 -6.8 34.4 2.8 15.1 0.4
Tauranga - Mt Maunganui House 3 4096 69 663 - 750 693 6.6 28.3 1250650 -7.4 54.5 2.9 15.1 -17.0
Tauranga - Mt Maunganui House 4 1387 18 700 - 918 850 11.8 55.4 1808700 -27.3 45.4 2.4 53.9 6.9
Tauranga - Papamoa Beach House 2 735 30 361 - 628 550 -3.5 31.0 761250 -5.6 54.8 3.8 2.2 -15.4
Tauranga - Papamoa Beach House 3 5512 126 670 - 740 700 7.7 34.6 990100 -6.0 45.6 3.7 14.5 -7.5
Tauranga - Papamoa Beach House 4 3460 24 780 - 850 805 11.0 41.2 1138100 -8.1 42.3 3.7 20.8 -0.7
Tauranga - Pyes Pa/Hairini/Welcome
House 3 4545 60 635 - 725 680 6.3 40.2 819400 -5.6 30.9 4.3 12.6 7.1
Bay
Tauranga - Pyes Pa/Hairini/Welcome
House 4 2906 36 720 - 810 750 1.4 33.9 1027400 -0.2 38.8 3.8 1.5 -3.5
Bay
Tauranga - Tauranga Central/Greerton Flat 2 997 18 454 - 550 513 5.1 46.6 597550 -3.8 33.0 4.5 9.3 10.2
Tauranga - Tauranga Central/Greerton House 2 1419 63 540 - 600 580 10.5 45.0 655950 -6.4 34.0 4.6 18.1 8.2
Tauranga - Bethlehem/Otumoetai Flat 2 738 6 533 - 605 550 13.9 48.6 668700 -11.5 44.6 4.3 28.7 2.8
Tauranga - Bethlehem/Otumoetai House 2 875 33 513 - 600 550 0.0 37.5 765850 -3.7 40.0 3.7 3.8 -1.8
Tauranga - Bethlehem/Otumoetai House 3 5052 84 650 - 700 680 4.6 44.1 916400 -13.8 35.2 3.9 21.4 6.5
Tauranga - Bethlehem/Otumoetai House 4 3037 21 750 - 830 790 8.2 43.6 1179350 -8.2 33.0 3.5 17.8 8.0
Rotorua - Holdens Bay/Owhata/
House 3 2010 24 539 - 626 583 4.1 53.4 638850 -3.4 54.4 4.7 7.8 -0.6
Ngapuna
Rotorua - Kuirau/Hillcrest/Glenholme Flat 2 463 12 408 - 480 465 13.4 50.0 0 0.0 0.0 0.0 0.0 0.0
Rotorua - Kuirau/Hillcrest/Glenholme House 2 786 30 430 - 490 455 -1.1 35.8 508050 -5.5 42.3 4.7 4.7 -4.5
Rotorua - Kuirau/Hillcrest/Glenholme House 3 1952 27 550 - 625 600 5.3 60.0 595050 -6.7 35.5 5.2 12.9 18.1
Rotorua - Pukehangi South/
House 3 2112 21 570 - 680 620 6.9 44.2 676100 -5.0 38.8 4.8 12.5 3.9
Springfield
trusted data

RENTAL AREA NO. OF
Rotorua - Ngongotaha/Pleasant
House 2 994 27 450 - 500 480 4.3 65.5 464050 -7.7 52.5 5.4 13.1 8.5
Heights/Koutu
House 3 4612 63 548 - 620 570 3.6 50.0 540450 -3.2 63.8 5.5 7.1 -8.4
Heights/Koutu
House 4 969 21 600 - 645 620 5.1 33.3 713000 -8.7 44.8 4.5 15.1 -7.9
Heights/Koutu
Whakatane - Whakatane Flat 2 482 0 - 0 0.0 0.0 468400 -8.7 38.7 0.0 0.0 0.0
Whakatane - Whakatane House 2 786 15 420 - 540 480 11.6 43.3 677800 -0.1 72.4 3.7 11.8 -16.9
Whakatane - Whakatane House 3 3937 39 560 - 620 590 7.3 47.5 804750 -1.2 66.9 3.8 8.6 -11.6
Whakatane - Whakatane House 4 1441 12 585 - 650 610 6.1 27.1 0 0.0 0.0 0.0 0.0 0.0
Kawerau - Entire District House 3 1881 21 420 - 496 450 12.5 65.4 393150 -11.7 57.9 6.0 27.4 4.8
Opotiki - Entire District House 3 1287 15 450 - 490 470 11.9 67.9 497000 -11.1 54.4 4.9 25.9 8.7
HAWKE’S BAY / GISBORNE

