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  1. #71
    Join Date
    May 2010
    Location
    Auckland
    Posts
    115

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    Hi Dean,

    Please show me the 3 bedroom, full site, with garage properties in Manurewa for $200 or less... As that was my example. You must be looking in a very different place to me as I can not find a single one, not even close. Occasionally they are being bought at that at mortgagee, but usually requiring a lot of work. Sure, there are plenty of crosslease properties, units and sections, but they were not the variable in my example.

    Do you agree too that the way you buy property as a professional property investor and the way the masses buy property are worlds apart? You have been buying below replacement cost because you are a pro, the vast majority are not.

    I think your views are really valuable Dean so I hope this doesn't come acccross as anything but respectful as that is the way it is intended.

    Cheers

    Tom

  2. #72
    Join Date
    Sep 2007
    Location
    Auckland
    Posts
    8,325

    Default

    Quote Originally Posted by [email protected] View Post
    You're not tempted at 40% gross Dean?

  3. #73
    Join Date
    Jun 2005
    Location
    Auckland
    Posts
    3,936

    Default

    Quote Originally Posted by Tom View Post
    Hi Dean,

    Please show me the 3 bedroom, full site, with garage properties in Manurewa for $200 or less... Cheers

    Tom
    I can see on TradeMe a couple of 3 BR dogs with carport at 199K. But as you mention no full sites. There is around 30 in the 220K to 240K bracket and a handful of these seem to fit your criteria.

    With that in mind you would need to find which vendors are motivated and negotiate well to get under 200K.

  4. #74
    Join Date
    Dec 2007
    Posts
    887

    Default

    Hey, railway campus doesn't count - anyway the yields will be higher next year after the ground rents kick in. Lots more pain in the leasehold sector to come IMO.

  5. #75
    Join Date
    Jun 2005
    Location
    auckland New Zealand
    Posts
    5,236

    Default

    AMR, no idea if they are good investments, just saying you can find high yield apartments.

  6. #76
    Join Date
    Jun 2005
    Location
    auckland New Zealand
    Posts
    5,236

    Default

    Hi Tom. It s true you won't see those on Trademe, but I still get them offered pretty regularly from 3 or 4 finders and 2 agents in South Auckland.
    Most recent one last week was 3 bed house on full site with lined double garage for 190K. Had 48 hours to settle but it sold for that.

    And yes of course educated investors will develop channels to buy that the masses don't find so easily.

    It is who you know in this market for real bargains IMHO.

  7. #77
    Join Date
    May 2010
    Location
    Auckland
    Posts
    115

    Default

    Quote Originally Posted by [email protected] View Post
    Hi Tom. It s true you won't see those on Trademe, but I still get them offered pretty regularly from 3 or 4 finders and 2 agents in South Auckland.
    Most recent one last week was 3 bed house on full site with lined double garage for 190K. Had 48 hours to settle but it sold for that.

    And yes of course educated investors will develop channels to buy that the masses don't find so easily.

    It is who you know in this market for real bargains IMHO.
    Hi Dean, thanks for the clarification. That makes sense and is what I figured. Great stuff and good on you, you've obviously put in the hard yards to build your network and that has clearly paid off/is paying off.

    Cheers

    Tom

  8. #78
    Join Date
    May 2010
    Location
    Auckland
    Posts
    115

    Default

    Hi Whitt,

    Thanks for that. Yep, it seems that the Clendon area has settled around $230 - $240k, and general (better) Manurewa is around the $250 - $260k when in good condition. The do ups are in the low $200's.

    Still plenty for sale though.

    Cheers

    Tom

  9. #79
    Join Date
    Feb 2008
    Location
    Melbourne, Australia
    Posts
    277

    Default

    Quote Originally Posted by Bob Kane View Post
    You need a group hug every day.
    Whatever: Read this from today's Australian Business Spectator: "Last month, Standard & Poor's cut New Zealand's foreign currency outlook to negative from stable because of a widening current account deficit and credit risks in its banking sector.

    The agency said also increased fiscal savings by the government would be crucial in avoiding a downgrade.

    An actual cut in the AA+/A-1+ rating could well lead to an increase in borrowing costs for the country and its banks.

    In October, Fitch reaffirmed New Zealand at AA+ with a negative outlook, while in September Moody's maintained New Zealand at AAA with a stable outlook."

    An increase in borrowing costs to the banks will swiftly be passed onto mortgage holders. The status of property as an investment and as a tax haven will come under pressure. I'm just glad I upped-sticks when I did, the currency differential alone makes the move worthwhile & I'll be watching out for a bargain as New Zealand land prices fall.

  10. #80
    Join Date
    Jun 2005
    Location
    auckland New Zealand
    Posts
    5,236

    Default

    230K in Clendon, you must be joking. There are 5 properties under 320K on Trademe and as Aucklands worst suburb you would not pay more than 200K in this market. Well actually you wouldn't buy there in this market at any price but if for some reason you did you would not pay anything like 230 to 240K. This is suicide. In this market buy distressed properties in good areas only IMHO.


 

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