Interested……..
Has any one had any recent cashflow positive successes in Christchurch or the South Island for that matter??
Pix.
Hi Pix
I was in Christchurch last week and the prices of houses are very high. On par with houses in the major cities in Oz and the rent returns are not that good. You maybe able to find a house needing a bit of work and value add but it would not be easy.
Kerwyn.Hi
I have lived in Christchurch most of my life and have worked in the property industry for many years until my husband was transfered to Melbourne.
There are positive cash flow properties in Christchurch but you really need to know where to look and be in close contact with good real estate agents (which are not many).
For eg you can purchase the following 6 flats plus five double garages on the same site returning $905 pw or $47,060 pa this is a 10.34% return. It sits on 1340sqm of land and has excellent potential to add value as needs renovating in places and vendor is willing to leave some finance in asking price $399,000.
Also another deal I was told about last week that I have just confirming on the deal as we speak was a block 2×2 flats in St Martins which is a beautiful part of Christchurch and highly sought after for schools and close proximity of the Cashmere Hills.I purchased it for $349.000 it is on a large 987 sq site lock up garages returning $280 and $290 pw.
So they are out there but it really help to have local knowledge or have some one looking after your interests.
Hope this helps.
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