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The New Zealand Government is proposing significant changes to the Residential Tenancies Act 1986, including reinstating 90-day no-cause terminations and adjusting notice periods for landlords and tenants. New pet regulations will allow landlords to require a pet bond and mandate written consent for pets, while also clarifying tenant responsibilities for pet-related damages. Additional amendments aim to improve clarity in tenancy agreements, streamline bond processes, and enhance protections for tenants facing family violence.

Tony Alexander predicts that house prices in New Zealand will rise before the end of the year, following a recent cut in the Official Cash Rate by the Reserve Bank, which is expected to continue decreasing in the coming years. However, challenges such as job insecurity, high property listings, and a weakening rental market may slow the overall recovery despite increasing buyer interest.

Rental prices in New Zealand have slightly decreased this month for the first time since 2022, with the median weekly rent dropping to $645 due to an increase in available rental properties and reduced demand. While Auckland remains the most expensive area, the South Island experienced notable price drops, particularly in Marlborough, while smaller properties have seen rising rents.

Allowing pets in rental properties can attract a wider range of tenants, encourage longer tenancies, and potentially increase rental income. To prepare, landlords should establish a clear pet policy, ensure property safety and durability, and maintain open communication with tenants regarding pet care.

The New Zealand rental market is seeing a significant increase in rental listings, up 40% in the last quarter, while rental demand has only risen by 2.5%.

As a property owner, there are many effective strategies you can use to boost the value of your real estate. This article will explore the most impactful methods to maximize the value of your property.

The New Zealand government has announced significant updates to the Residential Tenancies Act (RTA) that will impact how landlords manage their rental properties. These changes are set to take effect in 2025 and are aimed at improving the rental market and providing more stability for both landlords and tenants.

As a landlord in New Zealand, you have several key responsibilities and rights to ensure the well-being of your tenants and the compliance of your rental property with the law.

In January 2024, New Zealand experienced a significant rise in residential rents, setting a new record with the national median rent at $608 a week, largely influenced by a notable increase in Otago due to the return of university students, where the median rent soared from $520 to $675. This trend underscores the dynamic nature of the rental market, particularly in regions with seasonal population changes.

Interest deductibility on rental properties refers to the ability of property owners to deduct the interest paid on their mortgage loans from taxable income. The Labour government in New Zealand removed this ability, but the current government plans to reverse the changes and allow landlords to claim 80% of their interest expenses from April 1, 2024, and 100% from April 1, 2025. Additionally, there are proposed changes to the bright-line test, potentially reducing the period from 10 years to 2 years for properties acquired after July 2024.

National home values in New Zealand rose by 0.3% in February, continuing the trend of slower growth since December, according to CoreLogic’s House Price Index. While property values have increased for five consecutive months, the pace of gains has declined compared to previous months. The average property value in New Zealand now stands at $930,495, up 2.8% from September but still 10.8% below the recent peak.

The article discusses the potential of using AI in the mortgage industry. While AI-driven deals may offer faster and more accurate calculations and analyses, the human element and personalized advice provided by mortgage advisers are still considered essential. AI can assist in automating routine tasks and providing comprehensive information, but understanding individual circumstances and the broader economic context may still require human judgment and expertise.

The rent for apartments in Auckland CBD has fully recovered from the impact of Covid and is now stabilizing. Rents have been steadily increasing over the past 18 months due to the return of overseas students and workers. Currently, rents have reached a peak and are settling at current levels. The next test for the apartment market will be in the first three months of this year when students return for the academic year.

The New Zealand housing market in 2024 is expected to be impacted by factors such as a decrease in new housing supply, increasing demand due to immigration, potential decrease in interest rates, and changes in tax deductions for investors. The average growth rate of housing prices is expected to be higher this year, particularly in urban areas.

According to Nick Tuffley, an economist at ASB Bank in New Zealand, it is more likely that the Reserve Bank of New Zealand (RBNZ) will start lowering interest rates in the second half of 2024 instead of waiting until 2025. This change in prediction is based on recent data showing a decline in the country’s economic growth.

Landlord insurance in New Zealand is highly recommended to protect rental property owners from potential risks and financial losses associated with tenant issues and unexpected events.

The new government coalition in New Zealand has made some changes that could potentially affect the property market. The foreign buyer tax has been dropped, the timeline for mortgage interest deductibility has been accelerated, and there may be a shorter brightline test for capital gains tax. However, the overall impact on the property market is expected to be relatively limited, and factors such as low rental yields and high mortgage rates will continue to play a significant role.

Regular meth testing in rental properties in New Zealand is essential for ensuring tenant safety, compliance with regulations, and property preservation, even though it is not legally required.

Residential rents in New Zealand have increased by an average of $40 per week nationwide, with Auckland seeing a $60 per week increase, and the highest rent increase occurring in Queenstown-Lakes at $130 per week.

PropertySage acknowledges the divided opinions among economists regarding the Official Cash Rate (OCR) and its potential impact on mortgage rates. They emphasize the importance of staying informed and seeking expert advice to navigate the changing landscape and make informed decisions about rental property investments.