I am considering buying a unit/apartment in a wider Albany area that includes Pinehill, Oteha and other neighbouring areas in North Shore. The price range I am looking at is 200K - 300K. I am hesitating mainly because of the two issues below. I'd like to hear what people on the forum think about them.
1. Long term capital gain
I know that Albany has kept up pretty well with other areas in North Shore. However, I cannot find
any specific data on apartments and units. I believe that apartments in the city have good prospects because whoever wants to live in the city doesn't have any other choice. In Albany though, there are plenty on houses, and on top of that, there is quite a bit of spare land for new developments.
2. Leaky buildings that have been fixed
There seems to be a few buildings on the market that have been recladed. They got a new certificate of compliance from the council in accordance with the new building code. Presumably, they got it right this time and there shouldn't be any further technical problems. But I still don't know what is the market perception towards those fixed buildings. I am concerned that if I bought one of them now and then had to sell it in a few years, I would have to offer a big discount.
1. Long term capital gain
I know that Albany has kept up pretty well with other areas in North Shore. However, I cannot find
any specific data on apartments and units. I believe that apartments in the city have good prospects because whoever wants to live in the city doesn't have any other choice. In Albany though, there are plenty on houses, and on top of that, there is quite a bit of spare land for new developments.
2. Leaky buildings that have been fixed
There seems to be a few buildings on the market that have been recladed. They got a new certificate of compliance from the council in accordance with the new building code. Presumably, they got it right this time and there shouldn't be any further technical problems. But I still don't know what is the market perception towards those fixed buildings. I am concerned that if I bought one of them now and then had to sell it in a few years, I would have to offer a big discount.
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