PHOTO: BRADEN FASTIER Nelson house prices continue to rise and more out-of-town buyers are looking to get a foothold in the market.
Nelson investors are selling older rental properties as new rules bite, and the region’s “five-minute lifestyle” is attracting more out-of-town buyers, estate agents say.
The trends come as figures show house prices in the region have doubled in the last 16 years.
Real Estate Institute of New Zealand (REINZ) spokesman for Nelson Darryl Marshall said owning residential rental properties had become more challenging and expensive given legislation changes, including insulation and heating requirements.
Landlords had a long lead in to adjust to the laws and some were choosing to exit the market.
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