Hi all
I am considering investing in Invercargil – what can anyone tell me about it – tried the search but it comes back with error.
Cheers
I would suggest based on the article below you are very careful investing in Invercargill which is in Southland. You may get positive cashflow but it appears there will be no capital gains in the foreseeable future. Good luck.
Property slump – where it will strike
23 October 2005
By IRENE CHAPPLEA property slump will hit the South Island over the next three years, but the North Island’s cities will weather the downturn, says a report due out next month.
The Infometrics/PMI Residential Overview shows Auckland and Wellington will hold strong against property price falls, but values in Otago and Southland will slump by 2008.
The report, published every six months, gives detailed forecasts of construction activity, house sales and expected prices rises in each region.
While the cities keep their noses in front of inflation, Canterbury/Westland and Otago/Southland are forecast to fall 3 per cent and 4 per cent respectively.
Infometrics also says property prices will flatten nationally over the next 10 years.
Many in the residential market who had made profits were getting out now.
“If they have been in the market five years they are doing well,” he said. “It’s the ones who got in six months ago who are not necessarily going to get capital gains.”
ned kelly
ned kelly
Try searching for “Invercargill”. Also have a look at the forum on http://www.propertytalk.com (it’s a kiwi website).
Rikky, that article doesn’t say much. There is more to Invercargill and the city does have potential in the long term. Maybe Westan can add to this?
I agree though, there won’t be massive growth in the short term.
Regards,
OziHi Misty,
We live in Invercargill and have an information sheet pdf that we have put together about the area and what is going on down here. If you would like a copy just email [email protected] or give Don or Liz a call on +64 212 357140. We offer property spotting and can find properties to meet your crieria. Even better come over and have a look. I’ll put the kettle on!!![biggrin]
[email protected]
Property Spotters living in NZ
Renovation & Project Management
Email now to receive info on the lastest deals!Oh,
and I did post something a while ago about employment growing down here a 7 or was it 8 times the national average. It should come up under the search function.
cheers
[email protected]
Property Spotters living in NZ
Renovation & Project Management
Email now to receive info on the lastest deals!Hi Misty
i haven’t been to invercargill for ages, but there are some great things happening in the long term. The next few years maybe a bit bumpy but i like Invercargill a lot.
Currently there are some vacancy issues so you need to buy homes that are warm and well presented. Also be careful about buying something and assuming the current rent will be the furure rent. Rents have dropped so even though a home is getting 180 pw now doesbn’t mean thats tha current market rent.
These are some things in the pipeline for Invercargill (this research is now about 12 months old so you need to check the current status).
1. The new Freezer works south of the city is complete, this has created jobs for the city, whilst its opened its not running at fully capacity yet.
2. Tourism Industry is growing, Major tourist oporater Real Journeys, Stewart Island, boat to Fiordland 2 on order.
3. lignite power generator $2 billion dollar project, proposed north towards Edendale
4. silica smelter -rumour at the moment but a Silica mine is a possibility
5. oil exploration- one company is testing/looking for 16 billion worth of Oil
6. oil exploration off shore – according to a new book out in NZ there is a huge reserve of Oil south of NZ that was found by Hunt Petroleum in the 1970’s.
7. increased retail activity, new $5 m Spotlight store -40 jobs 2500 sq meters, Bunnings rumoured to be getting the old show grounds site, new Mitre 10 meg store,
8. refurbishment of Bluff
9. airport- direct flights airport extensions are near completionHope this is a help
regards westan
Properties in the USA 15-25% returns- email to join our database [email protected]
Thanks everyone for the input, I believe I need to do a lot more research before I am ready for this step but you have all helped in the learning curve.
Cheers
Hi guys
We have recently purchased 2 rental properties in Invercargill. One is in Janet Street, South City. We rented this out to a lovely single mum for $200pw. The other is in Drury Lane, opp the railway line. The new tenants are moving in this week, paying $220pw.
So even though there are vacant properties there at the moment, most of them are the “old dumps”. I have long held the opinion that if you keep your rentals looking nice and repair things instantly, you’ll always find a tenant.Cheers for now
AnneI might also add that a new indoor cycling stadium is being built. This stadium is identical to the Olympic stadium in Beijing. It’s the only one of its kind in NZ (and possibly Australasia, although someone might correct me on this!)
Cheers
Hi Seaqueen,
You have hit the nail on the head about the dumps. These are the problem properties that absentees have no business buying unless they have a plan to fix the place. Anyway enough from me, here is a tip bit from the association.
SOUTHLAND PROPERTY INVESTORS ASSOCIATIONMARKET CONDITION:
The government is doing its best to try and talk the market down – or slow it down.
The facts are for Invercargill anyway, we have a very low unemployment rate, a positive community spirit and I haven’t seen as much commercial development as over the last 3 years and more is planned for Invercargill.
When I eventually get the new info sheet out there (promises promises) I will try an include the full article and some other press clippings etc.
[email protected]
Property Spotters living in NZ
Renovation & Project Management
Email now to receive info on the lastest deals!
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