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Top dollar asked for slum flats - Christchurch

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  • #31
    Virtually no rental homes free in Christchurch

    From Stuff 19/03/2012

    Many tradesmen are having to repair Christchurch's earthquake-hit homes while tenants are still living in them as the city's rental housing drought bites, the Real Estate Institute of New Zealand says.

    Are you looking for a rental home? Tell us your story [email protected]

    The institute surveyed its member property managers last week and found 66 per cent of the agents were trying to find month-long temporary accommodation for tenants while their houses were repaired.

    The property managers, who together manage 11,500 rental houses, said there was virtually nothing available in the city.

    About 40 per cent said it was impossible to relocate tenants and most were remaining in their home while it was fixed.

    The remaining agents were finding it extremely difficult to find vacant accommodation.

    Real estate institute Canterbury director Tony McPherson said the repairs were in danger of being delayed and the problem was going to get worse as rebuilds were added to the repair work.

    ''There is huge pressure on rental accommodation in the city from people who have been forced out of the red zone, the large short-term work force in the city there to assist with the recovery, as well as the normal seasonal demand from tertiary students.''

    Moteliers and other accommodation providers were becoming consistently full with displaced families rather than the usual numbers of tourists, which was affecting the business of other industries reliant on visitors spending money, he said.

    McPherson said he understood temporary accommodation opened up by Government was fully occupied.

    ''There is a need for a circuit-breaker if the rebuild of homes is to be carried out efficiently. Without it, the rebuild is in jeopardy, causing further frustration, delay and unnecessary stress on Christchurch people, who now want to get on with their lives.''

    He wanted more short-term rental accommodation to be set up by the Earthquake Commission (EQC) or the Department of Building and Housing, or other ideas to help house visiting tradesmen to relieve the pressure on the rental stock.

    Even providing shipping containers to store belongings while work is being done would help enormously, he said.
    Patience is a virtue.

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    • #32
      seems like a really tight market;... i wonder how thats affecting housing for people - where do people go? I suppose they go elsewhere then? it wouldn't causse homelessness would it

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      • #33
        also would that mean that ChCh is a good place to buy property for rentals right now?

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        • #34
          Well it really is saying the shortage is for short term accomodation - e.g. a month or so just to relocate people while their house was being fixed up.

          cheers,

          Donna
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          • #35
            Yep, the govt carefully provided a heap of emergency accommodation a few months post-quake when it wasn't needed and seem to have very little now that it is needed. Sigh.

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            • #36
              That shortage though will last a long, long time. I'm about to go unconditional on a house tomorrow. To be honest, it's also hard to find a place to buy.

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              • #37
                Pity they aren't using the undamaged red zone housing for accommodation.

                www.3888444.co.nz
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                • #38
                  Short term rentals - will invariably command much higher premuim than long term.

                  Simple really.

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                  • #39
                    'Accidental landlords' push prices up

                    From Stuff 21/3/12

                    Landlords shifting from earthquake-damaged homes into their own rentals and "accidental landlords" selling up is worsening the Christchurch rental crisis.

                    The city already faces a severe shortage of rental houses and fast-rising rents as people shift out of red zones and damaged homes.

                    The head of the Real Estate Institute's Canterbury-Westland branch, Tony McPherson, said the rental pool was shrinking fast and most sales now were to homeowners.

                    The trend was happening just as rentals were in high demand from tenants.

                    "A lot of those selling now are the accidental landlords – those that couldn't sell their homes at the end of the boom when prices dropped.

                    "They chose to rent rather than sell after 2008, but they're selling now that prices are going up."

                    McPherson said landlords were deciding not to rebuild because of insurance hassles.

                    He said other factors driving down rental stock in the city were the number of habitable homes now vacant in the red zones, and landlords moving out of their damaged homes into what had been their investment properties.

                    Harcourts real estate branch owner Lynette McFadden said many rental houses were being sold out of the rental pool.

                    "People are seeing demand for homes out there and they are thinking, 'I don't want to be a landlord any more; I'll let it go'.

                    "And we've had people with rental properties who are taking them back to live in because their own homes were damaged, or their family's homes were damaged, and they've jolly well needed them."

                    First-home buyers tempted by low interest rates were buying in increasing numbers, many picking up homes that would have been rental properties before the quakes, McFadden said.

                    Houses in Christchurch are selling in bigger numbers than in any month since 2009, institute figures show.

                    The latest Building and Housing Department figures show median Christchurch rents have risen 11 per cent in a year, with rents for larger homes rising the most.

                    The department says improved home ownership affordability is in contrast to declining rental affordability, which has declined sharply as rental stock runs short.
                    Patience is a virtue.

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                    • #40
                      Those dam greedy landlords again....

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                      • #41
                        *sigh* Yep, damn them for wanting to live in their own properties after their PPOR has been damaged/red-stickered. It's just soooo unfair!!!
                        Patience is a virtue.

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                        • #42
                          Workers accommodation.
                          45k apparently.

                          www.thepods.co.nz/index.html

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