Be careful where you buy in Wanganui. The Mongrel Mob have moved into one area, property prices have crashed (if a buyer can be found) and you’ll never get a decent tenant. I’d be goping for a drive around the area before I brought anything.
Hi there,
If I remember correctly, Talbot St is the main one to stay away from. There was a real cutie on New St, but it needed a lot of work for 55K and even though the current tenant was great, if they leave you’d be hard pressed to get a quality tenant there (it’s butting onto Talbot St). Okay, so that’s my little tip.
I loved Wanganui, it had like a mini Geelong feel to it. Suzie’s great!
Some really savvy RE’s there that are worth their weight in gold.
Beach area is still undervalued, but there has been a glut of buyers all over Wanganui…so you do the equation…Happy New Year all!
Cheers
Sooshie [
]When a problem is created the solution is created simultaneously
Yeah definately, do your due dilligence.
not just with Wanganui though with all property you purchase Steve has an excellent program called buyers beware, I use the templates they are awesome.
I settled on my property in Wanganui 3 weeks ago, yes everyone go there, direct to Palmerston North about a 45 minute drive to Wanganui, just incase you are wondering who the Mongrel Mob are they are a gang, when I lived in Wanganui they were mainly based around Castlecliff, Gonville etc, don’t let this turn you off thiose area’s though because these are where the potentiail bargins are..due dilligence remeber….
maybe think about spotter fees, susie langmaid, I am going over soon, just a thought.
on the outskirts of Wanganui is Marton, Nestle have a big manufacturing plant there, now is the time to pounce for wanganui. Mini Sooshie I have heard heaps about you guys from Susie.
Steve
Hi everyone.
Regarding Wanganui Im happy to say I can now give some advice of my own !!
I lived in the area ( Manawatu ) for many years and my family has farmed the local area since the turn of the previous century ! The post previous to mine is unfortunately correct ! the Mongrel mob ( gang ) are predominant in that area and the type of person living in Wanganui is not necessarily entirely wholesome hence the lower property values although outwardly it is portrayed as a gardenish city it is in reality quite a nasty place to live ( UNless you wish to take up farming ?!). As for Marton someone mentioned it above – unfortunately that is a one horse town !!! VERY LITTLE goes on in Marton ( sad to say as my family have great history there ) and it is off the main highway although there area few people starting to retire there nowadays, there is very little progress in that area and it has remained largely unchanged for the past 20 years in so far as development goes. Its a place where farmers have a beer if they are local, and has two schools which cater to out of town farmer’s kids. Apart from that you’ll find it largely deserted and defintely not a place where people are migrating TO – mainly FROM !
Have a look at Palmerston North which is close by and has a MAJOR UNIVERSITY and most people from Marton and Wanganui tend to end up there after their schooling PLUS it’s packed with student’s wanting to rent houses but BEWARE the town is like a ghost town during UNI holidays and unless you lock your tenants in for a fixed term you’ll find the flats vacated en masse during these holiday periods. The students also dont like to treat the property’s very well, but with careful investigation you may be able to find some good ones.
Cheers
Patrick and HeidiSMSAUSTRALIA – THE cabling professionals ! CCTV, DATA, PHONE, PABX, FTA, SATELLITE, and Audio Visual / Home Theatre.
Also for me, a chance to possibly add something of value about Wanganui….
I first strated going there in the early 80’s, and was always impressed by two things: the vivid house colours (looked like the ends of runs at the paint factory all over the houses) and the number of houses for sale.
Years later I lived at Ohakea, a base for what remains of NZ’s air force. Many of my co-workers lived in towns nearby, some even in Wanganui. IN recent years the base has seen the numbers of its people diminish, as the ‘strike’ force (jets) were disbanded. Bad news for the local economy, I bet. However…..
The air force base in Auckland (Whenuapai) will ineviatably close, and assets reloacte to Ohakea, 30 mins from Wanganui, 15 mins for Marton, Feilding (correct spelling), 20 mins from Palmerston North. The numbers of air force houses for the base are quite limited, and local rentals will be required. With less bases to post personel to/from (every 2 to 3 years), rentals should be more stable, and property prices should rise. Haven’t seen the latest on the Whenapai base closure (though it has been in the news recently), but I’d be surprised if it lasted 10 years, and will probably happen in 5 (or less).
Hope this helps.
Kerry
Maybe I should take my own advice…I have distant family in the region too!
Kerry is spot on about the airforce bases.
Other areas of interest should this occur would be :
Ashurst, Bulls ( a quaint little town near Ohakea airbase ) and anywhere on the main trunk between Palmerston North and Wanganui.
Another area of NZ to look out for would be Dunedin as this houses a very large and popular University – again watch out for tenants who only rent during study season – but Palmerston North is probably better because they have opened the university to all year round studying now and there is a new asian college there which is bringing in the overseas guests. Additionally Palmerston North houses the NZ institute of sport, has a new stadium and is host to the all blacks several times a year fro training sessions.
