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  1. #1
    Join Date
    Jan 2013
    Location
    Auckland
    Posts
    48

    Default Pukekohe do-up and flick

    Has anyone looked at investing in a do-up in the Pukekohe area or other south Auckland areas where you can still buy a property for sub 500k? I will do my research on this to see what the potential gains are but thought I'd ask here to for any first hand advice.

  2. #2
    Join Date
    Apr 2016
    Posts
    2,343

    Default

    I've recently done 1 in Waiuku and have a friend doing them in Puke. Both areas are going gangbusters you just have to know your streets. Puke has really gone off the locals are all bitching big time as houses are now so expensive. Lots of Aucklanders commuting it is a pretty low risk market currently. Although the recent LVR changes have everybody except Asians a bit nervous.

    I personally would look at Waiuku more seriously than Puke, It's only just going off now so has more growth potentially.

  3. #3
    Join Date
    Jan 2013
    Location
    Auckland
    Posts
    48

    Default

    can I ask details of your Waiuku investment - how much was the property, how much did you spend, what were your gains and the turnaround time?
    It's an interesting point you make about Waiuku, I was thinking Puke because of the latest unitary plan they want to make it into quite a big urban area.

  4. #4
    Join Date
    Apr 2016
    Posts
    2,343

    Default

    OK I am not up with the new unitary plan. We bought at 475K, spent around 100K and made around 100K gross. Took 8 weeks, sold it literally the day it was listed. There is very little good quality reno owner occupier stock on the market, so people are keen.

  5. #5
    Join Date
    Jan 2013
    Location
    Auckland
    Posts
    48

    Default

    Quote Originally Posted by Bobsyouruncle View Post
    OK I am not up with the new unitary plan. We bought at 475K, spent around 100K and made around 100K gross. Took 8 weeks, sold it literally the day it was listed. There is very little good quality reno owner occupier stock on the market, so people are keen.
    Yikes, nice work.

  6. #6

    Default

    "Complete" renos are a good approach in this market, you get full value for the money invested.
    Free online Property Investment Course from iFindProperty, a residential investment property agency.

  7. #7
    Join Date
    Apr 2016
    Posts
    2,343

    Default

    What Nick said, rehab it well!


 

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