I’ve been told the Hawkes Bay region is ‘taking off’ or is it the Tauranga area? or the Coromandle peninsular? any way it seems some little pockets [biggrin]are becomming too expensive, or so i’ve been told anyway..
There was a big property article in last Thursday’s Hawkes Bay Today (Jan 13) and it focused on the boom we’re experiencing at the moment, i.e. median house prices were $110K in March 2001 and had jumped to $195K by March 2004 and were at a record $236,500 in December 2004.
Rents and wages aren’t keeping up with these prices, and unless you’re buying in the less desireable areas of Hawke’s Bay it’s not possible to show a positive cashflow. That said, you CAN still buy the odd rundown $25K fixer-upper in Hawkes Bay that will show a +cashflow (IF you can keep it tenanted), but do you really want the Mob for neighbours?