Tips for Investing in Christchurch

[PTILoveYou]

Hi all

I would never imagine I would be in this position, but...

I'm going to buy a property in Christchurch...

Well basically a family member is going to study engineering in University of Canterbury, and her father would like to buy her a house in Chch, and I am handed the task to help them with that. It's going to be a joint purchase...

Any tips for investing in Christchurch?

Any suburbs to target that are close to the university? Our budget would be between $300-$400k I think.

Basically we just want a place that is decent enough to live in, but most importantly keeps value over the next 4 years (crystal balls I know!).

Any links to the green/red/yellow zones?

Any insurance specific stuff to look out for?? Should I ring the insurance company during conditional period to make sure the property is insurable first before going unconditional?

Many thanks!

Gary

[Jasonm]

Hi Gary

Are you after a unit or standalone house?,you would be struggling to get a standalone in that price bracket in decent condition..you could pick up a tidy unit around the Riccarton,ilam,avonhead,burnside areas..

Generally speaking properties in these areas are usually Tc1 which is the best land rating or Tc2.use the landcheck.co.nz website to check the land ratings however..

Also confirm with your agent what eqc work has been completed etc and from there you can work out if the property auctually sustained much damage..

Definatly check the insurance out in the conditional period,you shouldn't have any problems with tc1 or 2 especially if you transfer over from previous owners insurer

[PTILoveYou]

Hi Gary

Are you after a unit or standalone house?,you would be struggling to get a standalone in that price bracket in decent condition..you could pick up a tidy unit around the Riccarton,ilam,avonhead,burnside areas..

Generally speaking properties in these areas are usually Tc1 which is the best land rating or Tc2.use the landcheck.co.nz website to check the land ratings however..

Also confirm with your agent what eqc work has been completed etc and from there you can work out if the property auctually sustained much damage..

Definatly check the insurance out in the conditional period,you shouldn't have any problems with tc1 or 2 especially if you transfer over from previous owners insurer

Thanks Jason, I'm thinking about the west too.

Yeah unit is the most likely option, due to the increasing mortgage/holding costs if we buy too high in price. Plus recession will hit when she graduates...

[Boom]

Hi all

I would never imagine I would be in this position, but...

I'm going to buy a property in Christchurch...

Well basically a family member is going to study engineering in University of Canterbury, and her father would like to buy her a house in Chch, and I am handed the task to help them with that. It's going to be a joint purchase...

Any tips for investing in Christchurch?

Any suburbs to target that are close to the university? Our budget would be between $300-$400k I think.

Basically we just want a place that is decent enough to live in, but most importantly keeps value over the next 4 years (crystal balls I know!).

Any links to the green/red/yellow zones?

Any insurance specific stuff to look out for?? Should I ring the insurance company during conditional period to make sure the property is insurable first before going unconditional?

Many thanks!

Gary

Burnside - value holds due to one of best public schools in Chch and close to Uni.
Ilam - in between Burnside/Riccarton, even closer to Uni.
Riccarton - biggest mall, majority of Asian food stores etc.
Most properties this side of town TC1.

A normal 3 beddy will prob be out of your price range. Quite a few 2 bedroom units well within that price...

Something like this:

http://www.realestate.co.nz/2728349

[PTILoveYou]

Burnside - value holds due to one of best public schools in Chch and close to Uni.
Ilam - in between Burnside/Riccarton, even closer to Uni.
Riccarton - biggest mall, majority of Asian food stores etc.
Most properties this side of town TC1.

A normal 3 beddy will prob be out of your price range. Quite a few 2 bedroom units well within that price...

Something like this:

http://www.realestate.co.nz/2728349

Thanks Boom, yes I thinking of 2 beddy units as well.

[chonynz]

Hi Garry,


We brought a TC3 property for a good price (under 320k), a bit risky, so longing it has current insurance and insurance company is willing to transfer to new owner it shouldn't be a problem bank wise. This took 10 days to arrange from offer to unconditional. Boom is spot on with area descriptions.
And yes a unit in those area's is best bet.
Do look over the EQC report (which should be provided by agent) and don't forget to get a good building inspection, we use The building Inspection Company .

[Nick G]

If you're not against paying a bit for the local expertise and help on the ground with all the DD (more complex in ChCh) we have a property finder who could help you there, Gary. Very detail-focused person.

[PTILoveYou]

Thank you all.

Just two days ago, Bank of China has declined my relative's request to transfer more than $50k USD out of China. There are ways around this but needs more work, like applying for a eftpos card in Bank of China in China, then use the same card and withdraw money in NZ ATMs.

So my headache is gone and we are no longer looking to buy in Chch.

[chonynz]

Can't say i'm surprised by that (china) given the state of things at the moment but oh well all's well that end's well.

[PTILoveYou]

If China keeps up with the currency outflow blockade, then kiss good bye to the IMF global currency status.

[Wayne]

If China keeps up with the currency outflow blockade, then kiss good bye to the IMF global currency status.

If China allows unfetted ability to export funds they can kiss goodbye to their currency - at the moment.
They are not open enough to go the whole hog yet.