Property Investor
October 2017
Property Investor
Courtesy of Buy West Property Management
Landlords urged to get onto insulation. There is growing pressure on landlords to start insulating their properties following a new survey which indicates around 170,000 rental properties still require proper insulation. By Miriam Bell
The Insulation Association of New Zealand (IAONZ), which claims to represent over 90% of the industry, surveyed its members and found they were seeing limited landlord demand. MBIE estimates that around 180,000 rental properties need insulation to comply with new tenancy law requirements that all rental properties are insulated by July 2019. But IAONZ president Stu Henwood said that over the past year member companies have insulated only 10,000 rental properties. Further, members have assessed over 36,000 rental properties and almost 60% of assessments didn’t comply with the new Residential Tenancy Act guidelines, he said.
also has the potential to create a fire hazard, particularly around light fittings.” MBIE is now encouraging tenants to make their landlord and/or property manager aware if their rental home doesn’t have any, or the required level of, insulation. Yet it seems that many landlords have not grasped the urgency of the need to insulate their properties. Barfoot & Thompson director Kiri Barfoot said IAONZ is warning landlords that the situation is reaching the point of no return, where insulation installers won’t be able to meet demand. “Anyone who lived through this year’s very wet winter can attest to the fact that dampness is a challenge in Auckland. Insulation is one way to help decrease the risk of damp in a house. “We want landlords to think seriously about insulating now. We know from tenant feedback that it is a drawcard for
rental properties, making them warmer, dryer and cheaper to heat.” However, the cost of insulating can be daunting for rental property owners and many owners are not eligible for the government’s insulation grant programme, Barfoot said. “Typically, floor and ceiling insulation and installation for a 100m2 property can cost upwards of $3,000, not including GST.” Barfoot said that what they are saying is - don’t wait. “The cost will still be there in a year’s time, and you may also be faced with the reality of missing the compliance deadline and a fine of up to $4,000.” Source: www.landlords.co.nz
“This leaves a mountain of about 170,000 uninsulated rental houses to be insulated in less than two years. “At its peak, the insulation industry was insulating about 50,000 – 60,000 houses a year. “So there’s a serious risk many landlords will miss out and risk penalties when the deadline for the new tenancy regulations kicks in.” While landlords can install insulation themselves, Henwood said it is essential insulation is inserted properly to be effective and compliant with the installation standard NZS 4246. “Aside from a reduction in thermal performance, poorly installed insulation
CALL US TODAY
09 8342850
Ray White Te Atatu will be participating in A little Ray of Giving again. If you wish to donate a gift for a child in need this Christmas, please deliver it to our office by 11th December 2017. Buy West Property Management Ltd [email protected] www.buywestpropertymanagement.co.nz 1 Rhone Ave, Te Atatu Peninsula
Welcome Home....
An update from Be prepared for auction day For both buyers and sellers, an auction can be a stressful occasion. It can move so quickly that you don’t fully register what is happening until afterwards. For potential buyers, this can mean getting swept up in the drama and bidding more than you can afford.
For Sale 52 Brandon Road Glen Eden When describing this home, warmth and comfort come to mind, a renovated bathroom and kitchen with neutral tones and modern accents throughout. A spacious and light filled kitchen which flows on nicely to an open plan hub of living off the large dining room. Contact: Ronald Hachache Mobile: 021 264 5965 Email: [email protected]
Affordable Lifestyle
To stay grounded on the day, there are several things you should do ahead of time. The first is to speak with a mortgage adviser early in the process. They will be able to give you expert advice on what to expect, how to work out your budget and help arrange a pre-approval. Having a pre-approval will give you an edge against other buyers who may not. While it doesn’t necessarily guarantee that you’ll get a loan, it shows that you’re committed to purchasing a property. Also just knowing you’ve taken that initial step in the loan process can boost your confidence—and when you’re competing against a crowd of other bidders, confidence comes in handy. To further stand out among the crowd, you’ll want to be calm and composed. Auctions can seem intimidating if you’re not used to them, so do your research and ask family and friends about their experiences bidding so you know what to expect. Attend auctions to get a handle on how they work. There are many articles online with tips from top auctioneers (like familiarising yourself with the auctioneer’s style) and the dispelling of strategies (such as holding back throughout the bidding). This knowledge can help you feel more assertive on the day. Lastly and most crucially, make sure your budget is established (which your adviser can assist you with). Stay up to date with market rates to try to figure out how much the property could go for. Decide both on what you’d like to pay for it and how much you’d feel comfortable going up to if need be. Identify what your price limit will be.
