New landlords attracted by strong returns
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.
Wednesday, September 15th 2004, 4:22PM
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/
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