Hi All,
I just wanted to get rid of some frustration I'm feeling over the property market here in Nelson.
As a first time investor I've been looking at 2 bedroom attached flats/town houses in Richmond.
For something half decent in a reasonable area I'm looking at a purchase price of around 240k with a rental return of about $250 a week with $200k mortgage I have a shortfall of over $100 a week so needless to say I wont be entering the property market in Nelson anytime soon!
What I really can't figure is how can a 2bed hardyplank cheapo attached to many others flat can be worth 240k! thats nearly 10 years of Nett wages!
8 years ago we bought our 5 bed 2 living permanent material home on 10 acres for 262,000 k! to my mind property here is so over valued it's ridiculous.
I just wanted to get rid of some frustration I'm feeling over the property market here in Nelson.
As a first time investor I've been looking at 2 bedroom attached flats/town houses in Richmond.
For something half decent in a reasonable area I'm looking at a purchase price of around 240k with a rental return of about $250 a week with $200k mortgage I have a shortfall of over $100 a week so needless to say I wont be entering the property market in Nelson anytime soon!
What I really can't figure is how can a 2bed hardyplank cheapo attached to many others flat can be worth 240k! thats nearly 10 years of Nett wages!
8 years ago we bought our 5 bed 2 living permanent material home on 10 acres for 262,000 k! to my mind property here is so over valued it's ridiculous.
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