Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More

Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Changing regulation biggest concern for real estate


The issue that could have the greatest impact on the real estate profession over the next three years is changing government and local council regulations, according to research issued today by the Real Estate Institute of New Zealand (REINZ).

According to a survey of 1,861 real estate professionals around the country, 59% citied changing regulation as their top concern, whereas two years ago changing regulation was 6th on the list with 51% citing it as having a great impact.

Bindi Norwell, Chief Executive at REINZ says: “Given the pace of legislative change the real estate profession has had to deal with over the last two years, including Anti Money Laundering, changes to the Residential Tenancies Act, a ban on letting fees, negative gearing, asbestos, methamphetamine and a ban on foreign buyers, it’s not surprising that regulation is top of mind right now for the industry.

“The real estate industry has had to deal with more legislative changes in the last two years than we’ve dealt with in the five years prior. This has involved a significant level id upskilling across the industry as well as the implementation of new technology systems and processes; all of which require an investment which comes at a cost,” says Norwell.

Second on the list of issues that could have the greatest impact on the real estate industry is global economic conditions with 53% of respondents citing this as a concern – up slightly from 52% in 2017. This was followed closely with New Zealand’s the aging population (53% - down from 57% in 2017) and new legislation (50% up from 39% in 2017).

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

Other trends viewed as having the greatest impact on the real estate industry are people moving from larger cities to small towns (50% down from 52%), immigration (39% down significantly from 65% in 2017) and more apartments/terraced houses being built (36% down from 43%).

“When we last surveyed the profession back in 2017, the issue that the industry felt could have the greatest impact was interest rates with 69% of respondents citing that as their top trend. As interest rates have continued to fall over the last two years, it’s now 9th on the list,” concludes Norwell.

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Business Headlines | Sci-Tech Headlines

 
GenPro: General Practices Begin Issuing Clause 14 Notices

GenPro has been copied into a rising number of Clause 14 notices issued since the NZNO lodged its Primary Practice Pay Equity Claim against General Practice employers in December 2023.More

SPADA: Screen Industry Unites For Streaming Platform Regulation & Intellectual Property Protections

In an unprecedented international collaboration, representatives of screen producing organisations from around the world have released a joint statement.More

 
 
 
 
 
 
 
 
 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.