Gisborne - Gisborne Flat 2 498 6 468 - 493 480 6.7 68.4 0 0.0 0.0 0.0 0.0 0.0
Gisborne - Gisborne House 2 1240 27 500 - 590 550 10.0 73.5 519400 -2.7 108.1 5.5 13.0 -16.6
Gisborne - Gisborne House 3 5788 54 600 - 700 650 5.7 80.6 612300 3.9 113.0 5.5 1.7 -15.2
Gisborne - Gisborne House 4 1741 15 675 - 750 700 3.7 62.8 758500 -8.8 79.1 4.8 13.8 -9.1
Wairoa - Entire District House 3 1578 12 450 - 485 470 18.1 88.0 0 0.0 0.0 0.0 0.0 0.0
Hastings - Havelock North Flat 2 339 0 - 0 0.0 0.0 638400 -7.2 45.0 0.0 0.0 0.0
Hastings - Havelock North House 3 2356 27 650 - 750 680 -2.9 36.0 964600 -5.0 48.9 3.7 2.3 -8.7
Hastings - Flaxmere House 3 2116 15 490 - 580 520 4.0 48.6 506200 -6.2 77.9 5.3 10.8 -16.5
Hastings - Hastings/Clive Flat 2 1657 24 420 - 480 455 3.4 44.4 508700 -4.1 70.5 4.7 7.9 -15.3
Hastings - Hastings/Clive House 2 1156 42 500 - 570 530 10.4 55.9 624950 -4.0 58.0 4.4 15.0 -1.3
Hastings - Hastings/Clive House 3 6518 78 570 - 650 610 5.2 48.8 710650 -8.8 50.6 4.5 15.4 -1.2
Hastings - Hastings/Clive House 4 1904 12 688 - 763 745 5.7 69.3 847300 -6.3 48.5 4.6 12.8 14.0
Napier - Napier Flat 2 1068 18 445 - 538 490 8.9 48.5 451350 -14.1 42.9 5.6 26.8 3.9
Napier - Napier House 2 1519 33 500 - 580 530 10.4 49.3 627900 -3.3 48.6 4.4 14.2 0.5
Napier - Taradale/Awatoto House 2 703 18 530 - 625 560 7.7 45.5 645700 -4.0 37.5 4.5 12.2 5.8
Napier - Taradale/Awatoto House 3 4023 45 628 - 700 655 5.6 42.4 761800 -6.2 39.0 4.5 12.7 2.5
Central Hawkes Bay - Entire District House 3 2192 27 490 - 560 530 17.8 64.6 567400 -8.6 71.6 4.9 28.8 -4.1
TARANAKI
New Plymouth - New Plymouth
Flat 2 479 15 415 - 460 430 0.0 53.6 470750 -3.1 56.4 4.7 0.0 -1.8
Central/Moturoa
House 2 473 15 450 - 550 500 11.1 51.5 558000 -4.8 54.6 4.7 16.7 -2.0
Central/Moturoa
House 3 2480 51 585 - 680 625 13.6 64.5 607550 -4.5 46.7 5.3 19.0 12.1
Central/Moturoa
New Plymouth - Outer New Plymouth Flat 2 1319 6 405 - 448 420 -2.3 44.8 468400 -8.4 41.2 4.7 6.6 2.6
New Plymouth - Outer New Plymouth House 2 1159 51 460 - 550 500 11.1 47.1 612650 -5.9 39.3 4.2 18.1 5.6
New Plymouth - Outer New Plymouth House 3 7706 120 600 - 680 640 16.4 60.0 698350 -12.1 35.5 4.8 32.3 18.0
New Plymouth - Outer New Plymouth House 4 4152 36 700 - 790 750 13.6 50.0 945250 -1.3 54.7 4.1 15.1 -3.0
New Plymouth - Waitara/Inglewood House 3 2273 15 540 - 575 550 14.6 57.1 509100 -1.3 55.2 5.6 16.1 1.3
New Plymouth - Rural New Plymouth House 3 680 15 458 - 658 510 2.0 45.7 644700 -4.8 60.6 4.1 7.1 -9.3
