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Gisborne, Palmerston North or Invercargill

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  • Gisborne, Palmerston North or Invercargill

    Hi, am looking at buying my first investment property and I have been looking at Gisborne, Palmerston North or Invercargill. Can anyone provide any information about the experiences or knowledge of those destinations? Would they be worth looking at in regards to an investment property?

  • #2
    I own a few in PN and it's been my pick for a variety of reasons, I've posted about it a few times on here.

    Front page article in local paper yesterday about the shortage in pn:

    PN currently has an real shortage of listings, 150 on tm, 200ish on realestate.co.nz; with 140 sold in May (up 30-40% on last May) inventory must be only 5 weeks or so which is even less than Wellington at present which is currently booming big time.

    Population growth in PN will be a lot stronger long term term than smaller towns like gisborne (declining population last I checked) or invercargill. Not as fast population growth as Auckland Hamilton or tauranga but interestingly similar to Wellington based on states.govt.nz population projections.

    Prices have risen 7.6% over last 12 months according to QV but based on re-valuations I've had done recently this may be a bit conservative.

    Most importantly there are still solid yields to be had, 7% ish still possible, although with the shortage it's going to be harder to get a bargain buy.