Rental in Whangaparaoa

[DBrown]

I am after a rental property in Whangaparaoa (or around that general area). I am interested in speaking to any landlords that may have "had enough" and are thinking about selling but haven't yet listed and still have "desirable" tenants".

Priced Under $480,000.

Looking forward to hearing from you.

[TheLiberalLeft]

Out of interest, why Whangaparaoa? I'm near there and have all but given up on finding a reasonable return anywhere in the Hibiscus Coast area.

Orewa - forget it.

The only part of might be Stanmore Bay, but that area is very hit & miss - some awful little places at inflated prices - dragged up by the surrounding places/areas I expect. Gulf Harbour is just way too far out. 20-30 mins just to get to the "mainland" off the peninsular, and that's on a good light-traffic day.

[drelly]

There are lots of places under $480k, but like TLL said... low yields.

[TheLiberalLeft]

Pathetically low. You can't get a reasonable 2-bed unit in Orewa now for much less than $400k. There's the odd concrete block ex-motel unit around, but they're still in the $360+ bracket. Rent them for around $350-$400/week. 5% at the very best. Not cf +ve.

[flyernzl]

You guys don't understand - if you buy an investment property, any investment property at any price - then gold bars will automatically fall out of the sky.

It must be true - the Green Party says so.

[Meehole]

We purchased in Stanmore Bay last year, 500 metres from the beach, leisure centre and park. 2 beddie on 978 m2 site for $315K. Renovated it (big job but hubbie a builder) and it valued up last week at $395K. Excellent tenants, professional couple paying $400pw. If they move out we will have no trouble finding others as its a cool little beach cottage.
TLL wash your mouth out with soap, anywhere on the Hibiscus Coast is heaven on earth!

[TheLiberalLeft]

I agree, Meehole. As a place to live, it's fantastic. I have no idea what you spent on renovations, but I maintain that it's not a good place to invest. Your return is still going to be between 5.5 and 6%. OK, but not brilliant, and I'd wager not cf +ve.

I like Orewa and keep an eye on the 2-beds that come up, but the competition is fierce. All those downsizing grey power members from other Auckland suburbs are like silver hyenas circling for the kill.

[Meehole]

I agree, Meehole. As a place to live, it's fantastic. I have no idea what you spent on renovations, but I maintain that it's not a good place to invest. Your return is still going to be between 5.5 and 6%. OK, but not brilliant, and I'd wager not cf +ve.

I like Orewa and keep an eye on the 2-beds that come up, but the competition is fierce. All those downsizing grey power members from other Auckland suburbs are like silver hyenas circling for the kill.

A return of 5.5% to 6% is still better than at the bank, plus we increased the equity. Doesn't matter about was spent sometimes you have to spend money to make money. Best thing is that now we have equity that we can use to buy another if we want.
Grey Power have been in Orewa for decades, they are Orewa. Millwater is now pushing up the prices and the new commercial/retail in Silverdale with Bunnings and Pak n Save will only make it dearer in the next couple of years.

[TheLiberalLeft]

ha! Millwater. Now there's some prices I can't understand.