Stratford - Entire District House 3 1447 18 489 - 550 525 14.1 87.5 469750 -6.9 77.6 5.8 22.5 5.6
South Taranaki - Hawera House 3 2379 36 500 - 550 530 10.4 65.6 441950 -5.4 70.5 6.2 16.7 -2.8
South Taranaki - Rural South Taranaki House 3 2162 30 395 - 500 453 20.8 81.2 367600 -3.0 104.2 6.4 24.6 -11.3
Ruapehu - Entire District House 3 2667 27 400 - 458 420 10.5 75.0 367400 -10.8 66.7 5.9 23.9 5.0
Ruapehu - Entire District House 4 599 6 431 - 468 438 9.5 0.0 461150 -13.3 73.4 4.9 26.2 0.0
MANAWATU / WHANGANUI
Whanganui - Entire District Flat 2 855 18 365 - 421 405 3.8 62.0 360200 -9.8 87.5 5.8 15.2 -13.6
Whanganui - Entire District House 2 2258 63 400 - 470 430 6.7 59.3 427150 -5.4 97.0 5.2 12.8 -19.2
Whanganui - Entire District House 3 8703 126 485 - 550 520 6.1 67.7 486600 -3.0 79.0 5.6 9.4 -6.3
Whanganui - Entire District House 4 2701 21 550 - 640 595 11.2 72.5 656150 0.1 71.1 4.7 11.1 0.8
Rangitikei - Entire District House 3 2484 39 400 - 530 470 4.4 80.8 431100 -7.6 107.4 5.7 13.0 -12.8
STRUCTURED
PROPERTY RENTAL SAFE TENANT
RENT
MANAGEMENT APPRAISAL SELECTION
COLLECTION
Call us on 07 349 3429 or email [email protected]
and Lagoon
Tararua - Entire District House 3 2719 33 400 - 455 430 7.5 79.2 403350 -7.8 86.3 5.5 16.6 -3.9
Horowhenua - Entire District Flat 2 857 18 403 - 436 420 2.4 50.0 391800 -12.5 49.6 5.6 17.0 0.3
Horowhenua - Entire District House 2 2033 39 415 - 481 450 7.1 55.2 479950 -8.8 74.0 4.9 17.5 -10.8
Horowhenua - Entire District House 3 6477 84 475 - 580 530 6.0 64.6 551450 -9.9 57.3 5.0 17.7 4.6
Horowhenua - Entire District House 4 1971 18 585 - 650 625 2.5 43.0 727950 -9.4 48.4 4.5 13.1 -3.6
WELLINGTON
Kapiti Coast - Waikanae/Otaki House 2 1499 21 450 - 530 505 1.0 36.5 678950 -9.9 35.7 3.9 12.0 0.6
Kapiti Coast - Waikanae/Otaki
W House 3 4418 42 585 - 675 615 4.6 46.4 778700 -14.3 31.1 4.1 22.1 11.7
Kapiti Coast - Paraparaumu/Raumati House 2 1404 36 500 - 600 550 0.0 41.0 746850 -0.2 49.3 3.8 0.2 -5.5
Kapiti Coast - Paraparaumu/Raumati House 3 5163 84 620 - 703 650 1.6 44.4 786450 -8.7 29.4 4.3 11.2 11.6
Kapiti Coast - Paraparaumu/Raumati House 4 2640 18 700 - 860 795 7.4 44.5 952700 -11.6 33.4 4.3 21.5 8.3
Porirua - Paremata/Mana/Pukerua
House 3 1396 15 690 - 750 700 2.9 39.4 915550 3.7 39.3 4.0 -0.7 0.1
Bay
Porirua - Papakowhai/Whitby/
House 3 2310 42 699 - 780 730 4.3 35.2 865000 -3.6 32.3 4.4 8.1 2.2
Pauatahanui
Porirua - Papakowhai/Whitby/
House 4 2757 24 800 - 895 850 6.3 28.8 1114000 2.3 36.6 4.0 3.8 -5.7
