Overseas Investment Amendment Bill passed by Parliament
The new law restricts certain overseas people from buying residential land in New Zealand, and takes effect late in October. Overseas people will not be able to apply to the OIO for consent to buy until then, but there will be information on the OIO website from early October. REINZ will be relaying information and guidance for members regarding the new rules shortly.
Regional Director Nominations - Results
This year, nominations were sought for two positions as Regional Directors on the REINZ Board in Regions 2 (Waikato, Bay of Plenty, Gisborne) and 4 (Nelson/Marlborough, Canterbury/West Coast). Regional Directors elected in Regions 2 and 4 will be elected for a two-year period (commencing following the 2018 AGM). Nominations closed yesterday.
Region 2 Outcome
Mr Neville Falconer was the sole nominee for the role of REINZ Regional Director (Region 2) and is deemed to be elected under Rule 7.4(f) of the REINZ Rules.
REINZ congratulates Mr Falconer, who has contributed significantly to the New Zealand real estate industry for more than 30 years. REINZ Chair Dame Rosanne Meo comments “We are delighted that Neville Falconer will be joining the REINZ Board later this year. Throughout my discussions with Neville, I have been hugely impressed with his commitment to both the industry and REINZ.” A copy of Mr Falconer’s biography is available here.
Mr Falconer will commence his REINZ Directorship following the 2018 REINZ Annual General Meeting.
Region 4 Outcome
Two nominations have been received for the Region 4 Directorship.
The first nominee is incumbent REINZ Director, Jim Davis. The tenure of a number of experienced REINZ Board members is ending following the 2018 REINZ Annual General Meeting. Accordingly, Mr Davis is seeking to be re-elected until March 2019 so there is continuity for the Board. Mr Davis’ full biography is available here.
The second nominee is Jane Meyer, who is the South Island Regional Manager for Ray White. Ms Meyer has been involved in the industry for more than 25 years and is known for her high-quality delivery of outcomes for both salespeople, business owners and corporate. Ms Meyer’s full biography is available here.
As there is more than one nominee for the Region 4 directorship, an election shall be held in accordance with Rule 7.4(f) and 12 of the REINZ Rules. The election will be via electronic ballot, in accordance with the REINZ Regional Director Election Process. Voting is open to eligible members resident in Region 4. Further information regarding the electronic ballot and voting instructions will be sent to eligible members of Region 4 shortly.
Non-Verifiable Training - LAST CHANCE!
Christchurch Property Managers' Workshop: Key Prospecting Strategies
Wednesday 22 August
In this engaging and practical 2-hour workshop you’ll learn a variety of prospecting strategies that will help you grow your rent roll and your portfolio. This session will assist you in raising your standards and becoming a recognized industry leader in your field of expertise.
2019 Verifiable Training - we need your feedback
Find out about proposed changes to verifiable training from January 2019 in this video.
If you could then take 2 mins to complete this survey so we can meet your training needs, that would be appreciated.
Verifiable Training
Tauranga Verifiable Training
Wednesday 5 and Thursday 6 September
Registration deadline Monday 27 August - a $50 per person late fee will apply after this date.
Auckland Verifiable Training
Wednesday 19 and Thursday 20 September
Registration deadline Monday 10 September - a $50 per person late fee will apply after this date.
Just Added
Balancing a Busy Work/Life Schedule
Wednesday 22 August
Gain greater sense of control of your business and life.
| Region | Dates | Location | |
|---|---|---|---|
| September | |||
| Tauranga | 5 - 6 | Club Mount Maunganui | Book Now |
| Auckland 2 | 19 - 20 | REINZ Centre of Excellence | Book Now |
| October | |||
| Christchurch 2 | 17 - 18 | The Atrium | Book Now |
Young Professionals in Real Estate
'Find Your Path' Panel session - LAST CHANCE
Thursday 23 August, 4.00pm - 6.00pm
Join us for our YPIRE panel session, facilitated by Bindi Norwell, REINZ Chief Executive.
Our panel will be talking about their path to success and how they found themselves in the positions they are in now.
