Following our Team’s attendance at the Real Estate Institute of New Zealand’s National Property Management Conference on the 16th of March, Goodwins’ Team is now in ‘full flight’ preparing our portfolio of managed properties for the Financial Year End of 2022/23!
This will ensure our client’s consolidated End of Financial Year statements is received no later than the close of business on Friday the 8th of April. Forming an important component of ensuring our landlord-clients are all well prepared to meet the requirements of their accountants, banks, and the IRD.
Turning to my comment on the current rental market, with Goodwins’ vacancy rate tracking amongst the lowest it has in our company’s 32-year history, we can wholeheartedly support recent media headlines that, [the] “Apartment market in Auckland CBD is in full recovery mode as overseas students return, with vacancy rates back to pre-pandemic levels and rents rising”. But this sentiment is certainly not contained to the City Centre. As of the 27th of March, Goodwins’ prospect tenant database counts 1,499 new tenants registered across the past 30 days with budgets ranging from $330 per week to $2,650 per week. So, if you do know of friends or family that we can help in preparing their property for the rental market, we most certainly need new stock.
I expect political discussions to ramp up in the coming months as we hear two major parties already committing to reinstate the ability to deduct mortgage interest on rental properties from taxes; one (at least) committing to repeal ring-fencing rules; with one committing to restore the Brightline test back to two years and, another committing to abolish bright line period, altogether. Once again, Housing Policy will sit front and centre as political parties jostle for position, and we will continue to critique closely – encouraging you to do so, also.
At the end of the week, ANZ will publish the March results for both business and consumer confidence, and it seems almost certain that both indicators will remain low. The Real Estate Institute of New Zealand’s Chief Executive Jen Baird says the impact of ongoing economic headwinds and Cyclone Gabrielle is reflected in the numbers. Nationally, new listings decreased by 29.5%, from 11,545 listings in February 2022 to 8,143 listings in February 2023. Median days to sell were at 60 days for February 2023 — up 18 days annually compared to February 2022 and had a small increase of 6 days from 54 when compared to January 2023. The median price in the City of Sails saw an annual decrease of 15.2% in February to $1,009,000. “Due to Cyclone Gabrielle, market activity was subdued throughout February. Open-home attendance was light, and sales counts saw an annual decrease of 41.4%. “Many buyer groups are still finding it difficult to secure finance, and rising interest rates remain a real concern. Vendors have more realistic expectations of price and Auckland agents say people are aware of the current market conditions which are seeing potential sellers pause. We can see this reflected in February numbers with a 36.9% decrease in listings year-on-year for Auckland from 4,365 to 2,755.”
The above-said, Goodwins was proud to share the settled sale of 6 houses in 37 days across January and February. Brendan Goodwin is available to speak, without obligation, on any sales-related enquiry you may have.
In closing, we are excited to share the news of Tina Chang returning to Goodwins as a portfolio property manager from the 17th of April 2023. Originally from Taiwan, Tina moved to New Zealand in 2009. Fluently speaking English, Mandarin Chinese, and Taiwanese, Tina holds a bachelor’s degree in business management and brings with her 8 years of real estate experience.
Goodwins is in Growth Mode, and this extends recruitment opportunities across Sales Administration, Sales Agent, and Property Manager roles. In the strictest of confidence, if you know of anyone who may be interested, please encourage them to contact Goodwins’ HR Manager Aleina Goodwin firstname.lastname@example.org, or 021 278 7763.