October 19, 2008
The following article was initiated by the Andrew King newsletter, Prime Indicators. If you want to subscribe to this newsletter, see the sign-on section at the top of this website.
Tenants still have the upper hand in the rental market, and real estate agents are urging clients to inject their properties with the wow factor, or drop the rent if they want to fill them quickly.
Andrew King, vice-president of the New Zealand Property Investors’ Federation, says it’s common to experience a flood of rental listings during the slump phase of the property cycle.
“In a slow market, tenants have a high degree of choice and often face nervous landlords who may be willing to reduce rents just to secure a tenant,” he says. (more…)
September 29, 2008
Accidental investors need to school up in the basics of being a landlord, or they risk capitulating in a weakened market, says author Andrew King.
King, who with Lisa Dudson, has co-written the new edition of Create Wealth: The Complete Guide to Residential Property Investment in New Zealand , says the slumping property market has created thousands of new landlords, and whether they sink or swim will depend on how quickly they learn the skills. (more…)
September 5, 2008
Landlords have developed their own set of rules, barring them from renting dirty places, telling lies or making racist remarks to tenants.
The national landlord membership and lobby group, the Property Investors Federation, has released a guide which it wants members to show to tenants.
Federation vice-president Andrew King said most members were already following the code. (more…)
July 22, 2008
Buying a house is now almost two and a half times as expensive as renting, according to figures to be presented at a seminar today.
Property Investors Federation vice-president Andrew King says a 25-year mortgage for 90 per cent of the cost of the country’s median-priced house, worth $345,000 last month, would currently cost a new home-buyer $745 a week, including rates, maintenance, insurance and an allowance for other costs.
By contrast, the national median rent last month was only $305 a week. (more…)
May 11, 2008
Potential homebuyers are choosing to remain long-term renters – freeing up their savings for less volatile investments.
Industry experts say even tenants who can afford a deposit and mortgage repayments are taking advantage of market conditions and enjoying a less stressful life.
Andrew King, of the Auckland Property Investors Association, said renting was “extremely good value” at the moment and believed the number of long-term tenants had been rising for at least 18 months. (more…)
Poor investments and over-borrowing could force more property investors to sell this year, causing property prices to dive, says Andrew King, vice-president of the Property Investors’ Federation.
This adds to the grim outlook portrayed in property mortgage insurer PMI’s mid-year report, released on Thursday, and Quotable Value’s monthly report, which is out tomorrow. (more…)
April 29, 2008
Many members of the Auckland Property Investors Association are using Trade Me to promote their rental properties to tenants. I was curious to see if other New Zealand areas also used the internet to find new tenants, so did a study of New Zealand Cities.
I looked up the number of properties advertised on Trade Me for each city and compared this to the local population, giving an indication of local usage. The results were interesting. (more…)
December 2, 2007
Property expert Andrew King believes he may have created an entirely new financial industry: property management broking.
King, former president of the Auckland Property Investors Association, is yet to fully launch the business, Andrew King Property Management Broking, on to the world.
But he believes that, just as mortgage brokers aim to find the best home loan for clients, there’s a place for professionals to introduce residential property investors to the best property managers.
And as with mortgage brokers, the service is free. (more…)
July 1, 2007
Property expert Andrew King would like nothing better than for the Auld Mug to arrive back down at the Viaduct.
But he, like other investors and estate agents, warns against the temptation to take a punt, borrow heavily and invest in a clutch of Auckland apartments within walking distance of the Viaduct.
“There’s a lot of talk among property investors at the moment and they’re quite excited about it,” King said. “They think it [winning the America's Cup] will increase property values.” (more…)
May 21, 2007
Couples with joint incomes of up to $100,000 before tax will be eligible for KiwiSaver grants to buy their first home, but they’ll be forced to buy cheap properties.
Under the eligibility rules, outlined in Treasury post-Budget notes, people who get the housing grants will be forced to buy a house with a value in the lowest 25% of homes in their town, area or city. (more…)