An update from

Viv Gurrey
Chief Executive Officer
Property Institute of New Zealand

 

Tēnā koutou katoa

It’s hard to believe we are already halfway through 2024.
The pace of change that we’ve seen in the past few years shows no sign of slowing down, and nor does the number of new challenges businesses face on a regular basis.
Change within the property sector is happening at real pace and true to its word, the Government has moved ahead with a host of regulatory and legislative reforms, many of which are having (or will have) potentially big impacts on property.
I encourage those involved in property to review the changes and provide submissions on issues that may affect your business or the wider market.
Too often in this space change appears to happen for the sake of change, rather than providing good outcomes for professionals in the field or the clients they serve often with unintended consequences. This is why feedback from the sector is so important.
As regular readers will know, the Property Institute continues to adapt and we pride ourselves on innovating for the future to meet the changes occurring throughout the economy and broader community. One of these necessary changes is our Constitution to meet the needs of the new Incorporated Societies Act.
We’ve been progressing the policies which will underpin the new Constitution that members supported in 2023.  The first three of these policies have been sent out for member feedback and we thank members for their thoughtful responses.
More policies will follow as the year unfolds.  These policies and the Constitution will provide the bedrock that the Institute needs to thrive, develop, and grow in the years to come.
Work has also continued at a cracking pace on our upcoming inaugural  National Property Ball.
This is a new event on the property calendar and promises to be a social and networking highlight of the year. I’d encourage anyone working in property to consider buying a ticket and joining us for a great night out. It’s a real opportunity to step away from the economic headwinds that are buffeting businesses, and employees alike. And will offer a great opportunity to bring our membership together in collegiality and celebration.
Join us at the Cordis on October 22.
As part of that event, we’ll be hosting the New Zealand Property Professional Awards, that celebrate success and reward those with the highest standards. Truly a celebration across our membership.
If your business, or any of your colleagues have the credentials to stand alongside our industry leaders, I’d encourage you to consider entering. It’s an excellent chance to showcase your talent and elevate the reputation of businesses that take part.
From a business-as-usual perspective, both the Property Institute and the New Zealand Institute of Valuers will be holding online AGMs on July 30. These are generally very well attended and worth one CPD point for your time.
It’s there that we’ll learn who are the latest members to attain Fellowship and Life Membership, so it’s a good opportunity to show your support for their efforts. Then join us at the National Property Ball to celebrate these incredible careers.
Lastly, I’d like to convey my thanks to the people who’ve helped me personally and professionally over this past year, as I’ve dealt with some health issues.  The support has been generous and amazing.  It’s hard to find the words to describe how lucky I feel to have had such an incredible network of friends and colleagues.
By the time you’re reading this I will be on an extended period of annual leave, as I recuperate and recharge, enabled by our amazing National Support Team. When I return, I expect to be fully re-energised and ready for the next challenge that comes our way.
In the meantime, I extend my thanks to our very capable National Support Team who will maintain and exceed the levels of service you’ve come to expect. I have every confidence they will rise to the occasion as they always do.

Ngā mihi nui

Viv Gurrey
Chief Executive Officer
Property Institute of New Zealand


PROPERTY PROFESSIONAL MAGAZINE
PINZ & NZIV ANNUAL REPORTS

The 2023 Annual Reports for the Property Institute of New Zealand and the New Zealand Institute of Valuers are now available for download HERE.

The Annual Reports are due to be received and considered at Annual General Meetings being held on July 30.

BRANCH CHAIRS DAY
The Property Institute of New Zealand hosted a very constructive Branch Chairs Day in Wellington earlier this month.
Almost all Branch Chairs were able to attend the session, which was designed to give Branch Chairs the opportunity to share experiences and provide direct feedback about how the National Support Team can help them deliver to their local members.
It was an extremely useful day, which yielded some engaging ideas.
The Branch network is the life-blood of PINZ and NZIV, and our real-time connection to the grass-roots membership.
As volunteers we are immensely grateful for the number of hours the Branch Management Committees devote to the professions and the Institutes.
MEMBER BENEFIT REMINDER

Members are reminded that they can receive free access to an online Employee Assistance Programme (EAP). OCP are Oceania's leading and most trusted provider of employee assistance counseling services, training services, and total wellness solutions.

