Steve Hart's Property Report podcast

Property Report for 27 Sept 2019 with Steve Hart

The RBNZ left the official cash rate at 1% when it announced its review of the OCR on Wednesday. But there’s still plenty of talk of it reduced in the months ahead. Prepare for the OCR to be a quarter of one percent by May 2020.

Landlord fined almost $25,000

Auckland landlord Rinal Kumar, also known as Danny, has been ordered to pay $24,754.08 by the Tenancy Tribunal for failing to lodge tenancy bonds as a result of 33 applications brought by the government’s Tenancy Compliance and Investigations Team (TCIT).
Steve Watson, National Manager Compliance and Investigation, Housing & Tenancy Services, says” “The legal requirement to lodge tenants’ bond money with the Bond Centre is a fundamental responsibility landlords have under New Zealand’s tenancy law.”

Kumar was the sole shareholder and director of Hope’s Management Limited when the rental agreements started. The company was removed from the Companies Register in January 2019, but the Tribunal found that it was still Mr Kumar who was ultimately responsible for lodging the bonds.

5G leading to trees being cut down?

Are trees being cut down in your neighbourhood?
Critics of the new 5G wifi system claim authorities are removing trees that could interferer with 5G signals – which are known to be capable of high data transmission speeds, but have low power making it difficult for 5G signals to penetrate trees and foliage.
Let us know if trees are being cut down in your neighbourhood – go to

Wellington prices

The average asking price in Wellington has risen $52,550 in the last 12 months to $632,300 as the Wellington property market continues to boom, according to the latest Trade Me Property Price Index.
Head of Trade Me Property Nigel Jeffries said Wellington property prices have experienced some rapid growth in the last three years and there are no signs that they’ll be slowing any time soon.
However, according to the median price of a home in Wellington is $779,000 with first home buyers picking up property for around $623,000.
It’s first-time home buyer estimate for Auckland is $682,000; Christchurch, $350,000 and Dunedin, $343,000.

Real estate data experts at say that September is red month across the country with the median HomesEstimate decreasing slightly in all New Zealand main centres with the exception of Dunedin, which saw prices rise by 0.9%.
Tom Lintern, chief data scientist at says it is too early to tell if the sluggish Auckland market is feeding through to the rest of the country, or if this is a short-term impact of winter sales activity.
“The plus side,” he says. “Is that the First Home Buyers HomesEstimate has also decreased in most areas, which is keeping the property ladder in the sights of first home buyers.