For Sale 15 Bethells Road Waitakere For the good life you've dreamed about, and affordably so, be quick! This property contains elements of most people's dream, including it's proximity a minute's walk from Waitakere Primary School. Contact: Nathan Buxton Mobile: 027 448 8400 Email: [email protected]
It’s important that you put boundaries in place to make sure you don’t go over your limit. Even the most sensible person can get disorientated by an auction’s high stakes drama and sense of urgency, but once that adrenaline dissipates, you could be left feeling anxious about having committed more than you can afford. Having a buyer’s advocate or family or friends there with you Rental Market Trends—Real Estate can help you stay on track and avoid getting in over your head. No. Of Bed- Median No. Of Whether you secure the home of your rooms Price Properties dreams at your first auction or become a Let regular fixture at a few auctions, being prepared will put you in a good position to make West Auckland—Te Atatu Peninsula the most out of this fast-paced event. 2 $430 29
Sales Market Trends—Real Estate Median house price year-onyear
National National ex Auckland Auckland
$530,000—up from $490,00 + 8.2 % Year-on-Year
Seasonally adjusted median house price
National Auckland
Up 1.7% , up 7.6% on August 2016 Up 0.8%, down 1.0% on August 2016
Month-onmonth median house price
National National ex Auckland Auckland
$530,000—up from $518,000—2.3% since last month
Median days to sell
National Auckland
CALL US TODAY
09 8342850
$428,000—up from $386,000 + 10.9% Year-on-Year $840,000—up from $850,000—1.2 % Year-on-Year
3
$520
78
4
$662
24
West Auckland—Te Atatu South 1
$340
7
2
$425
20
3
$515
49
4
$605
12
West Auckland—Henderson
$428,000 —up from $417,500 —2.5% since last month
2
$420
64
$840,000—up from $830,000 —1.2% since last month
3
$500
247
37– 7 days longer than same month last year
4
$595
88
40—9 days longer than same month last year
5+
$735
32
Buy West Property Management Ltd [email protected] www.buywestpropertymanagement.co.nz 1 Rhone Ave, Te Atatu Peninsula
Property Investor
Courtesy of Buy West Property Management
Landlords urged to get onto insulation. There is growing pressure on landlords to start insulating their properties following a new survey which indicates around 170,000 rental properties still require proper insulation. By Miriam Bell
The Insulation Association of New Zealand (IAONZ), which claims to represent over 90% of the industry, surveyed its members and found they were seeing limited landlord demand. MBIE estimates that around 180,000 rental properties need insulation to comply with new tenancy law requirements that all rental properties are insulated by July 2019. But IAONZ president Stu Henwood said that over the past year member companies have insulated only 10,000 rental properties. Further, members have assessed over 36,000 rental properties and almost 60% of assessments didn’t comply with the new Residential Tenancy Act guidelines, he said.
also has the potential to create a fire hazard, particularly around light fittings.” MBIE is now encouraging tenants to make their landlord and/or property manager aware if their rental home doesn’t have any, or the required level of, insulation. Yet it seems that many landlords have not grasped the urgency of the need to insulate their properties. Barfoot & Thompson director Kiri Barfoot said IAONZ is warning landlords that the situation is reaching the point of no return, where insulation installers won’t be able to meet demand. “Anyone who lived through this year’s very wet winter can attest to the fact that dampness is a challenge in Auckland. Insulation is one way to help decrease the risk of damp in a house. “We want landlords to think seriously about insulating now. We know from tenant feedback that it is a drawcard for
rental properties, making them warmer, dryer and cheaper to heat.” However, the cost of insulating can be daunting for rental property owners and many owners are not eligible for the government’s insulation grant programme, Barfoot said. “Typically, floor and ceiling insulation and installation for a 100m2 property can cost upwards of $3,000, not including GST.” Barfoot said that what they are saying is - don’t wait. “The cost will still be there in a year’s time, and you may also be faced with the reality of missing the compliance deadline and a fine of up to $4,000.” Source: www.landlords.co.nz
“This leaves a mountain of about 170,000 uninsulated rental houses to be insulated in less than two years. “At its peak, the insulation industry was insulating about 50,000 – 60,000 houses a year. “So there’s a serious risk many landlords will miss out and risk penalties when the deadline for the new tenancy regulations kicks in.” While landlords can install insulation themselves, Henwood said it is essential insulation is inserted properly to be effective and compliant with the installation standard NZS 4246. “Aside from a reduction in thermal performance, poorly installed insulation
CALL US TODAY
09 8342850
Ray White Te Atatu will be participating in A little Ray of Giving again. If you wish to donate a gift for a child in need this Christmas, please deliver it to our office by 11th December 2017. Buy West Property Management Ltd [email protected] www.buywestpropertymanagement.co.nz 1 Rhone Ave, Te Atatu Peninsula
Welcome Home....
