Currently hold one apartment on Quay Street(I was told
it is near Queen Steet and wharf) Auckland
with water and wharf views. Anyone knows the location?
Have been to Auckland five years ago. Can’t really remember. Plan to go before we sign the contract. The aparment is off-the-plan and will be completed in two years. It seems if we don’t want it, quite a few people have interest in it.Redlilia
Hi redlilia
i don’t know the specific property you are talking about and i really don’t know the Auckland market so the following are just general statements, Michael might be the best one on this.
the NZ press often stress’ that there is an impending oversupply of units in Auckland (much like what i heard in OZ about Melb and that other city , something starting with S). It is also the popular opinion that Auckland is at its peak (unlike some other areas of NZ). so just be careful, and beware of the old sales strategy “if we don’t want it, quite a few people have interest in it.” this make you more inclined to buy when you believe other want the property.
a lot has been said in NZ about the oversupply of unit catering for the overseas student market in Auckland. so these are just some thoughts for you to consider.
regards westan
i live in the South island.I find +ve cashflow deals in New Zealand which I sell to other investors. To be on my database send an e-mail to [email protected]
Hi Redlilia
Some English language Schools in Auckland have shut down and some are being investigated.
The numbers of Asian students in Auckland have dropped.
Yet still more and more units are coming on stream in the Auckland CBD.
Still appears to be a market for them though.
Regards
Rental returns on these inner city apartments are apparently very good. But the biggest concern for me would be the over-supply. But they have been saying there has been an over-supply for quite a few years now, and new ones keep going up, and people keep buying them. Could be worth considering.
Andrew
http://www.rentmaster.co.nz
http://www.FindARentHome.com
Software for Landlordsi am in the same situation except I own one! I bought it June 2002 from an ad that said they would be ready in sept 2003, only to find out that they won’t be ready until Dec 2005! Mine is a studio apt in the old Northern Roller mill building in Emily Place. They are using the facarde & building 60 apts all with a carpark.I have paid 20% deposit @6.1% on 30,000.I threatened them with “Fair Go” & now they are paying me the interest on my deposit!!
I do think there will be a market for rental acc like this, & there always other ways of renting i.e. short term rent say for someone who only wants a place for a couple of nights where you can charge $100.00 per night.
I do have it on the market though at $50,000 morf than I paid.
If your apt is in a good location, & well built, I still think apts ae good rentals.Good luckSuzanne Kidd
Hi,
Did you end up buying in Auckland. I have heard that Waterfront in Auckland is quite cheap and might go up in prices soon like in sydney. Is this correct?Regards
rickyWill go to Auckland shortly to see this waterfront.
Anyone think Quay St is a good location?
It is just besides the new foodtown which is under
construction now.The completion is about 2006. While the later the better, I probably only settle by deposit bonds if
we really like it.Need more advice on Auckland.
many thanks,
I was talking to my brother, who has recently returned from N.Z. about the Auckland situation last night. He was telling me that while there has been a lot of growth in the Auckland market, the locals are still on fairly low pay and won’t be able to pay high rental prices. This means Auckland property could be in for some very heavy negative gearing. He claims that people who can’t afford the high rentals have already started leaving Auckland for outer areas and are commuting in to work. He also believes that N.Z. RE people are marketing to Aussies because they don’t know the market i.e. if it is such a good buy, why aren’t local investors who live there and can react quickly to a good deal, buying them?
In addition, he mentioned that the reason why some smaller cities and towns are so cheap, making them comfortably positively geared on paper is because previous landlords have had huge trouble getting renters to pay. When you think about it, when property is cheap, anyone with their act together can afford to buy. The renters are the ones living a day by day existence. They are the sort of renter who “forgets” not to spend the rent money. I admit this is all hearsay and opinion and so it’s up to you whether to believe it.Regards
teabagtedGood points teabag..
I guess I think myself that a few years ago there was a large influx in an area i lived of Asian investors, they came and bought, pushed up the prices and they havent dropped since.
What that did was raise prices, but for them it was easy as they were loaded and property in their country was impossible to buy. So they were middle to upper in the money stakes, they had the means, but couldnt afford in their own place, so what did they do? come to Australia! bought big, lived here, send their kids to school here, as it was cheaper to pay all those costs, of living schooling etc for their child in another country than in their own….
is there a connection? are NZ’ers paid less or on lower than their Aust counterparts? and are we like the Asian investors aiming for a good deal? where we cant buy here now as prices have increased so much, but we can manage in someone else’s backyard?
just a thought…….
Elves
Invercargill was a good place to invest a year back.. may still be good now.. havent checked in a while… because the government was trying to get people to move there by building all sorts of new attractions… like uni etc
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