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  • Profile photo of Brisbane 04Brisbane 04
    Participant
    @brisbane-04
    Join Date: 2004
    Post Count: 215

    Hello, I’m just wanting to hear from people who have invested in this area or are looking at this area. Are there areas, streets or suburbs to avoid in invercargill.[blink][blink] Has this city reached its peak. Can anyone suggest a good real estate agent to speak to. What have been peoples experience in investing in Invercargill.
    Thanks Martin[biggrin]

    Martin

    Profile photo of muppetmuppet
    Member
    @muppet
    Join Date: 2003
    Post Count: 900

    Hi Brisbane

    Send a PM to Westan and ask him. He is the guru with all the knowledge about Invercargill. He is sourcing property there all the time.

    Regards

    Profile photo of PursefattenerPursefattener
    Member
    @pursefattener
    Join Date: 2004
    Post Count: 217

    Hello Brisbane

    I have not invested in Invercargill but I have looked around at farms and commercial property some years ago.

    The whole Southland region is like going back in time about 30-40 years

    Yeah, get on to Westan

    Good luck
    Purse

    Profile photo of westanwestan
    Member
    @westan
    Join Date: 2002
    Post Count: 1,950

    Hi guys

    Invercargill is The South Islands third largest city (pop 50,000) and was famous as NZ fastest declining city. Luckily the city is back on track.
    This last weekend i actually wrote up a two page report on Invercargill for our clients. Sorry i don’t want to post it here. i think Invercargill’s future looks good. The new freezers works opens at the end of the year with its 450 or so jobs. New retailers are arriving all the time, Bunnings are currently looking for a site in invercargill also.

    Pursue i think your a bit unkind to those lovely (backward ?) Southland people. But if you ment 40 years ago to a time when people lived in safety (very low crime), were basically honest, everyone had a job (very low unemployment), then yes thats southland. Pity they can’t do anything about the weather.
    I live in Otago (south Island) moved here from Australia last year. It is cettainly colder here than OZ, i’m thinking about starting a campain to increase the amount of CFC’s people use so we can increase global warming.

    As far as “no go” areas all cities have less popular areas and so does invercargill. However the lesser areas are not what i’d consider Bad areas. The only area not to buy would be the Large 4plex’s in Lithgow st.

    The rental market is a little softer at the moment (last 10 weeks)however i think its starting to come back, i was there yesterday and things are moving. Homes must be warm to get tenants, winter in invercargill can get cold (a bit like Ballarat) so heating is essential. I own 2 homes in Invercargill.

    regards westan

    I live in New Zealand and for a fee find cash positive deals there, email me at [email protected] to join our database

    Profile photo of QueenstownerQueenstowner
    Member
    @queenstowner
    Join Date: 2004
    Post Count: 27

    Hey pursefat
    i’m Southland born and grew up in oz and can tell you that Southland is way ahead of alot of Oz in it’s field and that is farming, Invercargill is a service city to that industry and whoose fate rides with that.fee free polytech might have brought some zing to the city but it’s the state of the art dairy units, top producing sheep farmers and others that drive the economy.The only one 30/40 yrs behind is you for not buying a farm there when land was cheap.

    Profile photo of PursefattenerPursefattener
    Member
    @pursefattener
    Join Date: 2004
    Post Count: 217

    I,m interested to hear how the rental market is going here at the moment. How happy are those who have invested here?What has been your experience in investing in Invercargill?

    Shawn

    Profile photo of MiniMogulMiniMogul
    Participant
    @minimogul
    Join Date: 2002
    Post Count: 1,414

    Invercargill – yields around 11 percent on current prices, if you can get a tenant – as there may be an oversupply of certain types of rentals.

    Capital gains potential – don’t know, as the long term trend of decline has been stopped and somewhat reversed by the ‘students study free’ trick the clever mayor has introduced, plus other clever marketing of the area. A reasonable size population of 50k odd (I think) means a lot of people (aussie investors!!!) are attracted to it for that fact alone. Fair enough.

    but buying for capital gains? i don’t know.
    It wouldn’t be the place I would be buying in for capital gains, that’s for sure.

    rental yield? OK, maybe 11 percent is okayish given the town size and if you can get a reasonable property without much to do to it, and one in a good-ish area that will always have demand even if the town starts shrinking again like it had been for the last 12 years. (Yep. 12 years.)

    But if you get stuck without a tenant then you have saddled yourself with a property that may go down in value. Just be careful and if you buy there get a second opinion from a rental manager not selling you the property as to your chances of getting a tenant.

    cheers-
    Mini

    joy to the world

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