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  1. #11
    Join Date
    Jun 2008
    Location
    Auckland/Tauranga/Gold Coast
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    2,960

    Default

    Quote Originally Posted by PropertyDeal View Post
    1 parliament street
    14 waterloo quadrant
    5 parliament at (character)
    9-11 parliament streer (character)
    Silo apartments in Emily place (corner Emily and shortland st)


    The Statesmen is a quality apartment so I have heard. Silo is a character building and is also supposed to be quality.



    Feel free to email me and I can send you some recent sales in buildings you are interested in to give you an idea of what they are going for - [email protected]


    best of luck
    I think the silo has sub 40m apartments which make them a little undesriable. Great looking refurb though.

  2. #12
    Join Date
    Apr 2008
    Posts
    2,086

    Default Don't forget the carpark

    Before the slump, you could value a carpark at 70k.

    To be conservative, let's call it 35k now (minimum)

    If you buy an apartment with a carpark, you can split the investment: Rent the apartment, and rent the carpark to someone else.

  3. #13

    Default

    Go for it but

    When you invest, why not try to buy property that will be in short supply as it will appreciate faster. Appartments are easy to build and hence the over supply. Can't see this changing.

  4. #14
    Join Date
    Apr 2008
    Posts
    2,086

    Default

    I only know the Auckland CBD, where there are numerous dreadfull eyesores composed of "shoeboxes" (20-30 square metres).

    But the point is that these places still get a good demand. You will get a tenant, as long as the price is right.

    The issue is whether that price will give you a reasonable return on your money and your time.

  5. #15
    Join Date
    Jun 2008
    Location
    Auckland/Tauranga/Gold Coast
    Posts
    2,960

    Default

    Quote Originally Posted by Bob Da Builder View Post
    Go for it but

    When you invest, why not try to buy property that will be in short supply as it will appreciate faster. Appartments are easy to build and hence the over supply. Can't see this changing.
    Auckland CBD apartments will shortly be in short supply. Very short supply.

  6. #16

    Default

    Quote Originally Posted by tpr2 View Post
    Auckland CBD apartments will shortly be in short supply. Very short supply.
    Terry, can I tag a "why" onto that?

  7. #17
    Join Date
    Oct 2003
    Posts
    3,578

    Default

    How many are currently under construction and how many have consent granted? My guess is very few.

    The issue is demand and what types of apartment have demand and which attract the wrong sort of demand.

  8. #18
    Join Date
    Jun 2008
    Location
    Auckland/Tauranga/Gold Coast
    Posts
    2,960

    Default

    Quote Originally Posted by tanmedia View Post
    Terry, can I tag a "why" onto that?
    CJ has beaten me to the punchline.

    Currently you can find property at well under what it costs to build a new apartment.

    As construction costs are not going to halve in the near future it can only be assumed that developers will not build in such an environment, i.e build something that costs them say 300k only to find they can only sell it for 250k.

    Look around and you will see very few cranes in Auckland at the moment and from what I understand there is only one new project about to start.

    There are a couple that are finishing but thats it.

    The one that is about to start won't finish until 2011 so that leaves a good 12 months or more at least where there is no new supply.

    Auckland still has a positive net migration and as various factors impact upon our views of how a life should be lived apartment living becomes a more viable option for many.

    Nearly all our new imigrants come from popultions that are used to high density living and generation y certainly don't have the same desires baby boomers and generation x had for the quarter acre and the dog.

    Give them a balcony and the dog and they will be happy....lol.

    It doe's not take much shift in sentiment to suddenly see Auckland CBD seriously short of property.

    I think Kieran has stated there are 12,000 dwellings in the CBD (check that because I read it back in his december suburbwatch so I may be wrong). There are some 22500 residents and there is an average of 1.9 per dwelling.....someone may be able to help me with those stats.

    So this would indicate that with people still moving to the CBD but no new apartments being built the current oversupply will be sucked up pretty quickly.

    sure there are some crappy apartments but that just means the new ones or the larger ones will be even more desirable.

  9. #19

    Default

    Tpr2

    You don't see the whole over supply of apartments repeating itself again in the future ? I do.

    there are better areas of property to invest in. Not going to elaborate, you will have to work it out for yourself.

    However I'm sure you could get seriously rich off appartment investing if you played your cards right. I think thats how Donald trump got started.

  10. #20
    Join Date
    Nov 2007
    Location
    Auckland
    Posts
    259

    Default

    Yes agree but not an area for the novice or faint-hearted! - you need to know the market really well - I'm happy to leave it to the experts(and yes I know the definition of expert).

    Makaela


 

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