Firstly, our apologies for there not being a newsletter last month. A family illness and then funeral threw our schedules out more than just a little. In 14 years this is only the 3rd time we have not sent out a monthly communication.
That’s right – 14 years. We celebrated our anniversary recently and we appreciated the kind messages that we received. We are very proud of the fact that several of our clients have been with us for all of that time so we feel we are doing somethings right.
It is interesting looking back. In those days the ‘To Rent’ column in The Press could extend to more than 1 page and of course TradeMe hadn’t really had an impact. Today those positions have reversed with The Press today containing very few listings. Back then many of the advertisements had been placed by private owners – today most listings on TradeMe are from professional property managers. Back then it was a tenant’s market in as much as they had so many options. Today it is not unusual to see competition for properties though in fairness that situation is changing. And as for rent levels back then $400 was a high price for a typical rental – today it is often a lot more. And today there are considerably more controls and regulations around the rental property sector than we had ever foreseen.
What hasn’t changed however is that good property and well-presented property will find a tenant. Good school zoning, close proximity to transport routes, close proximity to shopping al add to the attractiveness of a rental. Back at the beginning proximity to the CBD for work and entertainment was a key factor. Following the earthquakes, the inner city fell out of favour but that has now changed again. The only concern is that with so many new apartment blocks supply can sometimes outstrip demand and finding good tenants can take a little longer.
The market of recent weeks has been hard to read. Some weeks interest from potential tenants is high then we go through a lull. So, let’s just say that it has been steady. There has also been very strong interest in Christchurch investment properties by parties outside of the city. Even though Christchurch properties recorded their largest increase for sometime over the past quarter they remain comparatively cheap when compared to similar property in Auckland or Wellington. We are fortunate to have been selected by several out-of-town investors to help them with selection. Usually, they are choosing to buy suburban, 3-bedroom townhouses or houses with some going for inner city apartments. As roading networks have improved locations such as Rolleston, Lincoln. Rangiora have once again seen increased popularity.