Rental Property Vacancy rates

[Don't believe the Hype]

Current no of properties for rent in all of Porirua on TM is 37 out of an estimated 19k dwellings. 0.2% - rents can only go one way.

what’s it like in other places?

[Nick G]

Dunno but I've been told 5% rent upticks again this year. My "1.5" beddie in Brooklyn is the first to come up, 2016 - $340, 2017 - $360, 2018 - $390, 2019 - $415 (appraised). Which looks wonderful but the rent uptick from 2009 - 2016 was approximately $0. It all depends who writes the headlines!

Speaking of headlines, they all say properties are going to get cheaper even while rents go up a bit more due to working wage and allowance rising. Must be a lending crunch looming? But who will buy the 100,000 homes?

Are you seeing the construction costs getting silly where you are? It would have been nice in this whole pile of "make things better" policies that they had tried to make it so more people could afford to build.

[Perry]

Trust Dhil He Noes What He's Doing

But who will buy the 100,000 homes?

Those affordable ones?

Of the 10,000 per year, how many did Dhil Twitford manage in year one?

Eighteen or so, wasn't it?

If so, only 19,982 to kiwibuild in year two.

Brace yourself for the rental market to collapse under such an onslaught!

[Don't believe the Hype]

Nick - I have no idea on building costs ATM - I'm still waiting on council for RC for my next project. We've not even heard from them, no RFI nothing... 40 days + since we submitted. As you know there is a legislated 20 day time to complete RC by council.

It's interesting that if you ask the powers that be in the council they'll tell you they're pro development, want to work with people who want to build, are desperate for housing but those doing the work in the back offices seem to have no urgency.

The two houses we were going to do this Sept-March are now on permanent hold. Think I'll just pack up the house and take the family to Europe for 6 months at the end of the NZ summer.

[artemis]

Not sure where to find number of residential properties in a suburb but Wellington CC has population by suburb from the 2013 census.

Newtown suburb population 8418, Trademe rental vacancies 25.

Plenty of demand in the suburb but nothing to touch Porirua with its much greater population.

[Nick G]

Don't know about Porirua but WCC has a HR issue. New Mayor seems awful to work for, people leaving in droves, low quality people staying or joining, the few who are good are crunched. That's the rumor anyway. Last RC/BC took a long time for me too. I'm trying to bang one through quickly but am not optimistic, want to extend a house and add a bedroom.

Agree with packing off somewhere for a few months!

Nick - I have no idea on building costs ATM - I'm still waiting on council for RC for my next project. We've not even heard from them, no RFI nothing... 40 days + since we submitted. As you know there is a legislated 20 day time to complete RC by council.

It's interesting that if you ask the powers that be in the council they'll tell you they're pro development, want to work with people who want to build, are desperate for housing but those doing the work in the back offices seem to have no urgency.

The two houses we were going to do this Sept-March are now on permanent hold. Think I'll just pack up the house and take the family to Europe for 6 months at the end of the NZ summer.

[Courham]

Nick - I have no idea on building costs ATM - I'm still waiting on council for RC for my next project. We've not even heard from them, no RFI nothing... 40 days + since we submitted. As you know there is a legislated 20 day time to complete RC by council.

Put in a complaint with MBIE- the F3ckers need to be held accountable. I suddenly got action on my consent after I complained and MBIE got in contact with them.

https://www.building.govt.nz/resolving-problems/resolution-options/formal-complaints/complain-about-a-building-consent-authority/#jumpto-completing-the-complaint-form

As long as they aren't held accountable councils will continue to be piss poor at best.

Craig

[Nick G]

https://www.interest.co.nz/property/95898/independent-report-auckland-councils-building-consents-department-finds-major

[Perry]

https://www.interest.co.nz/property/...nt-finds-major

No surprises, there.

It's a common component of dinosaur-like, non-competitive, statute-backed, captive-clientele, regulatory-function, fee-self-setting, cash-cow-driven councils.

(Write that phrase down, will you! )

[Don't believe the Hype]

Put in a complaint with MBIE- the F3ckers need to be held accountable. I suddenly got action on my consent after I complained and MBIE got in contact with them.

https://www.building.govt.nz/resolving-problems/resolution-options/formal-complaints/complain-about-a-building-consent-authority/#jumpto-completing-the-complaint-form

As long as they aren't held accountable councils will continue to be piss poor at best.

Craig

thanks Craig I will do that. But in the short term I’ve delayed my project so I want to see how long it takes without follow up.

Turned my attention to updating my boat shed - the weather is warming up and if the council wants to get in the way of me providing much needed rental accommodation I will spend my time working on my recreation skills. Feet up, beers on the beach, surfing

[FJW]

Pretty much the same, there certainly is a massive shortage wider wellington region and beyond

[Don't believe the Hype]

Not sure where to find number of residential properties in a suburb but Wellington CC has population by suburb from the 2013 census.

Newtown suburb population 8418, Trademe rental vacancies 25.

Plenty of demand in the suburb but nothing to touch Porirua with its much greater population.

number of dwelling info here. Can break down to suburb level

https://forecast.idnz.co.nz/wellington/population-households-dwellings?WebID=280

Newtown dwellings in 2018 = 3553

with 25 vacancies it’s 0.7%

[artemis]

number of dwelling info here. Can break down to suburb level

https://forecast.idnz.co.nz/wellington/population-households-dwellings?WebID=280

Newtown dwellings in 2018 = 3553

with 25 vacancies it’s 0.7%

Thanks for that. The vacancies are only Trademe so there will be more. Trademe does seem to run most rental vacancies, though may be overlap with other sites I guess.

[Learning]

Thanks for the link. Though I'm not sure I'd believe the forecasts. My area 1.62% growth in next 5 years, then 1.31%, then 0.3% over the next ten years and then a drop of almost 0.1%??? Are they predicting this area will be "full" by 2038 and we'll have to close the gates?

[Nick G]

I think a lot of the predictions were before the flood of immigration in the last 3-4 years