An update from Be prepared for auction day For both buyers and sellers, an auction can be a stressful occasion. It can move so quickly that you don’t fully register what is happening until afterwards. For potential buyers, this can mean getting swept up in the drama and bidding more than you can afford.
For Sale 52 Brandon Road Glen Eden When describing this home, warmth and comfort come to mind, a renovated bathroom and kitchen with neutral tones and modern accents throughout. A spacious and light filled kitchen which flows on nicely to an open plan hub of living off the large dining room. Contact: Ronald Hachache Mobile: 021 264 5965 Email: [email protected]
Affordable Lifestyle
To stay grounded on the day, there are several things you should do ahead of time. The first is to speak with a mortgage adviser early in the process. They will be able to give you expert advice on what to expect, how to work out your budget and help arrange a pre-approval. Having a pre-approval will give you an edge against other buyers who may not. While it doesn’t necessarily guarantee that you’ll get a loan, it shows that you’re committed to purchasing a property. Also just knowing you’ve taken that initial step in the loan process can boost your confidence—and when you’re competing against a crowd of other bidders, confidence comes in handy. To further stand out among the crowd, you’ll want to be calm and composed. Auctions can seem intimidating if you’re not used to them, so do your research and ask family and friends about their experiences bidding so you know what to expect. Attend auctions to get a handle on how they work. There are many articles online with tips from top auctioneers (like familiarising yourself with the auctioneer’s style) and the dispelling of strategies (such as holding back throughout the bidding). This knowledge can help you feel more assertive on the day. Lastly and most crucially, make sure your budget is established (which your adviser can assist you with). Stay up to date with market rates to try to figure out how much the property could go for. Decide both on what you’d like to pay for it and how much you’d feel comfortable going up to if need be. Identify what your price limit will be.
For Sale 15 Bethells Road Waitakere For the good life you've dreamed about, and affordably so, be quick! This property contains elements of most people's dream, including it's proximity a minute's walk from Waitakere Primary School. Contact: Nathan Buxton Mobile: 027 448 8400 Email: [email protected]
It’s important that you put boundaries in place to make sure you don’t go over your limit. Even the most sensible person can get disorientated by an auction’s high stakes drama and sense of urgency, but once that adrenaline dissipates, you could be left feeling anxious about having committed more than you can afford. Having a buyer’s advocate or family or friends there with you Rental Market Trends—Real Estate can help you stay on track and avoid getting in over your head. No. Of Bed- Median No. Of Whether you secure the home of your rooms Price Properties dreams at your first auction or become a Let regular fixture at a few auctions, being prepared will put you in a good position to make West Auckland—Te Atatu Peninsula the most out of this fast-paced event. 2 $430 29
Sales Market Trends—Real Estate Median house price year-onyear
National National ex Auckland Auckland
$530,000—up from $490,00 + 8.2 % Year-on-Year
Seasonally adjusted median house price
National Auckland
Up 1.7% , up 7.6% on August 2016 Up 0.8%, down 1.0% on August 2016
Month-onmonth median house price
National National ex Auckland Auckland
$530,000—up from $518,000—2.3% since last month
Median days to sell
National Auckland
CALL US TODAY
09 8342850
$428,000—up from $386,000 + 10.9% Year-on-Year $840,000—up from $850,000—1.2 % Year-on-Year
3
$520
78
4
$662
24
West Auckland—Te Atatu South 1
$340
7
2
$425
20
3
$515
49
4
$605
12
West Auckland—Henderson
$428,000 —up from $417,500 —2.5% since last month
2
$420
64
$840,000—up from $830,000 —1.2% since last month
3
$500
247
37– 7 days longer than same month last year
4
$595
88
40—9 days longer than same month last year
5+
$735
32
Buy West Property Management Ltd [email protected] www.buywestpropertymanagement.co.nz 1 Rhone Ave, Te Atatu Peninsula
