REINZ Real Estate magazine - Autumn 2022

Entering a year of change with optimism

Last year was full of challenges and adaptations for the profession — and there is no doubt what we have learned has prepared us for another big year.

Despite a nationwide move to the Red traffic light setting of the COVID-19 Protection Framework in January, borders remain open — allowing kiwis to travel and giving out of town buyers an easier path to visit and purchase homes in new locations. While a level of COVID-19 uncertainty is still felt amongst buyers and sellers, many people want to carry on with their plans and maintain some normality.

As we head into Autumn, the market is expected to slow as per usual. Headwinds that have gathered over 2021 — rising interest rates, reintroduction of LVRs and changes to investor taxation restrictions — are starting to impact the market and shift dynamics. Changes to the Credit Contracts and Consumer Finance Act (CCCFA), which came into force on 1 December 2021 and are currently under review — have further tightened lending criteria. Borrowers must now provide more detail and evidence around their spending and their income when applying for loans. Feedback from several regions notes a falloff in buyer numbers — particularly first-time buyers — as a result. We delve further into the CCCFA and its impacts on page 14.

I am pleased to announce that REINZ has recruited Chris Campbell as our new Head of Education. Chris will lead REINZ’s education strategy and delivery of New Zealand’s leading suite of resources and events that help drive real estate excellence across our profession. You can read more about our new staff members on page 12.

There’s no better way to enter a new year than with a refreshed strategy — and that is what we have done here at REINZ. Our strategy focuses on continuing to drive best practice in real estate activity,

take the next steps in our digital journey to ensure we are the leading provider of top-tier digital products and data insights, understand and advocate for an environment that enables an enduring, future-ready profession, and of course we are constantly looking at how our operations can be more streamlined and efficient, to better meet your needs.

As drivers for positive change, it is wonderful to see many businesses in the real estate profession prioritising sustainability in their strategies. Sustainability has become a focus over recent years as concern about the environment grows. Signature Homes recently announced its intention to mitigate its carbon emissions related to housing construction by planting around 45,000 native trees annually — due to commence this year. You can read more about the sustainability trend sweeping the profession on page 18.

Sustainability is one vehicle for change in the profession, technology is another. On page 42 we delve into how PropTech is evolving within real estate by automating, personalising and streamlining processes. It can remove friction and workload from real estate professionals when it comes to keeping their clients and customers informed and delivering customer-centric experiences.

Enjoy reading this digital version of the Real Estate magazine, and I look forward to conquering another year in the profession with you all.

Ngā mihi, Jen Baird

Jen Baird

REINZ Chief Executive