Hello all,
We have been told by a number of our Aussie members about apartments in Auckland being advertised in Aus – its like the old Gold Coast great deals scam we kiwi’s got a few years back.
If you are interested in buying apartments in Auckland please read this thread BEFORE you sign anything!
http://www.propertytalk.com/forum/showthread.php?t=4723
Cheers
Marc
I attended a property council dinner last night and Chris Aiken made an interesting point during his speech – that when the shoe shine guys are telling you to get out of the market its usually a good time to be buying. Based on the amount of negative press and general doom and gloom sentiment about the auckland inner city market is anyone poising themselves to catch some bargains?
At what point (criteria) would you enter this market?
using the comparison to the Gold Coast does anyone know if there was alot of money made in the GC once the lambs began running to the slaughter?
There are a number of people who have purchased apartments in the Auckland market that are having trouble finding tenants. There are another seven thousand apartments that are going to be released into the market in the next year or so. The number of overseas students coming to study in Auckland has dropped which makes the rental market more competative. At the momement there are simply more apartments to rent than potential tenants. It seems this situation will become much worse over the next 12 months.
The other big problem with the Auckland apartment market is that the vast majority of the apartments have been sold to Australian investors. The locals in Auckland have not touched them. So if that is the case who is going to buy them. There are companies in Australia stll pushing apartment. I had a chat and hopefully talked a person out of buying a two bedroom 51 square metre apartment for $250,000 and guess what it is going to be positive cashflow because the marketing company have told him he will get $400pw rent. What rubbish. Once again if people took the time to research a market then they would not make such a mistake.
Nigel Kibel
http://www.propertyknowhow.com.au
Australian and New Zealand Property Researcher and education seminars
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
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