Pauatahanui
Porirua - Titahi Bay/Onepoto/Elsdon
y House 3 1989 24 658 - 763 750 15.4 68.5 706000 -6.2 39.3 5.5 23.0 21.0
Porirua - Porirua East/Waitangirua
W House 3 2413 30 521 - 600 568 -3.7 33.0 593400 -5.3 41.6 5.0 1.7 -6.1
Upper Hutt - Trentham North/
Flat 2 631 18 470 - 520 499 5.1 42.6 477100 -10.5 52.8 5.4 17.3 -6.7
Wallaceville
Upper Hutt - Heretaunga/
House 3 1623 18 675 - 758 725 11.5 51.0 829300 -10.5 36.2 4.5 24.7 10.9
Silverstream
Upper Hutt - Trentham West/
Flat 2 677 15 470 - 550 500 0.0 40.8 479400 -10.5 42.2 5.4 11.7 -0.9
Eldersley/Clouston Park
Upper Hutt - Trentham West/
House 3 2567 18 644 - 735 680 7.9 38.8 729200 -5.2 34.8 4.8 13.9 2.9
Eldersley/Clouston Park
Upper Hutt - Totara Park/Maoribank/
House 3 2166 30 635 - 700 680 7.9 43.2 691250 -5.5 46.0 5.1 14.2 -2.0
Te Marua
T
Lower Hutt - Stokes Valley House 3 1916 12 600 - 710 665 0.0 46.2 629700 -7.2 42.7 5.5 7.8 2.4
Lower Hutt - W
Western Hills/Haywards House 3 2398 18 669 - 750 700 7.7 45.8 818950 -10.2 29.9 4.4 20.0 12.2
Lower Hutt - Wainuiomata
W House 3 3982 33 595 - 680 640 3.2 48.8 622550 -4.1 47.6 5.3 7.7 0.8
Lower Hutt - Taita/Naenae
T House 3 2244 24 624 - 660 650 4.0 47.7 657450 -4.8 41.7 5.1 9.2 4.2
Lower Hutt - Epuni/Avalon
/ House 2 490 33 570 - 630 620 7.3 55.0 729550 -6.1 29.0 4.4 14.2 20.1
Wellington - Johnsonville/Newlands Flat 2 1084 12 503 - 548 525 0.0 28.0 653300 -4.1 35.0 4.2 4.3 -5.1
Wellington - Johnsonville/Newlands House 2 472 51 550 - 640 560 1.8 21.2 787500 -5.8 35.3 3.7 8.1 -10.4
Wellington - Johnsonville/Newlands House 3 4855 93 665 - 755 700 6.9 27.3 867100 -4.0 26.8 4.2 11.3 0.4
Wellington - Johnsonville/Newlands House 4 2934 21 730 - 800 770 -3.5 11.3 1092300 0.5 32.2 3.7 -4.0 -15.8
Wellington - Tawa/Grenada North House 3 1882 30 648 - 720 675 3.8 35.0 788600 -6.1 28.2 4.5 10.6 5.3
Wellington - Tawa/Grenada North House 4 1514 15 720 - 900 800 9.6 34.5 942950 -6.9 34.8 4.4 17.7 -0.3
Wellington - Ngaio/Kaiwharawhara/
Flat 2 380 12 513 - 594 563 14.9 40.0 593200 -13.2 20.7 4.9 32.4 16.0
Wilton
Wellington - Ngaio/Kaiwharawhara/
House 3 1582 27 695 - 915 750 4.9 26.7 1010100 -9.4 21.8 3.9 15.8 4.0
Wilton
Wellington - Wadestown/Thorndon Apt 1 388 27 380 - 550 510 5.6 2.0 365050 -4.6 19.6 7.3 10.7 -14.7
Wellington - Wadestown/Thorndon Apt 2 313 21 600 - 770 700 0.0 2.9 620350 0.7 12.4 5.9 -0.7 -8.4
Wellington - Wadestown/Thorndon House 3 588 12 800 - 999 880 -16.2 32.9 1206400 -5.7 16.6 3.8 -11.1 14.0
trusted data