Our special guests are: David Annan, Director at James Group; Amy Wagstaff Director and Branch Manager at Harcourts; Jared Cooksley Business Owner at Ray White; and Ben Macky Founder and Director at Wallace & Stratton.
2018 REINZ Awards for Excellence
This is your last chance to secure tickets for the Gala Dinner - Only a few tables remaining.
Contact Holly Adams at hadams@reinz.co.nz to secure your tickets now.
2018 REINZ Awards for Excellence Gala Dinner Tuesday 28 August, 6pm - 10pm
Buy Gala Dinner Tickets or 5 Ticket discount package or 10 Ticket discount package
Download the invitation
Regional Meeting
Tauranga Regional Meeting
Wednesday 5 September, 3.30pm - 5.30pm
Join Dame Rosanne Meo in her final year as Chairman and hear Bindi Norwell speak about what’s happening at REINZ and share the latest regional data. Our partner Property Press will share some relevant new research and at the end of the presentation there will be the opportunity to mix and mingle over drinks and canapés. We look forward to seeing you!
| August | |||
| YPIRE - 'Find your path' Panel session | 23 August | 4.00pm - 6.00pm | REINZ Centre of Excellence, Auckland |
| REINZ Awards Gala Dinner | 28 August | 6pm - 10pm | Cordis, Auckland |
| September | |||
| Tauranga Regional Meeting | 5 September | 3.30pm - 5.30pm | Club Mount Maunganui, Tauranga |
| 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 |
Case Update: Landlord liable for failing to attend to repairs in timely manner
Facts: The tenants of a residential property claimed that the landlord had breached its obligations to maintain the premises in a reasonable state of repair. The tenants’ complaint was two-fold: there was a leak in the roof and a possum problem resulting from the failure to trim overhanging trees. The tenants claimed a reduction in rent for four months (totalling $12,000). For its part, the landlord claimed it had engaged contractors to assess the leak, eradicate the possums and cut back the trees.
Decision: The Tenancy Tribunal found the landlord committed an unlawful act by failing to attend to cutting the trees in a timely manner. This led to the possum problem which in turn caused the tenants to suffer significant stress. Reasonable compensation was assessed at two weeks rent.
The Tribunal found that given the age of the property (built around 1885), addressing the leak in the roof could reasonably be expected to take considerable time to resolve.
The tenants’ claim for exemplary damages was unsuccessful. The landlord’s failure to attend to the trees was not intentional. In fact, the delay in attending to the trees was caused by a contractor rather than the landlord.
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.
Case Update: Licensee involved in mortgage fraud guilty of disgraceful conduct
Facts: The Licensee acted in three transactions involving properties being purchased and quickly on-sold to associated persons. In each case, the property was purchased around market value and was on-sold significantly in excess of market value. The Licensee acted on the on-sale transactions and was paid a $10,000 fixed fee. She was not required to market the properties or find buyers. Associated with the transactions, the purchasers made finance applications to a bank.
Decision: The READT found that the Licensee was guilty of disgraceful conduct. The first issue for the Tribunal was whether the Licensee understood she was assisting in a dishonest scheme. There was little doubt of this. While the Licensee may not have appreciated the precise way in which the scheme operated, she admitted that the transactions were strange, and she felt uncomfortable being involved. The transactions were inexplicable by normal standards. She was being well remunerated in circumstances where she was not required to perform the customary work of a real estate agent. It was not enough that she was not motivated to harm the bank; she acted deliberately irrespective of the consequences to it.
The Tribunal found that an agent of good standing or a reasonable member of the public would consider the Licensee’s conduct to be disgraceful. She deliberately contravened her obligation to refrain from assisting clients attempt to obtain finance from banks in a misleading way.
The above 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.
Foreign Buyer Ban passes third reading
Real Estate Institute of New Zealand (REINZ) chief executive Bindi Norwell said foreign buyers only made up a small portion of the market, and the outcome was disappointing in light of the latest statistics.
Watch the full video here.
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.
