Hi everyone.
I moved from Australia to Wellington 3 years ago, and have recently moved up to Auckland. I am still learning the Auckland market so i do apologise if i seem novice.
We are purchasing a second home - being constructed in Hobsonville Point.
My worry is that the land size being 170 sqm and the house being 160 odd sqm at a turnkey price of $840k is high.
I want to be optimistic and say that we might make some small capital gains but I think the true value will be in the rental income.
My concern is that that purchase price is not only high, but i can't see where this has more value than another house say in Massey that has 800sqm of land and a 160sqm dwelling that has been renovated.
Our issue is that we being a young couple do not have the 20% equity required for existing houses. So our only option was the new build scene as we only need to provide 10%.
I would prefer to purchase a house as opposed to paying someone else's rent any day.
My question is:
1. Do you think this is a good purchase based on the information you know about Hobsonville point, the land size and house size.
2. Based on the market conditions, the non scaling salary of Aucklanders compared to rising house prices, and also the supply demand issues. Is there opportunity for what i believe is an expensive house to increase in capital value and also rental income?
Once again, thank you very much for your time to read this and provide your feedback.
Thanks,
I moved from Australia to Wellington 3 years ago, and have recently moved up to Auckland. I am still learning the Auckland market so i do apologise if i seem novice.
We are purchasing a second home - being constructed in Hobsonville Point.
My worry is that the land size being 170 sqm and the house being 160 odd sqm at a turnkey price of $840k is high.
I want to be optimistic and say that we might make some small capital gains but I think the true value will be in the rental income.
My concern is that that purchase price is not only high, but i can't see where this has more value than another house say in Massey that has 800sqm of land and a 160sqm dwelling that has been renovated.
Our issue is that we being a young couple do not have the 20% equity required for existing houses. So our only option was the new build scene as we only need to provide 10%.
I would prefer to purchase a house as opposed to paying someone else's rent any day.
My question is:
1. Do you think this is a good purchase based on the information you know about Hobsonville point, the land size and house size.
2. Based on the market conditions, the non scaling salary of Aucklanders compared to rising house prices, and also the supply demand issues. Is there opportunity for what i believe is an expensive house to increase in capital value and also rental income?
Once again, thank you very much for your time to read this and provide your feedback.
Thanks,
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