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  1. #41

  2. #42

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    The government has confirmed its commitment of a $1.5 billion investment in a regeneration housing project in Porirua East and West over the next 25 years. The Prime Minister made the announcement today.

    The Government is working alongside Porirua Council, the community and Ngāti Toa Rangatira, to provide better housing, infrastructure and facilities in eastern Porirua by:


    • replacing 2900 old, cold and damp Housing NZ houses with warm, dry modern housing better suited to tenants’ needs
    • building 2000 new, affordable market and Kiwibuild houses
    • improving neighbourhood design, including upgrading parks and streets, to make it easier to get around eastern Porirua, and do business there
    • providing the community an opportunity to think about their future education needs and
    • creating jobs for locals


    https://poriruadevelopment.co.nz/

  3. #43

  4. #44
    Join Date
    Oct 2015
    Location
    Rotorua
    Posts
    498

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    Quote Originally Posted by Don't believe the Hype View Post
    800s? assuming rent is above 300pw

  5. #45

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    Current rent is $250/wk/ unit - $52k yr.

    sold cash unconditional for $905k.

    i suspect some betting on value increases or ability to develop as part of the $1.5 billion investment Auntie J announced 6 wks ago.

  6. #46
    Join Date
    Oct 2015
    Location
    Rotorua
    Posts
    498

    Default

    Nice! Good profit indeed

  7. #47

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    Quote Originally Posted by Livie View Post
    Hi

    I live in Wellington and I would definitely not spend my money in Cannons Creek.

    Porirua is a great little city, it has some nice areas and no so nice (to put it politely) and the people are friendly.
    The Creek has high crime, gangs (Mongrel Mob the main players in Porirua) and beneficiaries. If you are keen to lose money and have tenant drama's it's the place for you.

    I would suggest you look at other areas in Porirua if it is the place you want to invest.

    Do yourself a favour and take a drive round the neighbourhood instead of sharing old stereotypes. There is hardly a better investment in the wellington region.

    > Yields are high
    > There is so much opportunity to add value - many properties that you can buy with a rent of $250/wk, spend $30k updating then re tenant at $450/wk
    > The government has just committed $1.5b to overhaul the entire Eastern Porirua region
    > Price growth has been double digit (as high as 25% yoy) for 3 years with rents going up so fast that yields are still high
    > There is ONLY 26 properties for rent in all of Porirua (20,000 dwellings) so you have huge demand for tenants and can be very selective


    While you live in Wellington which doesn't qualify you to speak with authority on Cannon Creek, I actually work in the Creek 360+ days a year and have documented on this thread and others the transition of CC from your stereo type to what it is today.

    Good luck with your investing

  8. #48

    Default

    Quote Originally Posted by AlFa View Post
    Nice! Good profit indeed

    I didn't sell was actually trying to buy. I got blown out for the water with this offer!!

    For those that look at CV as a guide, the CV was $500k - this was 81% above CV. The CV was done Sept 16 so is 2 years old but 81% above... wow - I'm seeing many places sell for close to double CV. 470 Warspite Av a stand alone house that had been renovated for sale sold for $575k off a CV of $335, 71% above CV.

  9. #49

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    Whilst I don't chase capital gains I do greatly appreciate the gift when it comes. Seems we are just about to receive another round courtesy of Porirua city council. In the recent long term plan 2018 they nearly TRIPLED the development contribution.in an attempt to appease the developers the increase was to be phased in over 3 or so years. Last week they wrote to developers for feedback (meaning were doing this but we will pretend to listen to your concerns) that the phase in would be removed becausethe projected growth rate is now higher than planned in the LTP.

    They are also implementing a rule that 25% of the fee needs to be paid on granting of the RC not on receipt of the 223/224c.

    This will add about 10% to the cost of an average section and will undoubtedly have developers looking to the Hutt and Kapiti for their developments.

    Increased costs of new builds, reduction in supply of new builds and a projection (albeit from council) that the population is expected to grow faster than expected can only put upward pressure on prices.

    Thanks PCC... Much appreciated

  10. #50

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    3.5 years on from the original post (apr 16) and the new government valuations are about to be released.

    A post from PCC said yesterday that the GV's across Porirua are up 32% since the last GV's (Sept16) - which is a good result for investors... The same post noted Cannons Creek & Waitangirua in Eastern Proirua are up and AVERAGE of 62%. Double the Porirua average.

    This is a not unexpected result (and predicted in my posts) given what has happened in the past 3 years... such as the LVR restrictions driving attention to lower priced areas, the lower and lower interest rates were a surprise to me and I'm sure contributed but they will have had no greater impact on Cannons Creek than any other location.

    Whilst my rates bill will be up that is part of the business and ultimately these costs are built into the business model.


 

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