We hope you have enjoyed a fun and festive Christmas and New Year holiday season—and with New Zealand schools now re-opening, we look ahead with gusto!

Whether you were swimming at a new beach, exploring an unfamiliar city, losing yourself in a captivating book, or returning to a favourite holiday spot, we trust your summer has been filled with joy and memorable moments to treasure.

After a good dose of rest and relaxation, our team is refreshed and ready to embrace the opportunities 2025 brings. Colin Powell’s famous words, “Perpetual optimism is a force multiplier,” feel especially relevant as we step into the new year.

While recent headlines, such as “New Zealand economy took ‘developed world’s biggest hit’ in 2024 – HSBC,” may seem daunting, there is reason for optimism.

HSBC’s Chief Economist for New Zealand and Australia, Paul Bloxham, notes that the recession has helped lower inflation, paving the way for the Reserve Bank to cut interest rates. He forecasts further reductions, with the cash rate potentially dropping to 3% by Q3 2025, which could drive a strong economic recovery. After a challenging 2024, where GDP fell by 0.5%, brighter days lie ahead, with growth expected to rise to 1.8% this year.

Key Changes for Landlords in 2025

From a landlord’s perspective, January 30th marked the introduction of key changes under the Residential Tenancies Amendment Act 2024.

I firmly support the reinstatement of a landlord’s right to terminate a periodic tenancy with ‘no cause’ by providing 90 days’ notice. Additionally, notice periods have returned to 42 days if:

  • The owner requires the premises for their principal place of residence (or for a family member) within 90 days of the tenancy ending and will remain living there for at least 90 days.
  • There is an unconditional agreement for the sale of the property requiring vacant possession.
  • The property is needed for occupation by employees or contractors of the landlord. The property must usually be used or obtained for this purpose, and this must be stated in the tenancy agreement.

Meanwhile, tenant’s notice periods have returned to 21 days, and certainty has been restored that fixed-term tenancies will now end on their set date, subject only to the simple requirement that a landlord or tenant must serve a written notice to confirm termination between 90 and 21 days before the term expires.

With this transition, there are technicalities regarding tenancy start dates—we’re here to help navigate them.

A raft of additional change is also underway, including amendments to pet consent rules, pet bonds, and pet damage liability provisions. Rest assured, our team at Goodwins is keeping ahead of every update, ensuring our clients remain well-informed and supported.

Here’s to a Strong 2025

Whether you’re buying, selling, renting, or investing, we’re here to help you achieve your property goals this year. Let’s make it happen together.

In-closing, I wish you a year of good health, prosperity, and happiness. Here’s to innovation, teamwork, and shared success in 2025!