RENTAL AREA NO. OF
Wellington - Lambton Apt 1 941 54 460 - 583 500 14.9 25.0 299450 0.0 -1.6 8.7 0.0 27.0
Wellington - Lambton Apt 2 914 33 580 - 868 675 12.5 17.4 548450 -0.5 17.0 6.4 13.0 0.3
Wellington - Te Aro Apt 1 1212 156 400 - 540 485 2.1 12.8 405800 -5.2 8.5 6.2 7.7 4.0
Wellington - Te Aro Apt 2 1937 108 570 - 744 650 0.0 18.2 663050 1.0 17.6 5.1 -1.0 0.5
Wellington - Mt Victoria/Roseneath Apt 2 396 27 560 - 695 620 5.1 3.3 0 0.0 0.0 0.0 0.0 0.0
Wellington - Mt Victoria/Roseneath House 3 413 12 796 - 975 873 18.0 29.0 1433250 -10.3 13.1 3.2 31.6 14.0
Wellington - Hataitai Flat 2 226 12 555 - 613 595 14.4 38.4 636600 -5.9 25.3 4.9 21.6 10.4
Wellington - Vogeltown/
Flat 2 380 6 535 - 594 570 3.6 35.1 565650 -10.0 19.8 5.2 15.1 12.8
Berhampore/Newtown
House 2 462 24 579 - 700 650 7.4 30.0 919250 -3.4 25.4 3.7 11.2 3.7
Berhampore/Newtown
House 3 1199 27 750 - 818 795 6.0 22.3 1025950 -4.9 24.3 4.0 11.5 -1.6
Berhampore/Newtown
Wellington - Island Bay/Melrose House 3 1506 21 715 - 815 788 10.5 17.3 1109050 -6.9 24.7 3.7 18.7 -6.0
Wellington - Miramar/Strathmore House 2 438 24 588 - 681 640 3.2 23.1 901850 -2.7 30.0 3.7 6.1 -5.3
Wellington - Miramar/Strathmore House 3 2038 27 685 - 820 750 -0.7 15.4 983800 -9.3 20.7 4.0 9.5 -4.4
Masterton - Entire District House 2 1129 33 446 - 505 480 10.3 65.5 500000 -9.3 48.3 5.0 21.7 11.6
Masterton - Entire District House 3 4735 69 524 - 583 550 6.8 57.1 543100 -7.8 52.8 5.3 15.8 2.8
Carterton/South Wairarapa - Both
House 2 849 15 420 - 540 500 11.1 44.9 580500 -8.4 47.0 4.5 21.3 -1.4
Districts
Carterton/South Wairarapa - Both
House 3 3597 36 506 - 580 550 0.0 48.6 721900 -2.5 61.6 4.0 2.5 -8.0
Districts
NELSON / TASMAN
Tasman - Richmond/Wakefield/
House 3 3779 66 550 - 650 600 4.7 32.2 814900 -0.4 34.7 3.8 5.1 -1.9
Brightwater/Mapua
Tasman - Richmond/Wakefield/
House 4 2133 18 673 - 730 690 6.2 23.2 978350 -8.4 29.8 3.7 15.9 -5.0
Brightwater/Mapua
Tasman - Motueka/Rural Tasman House 2 1097 24 380 - 460 440 10.0 33.3 638400 -10.3 33.6 3.6 22.6 -0.2
Tasman - Motueka/Rural Tasman House 3 3887 30 500 - 570 550 3.8 42.9 709650 -10.8 30.8 4.0 16.3 9.2
Nelson - Stoke/Nayland/Tahunanui Flat 2 713 12 410 - 488 458 13.1 32.8 453100 -10.7 29.7 5.3 26.6 2.4
Nelson - Stoke/Nayland/Tahunanui House 2 1032 30 473 - 550 513 10.3 38.6 592250 -6.3 21.7 4.5 17.8 14.0
