REINZ Focus Groups
In March, REINZ held a series of focus groups to better understand industry needs. Some of the topics addressed in these focus groups included:
- How REINZ can better serve C&I through data
- What enhancements can be made to the REINZ eForm platform
- What reports generated in our new Statistics portal would be useful for agents
The discussions and insights are extremely valuable as they help REINZ build products which are genuinely useful for our members. We will be continuing to hold these sessions throughout the year so please reach out to statistics@reinz.co.nz if you are interested in attending.
New Information Sheets now available
Bright-line test Information Sheet incorporating the recent extension of the bright-line test from 2 years to 5 years.
Asbestos Information Sheet for Property Managers relating to the new asbestos regulations
Non-Verifiable Training
Auctioneering Fresh Starter Training
Monday 9 & Tuesday 10 April
Presented by Mark Sumich. A 2-day training course suitable for those who have called under 10 auctions or none at all! Interactive, fun and lively session for those who want more practice and training that will also add to non-verifiable hours.
Anti-Money Laundering
Thursday 12 April
Come along to a one-hour presentation by Lisa Gerrard (REINZ’s Chief Legal Officer) on the hot topic of Anti-Money Laundering.
Supervision Workshop
Friday 30 April
A practical 2-hour workshop led by Graham Crews, who is sure to engage and entice you in this subject area.
Rising Stars Auctioneering Training
Thursday 1 May
Get ready for the national competitions in June at REINZ! Come along to this 1-day hands-on, practical workshop and get yourself sorted for the novice champs.
Keep up with the latest non-verifiable courses being updated here.
Verifiable Training
Dunedin Verifiable Training Seminar
Wednesday 11 & Thursday 12 April
Registration deadline Tuesday 3 April - a $50 per person late fee will apply after this date
Gisborne Verifiable Training Seminar
Wednesday 11 & Thursday 12 April
Registration deadline Tuesday 3 April - a $50 per person late fee will apply after this date.
New 2018 Webinars
The Marketing Advantage for Residential Sales People
The Marketing Advantage for Property Managers
The Marketing Advantage for Business Brokers
| Region | Dates | Location | |
|---|---|---|---|
| April | |||
| Auckland Central | 4 - 5 | REINZ Centre of Excellence - Grafton | Book Now |
| Dunedin | 11 - 12 | The Dunedin Centre | Book Now |
| Gisborne | 11 - 12 | Emerald Hotel | Book Now |
| May | |||
| Thames | 2 - 3 | War Memorial Civic Centre | Book Now |
| Whangarei | 9 - 10 | Toll Stadium | Book Now |
| New Plymouth | 16 - 17 | Novotel | Book Now |
| Hamilton | 23 - 24 | Hamilton Working Mans Club | Book Now |
| Invercargill | 23 - 24 | Ascot Park Hotel | Book Now |
| June | |||
| Taupo | 6 - 7 | Great Lakes Centre | Book Now |
| Rotorua | 20 - 21 | Holiday Inn | Book Now |
| Whakatane | 27 - 28 | Tuscany Villa | Book Now |
| Timaru | 27 - 28 | The Grosvenor | Book Now |
| July | |||
| Wellington | 4 - 5 | ASB Sports Centre | Book Now |
| Nelson | 25 - 26 | Trailways Hotel | Book Now |
| Palmerston North | 25 - 26 | Hotel Coachman | Book Now |
Upcoming Events
YPIRE Autumn Event - Thursday 19 April, 6pm – 9pm
Join us for the Young Professionals in Real Estate event of the season! Tickets are only $15
Upcoming REINZ Breakfasts and Seminars
Commercial & Industrial Breakfast - Tuesday 10 April, 7.30am – 10am
Join MC David McConnell, Dame Rosanne Meo, Wendy Alexander and Bindi Norwell at this breakfast seminar designed specifically for Commercial and Industrial specialists.
Cost includes entry, buffet breakfast, tea and coffee and a line-up of top speakers.
Download the poster
Superstars Breakfast - Tuesday 1 May, 7.30am – 10am
Come and join MC Bryan Thomson, Dame Rosanne Meo, Bindi Norwell and our panellists as they share their insights into their winning secrets to success at our popular ‘Superstars Breakfast’.
Cost includes entry, buffet breakfast, tea and coffee as well as a line-up of top speakers.
Download the poster
North Island Rural Seminar - Save the date - Tuesday 12 June, 11am – 3pm
On the day before Mystery Creek opens – join us for a half day seminar, filled with knowledge, inspiration and information, tailored specifically to the Rural Sector.
Download the poster
REINZ Conference
Residential Property Management Conference - Friday 3 August, 8am - 5.30pm
Join us for our annual RPM Conference for 2018, held at the Pullman Auckland Hotel. Hosted by Simon McKinney and featuring keynote speaker Hon Phil Twyford.
Please register separately if you wish to attend the cocktail party where we will announce an inaugural Property Management Award.
