Future Auckland Growth Areas...?

[first_time_investor]

Hi All,

I am a first time investor looking to get a property in a growth area for capital gains down the line.

Are there any suggestions of where I should be looking? My budget is around 350k-400k.

Thanks in advance!

[wilditr]

Welsford with the new highway going in.

[PTILoveYou]

Te Atatu South/Massey
Papatoetoe

[Davo36]

Papakura, prices are cheap and you can catch the electric train straight into Akl CBD.

[Bluekiwi]

Coastal South Auckland.

[elguapo]

Coastal South Auckland.

Manurewa & Mangroves?

[Bluekiwi]

Manurewa & Mangroves?

The Riveria of the South.

Consult your map book

Clendon and Weymouth

[kmor110]

Welsford with the new highway going in.

Does anyone else think Wellsford would be a good investment and why? I.e cap gains or cashflow...idea of current rents/prices etc. We live in Orewa so investing in the south is inconvenient in terms of drive-bys (no pun intended) getting familiar with the area/agents, viewings etc.

[Bluekiwi]

Does anyone else think Wellsford would be a good investment and why? I.e cap gains or cashflow...idea of current rents/prices etc. We live in Orewa so investing in the south is inconvenient in terms of drive-bys (no pun intended) getting familiar with the area/agents, viewings etc.

Its a no brainer for you then.
Invest where you can visit open homes, drive streets, talk to agents.
And your in a cheaper area of auckland so a great place to start.
I would look to the cheaper parts of Orewa, saw a good one over the hill from you last week.
And into Read Beach and the early parts of Whangaparoa.

There are a lot of bach's and unloved properties around there that you can make solid reno improvements to.

I am an East Coast Bays man at the moment, but will add that area to my hunting ground latter next year.

[kmor110]

Its a no brainer for you then.
Invest where you can visit open homes, drive streets, talk to agents.
And your in a cheaper area of auckland so a great place to start.
I would look to the cheaper parts of Orewa, saw a good one over the hill from you last week.
And into Read Beach and the early parts of Whangaparoa.

There are a lot of bach's and unloved properties around there that you can make solid reno improvements to.

I am an East Coast Bays man at the moment, but will add that area to my hunting ground latter next year.

Hey Bluekiwi - thanks for the reply. Where was the 'good one' you saw out of curiosity? I keep a pretty close eye on the local listings.

Made an offer on a property in Red Beach recently but they wanted 490s for 2 brm (with potential to add third). Cross lease no section no garage.

My trouble is my salary is low, we have good equity in our current home and would like to keep and rent out, but would struggle to afford 100% on another property. They say the step in to the second property is harder than the first, what are your thoughts?

[Bluekiwi]

Hey Bluekiwi - thanks for the reply. Where was the 'good one' you saw out of curiosity? I keep a pretty close eye on the local listings.

Made an offer on a property in Red Beach recently but they wanted 490s for 2 brm (with potential to add third). Cross lease no section no garage.

My trouble is my salary is low, we have good equity in our current home and would like to keep and rent out, but would struggle to afford 100% on another property. They say the step in to the second property is harder than the first, what are your thoughts?

I was thinking reno and re-sell, rather than rental for this.

http://www.barfoot.co.nz/527348

There are many ways to get ahead in property, you really have to know where you are going before you start, and have a plan to get there.

If income is an issue, you may just be able to buy 1 more house and thats it for you.

Getting that first property is always the toughest, you have done that and have good equity so you are in a really good position.

I would certainly see a mortgage broker, dont see the banks yourself, and dont cross colaterise, dont use your equity in house as a deposit.
There are some good ones out there, and mine is one of those, Mike kingston at Mike Pero Mike Kingston <[email protected]>
But there are other good ones out there, just dont use a hopeless one.

Due to your low income, you could look at teaming up with others to buy property so you have the income to support more rentals.

Or you could instead do a few reno and sells, and build up money to buy rentals, the banks will more likely lend to you as you would then have a larger deposit and lower borrowings.

[kmor110]

I was thinking reno and re-sell, rather than rental for this.

http://www.barfoot.co.nz/527348

There are many ways to get ahead in property, you really have to know where you are going before you start, and have a plan to get there.

If income is an issue, you may just be able to buy 1 more house and thats it for you.

Getting that first property is always the toughest, you have done that and have good equity so you are in a really good position.

I would certainly see a mortgage broker, dont see the banks yourself, and dont cross colaterise, dont use your equity in house as a deposit.
There are some good ones out there, and mine is one of those, Mike kingston at Mike Pero Mike Kingston <[email protected]>
But there are other good ones out there, just dont use a hopeless one.

Due to your low income, you could look at teaming up with others to buy property so you have the income to support more rentals.

Or you could instead do a few reno and sells, and build up money to buy rentals, the banks will more likely lend to you as you would then have a larger deposit and lower borrowings.

Thanks for the advice Bluekiwi - I am lucky to have a good mortgage broker who offers his advice on potential properties. That one in Hatfields does look like a goodie, plenty of families moving in to the area who can't afford Millwater or Orewa.

My initial strategy was to reno and re-sell, so thank you for reminding me of this. It's easy to get lost along the way especially when you find out it will cost 20K to sell through an agent. Or when you hear people continually saying buy and hold (which is their strategy or mantra).

My step-dad just sold his house private sale successfully in the first weekend up in Millwater. Our current house is quite visible to car traffic so I am wondering whether I could enlist his help to try sell ours to save some cash which we could reinvest in to another do-up.

That's given me something to think about now, so thanks for lending your perspective

[Bluekiwi]

I was going to sell a house myself this year.
Hoping to get 750k for it.
The agent got 886k for it.
Sort of permanently put me off selling houses myself.

But you need a top agent, not just any agent.

[kmor110]

I was going to sell a house myself this year.
Hoping to get 750k for it.
The agent got 886k for it.
Sort of permanently put me off selling houses myself.

But you need a top agent, not just any agent.

Ha-ha thanks for that bluekiwi!

I guess it's a matter of finding a figure you are happy with, and if I achieved that via private sale I wouldn't wonder what if... But of course, if you don't achieve that result there is always the option of an agent.

...On the flip side I guess one could suggest you list your house with an agent, go to auction, and if not happy with the result you can always turn it down with only the cost of marketing to pay.

The chicken, or the egg?!