More ›
UNIT TITLES
The final provisions in the Unit Titles (Strengthening Body Corporate Governance and Other Matters) Amendment Act 2022 came into force on 9 May
 
The changes taking effect, relate to the long-term maintenance regime, the contract of service with a body corporate manager and the Regulator’s powers.
 
As part of the remaining changes, new regulations and amendments to existing ones have been developed. These prescribe:
  • the types of information that have to be provided to the regulator on request; 
  • electronic voting rules and procedures; and
  • other minor matters including – clarification around the process for proxy voting procedures, requirements in the pre-purchase disclosure statement for off-the-plan units, and minor corrections to some of the regulated forms.
Detailed information and guidance about these new changes are available on the Unit Titles website. The amendment regulations can be found on the Legislation website. The Unit Titles Regulations are found here.
OVERSEAS INVESTMENT ACT
On 7 March 2024 the Government announced proposed changes to the Overseas Investment Act 2005 (the Act) to unlock investment in build-to-rent (BTR) housing. The Government has introduced the Overseas Investment (Build-to-rent and Similar Rental Developments) Amendment Bill to make the required changes to legislation.

The Bill seeks to amend the Act to provide a new streamlined test that enables overseas investors to buy existing build-to-rent assets. This is referred to as the ‘large rental development test’ in the Bill.

This change is intended to encourage investment in New Zealand’s housing sector by providing clarity and certainty to developers that they will be able to build and, when required, sell their BTR assets to overseas persons.

In addition to BTR, this test will enable other types of large rental developments that are very similar to BTR but may be considered different housing types, such as key worker accommodation.
 
The Ministerial press release can be found at this link. You can read the Bill here and follow its progress on Parliament’s website.

You will have an opportunity to submit on the Bill once it is referred to select committee. Once open, submissions information will be available at the same link on Parliament’s website.
RESIDENTIAL PROPERTY MANAGERS BILL
The current Government has decided not to pursue the Residential Property Managers Bill proposed by its predecessor. 
MORE>
LIFELONG LEARNING
Update Your CPD Diaries
As part of our organisation's responsibility to promote public confidence in the property professions and maintain the highest standards we have been increasingly focused on ensuring members are CPD compliant.
We are about to undertake our annual CPD audit and are encouraging members to log into their member portal to ensure their education records are up-to-date. 
We will update you on the process as it gets underway.
IN MEMORIAM

Donn James Armstrong FNZIV(Life) FPINZ(Life)
1943 - 2024
It is with sadness that we mark the passing of Donn James Armstrong FNZIV(Life) FPINZ(Life).
Donn passed away peacefully during April after a short illness, He was 80 years old.
He was honoured with Life Membership in 2009, and became a Registered Valuer in 1969.
To read more about Donn's incredible career in property CLICK HERE

Malcolm Russel Hanna FNZIV(Life)
1930 - 2024
Malcolm passed away on 18 March 2024 aged 93 years. 
He was elevated to Life Membership in 2002 and received his fellowship in 1977.
Malcolm served on the Valuers Registration Board, and the Land Valuation Tribunal.
To read more about his incredible career in property CLICK HERE

Dr John Baen
Dr Baen had a special connection to New Zealand, having taught at Lincoln University and presented at conferences. A lot of members will have known Dr Baen or attended one of his presentations including at the Lincoln Mainland Conference. 

He was the first Property Professor at Lincoln back in 1990.
To read more about Dr Baen's career and life CLICK HERE.
INTERNATIONAL CONNECTIONS

The International Valuation Standards Council (IVSC) is pleased to announce the publication of our latest Perspectives Paper, which focuses on the inspection of tangible assets in the valuation process. Authored by the IVSC Tangible Assets Board, this paper explores the intricacies of valuation inspections, examining both the benefits and challenges associated with various inspection methods, including traditional physical inspections and innovative technology-based virtual assessments.

The necessity and methodology of physical inspections have come under significant scrutiny, particularly highlighted during the COVID-19 pandemic, which limited the feasibility of in-person inspections. The Board’s latest paper addresses these challenges, discussing how technological advancements have enabled alternative methods for conducting inspections and maintaining valuation services. It aims to stimulate discussion, provide guidance, and gather feedback from the valuation community to establish best practices and standards for inspections in line with the International Valuation Standards (IVS).

We invite you to read the full paper and share your insights and feedback. Your contributions are invaluable in shaping the future of valuation practices.

Be sure to check our events directory to find the full programme of events.


IVSC eNews - Click below
Visit our events directory by clicking HERE


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