Glen Eden

[wilditr]

https://touch.trademe.co.nz/listing/view/701032108

Not Glen eden but te atatu, sold today for 540k.

[macaroni]

Also interesting is that a couple of years ago when I was checking out schools in GE, Prospect Primary was only 2% NZ European. Looked the other day and it was 13%. Seems like demographics in GE West are changing pretty fast. I'm not sure if it's true for investors, but for owner occupiers I'm backing the area as a good buy.

[donthatetheplayer]

https://touch.trademe.co.nz/listing/view/701032108
Not Glen eden but te atatu, sold today for 540k.

Can you make the connection for me. What does this sale have to do with Glen Eden?

Edit: To make a connection, I have found the Peninsula to be a bit pricier than Glen Eden. I think the gap is narrowing though.

[Sammy Jay]

Was hoping to get an opinion on glen eden from some experts on the area.

i recently bought a house at 52 kamara rd. 3 bedroom 70s weatherboard house. Unfortunately due to my inexperience and the pressure of the auction I think I paid too much (paid $547k). The house has a good sized section 940 Sqm but it is fairly steep sloping upwards and the house is very basic, the driveway is also shared between 2 or 3 houses. I made a mistake in not taking into account the specific area of glen eden when I valued it.

I feel quite bad that I have made a misstep with my first property purchase so was hoping to get some other people's opinions on the purchase? It would yield about 4.3% gross at what I paid.

Hopefully it turns out alright in the end. But has me feeling like I should have been a lot smarter.

Live and learn I guess. Appreciate any feedback on it.

Thanks!

[Anthonyacat]

It's not a buy I would have made, but I'm not interested in anything cashflow negative so that rules out the majority of Auckland at the moment.

But unless the next property bust is a REALLY big one, you'll be quite happy with your property in ten years time.

Work on paying down the mortgage as fast as you can to at least the point it pays for itself. You don't want an unexpected redundancy to force you to sell the place.

But welcome to the forum. And congrats on making your first purchase!

[Sammy Jay]

Thanks Anthonyacat. Appreciate your advice.

I am planning on living there, but if I move out and rent it I estimate I would be kicking in maybe around $100 per week after the tax deductions. So it is not the end of the world. I think market value was probably closer to 520 but I suppose it is only an extra $27k I paid, and a lesson learned.

Like you say unless the next bust is a really big one, then it will probably work out ok 10 years from now. And it feels like the area is coming up, not so long ago people really looked down at rosier rd and now it is kind of desirable. kamara is one street over so maybe over time it will brighten up. I will be doing my bit!

[Anthonyacat]

Sorry, didn't realise you were buying for your own use.

In that case the economics of it really go out the window. Do you like the house? Is it worth $547k to you? I hope so, since that's what you paid. If you can afford the mortgage, and the payments are worth it to you, it was a good buy.

It goes without saying that the other advice to pay down the mortgage fast is all the more relevant with an owner-occupied home. You have non-deductible debt. Get rid of it fast!

And an even bigger congrats on your first home.

[WestyOne]

Hi.
Why is Glen Eden Called Nappy Valley?
Some folk refer to it as GE, GE Town , G Town or simply just Glen Eden..

[mercury111]

Nappy Valley is usually a term you use for an area with lots of young families.

[SLawrence]

Hi,

I am new to this forum so don't know how to create a new post so replying on this thread with my questions.

I am interested in a property on West Coast Road, Glen Eden but don't know this suburb really well. I think the West Coast Road is zoned for Glen Eden Primary School(?) Is it a good school? Not that I have school aged children but this is one of the factors that I usually consider to find out if the area is good or bad.

Can someone who lives in this area let me know their opinions? Cheers.

[mercury111]

Hi,

I am new to this forum so don't know how to create a new post so replying on this thread with my questions.

I am interested in a property on West Coast Road, Glen Eden but don't know this suburb really well. I think the West Coast Road is zoned for Glen Eden Primary School(?) Is it a good school? Not that I have school aged children but this is one of the factors that I usually consider to find out if the area is good or bad.

Can someone who lives in this area let me know their opinions? Cheers.

Its not a desirable school, but that doesn't mean it's bad. Same with Prospect. Konini and Kaurilands are the sought after schools in the area with great reputations.