Cairns vs Invercargill – what would you do???

I have a dilemma

I have 2 IP’s in NZ (Christchurch and Westport) and I am looking at another one in Invercargill.

I have signed a contract for an off the plan unit in Cairns but I am having 2^nd thoughts about this. The contract is still conditional so I can still pull out.

Invercargill

Purchase price 200k NZD

Rent – $230 p/wk

3 bdrm stand alone house, good suburb, newly renovated.

Rates $1400 p/a

Cairns

Purchase price 225k AUD

Plus Stamp Duty – @8k

Rent – $225 p/wk

1 bdrm villa in new development

Body corp $67 p/wk (scary!!)

Rates $1400 p/a

I am from NZ but I live here in Australia. The reasons I am freaking out about the unit in Cairns is the fact that even after tax deductions it will cost us about $150 a week, and that’s when its not vacant!

I think that I have a base in NZ and my other properties have performed brilliantly and I know Steve says know your market, I feel more comfy in NZ, not too mention the lack of stamp duty. Interest rates in NZ are about 9% at the mo.

Has anyone got any words of wisdom to help me?

Cheers,