Tauranga Property Investors' Association

022 626 7302

tauranga@nzpif.org.nz

News & Updates

Recent updates

23-11-2007

REAL ESTATE INDUSTRY BILL - Details finalised

Among the proposals are:

  • An independent disciplinary and complaints body
  • Increased fines;
  • Consumer compensation;
  • Compulsory continuing professional development;
  • Improvement in disclosure rules

There are no direct issues of concern to the Federation or its members, safe in future dealings with real estate agents and possible cost of new regulatory impositions. The likely net immediate effect will be that industry compliance costs will be borne by homebuyers.

The Bill is expected to be tabled early in 2008 and at that time its details will be examined with regard to any issues concerning property management, managers, letting and leasing agents.

The Government has signaled its intention to pass the new legislation in the early part of 2008.

NEW MINISTERS – Shane Jones & Maryan Street

The Prime Minister has appointed Shane Jones as the new Minister for Building and Construction (responsible for tenancy issues). Jones replaces Clayton Cosgrove in the recent Cabinet reshuffle.

Jones was previously Chairman of Parliament’s Finance Select Committee. Jones is also a director of a number of land and property development companies and owns 3 properties in Whangarei/Northland.

The new Minister of Housing (responsible for state housing) is Maryan Street. Chris Carter previously held the portfolio.

Street, former trade unionist and was a former Housing New Zealand Corporation board member. Street will also be familiar to the Federation as she recently promoted a bill proposing landlords insure their tenants. [This matter is to be relitigated in the new Residential Tenancies Amendment Bill].

LEGISLATIVE - Update

At the penultimate session of Parliament, which finished on 22 November, the Government had yet to introduce the following pieces of draft legislation:

  • Residential Tenancies Amendment Bill
  • Housing Affordability Bill Both Bills have been delayed by the recent Cabinet reshuffle and now are expected to be introduced during Parliament’s final sitting session of the year from 4 December.

Tags: real estate industry bill - shane jones - maryan street - residential tenancies amendment bill - housing affordability bill

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