134 | PROPERTY LJ Hooker Dunedin T T Anne Boswell Challenges no barrier for dedicated team LJ Hooker Dunedin continues to thrive throughout the wider Dunedin area by offering well-maintained homes and fostering clear communication between landlords and tenants. In the Dunedin property-management industry, few names carry as much weight as LJ Hooker. With over 500 properties under their management and a dedicated team of eight staff, including business owners Renee Smith and Richard Thompson, LJ Hooker Dunedin has built a solid reputation for excellence. Servicing the wider Dunedin area, they have a strong focus on the residential rental market, with less than 10% of their portfolio in the student rental market. Renee Smith says Dunedin’s rental market has shown remarkable stability in recent months. “The current rental market is very positive, and has been very steady throughout the winter period, which is traditionally quieter,” she says. Despite the legislative and market challenges that come their way, LJ Hooker Dunedin continues to thrive by offering well-maintained homes and fostering clear communication between landlords and tenants. The Labour Government’s removal of the No Reason 90-Day Notice legislation has been a significant point of contention for property managers across the country, and LJ Hooker Dunedin is no exception. Richard Thompson points out that while the legislation was designed to provide greater security for tenants, it has had unintended consequences, particularly in the student rental market. “Labour changing the legislation to boost tenant security has in turn disrupted the student market in Dunedin,” he says. Previously, landlords would issue tenants with a 90-day notice at the end of each term, allowing them to either renew or vacate the property. This system worked well, particularly in the cyclical student market. Now, tenants must give notice to landlords instead, which has led to properties being gradually released into the market rather than all at once. The result is a dramatic increase in demand for fewer available properties, driving up rental prices. “Instead of four or five groups coming through a property, we are getting 40 to 50 people; demand is high, and supply is being drip-fed,” Richard says. This shift has also resulted in some properties sitting vacant over the summer months. However, there is hope that this imbalance may be rectified. The Government has expressed intentions to reverse the legislation, which could bring much-needed relief to both landlords and tenants by restoring a more balanced flow of properties in the rental market. The LJ Hooker Dunedin team has also witnessed some signs that investors are beginning to return. They have seen increased interest from investors looking to enter or expand in the market. “As interest rates come down, investors come back,” Renee says. “I think we will likely see changes in the next six to 18 months.” In light of these challenges and changes, the importance of using a reputable property management company like LJ Hooker Dunedin cannot be overstated. Renee emphasises that managing a property is complex. “You need to know the legislation inside and out, communicate with tenants, make sure maintenance and repairs are done in a timely manner, have a list of tradespeople at Malcolm James Furnishings We’re open 6 days Professional service, quality product, great value. Carpets and Curtains Kitchens and Bathrooms 39 Crawford St, Dunedin Monday to Friday: 7:30-5pm | Saturday: 11-1pm Ph: (03) 477 9466 Cell: 027 222 8901 Email: info@malcolmjamesfurnishings.co.nz Proud to support LJ Hooker Dunedin Exterior Property Maintenance 027 649 0677 | info@swiftwash.co.nz swiftwash.co.nz facebook.com/swiftwashdunedin • SOFT HOUSE WASHING • CONCRETE, BRICKS, PAVERS • GUTTER CLEANING • LANDLORD PACKAGES Proudly supplying and servicing LJ Hooker’s whiteware needs. WWW.SMYTHSLIVING.CO.NZ | 77 HILLSIDE ROAD, SOUTH DUNEDIN | 03 455 4670 Kitchens Appliances Electrical Heat Pumps Repairs sales@mcarthursymons.co.nz 03 473 8519 www.mcarthursymons.co.nz 39 North Rd, NEV, Dunedin
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