December 2021 Market Update

by Hamish Wilson on Mon Dec 2021
December 2021 Market Update

Rental supply has increased ever so slightly, privacy laws now in play & we celebrate being a REINZ accredited office...

We now find ourselves in the COVID-19 Protection Framework, also known as the traffic light system, this has not made any significant change for us here in Canterbury.  As part of Health and Safety risk assessments, we are constantly assessing the situation to ensure that we are protecting ourselves and the health of those that we interact with.  This also flows through to the contractors that we send into people’s homes and the need to protect the tenants and the contractors.    

The office has been very busy over the last month and will be from now into Christmas.  We have all our student properties vacating and new groups moving in plus we are flat out trying to fill any vacant properties before Christmas. 

The Privacy Commission has released their updated guidelines for landlords and tenants

The pattern continues this month, as it has for most of the year, with Central Government releasing yet more new legislation.  The Office of the Privacy Commission (OPC) has now launched a new compliance monitoring program to ensure that property managers and landlords are acting in accordance with the Privacy Act.

The OPC will now be carrying out regular checks of rental agencies plus an annual audit of application forms and privacy policies.  Alongside the monitoring of the industry, the OPC have also released updated guidelines for tenants and landlords.  The full details can be found here

We are now REINZ accredited and only one of very few PM companies in Christchurch to be

We have been a member of The Real Estate Institute of New Zealand (REINZ) for years but this month we are officially accredited as a Property Management company. A1 is currently one of three Property Management companies in Christchurch that holds this accreditation status.

If you’re a property owner, here are some reasons why it is important to choose a company and property manager that holds this REINZ Property Management accredited status:

  • The Property Management industry in NZ is not regulated, so there is no need for Property Management companies to follow any specific rules or obligations (other than the Residential Tenancies Act 1986), when managing your investment. The Real Estate Institute of New Zealand (REINZ) has now created a benchmark for Property Management companies and individual Property Managers. Not all Property Managers are eligible to be members of REINZ, only those who act with professionalism, honesty and integrity in their dealings. When looking for someone to manage your property give yourself peace of mind by choosing a REINZ Property Management member.
  • Property Managers in NZ do not need to be qualified to manage you property. This can lead to mistakes and the wrong advice which can cost you as the property owner, time and money.
  • You can visit the REINZ website and search for those accredited companies and individuals that are located in your region that hold this accreditation status. This will help you when you decide to choose your next Property Manager and company.

A1 Property Managers is accredited both as a company and as individuals. Most of our team hold a specific qualification in Property Management too or are currently studying towards obtaining one. Therefore, you can have the peace of mind knowing that the advice and the work we do for you meets specific rules and obligations that protects you, your property and your income. Don’t put one of the most important assets you own in the hands of someone that isn’t accredited and qualified.

The local update

We’ve noticed a small increase in the stock available across the district with 829 properties currently available, up 39 from this time last month.  There’s a little more choice for those looking to move but not enough to have an effect on supply and demand pressures.  We are seeing some effect of displacement as enquiries from out of district movers has increased.

We are still seeing the odd sale go through but heard today, via, that listing numbers are up 9% across the country, back to 2014 levels.  At a local level, we are still 1.3% down on a year-to-year basis proving the local market still has some legs left in yet.

As always, we do truly appreciate your business and the team and I are always just a phone call away.  We are always available for a free chat and are happy to share our experience and knowledge wherever we can be helpful.  

Hamish Wilson

Hamish Wilson

An active investor for over 25 years & qualified builder, property has always been a part of life. Hamish has sat on the committee of the Canterbury Property Investors Association including two years as President.