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  1. #1

    Post Property Investor Mag - Growth hotspot Cannons Creek Porirua

    More positivity around Porirua as an investment choice. This time the low end - Cannons Creek.

    http://www.stuff.co.nz/business/8233...-data-suggests

    Long lambasted by almost everyone as the end of the world, avoid at all costs it is now emerging as a potential hotspot.

    Porirua median house prices are unreliable given the large area and huge variance in property types and suburb demographics... For this area you need to break it down into specific suburb growth - Cannons Creek, waitangirua and Ranui Heights have picked up since Jan this year and continue to be hot.

    Articles like this one and the one last week on Titahi Bay auction result will likely move the herd opinion and when they take a look they'll see great value...

    Add this to the fact that these areas (even fully renovated) sit comfortably under Kiwisaver limits for support and now you have First Home Buyer interest...

    Now for you investors - needing 40% of $300k is about the same as 20% deposit on $600k for something in the inner ring suburbs of Wellington... So you're still able to buy an investment property but your location choice may be about to change!!
    Last edited by secure; 10-08-2016 at 04:51 PM.

  2. #2

    Default

    Lots of views out there but no opinions on Porirua as an investment location? Am I the only one here investing in the area?

    I've never felt so alone ...

  3. #3

    Default

    I'm definitely interested and I think our clients would be too. I'll be in Wellington in a couple of weeks for about 7 days and plan to have a good drive around.
    Free online Property Investment Course from iFindProperty, a residential investment property agency.

  4. #4
    Join Date
    Mar 2014
    Posts
    366

    Default

    Only time I've been there recently was to retrieve my stolen car.. . as I was there the criminals came back to hassle me. Patched mongrel mob wondering around. Was on some side street off champion. Police moved them on that's it, told me someone should give them a hiding! (under age to arrest i think, still twice my size).

    I've spent 6+ years looking at cheap areas in welly region to get a decent yield (naenae, bad side stokes valley, East porirua) and everytime ended up buying another back in Palmy instead. In palmy i was able to get the yields without having to deal with the mongrel mob. Lower Hutt city population growth is fairly poor also. Wellington city is good, Palmy is good. Porirua I am not sure?

    Agree Titahi Bay is nice and I just missed out on an asbestos roofed/clad place there which is probably worth a lot more now but would become hard to sell again once the current buying frenzy ends.

  5. #5
    Join Date
    Mar 2015
    Location
    Brisbane Wellington Auckland
    Posts
    846

    Default

    Quote Originally Posted by marklowes View Post
    Only time I've been there recently was to retrieve my stolen car.. . as I was there the criminals came back to hassle me. Patched mongrel mob wondering around. Was on some side street off champion. Police moved them on that's it, told me someone should give them a hiding! (under age to arrest i think, still twice my size).

    I've spent 6+ years looking at cheap areas in welly region to get a decent yield (naenae, bad side stokes valley, East porirua) and everytime ended up buying another back in Palmy instead. In palmy i was able to get the yields without having to deal with the mongrel mob. Lower Hutt city population growth is fairly poor also. Wellington city is good, Palmy is good. Porirua I am not sure?

    Agree Titahi Bay is nice and I just missed out on an asbestos roofed/clad place there which is probably worth a lot more now but would become hard to sell again once the current buying frenzy ends.
    Anyone know what the net yields are in porirua ?

  6. #6

    Default

    Marklowes - Maybe that car thief was directing you to a goldmine... You should have taken a look around rather than cutting and running...

    I can tell you the area has delivered for years:
    Gross Yield at Purchase price: >10%
    Rent growth ~ 40% or more in the past 5 years
    Vacancy - near zero vacancy
    Capital growth - also near ZERO up until 12-18 months ago... houses bought for $180k 18 months ago now selling for $250k (min) more like $280k

  7. #7

    Default

    Quote Originally Posted by Beano View Post
    Anyone know what the net yields are in porirua ?
    Porirua is a big place... i'm assuming you're meaning Cannons Creek... the below numbers are for Cannons Creek/Waitangirua/Ranui Heights:

    3br houses selling for around $250-$280k renting for around $400/wk - Gross 8.3%
    3br units - selling for $170k renting for around $280/wk - Gross 8.3%


    At 60% LVR this is VERY VERY positive cashflow

  8. #8
    Join Date
    May 2012
    Location
    Wellington
    Posts
    518

    Default

    I used to invest in properties in Wairoa, now I invest in Wellington.

    I found the same issues in Wairoa that I would expect to find in Porirua in general - you need some bigger balls than I have to collect the rent !

  9. #9

    Default

    Quote Originally Posted by Nice View Post
    I used to invest in properties in Wairoa, now I invest in Wellington.

    I found the same issues in Wairoa that I would expect to find in Porirua in general - you need some bigger balls than I have to collect the rent !
    my property manager in cannons creek is a 4 foot 6inch Malaysian guy... About 60 years old... The best property manager I have anywhere in NZ - the tenants all love him and when I'm with him inspecting properties old tenants will walk past and cross the street to say hi to him... I guess it's how you treat people no matter if they're paying $150/wk or $1500/wk

  10. #10

    Default

    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.


 

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