Hamilton, Rotorua, Wellington??

[nzpez]

Hi, am looking to buy first investment property and I have been trawling this forum for a couple weeks now trying to gather as much info as possible.

I like Hamilton but I am afraid I may have already 'missed the boat' on this one as rental yields aren't as good as I'm hearing they were 1 year or so ago. I'm finding it difficult to find anything under 400K that doesn't need a heap of work as that is just not feasible for me right now (I work in Papua New Guinea). Any suggestions?

Wellington, I know very little about and as all my family is in Akld would probably be buying sight unseen except for the builders report I would have done which would hopefully save my a** in the case of any major issues. There is a property in Kariro, zoned for WLG College - $450pw, offers over $395,000 - thoughts?? Can you suggest suburbs with homes under 500K that would hopefully be a good investment.

Rotorua, finding some pretty good yields there at the moment and I'm quite keen on Rotorua just wanted to see what others thought on buying a place there. Can people suggest some areas to look at please?

Thank you!

[Don't believe the Hype]

People have very varying opinions on what a good investment is including - return on investment, capital growth, yield at purchase price (gross or nett), holding period etc... So a good investment to me might seem like a very poor choice to you depending on what i set out to achieve.

What is your definition of a 'good investment'?

[nzpez]

Sorry.
I would like a good gross yield at purchase price and hopefully some capital growth in the future.

[Grads]

Hi nzpez, out of those areas for your 1st investment I would recommend Rotorua. There are plenty of threads on here re areas to Rotorua suburbs to look at (and stay away from). Reasoning being Rotorua is significantly more affordable than WGT & HTown and still provides good returns. Good place to start, learn, gain experience then repeat!

[nzpez]

Thanks! I am definitely leaning towards Rotorua as the initial investment is much less. Cheers!

[Nick G]

Be clear in your 5 year plan and how that property will get you there. Also make sure you look at all the figures including rates, insurance and maintenance when making your decision.

[Eugene]

Karori entry level houses are hard to get, selling at a premium.
It has both Wellington College and Wellington Girls College zoning, not many suburbs have both.
Northland/Wilton is next to Karori, even closer to the city and zoned for both colleges, has lovely sunny entry level houses, many built in the 60's, some entry level even older. Has an excellent primary school. Hal always been underrated in my opinion. Buses are excellent.
Brooklyn is also close to the city and you can find entry level, but could be more difficult than Northland (I don't know it as well).
You could also look at Ngaio.
These are the western suburbs, the eastern suburbs are zoned for different schools.
Western suburbs are leafy and some are close to the city centre, eastern are often coastal and some have strong movie making presence,

[Eugene]

There are plenty of flights between Auckland and Wellington. I guess the longest part of the trip would be getting to the airport

[FJW]

Hi NZPEZ

In terms of Wellington and trying to find a property under $400k your best bet would be in Naenae / Taita / Stokes Valley / Wainuiomata.

Just some advice for buying out of town do as much due diligence as you can. Find out what the neighbors are like and the street, if its tenanted get a history of the tenancy in terms of rental payments and any damage related matters etc.

Hope that helps, if you looking to buy in Wellington don't hesitate to reach out to me

All the best

[primal]

This question has been bothering me for few months. Why the properties in rotorua are cheaper than rest of the suburbs. All surburbs price are increasing like Hamilton, Auckland, tauranga but why not much in rotorua.

You can buy at least 3 good properties in rotorua compared to Auckland

[Bobsyouruncle]

Rotorua = high unemployment and no population growth. Speculative to buy there this far into a boom, prices will drop again there in the next slump. However if you are just after cashflow and can buy in areas where tenants are OK then can be OK.

[primal]

What about rates. Seems it is high in rotorua.

[Bobsyouruncle]

Rates are criminal. We pay over 2 grand a year on 70 sqm 2 bed units