| 119 T T Russell Fredric Regaining tax deductibility good news Bayleys Property Management Southland specialises in residential property throughout Southland. PROPERTY Bayleys Property Management Southland Property investors regaining tax deductibility on mortgage interest is good news for both investors and tenants, Bayleys Property Management Southland team leader Catherine Wilson says. Associate finance minister David Seymour announced on March 10 that the Government would restore deductibility for mortgage interest on residential investment properties. This was phased in from April 1 this year when all affected taxpayers will be able to claim 80% of their interest expenses, and 100% from April 1 2025 onwards. “I don’t think the rents will increase as steeply as they have; there will be more slowand-steady increases,” Catherine says. Operating as Southland Real Estate Property Management until last August, Bayleys Property Management Southland specialises in residential property throughout Southland and manages a considerable portfolio. The business has a strong emphasis on professionalism and training, with ongoing industry education regarded as being essential, which is in line with the Residential Property Managers Bill introduced to Parliament in August 2023. The bill aims to provide assurance to property owners and tenants that all residential property managers meet conduct and competency standards, are qualified and accountable, and is fully endorsed by Bayleys. “We are already doing all the things that are being proposed,” Catherine says. “I think it’s going to be great for the industry, it’s going to lift the standard of property management as a whole. It’s just going to make sure that everything is qualified and professional.” There are many advantages to engaging a good property manager, she says. A fundamental aspect is that it creates a separation in which the property manager is an independent, impartial party to liaise between the landlord and tenant. This avoids a potential breakdown in relationship, while ensuring all regulations and compliance are adhered to which is now a specialised part of owing a rental property. A further and significant benefit is to maximise the return on investment which is achieved in a number of ways, from ensuring attention is given to repairs and maintenance to annual rent increases in line with inflation and cost increases. These processes not only ensure a property is in good order for the tenants, but also protect its long term value to the investor. “We make sure everything is set at market rent. We have systems in place where we regularly check on the market to make sure the rent is at market price.” “A good property manager will basically pay for themselves.” Bayleys Property Management Southland covers all of the province except for Te Anau. The south continues to be an attractive place to live due to lower rental and real estate prices compared to other centres, with Bayleys seeing an increase of people moving from the North Island “because they want out of the cities”, Cahterine says. Demand for rentals in Invercargill is “very, very steady” while Gore is a hot spot due to a considerable shortage, she says. “There’s very little available in Gore and anytime there is it gets snapped up pretty quickly. In Bayleys office in Gore, they have people in everyday looking for a rental property. For investors it’s actually a really great place because you’re going to get maximum return.” SERVICES INCLUDING: Anything from picture hanging to fixing a door, waterblasting to laying concrete slabs, we deliver reliable, quality service to Southland. 021 519 019 www.procutsouth.co.nz admin@procutsouth.co.nz PROUDLY SUPPORTING BAYLEYS SOUTHLAND Painting SPECIALISTS IN CARPET &UPHOLSTERY CLEANING FLOODING & STAIN TREATMENT PROUD SUPPORTERS OF BAYLEYS PROPERTY MANAGEMENT SOUTHLAND! 03 218 2586 • 0800 183 311
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