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$19,000 for Waikato's cheapest house

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  • $19,000 for Waikato's cheapest house

    $19,000 for Waikato's cheapest house


    A STEAL: Tokoroa has some of the cheapest residential properties in New Zealand.

    Buying a house just got harder under new lending rules, but listings in the Waikato show a spare $20,000 is all it takes to launch into the property market mortgage free.
    New loan-to-value ratios (LVR), introduced by The Reserve Bank this month, restrict the amount of money banks can lend to low value borrowers, a move that is expected to hit first-home buyers, with less than 20 per cent deposit, the hardest.
    Average asking prices in the Waikato also reached a new high of $384,595 last month, up 8.5 per cent on a year ago.
    In light of the current challenges in the property market, the Waikato Times went looking for the cheapest houses money can buy in our region, solely based on asking price.
    A two-bedroom unit in Hinau St, Tokoroa, with an asking price of $19,000 is believed to be the cheapest property in the region.
    But if you're after a decent "do-up" project in Tokoroa, a three-bedroom former forestry house in Clyde St is listed at $49,500, but is likely to fetch between $40,000 to $45,000.
    read more at...
    http://www.stuff.co.nz/waikato-times...cheapest-house
    Last edited by donna; 29-07-2017, 12:38 PM.
    "There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho Marx

  • #2
    What are your thoughts on this, Muppet? I have been looking at it, and at that price it is tempting, but there is a lot of property for sale in Hinau Street...

    Comment


    • #3
      Hinau Street was gangland street but not sure now.
      "There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho Marx

      Comment


      • #4
        Thanks for your reply. Yes, I gathered that there was a gang problem. The last real trouble there was about five years ago, according to some quick searching. I can't imagine it's paradise now, but at that price it's certainly tempting to drive down for a look. I'm just worried that with the number of properties for sale, I could end up with it sitting empty.

        Comment


        • #5
          no worries

          buy it

          fully refurbish it for $100K?

          so it easily meets a future rental WOF

          then rent it out for $150pw

          of course you won't make any money

          but you will be paying for some else's "right" to a nice warm house

          and that's got to be worth something!
          have you defeated them?
          your demons

          Comment


          • #6
            Hey, my own house would not pass a rental WOF.

            Comment


            • #7
              Originally posted by Moomingirl View Post
              Hey, my own house would not pass a rental WOF.
              Yes but you're a dirty rotten rich landlord! And you have to be made to pay!

              In all seriousness, if anyone's into trout fishing or hunting etc. then this could be a good pad to do that from. Just don't leave anything in the house when you leave or the locals will pinch it!
              Squadly dinky do!

              Comment


              • #8
                All these tinny details are made with lot of backgound knowledge.

                Comment


                • #9
                  Originally posted by Davo36 View Post
                  Yes but you're a dirty rotten rich landlord! And you have to be made to pay!

                  In all seriousness, if anyone's into trout fishing or hunting etc. then this could be a good pad to do that from. Just don't leave anything in the house when you leave or the locals will pinch it!
                  Yes I am, but not rich enough yet!

                  That's not a bad thought actually. Not really what I'm looking for in the way of income though.

                  They were also advertising a couple of blocks of 4 units for sale, at a 'potential 15% return'. Only if you can rent out all the units though, and that doesn't seem to be a foregone conclusion.

                  Comment


                  • #10
                    I suggest
                    that you go and visit the area
                    and have a talk
                    to some of the locals in the know
                    to get a better idea
                    of what is happening there.
                    "There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho Marx

                    Comment


                    • #11
                      ^
                      noice!
                      ....
                      have you defeated them?
                      your demons

                      Comment


                      • #12
                        Originally posted by muppet View Post
                        I suggest
                        that you go and visit the area
                        and have a talk
                        to some of the locals in the know
                        to get a better idea
                        of what is happening there.
                        Muppet, aren't you one of those "locals in the know"? I was under the impression Tokeroa is not a big place and you have lived and invested there for years.

                        Shane

                        Comment


                        • #13
                          Yes, I am planning to drive down and take a look. I was just wanting to get other peoples opinion on the subject too. If everyone here had recoiled in horror and said 'don't do it', I might have reconsidered if it was a good idea. As it is, I might still have a look.

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