Licensing call: The Property Managers Institute of New Zealand (PROMINZ) is joining tenant advocacy groups in calling for mandatory licensing of landlords. This follows a recent Tenancy Tribunal ruling in which a repeat offender private landlord was found guilty of failing to lodge bonds for 81 tenancies. PROMINZ said a licensing system would ensure only “fit and proper” landlords would be able to operate – including being able to advertise properties for rent.
‘Flipping’ in context: A recent OneRoof Property Report shows house-flipping in New Zealand is not as prevalent as popularly believed. More than 14,000 New Zealand homes were flipped within six months of purchase during the last property market boom, but that represented less than 3% of total sales, new research by OneRoof shows.
LVR settings unchanged: The Reserve Bank says its loan-to-value ratios (LVRs) had helped to cool the housing market and debt growth but risks remained, and the restrictions were still needed. Any further easing would be subject to continuing subdued growth in credit and house prices, and banks maintaining prudent lending standards.
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