Just heard that Tokoroa has been made a state of Australia.
Apparently this smallish town in the South Waikato area of New Zealand has this week had a major influx of Australians buying property.[angry2]
Because the NZ Cricket Team has been given some huge hidings by the Australian Cricket Team these Australians wanted to retain their Australian residency so Tokoroa has been made a state of Australia.[baaa]
Had a good chat with RodC and Tasinvestor.
There will not be many properties for sale in Tokoroa until more of the locals etc decide that they want to sell their properties.
I was one of the aussies down in Tok last week.Great little town The real estate agents and property managers there were a great help! Linda from Lamberton’s mentioned she was expecting an influx of aussies next week from Steve’s seminar. She initially assumed I was one of there. Hehe. Anyway, she was working busily trying to get properties listed before they all arrived.
I had a look at about 13 houses while in Tokoroa. Every single one of them bar one were showing returns of 10-13%, but personally I wouldn’t buy any of them. Most were either un-inhabitable, in a bad area, in need of major repairs, un-maintainable, or all of the above. I wasn’t in a positiion to take on so much work, but then again, these properties may be fit for other people’s criteria.
the main problem with Tok seems to be the weather [biggrin]
In my last 5 days in NZ Tokoroa was the only place that rained and also the only place I needed more than shorts and a T-shirt. (Though I did notice you were in shorts, must be used to it being local).
Judging by my flight home yesterday, I reckon half of NZ must be in Melbourne for the Grand Prix. Probably trying to forget about the cricket.[biggrin]
A few investors I know are over there too at the moment and I distinctly remember saying …..
‘I bet you it will depend on the weather which towns you ‘vibe’.!’
it’s far easier to vibe the town you visited on a brilliant sunny day than the town you visited in the freezing rain!
(However it’s all that rain that nZ gets which keeps it lush and verdant…)
I think it’s just Tok. This was the 3rd time I’ve been there and I’m sure it’s rained every time.
I still like the place though.
You’re right about NZ being green compared to OZ, Melbourne looked very dry when flying back in yesterday – and we’ve had a mild summer.
A certain local industry insider on the ground and super Mata hari style property deal super-sleuthing intelligence infiltrator and deal-sniffing bloodhound and all around legend AKA NZ Bird Dog reported that yesterday there was a LINE of Aussie investors outside the real estate agent’s office!
I’m sure the news would have made the local paper!
Miniicarus1Member@icarus1Join Date: 2005Post Count: 28
When a man with money meets a man with expereince the man with the money ends up with the experience and the man with experience ends up with the money. I was the sales manager and partner for one of Aucklands most succesful real estate companies and as an Australian licensed estate agent who now is back in Melboune running my own show I know a lot about the NZ market. I still travel to NZ every 6 months to see colleagues in the business. I know Tokoroa well and know why most Kiwis wont touch it with a barge pole. Wrapping and buying cash flow property is already big in NZ and was big before it happened here. Good LuckDon NicolussiParticipant@donJoin Date: 2005Post Count: 1,086
Bill has a valid point. When we first applied for finance in NZ in 2003 the bank pre approved 500k but told us they would not finance tokoroa at any LVR. At that time I did not even know where Tokoroa was and had not asked then to finance property there. Then again plenty of other people have bought there in the mean time and profited from it in terms of capital gains. Horses for courses.
Don and Liz, yes late 2003 was when the Mill had just laid off 500 jobs I seem to remember. Also it depends on the lenders as to whether they are overexposed there and stuff like that. I mean who knows, one of their big clients may have just bought up 30 properties there, haha.
In the NOW I have not heard of lenders that won’t do Tokoroa (which by the way is a town posessing of the Warehouse and Bunnings factor) I think that 80 percent lends are happening too, but I will double check cause it also depends on if it’s classed a commercial property or a residential.
MiniDon NicolussiParticipant@donJoin Date: 2005Post Count: 1,086CastleDreamerParticipant@castledreamerJoin Date: 2003Post Count: 288
Hi Mini and all,
yep, several lenders I either use or know of are now offering normal lending criteria in Tok – 80% same as anywhere else.
I have been getting 80% lend in Tok since April last year….. its only opinion one way or the other whether Tok is a good or bad place to invest. I have done very well there thankyou!!
Hi Muppet, good to see you’ve settled in so well. have been hearing how busy you are with things!!!! Your name is known internationally!!!!!
NZ Investor and Property Spotter
Damn. Will have to change my name and start again.[biggrin]
Article in The Daily Post(Rotorua paper) last week about the latest statistical information for the Bay of Plenty had Kawerau and Tokoroa as virtual ghost towns by 2026.
But when that year comes around I reckon that Auckland will be a ghost town having choked to death with its transport problems.[biggrin]
My bank lets me have 100%. But then I have equity elsewhere.Originally posted by ozi:
The real estate agents and property managers there were a great help! Linda from Lamberton’s mentioned she was expecting an influx of aussies next week from Steve’s seminar.
Sorry, I should correct myself. The agent I was referring to was Jenny from Lamberton’s, not Linda (she works for Harvey’s I think). Just wanted to clear this up.
Linda is the rental manager for the moment at C21
Kathy is the rental manager at Harvey’s. (Used to be at C21)
Sue is the rental manager at Lamberton’s.
Jenny is the principal at Lamberton’s
it’s actually Laura at C21 (not Linda).
Unless things have changed in the last week [biggrin]
Is there a sales agent at Harvey’s named Linda? You guys are confusing me. Hehe. I think I’ll need to check my books, I have her card somewhere.
Yes, I was correct. There is a Linda at Harveys – Linda Churchill.
OziTokyoJoeMember@tokyojoeJoin Date: 2005Post Count: 60dvaneMember@dvaneJoin Date: 2004Post Count: 30
Itâ€™s great to see so many of you Aussies falling in love with New Zealand. We know youâ€™ve always wanted us and now you know too
Tok has always been at the lower socio-economic end of the scale. Thereâ€™s just nothing there thatâ€™d take you there. Sure, the gang problems are gradually fading (this is true for all the areas of NZ that used to be problematic in that respect) and it is a nice enough part of the country but thereâ€™s just nothing there!
I think Australians have a different concept of distance. In Sydney you can drive for an hour to get to the other side of the city so you wouldn’t think much of driving out of Tok for your job.
Most NZers don’t want to drive long distances to get to work, though. Eg. My Uncle in Tauranga complains when it takes more than 10 minutes. When I lived in Wellington it took me five or six minutes and I lived in the city!
Therefore the people who live in Tok are going to be people who work in the area.
“Otara with a better view”.
DavekerwynMember@kerwynJoin Date: 2004Post Count: 145
If you shop around you can get 90% for Tokoroa I did. Got a great deal on interest rate too.
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