Nelson - Stoke/Nayland/Tahunanui House 3 3960 48 550 - 625 580 5.5 28.9 745700 1.3 30.0 4.0 4.1 -0.8
Nelson - Port Hills/Tahuna Hills House 3 1318 21 520 - 620 550 0.0 30.3 767350 -9.9 21.1 3.7 11.0 7.7
Nelson - Nelson Central/Nelson North Flat 2 607 12 375 - 453 438 10.1 32.7 499750 -4.1 31.8 4.6 14.8 0.7
Nelson - Nelson Central/Nelson North House 2 1095 36 465 - 550 500 8.7 31.6 629500 -5.5 30.3 4.1 15.0 1.0
Nelson - Nelson Central/Nelson North House 3 3428 54 526 - 620 570 0.0 29.5 754700 -5.6 30.9 3.9 6.0 -1.0
Nelson - Nelson Central/Nelson North House 4 1400 15 610 - 733 685 14.2 33.0 1029750 -3.0 27.7 3.5 17.7 4.1
Marlborough - Sounds/Rural
House 3 2645 21 458 - 643 550 13.4 57.1 781350 4.6 61.5 3.7 8.4 -2.7
Marlborough
Marlborough - Blenheim Central Flat 2 858 12 418 - 458 440 2.3 51.7 434150 -8.2 47.7 5.3 11.5 2.7
Marlborough - Blenheim Central House 2 656 24 450 - 490 475 5.6 48.4 522050 -4.9 42.9 4.7 11.0 3.9
Marlborough - Blenheim Central House 3 3183 48 535 - 595 570 11.1 46.2 597650 -2.8 47.7 5.0 14.3 -1.1
Marlborough - Blenheim Outer/
House 3 2726 33 550 - 600 570 9.6 50.0 692200 -1.3 43.4 4.3 11.1 4.6
Renwick
Kaikoura/Hurunui - Both Districts House 3 2704 27 390 - 550 450 12.5 25.0 631600 4.3 50.5 3.7 7.9 -16.9
Buller - Entire District House 3 2107 15 420 - 450 420 5.0 78.7 328600 -0.9 73.0 6.6 6.0 3.3
Grey - Entire District House 3 2594 18 358 - 445 400 12.7 42.9 345150 -0.6 60.5 6.0 13.3 -11.0
WEST COAST
Westland - Entire District House 3 1398 15 400 - 475 450 12.5 36.4 393050 -2.5 48.1 6.0 15.3 -7.9
CANTERBURY
Waimakariri - Rangiora/Kaiapoi Flat 2 794 0 - 0 0.0 0.0 460500 -1.5 45.1 0.0 0.0 0.0
Waimakariri - Rangiora/Kaiapoi House 3 4320 42 500 - 573 550 13.4 44.7 631650 -3.3 49.1 4.5 17.3 -2.9
Waimakariri - Rural Waimakariri House 3 3778 51 535 - 600 560 2.8 31.8 722000 -3.0 51.3 4.0 5.9 -12.9
Christchurch - Redcliffs/Sumner House 3 2218 12 563 - 763 625 6.8 38.9 1062250 0.0 54.4 3.1 6.8 -10.1
Christchurch - Woolston/Opawa Flat 2 915 9 405 - 425 410 0.0 31.4 417700 -2.1 52.3 5.1 0.0 -13.7
Christchurch - Woolston/Opawa House 2 778 48 470 - 524 500 11.6 47.1 540550 2.9 68.1 4.8 8.4 -12.5
Christchurch - Woolston/Opawa House 3 2980 36 490 - 580 540 12.5 38.5 592350 -2.3 58.4 4.7 15.1 -12.6
Christchurch - Woolston/Opawa House 4 897 6 628 - 650 650 23.8 49.4 750750 -7.4 35.6 4.5 33.7 10.2
trusted data

