New landlords attracted by strong returns

Wednesday 15 September 2004

A quarterly survey of New Zealand’s rental property market by the University’s Real Estate Analysis Unit shows that most investors have owned their properties for an average of three years. Professor Bob Hargreaves, director of the Real Estate Analysis Unit, says the survey of 889 landlords showed a surprisingly short time of investment. Wellington landlords have owned their properties for an average of five years, Auckland landlords for four years, and Christchurch landlords for three years.

By The Landlord

Professor Hargreaves says the results suggest new investors are encouraged by perceived strong returns on rental properties as a result of a nationwide boom in residential property. He says figures from the housing Ministry show a rise in rent in most parts of New Zealand, with the national median rent reaching a record high of $250 a week in May. The Real Estate Analysis Unit is part of the University’s Property Foundation, with the primary objective to provide reliable property information to the property industry, the land related professions and the public. Professor Hargreaves also offers a consulting service for individual clients and Unit publications and quarterly reports are available free on request. These include: The AMP Banking Home Affordability Report; Rural Real Estate Market Outlook; Auckland Commercial Market Outlook; Christchurch Commercial Market Outlook; Wellington Commercial Market Outlook; Auckland Residential Market Outlook; Christchurch Residential Market Outlook; Wellington Residential Market Outlook. Or visit: http://property-group.massey.ac.nz/
Commenting is closed

Property News

Price expectations spiral down

Housing confidence has been dealt a hefty blow by the Covid-19 crisis with house price expectations plummeting to new lows.

House Prices

House price drops are short-lived - Alexander

Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.

Commercial

Industrial holdings leave Provincia in strong position

Tales of strife and problems abound in the commercial property world these days, but the impact of the Covid-19 pandemic has not been as devastating for all commercial players.

Mortgages

Mortgage lending slumps to record low in April

Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.

Site by PHP Developer