Commercial & Industrial Conference - Friday 3 August, 8am - 5.30pm
Join us for our annual C&I Conference for 2018 and earn 6.0 NV hours. Hosted by Simon McKinney and featuring keynote speaker Hon Phil Twyford.
This year our conference will be held at the, Pullman Auckland Hotel. Please register separately to attend the evening cocktail party giving you the opportunity to network with colleagues.
Conference Cocktail Evening - Friday 3 August, 5.30pm - 8pm
Join us for our end of conference cocktail party at the Pullman Auckland Hotel. This is included in your conference registration but get in quick as there is limited space!
| April | |||
| Gisborne Regional Meeting | 6 April | 2pm – 4pm | Emerald Hotel, Gisborne |
| C&I Sector Breakfast | 10 April | 7.30am – 10am | Hotel Pullman, Auckland |
| May | |||
| Superstars Breakfast | 1 May | 7.30am– 10am | Grand Millennium, Auckland |
| June | |||
| North Island Rural Seminar | 12 June | 11am – 3pm | Hamilton |
| NZ Auctioneering Championships Draw | 17 June | 5.30pm – 7.30p | REINZ, Auckland |
| NZ Auctioneering Championships Heats | 18 June | 10am – 5pm | REINZ, Auckland |
| NZ Auctioneering Championships Finals | 19 June | 10am – 6pm | REINZ, Auckland |
| Manawatu & Wanganui Regional Meeting | 20 June | 4pm – 6pm | Manawatu Golf Club, Palmerston North |
| August | |||
| REINZ Property Management Conference | 3 August | 8am - 5.30pm | Pullman Hotel, Auckland |
| REINZ C&I Conference | 3 August | 8am - 5.30pm | Pullman Hotel, Auckland |
| Conference Cocktail Evening | 3 August | 5.30pm - 8pm | Pullman Hotel, Auckland |
| September | |||
| Women's Breakfast | 27 September | 7.30am - 10am | Pullman Hotel, Auckland |
| October | |||
| Australasian Auctioneering Championships Draw | 14 October | 6pm - 7.30pm | REINZ Centre of Excellence, Auckland |
| Australasian Auctioneering Championships Heats | 15 October | 10am - 5pm | Q Theatre, Auckland |
| Australasian Auctioneering Championships Senior Finals | 16 October | 10am - 5pm | Q Theatre, Auckland |
| Australasian Auctioneering Championships Gala Dinner | 16 October | 6.30pm - 10.30pm | The Maritime Room, Auckland |
New asbestos regulations in force
The Health and Safety at Work (Asbestos) Regulations 2016 are in full force from today. REINZ has prepared an Information Sheet on asbestos for property managers, which is available here. REINZ has written to Worksafe to obtain further clarity around the obligations of residential property managers under the new regulations and will update the Information Sheet as information comes to hand.
Tenant’s request to reduce market rent and set aside rent increase notices dismissed
Facts: The decision concerned a periodic tenancy which began in mid-2013. The Tenant claimed that the current rent of $270 per week is excessive and should be reduced, as the property was of an older style with some maintenance issues. The Tenant provided adverts from the end of 2015 for comparable properties in the area which ranged from $180 – $220 per week.
The Landlord said the adverts don’t relate to comparable properties and provided a list of 108 comparable properties, with rent ranging from $160 - $400 per week.
The Tenant also sought to set aside three rent increase notices from the Landlord. The Landlord accepted that an administrative error occurred so that those notices were all “out” by three days in terms of service.
The Tenant further brought a claim for a number of minor maintenance issues that were raised with the Landlord but had not yet been remedied.
Decision: The Tribunal declined the Tenant’s request to reduce the rent and to set aside the three rent increase notices.
Although the initial weekly rent was above the median for the area in 2013, this does not prove the amount exceeded market rent by a substantial amount. Furthermore, the current rent of $270 per week equates to the current median rent in the area as per the Tenancy Services website. The adverts provided by the Tenant were not comparable properties and related to 2015.
The Tribunal was satisfied the error by the Landlord in serving the rent increase notices was inadvertent and technical in nature and, bearing in mind the Tribunal determines each dispute by the general principles of the law and the substantial merits and justice of the case, it dismissed the Tenant’s request to set those notices aside.
However, the Tribunal was satisfied that the Landlord had taken far too long to remedy some of the maintenance matters that the Tenant had raised and imposed a work order on the Landlord to remedy those matters within 6 weeks. If the Landlord did not complete the works as specified in the timeframe, then they would have had to pay the Tenant an amount equivalent to three weeks’ rent.
Disclaimer: The information in these case summaries is for general informational purposes only and may only discuss some, not all, aspects of a case. It does not constitute legal or other professional advice and does not replace your company’s internal policies and guidelines. Always check your company’s guidelines, policies and information first and seek legal advice if you have any queries.
Bright-line Test extended from 2 years to 5 years
As legislation extending the Bright-line test from 2 to 5 years was passed last Thursday, 29 March 2018, it may be useful to inform your clients of the change, which is likely to affect property investors who buy and sell rental properties.
