Looking for A 3rd rental investment and want to diversify by looking to Nelson region

[PTILoveYou]

Many businesses are making do with whatever they could find.
Spead staff across many sites.
Converted warehouse.
The 'old' buildings will go back to whatever they were doing before (maybe nothing).

Let's hope the CBD gets filled up in years to come.

I was down there for a few days last weekend and the CBD was quite empty in places.

[Wayne]

Let's hope the CBD gets filled up in years to come.

I was down there for a few days last weekend and the CBD was quite empty in places.

There is a plan for the CBD Gary

http://ccdu.govt.nz/the-plan

[dano41]

Hello Greg, I was wondering how you got along in Nelson. I live in Wellington and am thinking of buying my first investment property in Nelson too. What was your impression of the market?

[gmannz]

Hey All,

Just thought I would give you a quick update. We ended following you advice and sticking with Christchurch, picking up a 3 bedroom home in Harewood for under 370K, it needs a new fire and full re-paint inside, 1970's concrete, worst house on good street scenario.

The market in Christchurch certainly was varied in terms of housing stock available. Observations from our experiences over 2 months of solid looking, open homes / auctions/ deadline sales. Many properties were repaired (EQC) and finished to a high standard, certainly fetching top dollar, 10% and above bank valuations even more is when an emotional first home buyer were involved. The older style properties on the west side of Christchurch, including 2 bedroom units / homes (Ilam /Riccarton/Burnside etc) were fetching 400K +, 3 bedroom homes in Papanui / Redwood were more affordable being priced to that of a 2 bed in other suburbs. Sommerfield / Barrington / Addington had some great old properties, however the homes needed serious work and a lot were built 1900 - 1920's, certainly the best buying in my opinion, without going to the east. Waltham offered some good buys on modern units / apartments. There were some interesting homes in the central city 4 / 5 bedrooms, however it either had waterway running through the property or on main roads next to mixed flats, TC3 built on old swamp land (I do know a lot of Christchurch is made up of swamp).

I did check out the you tube Property Investment Journey you put online, very good. The other ronovationz was very good as well. Lots of commonsense advice.

[gmannz]

Hi Dano,

We put the Nelson plan on the back burner for the present time. Most of the growth is in Canterbury, wanted to follow the rebuild story, however I did find some quite good value in Tahunanui. Research is the key and really doing your homework. There can be a transient type work force in that region (agriculture/tourism), unless you get professional people or a family in your home, you may find rentals to be quite variable in the occupancy from what I have been advised.

Thanks,

G

[BigDreamer]

Why not stick to chch?

I did a short talk at CPIA event on Friday and there are definitely still good deals around in Chch.

You invest in Christchurch now? o_O

[dano41]

Hello G, thanks very much. I appreciate your advice and will certainly take it on board.