From the President’s Desk:
In October Andrew King resigned as President of the NZ Property Investors Federation (NZPIF) to begin an extended motorcycle tour, with his wife Sarah, through Central and South America. After 26 years of involvement, it is the end of an era for NZPIF. His enthusiasm for property, tenants, landlords and the improving of membership benefits has been exemplary. Much has been achieved during his tenure for the Federation to become a well-informed voice for property investors in political and media circles.
It is a privilege to have been elected as NZPIF President to hold office for the remainder of Andrew's term, through to March 2023. I have been actively investing for 27 years and a member of CPIA for 24 years, organising a Conference in 2014, and joining the committee in 2017. I was initially elected on to the NZPIF Executive in 2020 as Secretary and re-elected at the recent NZPIF AGM as one of the Southern Region representatives.
When asked what my career is the first answer to surface currently is often farmer. It’s debatable if that sounds better than property investor, but I feel grateful to live on a lifestyle block near Christchurch. The last 12 years have been spent as a Director of Christchurch Holiday Homes that is now rolling out a nationwide product. The impetus for the company was the Christchurch earthquakes, where furnished homes were required for temporary accommodation. Being an upscaled ‘Mum and Dad’ investor meant I was able to pivot to furnished rentals, then pivot again when the demand dropped off. To this day we still have demand for people having EQC repairs carried out.
Previously my career was in public relations and marketing, so I am well aware that at the core of residential property investment are the customers, our valued tenants. Treating tenants with respect and care is at the heart of members of Property Investor Associations and the parent body, NZPIF. Associating myself with a network of like minded people growing their farms, and managing their customers well has been an essential part of my involvement with NZPIF.
2022 rates among one of the most challenging times for property investors. It follows the Covid pandemic and a multitude of changes to the Residential Tenancies Act, interest rates, banking regulations and fundamental shifts in tax policy. Rapidly rising interest rates, closed borders and expectations on managing social problems have created high seas in the marketplace for property owners. It’s affecting not just investors but home owners as well as they sink or swim through the maelstrom which has seen the value of their hard won assets decline.
For the experienced it’s important to remember these are the times of opportunity however and keep mindful of what comes after a major downturn such as this one. History tells us that calm always comes after a storm and keeping on your feet will win the day. If you are a property investor, you are to be congratulated for supporting the economy, and filling a valuable role of providing housing. Times are changing, but the core values NZPIF holds of supporting investors to provide good housing has not. Much of the advocacy work carried out by Andrew King and others in our organisation has been for the benefit of both owners and tenants. Alerting politicians to those policies that frequently lead to rent increases has been carried out diligently throughout Andrew’s tenure. The current legislation has been a source of frustration and gives him the right to be saying ‘I told you so’ as he leaves the country!
The business side of the equation is important to us all and the analysis for property investing and tools of the trade are part of the package for NZPIF membership. Education for self-managing landlords and upskilling investors with managed properties is our mission, alongside the peer learning opportunities the organisation initiates. NZPIF provides an impartial knowledge highway and network of connections with likeminded people, young and old.