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Everything you want to know about AI (Artificial Intelligence) - but were afraid to ask

This article is concerned with Artificial Intelligence (AI): an explanation as to what it is, what it is not, what equipment you need to run it, the pitfalls and dangers involved, and some of the problems unlikely to go away no matter how advanced it becomes. Of greatest relevance here is the likely impact upon, not just society, but specifically the valuation / property profession – and what we need to do to protect it. Also, and most importantly, to think about new opportunities being presen...

Reconciliation of valuation methodologies

The matter of procedures relating to reconciliation of valuation methodologies has long received a modicum of debate and discussion amongst the profession and its stakeholders. Primary references here are the Australian & New Zealand valuation and Property Standards and the International Valuation Standards (IVSC, 2011).The “unarguable” overriding principles appear to be:Valuations must be based on market evidence using one or more methods as considered appropriate in the particular circ...

Foreign Land Ownership

Successive governments in New Zealand regularly announce that the sale of rural farming land should come under increased scrutiny when the buyer is from overseas. Land ownership / overseas investment rules for non-KiwisCurrently the rules governing this are provided under the Overseas Investments Act 2005, and the Overseas Investment Regulations 2005, and a Ministerial directive issued in 2010 to the Overseas Investment Office (OIO). One of the main features of these rules are that an overseas i...

Understanding Valuation Governance in New Zealand

Valuation governance may seem like a dry topic - but the reality is far more intriguing. The profession of valuation is not just important in the context of maintaining public confidence in the property sector. More broadly it is a vital link in the economy, especially that part related to property market financial transaction transparency - in turn facilitating the proper functioning, stability and maintenance of New Zealand's financial markets overall.Registration and administrationIn New Zeal...

Capital values of dairy farms and the rural land market

Research conducted in relation to the impact of farm commodity prices on farm land values shows time and again they often have only a limited, or even no effect. So, what might be the reasons for this?Rural land values - a long term view adopted by stakeholders?First of all, in thinking about this relationship, those in the rural land market probably tend to take a long-term view of prices received for products being produced on farm. This is because unlike commodities, farms tend to be traded q...

Mitigating risks caused by natural hazards

In many countries, it has been overwhelmingly demonstrated that natural hazards disclosure has an impact on the real estate market. These impacts are of course influenced by a complex interaction of related social, economic, political and physical factors.  Even so, it seems obvious that putting new buildings near geological hazards potentially puts more lives and property at risk.The Fault Avoidance Zone (FAZ) in New ZealandAlthough notoriously difficult to forecast, many prominent scienti...

Housing affordability - holding cost impacts

The importance housing affordability can be readily gauged considering the unprecedented level of attention rightly given to this issue over recent years. One way or another, it is an issue affecting all New Zealanders. However, one matter that is seldom canvassed in this complex topic relates to holding costs.What are holding costs?Holding costs can take many forms; but put simply, it represents the cost of outlaying capital expenditure without receiving any return – at least for a period. Wh...

Reducing pollution through on-farm regulations

Following the rollout of the National Policy Statement for Freshwater Management freshwater, regulation rollout in Aotearoa-New Zealand came into full effect in 2017. New rules introducing a framework for management of freshwater resources are being progressively introduced at regional levels to reduce pollution through a focus on nonpoint source nutrient leaching and runoff from farms.The regulations relating to nitrates and other nutrientsRegulations seeking to set nitrate leaching limits have...

Kotahitanga and biculturalism

I am hopeful that the following distillation - opinion piece - might provide a useful background to an unsurprisingly puzzling, somewhat paradoxical situation occurring in Aotearoa-New Zealand. For many people in this country (and perhaps many outside!) there is considerable difficulty in comprehending the possibility of kotahitanga (coming together as “one people”, or “unity”), at the same time as being actively engaged in a bi-cultural journey.Interplays between tino rangatiratanga, ko...