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  1. #21
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    May 2008
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    Quote Originally Posted by CJ View Post

    I am also interested in peoples views on:
    1 Hobson
    H47
    Statesman
    Quay west

    These as well as the ones mentioned above appear to be the higher quality tower blocks?
    Quay West - I've never heard any bad stories about it so far.
    It's apartments seem to always go up in price and they achieve high rents.
    Plus it's on freehold land.
    Can anyone tell a negative story about it?

  2. #22
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    Jun 2008
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    Auckland/Tauranga/Gold Coast
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    Quote Originally Posted by Bob Da Builder View Post
    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.
    Hi Bob.

    Of course it will, thats the nature of the apartment cycle and why so much can be made from those in the know.

    Severe undersupply leads to big jumps, every body gets in including the developers who then throw up so many new apartments it's not funny and you end up with over supply and the inevitable slowing down.

    Donald didn't just start off getting rich through apartments he still makes his money from building them.

    As for better areas to invest in, well that depends on what your after doesn't it.

    And it depends on what you define as a better investment. I can't comment though as you haven't provided any more information than there are better areas.

  3. #23
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    Jun 2008
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    Quote Originally Posted by Bob Kane View Post
    Quay West - I've never heard any bad stories about it so far.
    It's apartments seem to always go up in price and they achieve high rents.
    Plus it's on freehold land.
    Can anyone tell a negative story about it?
    Hi Bob

    I've not heard of any bad stories either, the apartments I have viewed in there were up on the top floors though and they are fantastic in terms of size and fitout. Not you standard run of the mill investment property though as I doubt the yield would even hit the edge of most PT'ers radars.

  4. #24
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    May 2008
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    Cheers Terry.
    Just add Quay West to that list of apartment buildings where prices don't go down.
    Bit like houses really.

  5. #25
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    Jun 2008
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    Indeed Bob.

    It's something people need to realise when you talk about Auckland CBD.

    Each building is almost a suburb or village of it's own, a whole micro climate perhaps.

    I went to check out a 135m2 penthouse today in fact, it's beautiful with incredible views and really the only thing that dissapointed me was that it was not the whole floor.

    The vendor still wants up around the 1.7mill though and they have a recent val and sales to justify such a price.

    Would you compare that to the 35 m2 apartments, I think most people would agree that you wouldn't and yet the catch cry is "stay away from Auckland CBD".

    There are plenty or crappy apartments in Auckland but there are also some great ones.

  6. #26

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    Quote Originally Posted by tpr2 View Post
    Indeed Bob.

    It's something people need to realise when you talk about Auckland CBD.

    Each building is almost a suburb or village of it's own, a whole micro climate perhaps.

    I went to check out a 135m2 penthouse today in fact, it's beautiful with incredible views and really the only thing that dissapointed me was that it was not the whole floor.

    The vendor still wants up around the 1.7mill though and they have a recent val and sales to justify such a price.

    Would you compare that to the 35 m2 apartments, I think most people would agree that you wouldn't and yet the catch cry is "stay away from Auckland CBD".

    There are plenty or crappy apartments in Auckland but there are also some great ones.
    It's pretty much the same thing wherever you go. There are 10s of thousands of places in Osaka that go for 5-6 million yen, but you wouldn't want to live in them.

    It might be a bit optimistic for this to happen in the near future, but you might find developers actually aim at the lower end of the market with places that actually enhance people's lifestyles. Mind you, that would require creativity and effort, not traits you find easily among NZ developers.

  7. #27
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    Apr 2008
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    Quay West is a quality building, with quality apartments. Check the unit plan: Large floor area, with high ceilings.

    The last time I was in there was 1999, so I can't comment on the current state of the interior. But at the time I saw it, it was very good.

  8. #28
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    Jun 2008
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    It's still great greenfish.

    Some of the sub penthouses are just magic.

  9. #29
    Join Date
    Apr 2008
    Location
    Auckland
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    Think I have said it before. The problem with many apartment sales are that you need to find a purchaser when it's time to sell. The way I see it, with credit slowly drying up, and general property prices falling, the primary owners of inner city apartments will be investors. If this is so, high B/C fees, water rates etc, and generally lower occupancy rates all work against apartments as being the best investment vehicles.

    I believe, in the past, apartments were seen as a good opportunity to get onto the property ladder with soaring house prices. For many that is all that was affordable. This is and will continue to change rapidly. In the past there were not many houses that you could buy that were (reasonably located) close to CBD Auckland for $450,000. Yet you could buy a modern apartment for such a price. Now (some) house prices are nearly at those levels again. With interest rates forecast to drop these levels will be the most affordable they have been for quite some time.

    Terry, I went for a stroll along the Westmere Peninsula the other day and for $1.7 mil I could buy a pretty nice ex-state on a sunny section backing on to the beach (Riparian rights I would imagine). Now each to their own, but why would I want a ($1.7 mil) apartment in central Auck, paying 8K P.A in B/C fees (prob more) when I could be a 5 min drive (or bus) to the same point and be able to launch my boat from my section with views to Birkenhead? Maybe it's just me...

    I started my portfolio (around 10 years ago) with an apartment because that was all I could afford at the time. However if other housing - in the areas I was interested in - had've been more affordable to me at the time this would not have been the case.

  10. #30
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    Jun 2008
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    Great insight watchful and I agree with you, a 1.7 million apartment with 16k in BC fee's is not a great investment and I would not ever put it up in that category unless it was truly unique (Like a whole floor for example) as the rarity of it will provide some protection against capital losses.

    I also understand some peoples love of dropping the boat into the water from the back yard.

    I live from 3 homes though and for example in Auckland I love walking out of my apartment (whole floor ) and 80 seconds later I am in my office.

    I have a lake home for holidays and riparian rights at the family bay on the barrier for all that other stuff.

    At the higher end rightful its more about how we are living our life rather than whats a good investment.

    As for the lower end, 200k to 350k, thats where I see the apartments as being great.
    I have a mixed portfolio of houses, units and apartments in various locations and I kind of like the ease of owning the apartments.

    My houses at the mount for example require a lot of maintenance as do my ones on the gold coast.

    The apartments require very little as I am paying for it in the BC.

    With property I don't actully believe there is a perfect investmen that fits everybody.
    Each property will work for some people and not for others and I believe that is the key, making sure you understand what it is you need from a property and then finding the appropriate one to deliver that.


 

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