After the recent world cup this may not be such a good thing, but still food for thought.
I still wouldnt be looking at Marton too hevaily though ??? Pity – I LOVE the area and my grandparents farmed it since the turn of the century – and my uncle farms the Wanganui region.
THere isa large army camp/barracks in LINTON that may be worth looking into. THis is just south of Palmerston North, is rural, but has some good mainstay tenants ranging from army personnell through to uni students from Massey ( Palmerston Nth University ) and farmers.
On the other end of the scale ( while I have my thinking cap on ! … Palmerston North also houses NZ’s largest and most progressive agricultural and food science based study centres which is in very high demand.
Lastly – have a look at “Lincoln” just south of Christchurch in the south Island. Very cheap area and home to a large agricultural iuniversity that is in high demand from the farming circles for their kids – most students have to stay in ChCh itself as they can’t get flats, so if you can get one there it would be in high demand – just can’t quote the valuation for you – youll have to do that yourselves.
Good luck !
Patrick and Heidi
SOUND MEDIA SOLUTIONSSMSAUSTRALIA – THE cabling professionals ! CCTV, DATA, PHONE, PABX, FTA, SATELLITE, and Audio Visual / Home Theatre.
Hi guys,
I”m from Dunedin, living in Sydney and just finished “The Book” (0-130 Properties) today, logged on first time tonight, just offloaded 1 of our 3 negatively Sydney properties,(prob sell the other 2 shortly) and am also looking at buying in NZ.I lived on Somme Parade in Wanganui 20 years ago, (1 mile from Mongrel Mob HQ….) and was considering Wanganui and Dunedin for my first NZ purchases.
My mother is over here from Dunedin for holidays, and we have spent a lot of time disussing Positive Gearing opportunities in Dunedin, as I have been reading The Book, and quoting to her a lot from it
Have to say, I think we may of missed the boat looking for ‘deals’ in Dunedin. Mums 2 Bedroom house in the middle of Dunedin (Opposite Olveston for anyone who has been there) has gone from NZ$147k last January to $245k in December. (she had it valued, thinking of selling) Looks like there are lots of Aucklanders buying up rental properties looking at the Scarfie (local nickname for Students, as they always seem to wear scarves…..) market for tenants.
Also the Otago Polytechnic (NZ’s TAFE) has just completed a major apartment block building on Anzac Ave, right near the University, with each Apartment having 5 Bedrooms. ie – Custom designed for the Scarfies, so they can share costs.
I to think Lincoln, and maybe around Christchurch might be the place to look.
Cheers
Lloyd & Deb
[
] Hey everyone. Susie Langmaid & partner Aaron here – the one’s who left our beautiful Gold Coast region to come & try our reno expertise in Wanganui.
Well, we must say we absolutely love it here. Wanganui is full of really nice people, there’s heaps of industry, great schools & uni’s and fabulous houses.
Aaron & I did really well on our first reno which was a total transformation in just 8 weeks both internal & external, we found that ugly duckling & turned it into a home to be proud of. Sold pretty quickly, but I must say it was bl…y hard yakka though.
O.K. some food for thought. There are still a few good passive income buys here in the lower price range but you really have to be very carefull where you purchase & what you are getting for your hard earned $$$$$. Maybe you’d like to take this into consideration. A good friend of ours here in Wanganui is a property manager who says that he is now considering knocking back a lot of ‘cheapie’ properties out of town investors are buying up & asking him to rent out – a bit of over supply on the cheap end of the scale, however, good family properties over the $100k mark are ever so hard to get hold of to potential tenants. So, in turn, Aaron & I have purchased a big character villa with magnificent river views on a big ‘section'(block of land) but was built in 1919 and quite a bit tired. Our property manager friend says he would be able to rent it out immediately to really good exec type tenants & it would come in heaps cashflow poss to us. Maybe a good thing for some of you to consider.
I’d be happy to check out places for the potential purchaser in or around Wanganui if you can’t make it here yourself just drop me an e-mail at least I can let you know what the area is like.
Have had the pleasure of Mini Mogul’s (& another lovely forumite!!)’s company while we’ve been here & it was fun to take them around.
Okay, gotta go, happy house hunting and by the way, since I discovered this site maybe 2yrs ago, Aaron & I are now the proud owners of 6 fabulous properties.
“Cheers big Ears”!!! Love Susie
[email protected]You will fin NZ in general a great place to invest, their are real opportunities there and it is much easier to realise high percentage of cash on cash returns – my comment is to forget the rhetoric visit NZ and you will realise the opportunities and if structured correctly you can benefit tax effectively especially with capital gains……..
]
] Hey everyone. Susie Langmaid & partner Aaron here – the one’s who left our beautiful Gold Coast region to come & try our reno expertise in Wanganui.
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