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How to research an area

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  • How to research an area

    Hi Guys,
    Looking at buying my first Investment Property and would like to keep it very modest to start with, maybe up to 200k..

    So i'm not going to be able to buy something very central in Auckland unless it's a shoebox, would prefer a unit or small tidy house.
    So how to research an area? What's the best way to find out if an area has a fair demand for rentals? Crime rates etc? How best to find out what's generally happening in that town which could effect my investment? how do I choose a trustworthy Agent if I'm looking at units down the line?

    If anyone knows of helpful websites or a book that really addresses this problem and doesn't just say "do your homework" I'd be very grateful

  • #2
    Although the man himself is discredited these days, Dolf de Roos' little book "Building Wealth Through Investment Property" has sound advice on getting started - worth getting from the library.

    Online tools make life a lot easier now.

    I would use TradeMe to identify 2 or 3 areas of interest and then use several weekends visiting open homes in those areas. Asking agents if they can give you a list of recent sales in the area is a great way of finding out what things actually sell for, or you can buy the lists from QV as part of their e-valuer reports.


    • #3
      To have a general (but not definite) idea of how much a rental is in demand for a certain area, I just look up market rent on DBH's website.

      I look at how many bonds they have received for rentals in that area.


      • #4
        Ok thanks, I'm guessing asking price compared to CV is an indicator as well? Auckland's are all well above, I've found some places as low as 1/3