Market boom creates flood of landlords
Wednesday 15 September 2004
People are flocking to become landlords as a result of the residential property boom, new research has found.
By The LandlordA nationwide survey of 889 landlords found that most had only owned their investment properties for a short time - just over three years on average.
Wellington landlords were the most experienced, having owned their rental houses an average of about five years.
Auckland landlords tended to have owned their properties for just over four years.
The average was down to three years in Christchurch.
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Proving tenant liability for damage has long been a major worry for landlords but a recent Tenancy Tribunal shows that it can be done.
There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.
Vacancy rates in the commercial property sector are set to increase as changing economic conditions dampen demand.
LVR restrictions were never meant to be a permanent feature of New Zealand’s housing market and ANZ economists argue that some further relaxing of them could soon be on the cards.