Good morning everyone, and thank you for having me along to speak today.

I am pleased to see so many of you here to take advantage of the fantastic programme REINZ has coming up over the next two days. 

I refer particularly to the focus on how the changing environment in the property market creates new challenges, but also presents new opportunities.

These are opportunities to hone your business skills and embrace best practice as a means to success. 

I encourage you to get all you can out of the seminars and workshops over the next couple of days.

Housing is, and will always be, one of the most important parts of New Zealanders' lives - whether they own or rent. 

As Minister of Housing, it is one of my responsibilities to make sure you, as professionals, can get on with running your business without unnecessary regulation.

This morning I would like to touch briefly on some upcoming regulatory changes, and share some of my views on how the constantly changing property market has flow on effects for you.

Unit Titles Bill

The Unit Titles Bill was referred to the Social Services Select Committee for consideration and public consultation earlier this year.

The Committee reported back to the House with suggested amendments in early September and the Bill is now back before the House awaiting its second reading. 

The Bill will replace the existing 1972 Act, which has become outdated and inadequate.

I have said it before, and I'll say it again - the way we live today is very different to how we lived 30 years ago, and the Unit Titles Act is a prime example of how much the market has changed.

New unit title legislation will provide much more clarity around how a unit title development works, but also have the flexibility to allow unit owners to make their own decisions about how their development is run.

For example, the rights and responsibilities of unit owners and the powers and duties of bodies corporate have been clearly spelled out in specific sections, and in plain English.

This is a change designed especially for unit owners and professionals who help bodies corporate undertake their day-to-day functions or act on behalf of landlords. 

It is a quick, simple reference for those moments when you want to check who should be doing what, for whom and when.

This is just one of a number of changes, and I encourage you to read up on the Bill so you can be prepared for when it's passed. 

Getting the Bill through the remaining Parliamentary stages is one of my top priorities and I am determined to see it passed as soon as possible.

Residential Tenancies Amendment Bill

Speaking of top priorities, I am also committed to seeing the Residential Tenancies Amendment Bill through as soon as possible. 

As I told the New Zealand Property Investors Federation in August, I believe this Bill is important because it promotes personal responsibility and choice.

I introduced this Bill into the House to enable landlords to manage their properties more effectively and to help ensure that tenants have access to stable, good quality accommodation.

The growing rental market means it's becoming increasingly important to ensure that our tenancy laws are up-to-date, unambiguous and fit for purpose.

Key provisions in the Bill will:

• extend the Act's coverage to boarding house tenancies and some tenancies with a significant service component


• introduce clearer and fairer processes for terminating and renewing tenancies


• enhance dispute resolution processes


• introduce new sanctions for breaches of the Act, and


• improve the enforceability of Tenancy Tribunal orders.

The Select Committee has recently reported back to the House with recommended amendments resulting from public consultation and the Bill is awaiting its second reading.

You will be interested in the recommendation made by the Committee to enable all letting agents - not just licensed real estate agents - to charge tenants letting fees.

One reason the Committee gave for their recommendation is to increase competition to make sure landlords and tenants are getting the best quality service.

This is a significant challenge, and opportunity, for you - one I am sure you will be prepared to meet head on.

Property market

The regulatory changes I am pursuing are a result of the constantly evolving property market.

The challenge for Government is to make sure the regulatory framework is relevant and meets the needs of the market today and into the future.

One such development is the private rental market playing an increasingly important role in meeting New Zealanders' housing needs. 

Much of this is being met by small-scale landlords, who own one or two investment properties.

Twenty years ago these landlords were renting mainly to students and those on lower incomes. 

Today, you will have noticed an increase in families and older people renting the houses you sell.

As property professionals you have an important role in managing the expectations of investors and the changing needs and expectations of tenants.

This presents both opportunities and challenges for you. 

As the experts in property, you are uniquely placed to recognise and point out new opportunities. 

The challenge is in being able to recognise how the changing needs of tenants could be met.

For example, landlords that insulate their houses also make them more attractive to long-term tenants. 

This clearly benefits both parties - the landlord has a guaranteed income and the tenant gets a warm, dry place to live. 

This Government wants to support landlords who are willing to go the extra mile for their tenants, and will pick up some of the tab through our Heat Smart programme. 

A lot of property owners I speak to have been really keen to hear how they can take up this opportunity - it's the age old rule in business that when you look after your customer you improve your bottom line!

Thank you.