bomandlouisaParticipant@bomandlouisaJoin Date: 2004Post Count: 8
I am looking to invest in New Zealand but I dont know what area to start looking at? I have been trying to search the net for real estaste statistics in NZ but cant find any. Does anyone have any suggestions about what parts of New Zealand to look at for IP’s?
Also, to get finance to buy in NZ do can you go through an Australain Financual Institution or does it have to be one in NZ?MiniMogulParticipant@minimogulJoin Date: 2002Post Count: 1,414
deals are available all over NZ, in cities as well as smaller towns.
has the deals and also the market rental stats
You can also buy region overviews and e-valuations (i.e. comparison sales in an area for the last 6 months to a year, all sorts,)
The last two excellent deals I purchased myself have been through a local NZ spotter who knows the market backwards, and is there to grab the best deals and latest listings before they even make the web in many cases, this sort of thing is priceless in my opinion
miniHutchMember@hutchJoin Date: 2004Post Count: 137
hi bom, i dont anyhting about NZ IPs, but John and Rhonda have a few stories and may help. You can email them direct from their website.
in addition to minimoguls thread
hope this helps you [blush2]Mobile MortgageMember@mobile-mortgageJoin Date: 2003Post Count: 913
Bom & Louisa,
You can apply/arrange for NZ finance via an Australian based mortgage broker,
Itâ€™s also a good idea to have conditional approval for finance in place.
PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.williParticipant@williJoin Date: 2002Post Count: 186
Have you thought of using a ‘bird-dog’? If you have surplus cash they can take the hassle of finding properties off your hands…
Actually is ‘surplus cash’ and oxi-moron???
…Beware of the dreamtakers…
BTW – I was part of the MAP Program and am more than happy to answer and questions/comments you may have – Happy Investing…westanMember@westanJoin Date: 2002Post Count: 1,950
as far as areas to look
for capital growth (remember everywheres already gone up heaps) Hamilton, Gisborne, Chrstchurch Dunedin and Invercargill.
For 10% returns look at Tokoroa, Invercargill, smaller places of about 5000 people.
Also consider a property finder such as Minimogul she has some great deals but there are difficult to get (as they are in huge demand). Avoid people who don’t really know NZ, there are now a few people finding properties in NZ, check that they know the market as i here some of them roll up to agents and say i’ll buy all the 10% returning homes you have, and they don’t even inspect them ???
Personally i’m not doing much sourcing in NZ anymore as i’m busy with the USA market. (in fact i’m selling some of my properties not because i’ve lost confidence in NZ but i can get better return now elsewhere.
USA information evenings in Melb, Syd and Brisbane in early April, email me for more info. We find cash positive deals showing 15-25% Returns in the USA email me at [email protected] to join our databasekerwynMember@kerwynJoin Date: 2004Post Count: 145
Have a look at Tokoroa there are still good deals there. Give Jenny at Lambertons a call she is good to deal with and won’t sell you a dud. NZ 07 8868229.
Have a talk to Property Guru about finance for NZ you won’t find a better operator.
KerwynwestanMember@westanJoin Date: 2002Post Count: 1,950
what do you consider agood deal in Tok, what price and rent return?
USA information evenings in Melb, Syd and Brisbane in early April, email me for more info. We find cash positive deals showing 15-25% Returns in the USA email me at [email protected] to join our databaseMiniMogulParticipant@minimogulJoin Date: 2002Post Count: 1,414
“Jenny at Lambertons a call she is good to deal with and won’t sell you a dud”
Crikey, reading that is enough to nearly make me choke.
An agent works for the seller
An agent is not a building inspector
An agent (even Jenny) does not have your best interests at heart, she has her best interests at heart first (making a sale). Her second-best interest is to the vendor of the property, and she is trying to get the best price for *them*. Just because an agent is a very good agent, one of the best, and a nice and lovely wonderful and attractive person to boot (couldn’t agree more), and probably now your ‘new best friend’ since she spoke to the 25 Steve-coached Aussie investors, which I bet you were one of, spawning a signing-frenzy to be followed by a frenzy of Aussie investors with ‘spare’ deals all signed up overpriced, and all trying to flog off their contracts through me at the last minute (all declined) – this frenzy followed by a ‘falling over on the deals we signed up in NZ’ frenzy -but I digress.
The atomic fallout of the queueing around the block signing up anything with a letterbox like chickens with your heads cut off thing is still going on. Okay…
Oh and just by the way *and just so you know* a *certain agent* was asking around the landlords who already owned properties in Tokoroa asking if they wanted to re-list their properties for sale (at a profit) in time for when the Aussies got there. Yep. ….you guessed it….
Much as we all love certain agents none of them (not even Jenny) a running a charity which tries to help Aussie investors buy good deals sight unseen off the internet – they sell houses.
Out of all the properties listed for sale in any town at all that any agent is selling, a vast majority IS going to be a dud even if the agent says otherwise. Are they the investor or are you? If you rely on a real estate agent to make an investment decision for you, you are as much of a mug as ‘the legend’ of an offshore investor who went over to NZ for the first time and signed up 72 properties ‘leveraging their time’ by using the agent to due diligence for them, and it was not pretty when a lot of them fell over and made the papers, not nice etc etc.
As buyers agents we are still in damage control in some areas by others before us with shoddy due diligence processes all too willing to blame ‘the agent’ who was never independent in the first place.