30 | Rental price surge ‘real issue’ Bayleys Taranaki has experienced a surge in demand, with as many as 25 applicants for a single house, says general manager Luke Conroy. Taranaki: Success Realty Ltd - Bayleys Taranaki REGIONAL DEVELOPMENT T T Alexia Anderson Bayleys Taranaki has full visibility on New Zealand’s housing crisis, endeavouring to guide individuals through the challenges posed by the current situation. The impact of elevated interest rates has compelled some homeowners to sell, resulting in the displacement of renters. This, coupled with a shortage of rental properties, has intensified the pressure on the housing situation. Luke Conroy, the General Manager of Bayleys Taranaki, has observed the issue escalating as homeowners grapple with rising costs, including increased interest rates and the expenses associated with bringing a property up to healthy home standards. Consequently, a growing number of landlords are opting to sell their investment properties. While this presents an opportunity for homebuyers, it simultaneously diminishes the availability of rental properties. Luke explains that for some landlords, maintaining both their investment property and their own residence is for some, no longer feasible, prompting them to divest their rental portfolio. This predicament is not unique to Taranaki and is exacerbated by an estimated influx of 1000 people into the region annually, according to Venture Taranaki. “It’s a complex situation that affects a lot of people,” says Luke. Rental prices have also surged, creating an additional challenge for residents. The weekly median rental price in Taranaki has risen by 12% year on year, reaching $474 per week, as reported by Venture Taranaki. “It highlights the fact there’s a real issue here,” Luke emphasizes. He attributes these challenges to basic economic principles - the interplay of supply and demand, which inevitably drives prices upward. “It’s a complex situation that affects a lot of people.” Proposed changes in taxation, Luke notes, would likely see an instantaneous impact on the investment property market providing some much needed relief Bayleys Taranaki has experienced a surge in demand, with as many as 25 applicants for a single house in recent times, underscoring the severity of the housing shortage. Offering a comprehensive range of services across the real estate sector, from property sales to property management, the Bayleys Taranaki team has witnessed the full spectrum of challenges. As a nationwide organization, Bayleys is acutely aware of the widespread nature of the housing crisis. Luke urges a swift and ambitious approach to address the challenges at hand. “While the sector is facing some challenges, some positive things are still happening,” Luke points out, highlighting the valuable relationships his team builds with landlords and tenants. “The team here are deeply passionate about helping people and providing an exceptional service for our clients. Your Business, Your Industry, Your News. Volume 6 | Issue 2 | April 2021 www.waterfordpress.co.nz ‘Excellence in Energy’ Taranaki’s Todd Energy will have a key role to play as New Zealand moves toward a low emissions economy. Page 8 Waikato farmers Dean & Ang Finnerty have expanded their dairy cow operation into a successful goat milking enterprise as well PAGE 10 Turning challenge into opportunity AUTUMN 2022 www.waterfordpress.co.nz Volume 6 | Issue 3 | July 2021 www.waterfordpress.co.nz Making waves Back on track New Zealand hydrofoil maker Armstrong is generating interest around the world with its high performance products. Work on the ambitious NZCIS facility in Upper Hutt is progressing well after Covid disruptions. PAGE 70 PAGE 10 Healthy delivery A new elective surgery facility in Hastings will provide a big boost to the region’s operating capacity. PAGE 52 Volume 6 | Issue 5 | December 2021 www.waterfordpress.co.nz Cheers Boys! YoungWellington irm3Māori Boys is creating a buzz with it’s ground-breakingWai Manuka natural beverage. PAGE 45 Passion and pride New Plymouth’s Energyworks has forged a strong reputation in 50 years of business. PAGE 64 Seaview upgrade CentrePort’s SeaviewWharf facility is set for a major upgrade to bring it up to international standards. PAGE 14 businesscentral Each edition priority delivered to your door. i i i i li . www.waterfordpress.co.nz/subscriptions . . . 03 983 5525 Stay informed; we work with business owners and decision-makers across all economic sectors, pro iling their success. i ; i i i i - ll i , ili i . Mat Webb evogas@outlook.co.nz 0275 386 583 06 751 1509 | office@heatcooltaranaki.co.nz | www.heatcooltaranaki.co.nz
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