The extension requires income tax to be paid on gains from properties classed as “residential land” that are bought and sold within 5 years, where the property was not used as the owner’s “main home” and does not fall under other exemptions. The Bright-line test is likely to capture the buying and selling of most rental properties.
REINZ has published an Information Sheet on the extended Bright-line test here.
Bright-line test extended from 2 years to 5 years
The legislation that extends the Bright-line test from 2 years to 5 years is now in force.
We have published an updated Information Sheet to explain the practical implications of the change, along with “red flags” that licensees should be aware of.
Briefly, the change means that vendors will need to pay income tax on gains from the sale of any property that is classed as “residential land” that is bought and sold within 5 years, unless an exemption applies (for example, if the property being sold is the vendor’s “main home”).
The 5-year Bright-line test only applies for sale and purchase agreements entered into on or after 29 March 2018. For sale and purchase agreements entered into after 1 October 2015 and before 29 March 2018, the 2-year Bright-line period applies.
For standard purchases of residential properties, the Bright-line period starts from the settlement date and ends on the date the person enters into an agreement to sell that property. Different start and end dates govern some situations. For example, for “off the plan” sales, the Bright-line period starts earlier, on the date the person enters into an agreement to purchase the property.
Please click here for the updated Information Sheet on the Bright-line test.
When must I provide a pre-contract disclosure statement (PCDS) to a prospective purchaser, and what happens if anything in the PCDS turns out to be incorrect?
If you are selling a unit title property, section 146 of the Unit Titles Act 2010 requires the seller to provide a pre-contract disclosure statement (“PCDS”) before a buyer signs an agreement for sale and purchase. The form of the PCDS is prescribed under the Unit Titles Act. A copy of the prescribed form is available here.
In practice, usually the licensee contacts the Body Corporate, on behalf of the seller, to obtain the PCDS. The licensee then makes the PCDS available to interested purchasers.
Licensees should be aware of clause 9.2(1) of the agreement for sale and purchase. Under this clause, the vendor gives a warranty that the information in the PCDS provided to the purchaser is complete and correct. Licensees should therefore alert the vendor to this clause and check with the vendor that the PCDS is indeed complete and correct, so that the vendor is in a position to give the warranty under clause 9.2(1). Breaching a warranty can result in the vendor having to pay compensation to the purchaser. Parties should always be encouraged to take legal advice before signing an agreement.
Section 150 of the Unit Titles Act also requires the seller to correct any inaccuracies contained in a PCDS, with the buyer having a right to postpone the settlement date if the statement correcting the inaccuracy is given within 5 working days before the settlement date.
Please email any advisory or compliance questions to Sonia Ng, Lawyer, REINZ Advisory Services, and we may feature your question and our response here. This column is intended for general information only and does not constitute legal advice and does not replace your agency’s internal policies and guidelines. Always check your agency’s guidelines, policies and information first and seek legal advice if you have any queries.
Unit Titles Act Review
Throughout 2017, REINZ participated extensively in a working group that was set up to review the Unit Titles Act. The recommendations proposed by the Working Group, including a recommendation for greater disclosure by vendors of unit title properties, are currently on hold following the change of Government. REINZ has been advised that the new Government will look at the Working Group’s recommendations but not until the end of 2018, due to other priorities. REINZ will keep its Members up to date as more information is released.
REINZ eForms Platform training – Non-Verifiable
Learn how to use the eForms platform to fill in agreements or offers. Set templates, clone agreements or transfer agreements from auction to S&P or tender. Mary and Deborah from REINZ will take you through a Q&A style training session using a S&P agreement to get you started, or simply refresh your skills. A number of these non-verifiable webinar sessions will be held next week. If you are interested in attending one of these sessions, please register for your preferred session here.
New Member Benefits partner - Virtual reality company, iStaging
This week, REINZ announced its newest Member Benefits partner, iStaging, who run a subscription based Virtual Reality Tour Maker. Upon signing up you will also receive a free lens, free rotator and free training with kloudpro.
Use code REINZ10 for 10% off the Ultra or Ultimate package.
Join the kloudpro Facebook Group for the live trainings
Fresh round of funding available for Women's Leadership Development
Women & Leadership New Zealand (WLNZ) is excited to announce a new pool of scholarship funding is available for women working in the real estate and property sector to undertake a range of leadership development programs.
The initiative is providing women with grants of between $3,000 and $8,000 for part-time accredited courses that are starting later this year.
Expressions of Interest
Funding is strictly limited and early registration is advised. Find out more and register your interest by completing the Expression of Interest form here prior to April 27.
REINZ works in partnership with NetYourJob recruitment to provide maximum industry coverage when you’re looking for real estate staff. NetYourJob can provide REINZ Members with competitive marketing rates for job advertising. Contact NetYourJob on 0800 638 968 to find out more or click here to view new jobs this week.
