As you probably know by now the Labour Government has a bill before parliament that will make some rather meaningful changes to residential
Word on the street is that these reforms are being pushed through as fast as possible. I can only assume that after election promises
around housing, immigration and tax amounted to not much, the government feels under pressure to show that they are doing something before
the next election.
By far the two changes that have caused the most concern and discussion are:
The removal of the no-cause 90-day termination of tenancies.
Mandating that fixed term tenancies will revert to periodic at the end of the fixed term.
I recorded a conversation that explores what these and the other changes mean and how you can take some action with Sarina Gibbon from the
Auckland Property Investors Association (APIA). Sarina has done a lot of research on this topic so that you don't have to and APIA have
generously offered to share these resources with non-members on a publicly available web
This includes a quick guide to the changes if you don't want to
watch the entire video.
Please take some time out of your day to have a watch/listen and then take action by making a submission.
Submissions close at midnight on March 25.
A number of people have asked me what I plan to do. I'm making a submission, telling friends and family (who aren't investors) about what
this could mean for their own lives, and continuing to buy rental properties to grow my portfolio. These changes will make some things more
difficult, however I still believe property is the best investment option for New Zealanders and if the government wants to bring in rules
that discourages some from investing in the face of increasing rental demand then that is surely going to be good for my business.
It's not just about finding a deal, to truly grow as an investor you need to plan towards your end portfolio and work with people who can help you move towards that vision. iFindProperty has a service that achieves that for clients, and we are excited to share it with you
As an accountant is not a place for my personal political opinions, but professionally speaking I’m pleased with this result, and cautiously
optimistic we might have a friendlier tax environment for the property sector for at least a few years. But what does this mean for property