RENTAL AREA NO. OF
Christchurch - Aranui/Bromley/
House 3 3352 15 480 - 550 500 4.2 31.6 505900 -1.8 59.0 5.1 6.1 -17.2
Bexley
Christchurch - North Beach/New
House 2 1040 30 428 - 550 545 36.3 65.2 521550 -1.4 52.9 5.4 38.2 8.0
Brighton/Southshore
House 3 2932 21 523 - 587 555 12.1 38.8 595050 -4.2 39.8 4.9 17.1 -0.8
Brighton/Southshore
House 4 730 9 610 - 800 650 0.0 34.0 697250 -8.3 42.8 4.8 0.0 -6.1
Brighton/Southshore
Christchurch - Styx/Parklands House 3 2255 15 510 - 585 535 7.2 24.4 658300 0.6 39.8 4.2 6.6 -11.0
Christchurch - Styx/Parklands House 4 1775 12 650 - 750 703 8.2 33.9 856500 -4.7 40.0 4.3 13.5 -4.4
Christchurch - Marshland/Redwood House 3 2672 12 524 - 620 583 10.0 35.6 683500 -2.0 44.0 4.4 12.3 -5.9
Christchurch - Marshland/Redwood House 4 2356 9 655 - 733 720 18.0 44.0 890000 -2.5 44.4 4.2 21.1 -0.3
Christchurch - Linwood/Phillipstown Flat 2 1393 27 388 - 435 400 14.3 31.1 394100 -1.3 46.9 5.3 15.7 -10.7
Christchurch - Linwood/Phillipstown House 2 370 87 433 - 515 495 6.5 47.8 459350 -2.0 47.6 5.6 8.6 0.1
Christchurch - Linwood/Phillipstown House 3 1201 42 480 - 568 515 7.3 32.4 519400 -1.8 44.9 5.2 9.2 -8.6
Christchurch - Sydenham/Waltham Flat 2 1063 18 376 - 434 400 5.8 25.0 445350 -2.4 53.3 4.7 8.5 -18.4
Christchurch - Sydenham/Waltham House 2 324 72 469 - 525 500 11.1 35.1 554250 -1.4 52.7 4.7 12.7 -11.5
Christchurch - Sydenham/Waltham House 3 742 45 520 - 600 560 5.7 40.4 627600 -2.9 55.0 4.6 8.8 -9.5
Christchurch - St Martins/
House 3 1559 12 535 - 673 595 13.3 33.1 897200 6.0 70.8 3.4 6.9 -22.1
Beckenham/Huntsbury
Christchurch - Westmorland/
House 3 1652 24 600 - 684 650 18.2 47.7 954250 -3.2 62.8 3.5 22.1 -9.3
Cashmere/Barrington
Christchurch - Westmorland/
House 4 1725 15 700 - 1000 830 4.0 53.7 1244550 -1.4 56.8 3.5 5.5 -2.0
Cashmere/Barrington
Christchurch - Spreydon/Somerfield House 3 2506 48 550 - 645 600 13.2 39.5 663550 -4.3 50.6 4.7 18.2 -7.3
Christchurch - Spreydon/Somerfield House 4 515 12 556 - 623 590 -6.8 20.4 791850 -1.3 43.9 3.9 -5.6 -16.3
Christchurch - Hillmorton/Hoon Hay House 3 2365 27 550 - 600 570 2.7 35.7 643300 -3.4 50.5 4.6 6.3 -9.8
Christchurch - Richmond/Shirley House 3 2102 24 530 - 614 560 8.7 34.3 598900 0.2 48.2 4.9 8.5 -9.4
/ Albans
Christchurch - Merivale/St
Flat 2 930 18 395 - 455 410 2.5 24.2 572800 -9.3 45.3 3.7 13.0 -14.5
West
Christchurch - St Albans North/
House 3 1482 15 578 - 688 600 7.1 39.5 870000 0.3 59.6 3.6 6.8 -12.6
Mairehau
Christchurch - Fendalton/Strowan/
House 3 1507 27 575 - 780 650 11.1 44.4 1193300 -2.1 34.5 2.8 13.5 7.4
Bryndwr
Clutha/Southland - Both Districts House 2 2075 30 320 - 390 350 9.4 52.2 384300 -4.0 74.6 4.7 13.9 -12.8
Clutha/Southland - Both Districts House 3 7355 57 380 - 475 440 15.8 46.7 434700 -4.9 61.1 5.3 21.8 -9.0
Clutha/Southland - Both Districts House 4 2142 9 470 - 580 500 16.3 55.3 555500 -9.3 44.7 4.7 28.2 7.3
Gore - Entire District House 3 2539 24 380 - 480 435 20.8 67.3 379600 -3.9 67.8 6.0 25.8 -0.3
Invercargill - Central Invercargill/Bluff Flat 2 651 15 340 - 400 375 17.2 70.5 310950 -2.4 64.9 6.3 20.0 3.4
Invercargill - Central Invercargill/Bluff House 3 2648 33 438 - 513 465 10.7 57.6 401850 -5.8 61.6 6.0 17.6 -2.4
Invercargill - Suburbs Flat 2 1112 9 310 - 395 380 4.7 43.4 364650 -2.5 51.7 5.4 7.4 -5.4
Invercargill - Suburbs House 2 1015 39 385 - 450 420 7.7 47.4 455850 6.2 72.1 4.8 1.4 -14.4
Invercargill - Suburbs House 3 9191 123 450 - 530 480 9.1 60.0 441400 -2.2 60.2 5.7 11.5 -0.1
Invercargill - Suburbs House 4 2469 18 488 - 580 550 10.0 44.7 614800 -1.8 52.0 4.7 12.0 -4.8
WHO IS CORELOGIC? CoreLogic is a leading property information, analytics and services provider in the United States,
Australia and New Zealand. Bringing together leading property intelligence and geospatial companies, PropertyIQ and Terralink
International, CoreLogic NZ helps clients identify and manage growth opportunities, improve performance and mitigate risk.
CoreLogic NZ provides clients with innovative, technology-based services as well as access to rich data and analytics.
The data is for the month ending October 31, 2023
Award-winning Property Managers

