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Folow Us

Christchurch Property Management is an attractive option for local property investors who would rather leave it to a professional or for out of town investors who require a manager to be able to physically find tenants, inspect properties and organise maintenance. 

Wolfbrook Property Management are based in Christchurch and currently manage a portfolio of over 300 rental properties from central city apartments to townhouses and larger family homes. The properties we manage cover a diverse area and include popular suburbs such as Riccarton, Merivale, Cashmere, Fendalton, St Albans, Papanui, Sumner and more.

 

Things to look for in a Christchurch property management agency

Christchurch property management agencies or managers should provide clear communication at all times but especially around the change over of tenants to ensure your piece of mind when it comes to knowing that your investment is in safe hands. 

In addition to this that should be upfront about the fees that they charge so that there are no unexpected extras in your invoice. 

 

10 questions you should ask your property manager

  1. Have you ever lost a case at the Tenancy Tribunal?
  2. Have you managed other similar properties in this area?
  3. What is your success rate in collecting rental arrears?
  4. How often do you recommend to review the rent?
  5. What do you check before you return the bond to tenants?
  6. How many properties do you currently manage?
  7. If you are on leave who will be looking after my property?
  8. How would you handle an emergency maintenance issue that occurred after hours or over the weekend?
  9. What is your background and referrence checking process?
  10. What do you expect from me as an owner?

If you are thinking about changing your property manager then we provide an easy no hassle service to change your property management over to Wolfbrook. 

We can also offer casual letting services to landlords who are confident managing their properties but would like professional assistance with finding and vetting new tenants. 

 

Christchurch rental market in 2020

The average weekly rent in Christchurch rose 5% to $420 in the year to January 2020 based on TradeMe’s Property Price Index. This increase was especially noticed amongst medium sized houses (3-4 bedrooms) compared to smaller houses (1-2 bedroom) which were even year on year and 5+ bedroom houses which were up 1.5%. 

The weekly rental price in Christchurch is typically lower than other major centres in New Zealand due to more supply, lower house prices and high amounts of building activity brought on after the earthquake.

Typically there are around 1,200 properties for rent at any one time in Christchurch however this spiked after lockdown to around 1,400 properties as we saw an influx of Air BnB properties enter the market. The easing of domestic travel restrictions has since slowed this influx and total amount of available rental properties have returned to their baseline of around 1,200

The average length of lease is for a fixed term of 12 months although due to the number of people waiting to complete new builds or fix EQC repairs there is a market for shorter term rentals as well. 

3 bedroom rental prices in popular Christchurch suburbs

 

Suburb

Lower

Median

Upper

Addington

$400

$435

$477

Burwood

$475

$500

$550

Central City

$460

$485

$580

Fendalton

$460

$585

$580

Halswell

$475

$500

$550

Illam

$475

$500

$550

Linwood

$381

$400

$428

New Brighton

$475

$500

$550

Riccarton

$390

$447

$480

Sumner

$475

$500

$550

Source: Tenancy NZ

 

Furnished vs unfurnished property

Unlike some other areas of New Zealand where rental properties usually include whiteware (Fridge, Washing Machine and Drier) properties in Christchurch are generally let without any of this included. It is therefore the responsibility of the tenants to supply and install their own whitecare and ensure that the installation and operation does not lead to any damage. 

 

Average time spent vacant

The average time spent vacant has a huge impact on the profitability and total yield of your rental property and minimising this disruption is something that we take pride in at Wolfbrook Property Management.

We find that the Christchurch rental market is currently very active and most properties do not sit vacant for very long if at all. Across our portfolio of properties that we manage at Wolfbrook Property Management our average period spend vacant each year is only 2%. 

We are so confident in this that for newly built properties developed by our sister company Wolfbrook Residential that we guarantee the rental return for 2 years so that you can be assured of your yield. 

 

Local council rates for residential property

Local council rates can play an important part in calculating what the yield from your property will be. For the 2020/2021 financial year the rates paid for an average house in Christchurch are expected to be $2,842 which includes the standard charge along with water, drainage, sewerage, waste minimisation, active travel and heritage charges included.

To check how much you can expect to pay in rates for your Christchurch rental property head to the Christchurch City Council website:

  1. https://ccc.govt.nz/services/rates-and-valuations/this-years-rates
  2. https://ccc.govt.nz/services/rates-and-valuations/rates-and-valuation-search 

 

Christchurch rental appraisal

Getting a professional rental appraisal done on your property is a great way to find out the current market rent for your christchurch rental property. Our local property managers have experience in dealing with all types of properties including apartments, townhouses and larger family homes across all price brackets which means that we can provide an accurate assessment of your property. 

Having a recent Christchurch rental appraisal is useful when it comes to increasing the rent, applying for finance to purchase another property or refinancing your existing rental property.

 

What our property managers look for:

We look at the characteristics of your property including the number of bedrooms, bathrooms, garaging, outdoor space etc. 

We also look at factors in your neighborhood such as proximity to schools, transport, parks, playgrounds and other community facilities. 

In Christchurch there are strict school zones in place which means that children from properties on different sides of the same road may be required to attend different schools. Depending on the reputation of the schools your property is in-zone for this can have a bearing on the value and subsequently the rental value.

 

Christchurch School Zone Finder:

To See what school zones your property is located in check out – https://nzschools.tki.org.nz/ 

 

Finding Tenants In Christchurch

The time taken to find tenants is another important factor in the overall yield that your rental property generates. If it takes too long to find new tenants and get a lease signed then your property will be vacant leaving you the owner covering the costs. This is a situation that we strive to avoid and on average we have only a 2% vacancy rate across our entire portfolio. 

To ensure that we are able to select high quality tenants we typically go through a 3 week process which involves advertising, conducting viewings, background & reference checks, getting all the paperwork completed and bond lodged. 

As a part of our advertising process we list properties on our own website and also on TradeMe at no charge. We also include the same 3D scans and virtual walkthroughs that are now commonly seen with houses for sale so that your property really stands out from the crowd.

For fixed term tenancies where the current tenants are not renewing we ensure that we start this process far enough in advance so that the transition from one tenant to the next is stress free. We will often recommend to schedule a couple of days in between tenancies however so that there is a chance to conduct any annual maintenance while there are no occupants. 

 

Types of Christchurch Tenants

We generally find that renters in Christchurch fall into 4 categories and by understanding the needs of all these groups we can better market your property so that it carries the most appeal.

Students/Groups of Friends

These younger renters are often studying or starting new careers and typically choose larger houses because they are more social but also so that the costs are shared amongst more people. Locations such as Illam or Riccarton are often popular with these groups due to the availability of these larger properties and proximity to places of study and work.

Couples

This group of couples in their mid-twenties renting by themselves is a segment of the rental market that we have seen grow in the last few years. This is caused by home ownership now being delayed as it takes people longer to save a deposit but still seeking their own space as they progress in their relationships and careers. This group is often seeking smaller 1-2 bedroom properties close to town that are easy care and require little maintenance.

Families

Families generally occupy medium to large sized houses with backyard space. School zones are important to them but they are often willing to live further outside of the central city if that makes affording the extra space easier. 

Professionals

The professional group is similar to the couples but they are often seeking properties of a higher specification and in more desirable locations. Lock up and leave properties are especially popular with this segment as they often have busy lives that require frequent travel for work. 

 

Our Christchurch Property Managers

 

To learn more about Christchurch property management and the services that we offer at Wolfbrook Property get in contact today