Otago Property Investors Association Inc

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otago@nzpif.org.nz

News & Updates

Recent updates

30-05-2008

AMENDMENT BILLS INTRODUCED

The RTA Bill contains a range of reforms including high profile areas such as bringing boarding houses under tenancy law and provisions to limit tenant liability for damages.

 

The UTA Bill is to modernise unit titles law, making unit title developments easier to manage and providing greater flexibility for both unit title owners and bodies corporate.

 

Parliament commences a two week recess and will not resume again until Tuesday 17 June. The first reading of both bills will be sometime mid-June.

 

Copies of the Bills will be circulated once they come to hand.

 

BUDGET 2008

Finance Minister Michael Cullen delivered Budget 2008 on 22 May.

 

His statement included or confirmed the following housing/investment areas of interest to the Federation:

 

  • Shared Equity: will see the government provide an interest-free loan on a house of between 5 to 30 per cent of its value. To be launched 1 July and
  • 21,000 state houses to be insulated within five years as part of Housing New Zealand’s existing Energy Efficiency Retrofit campaign. Separately, there would be no mandatory private sector insulation until after all state houses have been retrofitted.

 

Separately, Government Spokesperson on Energy Efficiency and Conservation, Jeanette Fitzsimons, announced (23 May) changes to the solar water heating grants scheme for homeowners, including an increase to the grant from $500 to $1000.

 

POLITICAL CONTACT

As part of a regular contact program of Parliamentarians the President and Vice President visited Wellington during the month.

 

With pending legislation and as a pre-election activity a series of meetings were held with a number of key Government and opposition politicians including:

 

  • Hon Maryan Street (Minister of Housing)
  • Judy Turner (United Future - Housing spokesperson)
  • Tariana Turia (Maori Party – Housing spokesperson)
  • Pita Paraone (NZ First - Housing spokesperson)
  • Heather Roy (ACT - Housing spokesperson)
  • Phil Heatley (National - Housing spokesperson)

 

The meetings achieved two Federation objectives, which were to maintain a dialogue with MPs and to keep them briefed as to industry perspectives. Arrangements were further made to brief each Party in the coming months.

 

PROPERTY INVESTORS SURVEY

The annual ANZ Property Investors Survey was released earlier this month.

 

Of interest to the Federation was the high level of investor concern and risk respondents saw with future new Government policy and legislative changes.

 

There were concerns expressed in the taxation area particularly changes to tax and loss attributing qualifying company (LAQC) rules and ring fencing of rental losses.

 

MPS & PROPERTY

The Register of Pecuniary Interests for MPs was tabled in Parliament last month and gives an intriguing insight into how the country's 121 MPs choose to invest their money.

 

Of interest to the Federation, the register shows property remains the investment choice of many MPs.

 

Prime Minister Helen Clark has houses in Auckland and Wellington, as well as an investment property in the Rodney district and a house in the United Kingdom.

 

National Party Housing spokesperson, Phil Heatley has 3 properties.

 

Other MPs of interest to the Federation include members of the Social Services select committee (who are reviewing the Residential Tenancies Amendment Bill).

 

MP

Party

Beneficiary of

a Trust

No of properties

Sue Bradford

Green Party, List

N

1

Bob Clarkson

National Party, Tauranga

Y

9

Judith Collins Deputy-Chairperson

National Party, Clevedon

Y

0

Russell Fairbrother  - Chair

Labour Party, List

N

2

George Hawkins

Labour Party, Manurewa

N

1

Paul Hutchison

National Party, Port Waikato

Y

0

Steve Maharey

Labour Party, Palmerston North

Y

0

Lynne Pillay

Labour Party, Waitakere

Y

1

Heather Roy

ACT New Zealand, List

Y

0

Katrina Shanks

National Party, List

Y

0

Judy Turner

United Future, List

Y

3

 

END

 

 

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