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FINAL WORD
implications for our communities. Rising

family transience, beyond their control,
may lead to a surge in wider societal
issues. Family upheaval during and
after Covid may disrupt schooling,
impacting children’s mental health,
a concern some view as the new
pandemic. Constant school changes
could negatively impact our children’s
education and well-being, leading to
long-term productivity challenges.
With landlords able to give a 90-day
notice without reason, many tenants
may also fear exercising their rights
when there is a legitimate reason to do
so. I know tenants can seek the Tenancy
Tribunal for retaliatory notices, but
A DELICATE proving it is challenging.
It is, therefore, a delicate balancing
BALANCING ACT act. The country needs a solid private

rental sector, and landlords provide a
valuable housing solution. Making it too
The housing policies brought in by the new complex leads to a rental stock shortage,
coalition government will need to find a increased rents, and an explosion of
people waiting on the social housing
balance of fairness for both landlords and waitlist. Returning to a 90-day no-cause
tenants, writes David Faulkner. termination may not address the issue.
Our priority is ensuring tenants feel safe
and secure in their homes.
e anticipate significant on rent, or disrupting the community.
W changes in 2024 as the

new coalition government
is set to hit the ground
running, particularly in reversing various
housing policies.
Landlords leaving due to rising
compliance costs and tenant-friendly
laws is another key factor to consider.
As landlords move on, tenants may
face a housing crunch with limited
BETTER PROTECTION
We should offer landlords better
protection by making it easier to remove
antisocial tenants. Some of the laws
introduced by the previous government
The National Party’s housing affordable options. Under a Labour-led around antisocial behaviour need to be
plan focuses on boosting supply by government, the social housing waitlist revised. As things stand, removing an
promoting build-to-rent as an asset has unquestionably surged. In just six antisocial tenant is only possible on a
class, reinstating interest deductibility, years, from October 2017 to September periodic tenancy. This makes no sense.
and reducing the bright-line test to two 2023, the social housing register Then you have to do the following.
years. Additionally, they plan to revise increased from 5,844 to 25,2842, a • Send three separate occasions
tenancy laws to encourage investor staggering increase of over 330 per cent. within 90 days of how the tenant has
participation in the rental market. Compelling reasons support a return to displayed antisocial behaviour.
One change with a lot of support previous legislation, granting landlords • Each time, the landlord must provide
from landlords and many property the ability to serve notices. a notice specifying the antisocial
managers is returning to a 90-day behaviour and the time and location.
no-cause termination. This was well- SOCIAL CONTRACT • They also need to state how many
documented in the campaign leading up However, when you become a landlord notices they have sent.
to the election, allowing landlords to give there is a social contract that goes • The landlord must also apply to
notice without reason. beyond a pure monetary measurement. the tribunal within 28 days of the
They argue that vulnerable tenants Tenants require more security than final notice.
are being squeezed out of the private landlords, as being a landlord is There needs to be greater flexibility
rental sector because landlords are no voluntary. Of the approximately one- within the law. Antisocial behaviour
longer willing or able to give them a third of the population that rents, many severity varies and specifying notice
chance. The fear is landlords will end up would prefer to live in a home they own. numbers limits adjudicators in ordering
having a tenant who is antisocial and Rising prices in the past decade have termination when necessary.
may cause damage to the property. denied many tenants the chance to own Keeping the termination notice as
While understandable, swift termination a home. is and making the legislation more
should be straightforward for tenants They are condemned to the rental landlord-friendly regarding dealing with
causing willful damage, falling behind market for life. There are also broader antisocial tenants is the best solution. Q
David Faulkner is the General Manager of Property Management for Property Brokers and is recognised as
one of the leading experts in the New Zealand Property Management industry. He has been involved in the
industry developing robust policies and procedures, training, and consultation services for many years.
Some things are a little stressful.
Managing your rental property
shouldn’t be one of them.
With guaranteed tenancy, guaranteed rent, and great service every time -
get ready to say sayonara to stress and hello to hassle-free award-winning
property management.
Save time and money - talk to us today.
0800 367 5263 | pb.co.nz/propertymanagement Property Management

*T&Cs apply | Property Brokers Ltd Licensed REAA 2008
ʿ˜˦˧ˢˡ˖˘ʟ˟˜˦˧˘˩˘˥ˬ˪˛˘˥˘
˪˜˧˛ʾ˘ˬ˛ˢˢ˞ʡ
ʵ˘˖˔˨˦˘˙˜ˡ˗˜ˡ˚˚˥˘˔˧˧˘ˡ˔ˡ˧˦˦˛ˢ˨˟˗ˡϠ˧
˛˔˩˘˧ˢ˖ˢ˦˧ʡ
˔˟
˔ ˧˜ˢˡ ʔ
ʞʩ˟˜
˥ ˡ
˜ˡ˧˘ ˣˢ˥˧˔˟˦
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˟˘˔˥ˡˠˢ˥˘

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Tradesmen covering Properties brought Healthy homes

CONTENTS JANUARY 2024

FEATURES UP FRONT COLUMNS REGULARS

22 YEAR AHEAD 04 NEWS soundprooﬁng. 64 AROUND

P comforting about experts’ take on what might be; it provides some

" " " " " "

IMMIGRATION BOOM A CHALLENGE

THE QUANDARY SOME

protection for landlords, particularly

PRIVATE LANDLORDS property management and landlords

CONSTRUCTION TAKES A FALL

ne of the most asked ‘The rent needs to Award winning team

O questions is about rent – how

TENANT LEFT WITH BILL

O New Zealand’s coalition

GET IN TOUCH FOR YOUR FREE CONSULATION WITH

Do you have a burning property investment question you need an answer

LADIES AND GENTLEMEN,

C Index shows another rise in

T November 29 surprised no-one.

Sarah Wilson has discovered that learning and

Wilson purchased her first

After purchasing their Glen Eden

Networking is a big part of

built. They aren’t interested in selling

It’s difficult to predict the future SUE HARRISON

nervous about taking the plunge.

The cost of living and inflation

TOP THREE WAYS

ABOVE AND LEFT Open plan

hen it comes to spending

W money on your property,

IMPROVE THE LAYOUT

ABOVE AND RIGHT A pendant light,

BEFORE AFTER bathroom. In the kitchen above we gave

FIRST IMPRESSIONS is a great way of checking up on the

Our indoor spaces will

LEFT Soft neutrals will continue to

ABOVE Following overseas trends black could be seen more again.

BLACK MAY BE BACK

If your home is on a large section, there’s

T are one of the most common

SELWYN STREET DICKENS STREET COLOMBO

Let’s take a look at how Selwyn Street

T on the housing front in

TAX, PROPERTY AND

M sense of the matrimonial

A Research, the short-term

TOP TIPS ON RENTAL

O thousands of homes and

MATES AND MORTGAGES

L money to buy an investment

19,337+ Inspections performed

estled on the sun-soaked

N shores of the Bay of Plenty,

At 232 metres tall Mount Maunganui

THIS PAGE FROM TOP Papamoa Surf Club,

It’s also a city that’s sprawling with

BRIAN SCANTLEBURY QUINN OCONNELL

motivation and whether a vendor really

" " " " " "

, )- +$--$ &