The Real Estate Institute of New Zealand’s (REINZ) Monthly Property Report, released on the 15th of August, shows that sales counts increased across New Zealand in July 2023 compared to this time last year, bucking the trend of winter months being slow for sales. July also saw increased buyer activity across the country, with fewer properties for sale compared to last year, supporting suggestions of returning market confidence. Commentary from economists supports that buyers are again prepared to ‘compete for the keys,’ and salespeople across Auckland are reporting an increase in vendors selecting auctions, keen to take advantage of lower stock numbers as we run-up to the election.

Seasonally adjusted, REINZ reports that the median price in Auckland has risen by 0.6%, and the sales count is up 10.8% compared to July 2022.

Returning to real estate sales has been a pivotal element of Goodwins’ strategic plan to further elevate our clients’ complete real estate journey.

August has been a hugely affirming month that our Sales Team is delivering real estate services that not only meet but are surpassing client expectations. And we genuinely appreciate the trust being placed in us.

Client Wins this month:

1. Selling 16 St Catherine Crescent under the hammer was one of the most heart-warming auction successes that I have been a part of in my 18.5 years in Real Estate. Working on behalf of a Kiwi Expat, Brendan Goodwin exceeded our client’s hopes by a significant margin, leaving both the vendor and me in tears (over WhatsApp!). Moments like these make us incredibly proud. Here’s a short snippet of the review we subsequently received: “… your level of expertise in real estate marketing is phenomenal, and the quality of your professional approach is unmatched. I highly endorse you, your team, and recommend you to everyone who is looking to sell their property in the future. Thank you for the level of care and consideration for me, my property, and now my future life!”

2. Achieving unconditional status on the sale of 1-6/40 West Coast Road required our team to work very closely to support the purchaser’s multifaceted set of conditions while managing the impact of access for viewings and inspections on six active tenancies, without a single note of dissatisfaction from Goodwins’ managed tenants. Congratulations to Christine Ryan.

3. Always working in the best interest of our vendors, we welcome collaboration with all agents. Selling an exquisite home in St Marys Bay was achieved by doing exactly that. While other salespeople may ‘pitch’ to clients that they are open to collaborating with salespeople from all agencies, we do it! This off-market collaboration achieved a fabulous result for both the vendor (a landlord-client of Goodwins) and purchaser where a large, nationwide real estate agency couldn’t.

Industry Recognition:

Furthermore, I am pleased to share the news that Brendan Goodwin was awarded Finalist in the category of Sales, Rising Star at the 2023 Real Estate Institute’s Awards for Excellence on Monday the 21st of August. Brendan’s performance was spoken of highly by the REI’s Chief Executive: “Brendan has had a stellar start to sales, that is for sure.” This is a fiercely competitive group, and this accolade is hard-earned and well-deserved. I know you will join me in congratulating Brendan.

Regulatory Update:

The other BIG news for our industry was received on the 18th of August when REINZ shared the following press release, which I share with you in full:

“This afternoon, the legislation to regulate residential property managers in New Zealand was introduced in Parliament. This is the long-awaited next step in this becoming law. This bill establishes a regulatory regime designed to improve the provision of residential property management services in New Zealand by establishing minimum entry requirements for residential property managers, ensuring residential property managers meet professional standards of practice, and establishing a complaints and disciplinary process that applies to residential property managers.

You can now read the proposed legislation at this link: Residential Property Managers Bill 280-1 (2023), Government Bill – New Zealand Legislation.

Requiring property management companies to hold appropriate insurance will provide important protection for both landlords and tenants. In addition, property management organizations will be required to operate a trust account that may be audited by the REA, who can appoint a qualified auditor to do so. This is to ensure all funds received on behalf of a client or tenant are secure and will not be misappropriated.

Property management continues to grow in complexity. Over the past four years, we’ve seen a raft of changes to legislation within the Residential Tenancies Amendment Act, Healthy Homes legislation, changes to the Privacy Act and Health and Safety at Work Act, and more. Add to that environmental and social challenges such as Cyclone Gabrielle, and we have a profession that New Zealanders have come to rely on.

Property managers across New Zealand collect millions of dollars from renters each week and manage hundreds of millions of dollars of landlords’ assets. This is a vital sector that impacts directly on people’s lives, whether through access to homes to live in or in supporting investment goals.”

I, personally, believe the exclusion of private and public landlords, including Kainga Ora and registered Community Housing Providers, is remiss and will undermine the overall effectiveness of the proposed regulatory measures. To many thought-leaders in our industry, it is a glaring oversight, which is disappointing. But, that-said, I am relieved that our looming election didn’t cause this proposed legislation to be passed over.

As we navigate the dynamic landscape of Auckland’s real estate market, we remain committed to providing exceptional service and delivering outstanding results for our valued clients. If you have any questions, require assistance, or wish to explore opportunities in Auckland’s real estate market, please don’t hesitate to reach out to our dedicated team. Stay tuned for more updates, and until next month, take care and stay safe.