It’s incredible that we are only weeks away from Christmas and that the end of 2016 is nearly here. We hope you have sorted at least some of your Christmas shopping as the roads and malls seem to be busier than ever.
What a year it has been with the property market being one of the winners to come out of 2016.
Rents have been increasing steadily across the country with the stand out performer being Bay of Plenty, Marlborough and Wellington. We are seeing strong demand for rentals all across the country in the regions we operate in and even our smaller regions have been experiencing fantastic demand as of late.
This year the New Zealand property market has seen continued growth. Auckland being the biggest city continued to see an increase in price, reaching a record average of $1,000,000. Key regions around the country also enjoyed plenty of capital growth partly due to Auckland investors and home owners looked elsewhere to purchase a home or rental property.
The reserve bank has progressively been introducing larger deposit requirements for property purchases over the last 18 months. So much so, that now there is a requirement of 40% deposit needed to purchaser and investment property. Home owner’s deposits are less and vary between 10 – 20%. With the increase in deposit requirements for property purchases, it certainly has put a slight break on the market, with properties passing in at auctions and taking longer to sell. We would expect this to continue through to February or March next year and then may pick up again thereafter.
Over the Christmas and New Year break Inspire will be open all through the summer break to ensure your rental property is being managed effectively and to attend any anomalies straight away as usual. Courts are closed over the Christmas break for a good four weeks. Although this will not stop lodgements from occurring, it will add on extra time to get in front of a judicator.
With over 20 staff servicing 10 regions throughout the country, more and more landlords are seeking our help and expertise to manage their property portfolio and to find quality tenants around New Zealand. We pride ourselves delivering a high calibre service and deliver such to our clients at an affordable cost.
Our staff have a busy year ahead looking after your valued investment property/s. Further investment is planned in training, a new software system along with extra support for our property managers to ensure the service delivered to you in nothing short of the best in the country.
The team at Inspire would like to wish you and your family a safe and fun filled break over the holidays.