Huntly - Would you invest there?

[Frezzinghot]

Was just looking through the local property guide and noticed some properties for sale at Huntly. Very cheap but was wondering if anyone thought of investing there. If a new motorway goes there would it not make this the next town to have a price increase?

FH

[Damap]

I am trying to sell one there. Have been trying for almost 2 years.
Rates are high:
Property management is a nightmare:
Values are very depressed:
I can't give our one away yet:

Have just listed it again last week. For the third time to try again. I am budgeting a 50K loss but so far can't even achieve that :-).
So my advice is run Forrest, run!

[Frezzinghot]

Very interesting! If you were a novice investor keen to jump onto the property ladder, the prices listed now are very enticing. Oh to be that price again in Auckland!

[Frezzinghot]

Check this one out. http://harcourts.co.nz/Property/7143...6/5-McVie-Road

[Frezzinghot]

Have just listed it again last week. For the third time to try again. I am budgeting a 50K loss but so far can't even achieve that :-).
So my advice is run Forrest, run!

So you have a non performer Damap, what was the yield on that property if you dont mind me asking?

[Damap]

Bought it on gross yield of close to 11%. Rents and values have eroded since then. Rents more than values.
Your pick on a boom coming there may be right I don't know but I can tell you tradeys and management are atrocious. We have tried every game in town. Talked a friend with a company in Hamilton into managing it for us. He cant even get tradeys to go there from hamilton even if we agree to pay travel time. It is a complete headache.
Paid 180K can't get 130 K currently.
Although about to try again :-)

BTW Our PM said sell ASAP as the new motorway will further lower values.

[Frezzinghot]

Bought it on gross yield of close to 11%. Rents and values have eroded since then. Rents more than values.
Your pick on a boom coming there may be right I don't know but I can tell you tradeys and management are atrocious. We have tried every game in town. Talked a friend with a company in Hamilton into managing it for us. He cant even get tradeys to go there from hamilton even if we agree to pay travel time. It is a complete headache.
Paid 180K can't get 130 K currently.
Although about to try again :-)

BTW Our PM said sell ASAP as the new motorway will further lower values.

I find this so intrigueing, you could assume a motorway coming from the biggest city in the country was the best thing to happen to a small sleepy town like this (pokeno springs to mind) but your PM is saying run for the hills, so are plans already in place to totally bypass this town? If so it will kill it off completely including any businesses left in it.

Although when we pass through this town on our way to a Holiday you get that desserted feeling just looking at it.

FH

[Damap]

I believe it will bypass completely
its already an embarassment isn't it really.....

[eri]

brutally frank

well done

[Anthonyacat]

Huntly also has the huge one-employer risk of that big power station. From memory it's a coal station run by Genesis. Coal is more expensive than Hydro/Wind/Geo I think, so if there was a big drop in electricity demand (say, that smelter down south closing its doors) coal generation would surely be the first to close down, killing Huntly.

Not saying it's likely, but it's certainly a risk.

[Rosco]

Was just looking through the local property guide and noticed some properties for sale at Huntly. Very cheap but was wondering if anyone thought of investing there. If a new motorway goes there would it not make this the next town to have a price increase?

FH

Hi Frezzinghot,

State Highway 1 has gone right through Huntly for years. So if has effectively had a motorway from Auckland for at least the last 5 years, if not 10.

But in the next 5 or so years, they are planning to bypass Huntly completely.

Pokeno - Same with Pokeno, the motorway has gone past there for years. The new dairy factory is helping to push demand as well.

I tried to look up population stats for Huntly but couldn't find quickly. My guess is that it is having no growth.

The relatively new express way from Hamilton to Taupiri does make it quicker to get from Hamilton to Huntly, but I've still heard a lot of stories of people strugglying to sell houses in Huntly and rent them well.

Ross

[Wayne]

Check this one out. http://harcourts.co.nz/Property/7143...6/5-McVie-Road

On the good side of town.
I believe the NorthEast OK but who's going to rent it?

There's a map of where the expressway goes here

http://www.nzta.govt.nz/projects/huntly/

[BigRedDog]

I know a fully licensed builder that lives right in Huntly.

Could be the solution to some "can't get a tradie" problems.

PM me if anyone wants his details.
He has done jobs for me before in Auckland - good work.

[pjtj]

Bought it on gross yield of close to 11%. Rents and values have eroded since then. Rents more than values.
Your pick on a boom coming there may be right I don't know but I can tell you tradeys and management are atrocious. We have tried every game in town. Talked a friend with a company in Hamilton into managing it for us. He cant even get tradeys to go there from hamilton even if we agree to pay travel time. It is a complete headache.
Paid 180K can't get 130 K currently.
Although about to try again :-)

BTW Our PM said sell ASAP as the new motorway will further lower values.

Please call me 021971430 i might have a buyer for you plus it will be a private deal.

[pjtj]

please give me a call regarding your property for sale 021971430 Cheers/PJ Dhatt
private buyer