As someone who has been involved in property management for a long time, and as a property investor myself, 2023 is already shaping up to be another wild year after a somewhat challenging 2022. So, what do I see happening in 2023 and what’s on the horizon?

• We have previously mentioned the overdue and much needed upcoming changes to the UTA with most provisions in Stage 2 coming into force on 9 May 2023. As Body Corporate Manager Steven Garland noted, we already incorporate many of the proposed changes in our current processes.
• On the cards for progress in 2023 will also be the reregulation of property management with a draft bill introduced target date of May 2023. I was disappointed to see the property management industry deregulated in 2008 so I personally support these changes to have the industry reregulated.
• With an election year there is also the possibility that governments could bring in or reverse legislation to attract voters. National have indicated that if they are elected, they intend to reverse the doubling of the bright line test legislated in 2021, and reverse the removal of interest deductibility. This legislation has not as intended helped first home buyers nor is it equitable for property investors and needs to be repealed. Labour intends to update the Resource Management Act to ensure building housing is easier and, we hope more affordable. I am looking forward to seeing the detail of this reform. I am sure all property investors will be interested in seeing how the October election plays out and affects their own portfolios.
• In Auckland we have recently noticed an increase in demand for the inner-city apartment rental market which we have been looking forward to for the last two years. International students coming back to Auckland has assisted with an increase in demand which has helped ensure vacancy rates in that area are at last reducing.
• REINZ reported that activity in the sales market in January 2023 started slowly but in February is showing signs of increasing. House prices continuing to drop overall will have been noted by those looking to add to their portfolio. REINZ reports are based on online sales data and are therefore up to date.

Auckland still has a housing shortage and we at apm are looking for additional homes, townhouses, and apartments to manage. The majority of our new business comes from referrals and therefore we have increased our referral bonus to a $500 Westfield Voucher. If you know someone looking for property management services, then please get in touch with our team today.

Yes, this year will be challenging but we look forward to continuing to provide reduced risk services for our residential, commercial, bodies corporate, residents association, and Waiheke holiday home clients in 2023.