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Auckland ,New Zealand

Discussion in 'Where to Buy' started by Darlinghurst Boy, 14th Feb, 2016.

  1. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

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    First time in years I heard on Sydney radio today advertising investment units in Auckland NZ
    They gave a website address which i didnt get plus a phone number to attend a seminar with mention of FREE flight to NZ !

    Is Auckland property rising ?
     
  2. Bran

    Bran Well-Known Member

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    Screen Shot 2016-02-14 at 10.39.22 pm.png Yes. A lot.
     
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  3. ellejay

    ellejay Well-Known Member

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    It'd be like buying a unit in Sydney. They've just had a boom and cooling off a bit, so need to do lots of dd. Personally I wouldn't bother at the moment unless you know the market very well.
     
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  4. Charlotte30

    Charlotte30 Well-Known Member

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    @darlinghurstsboy
    You would have to question why the sellers would offer free flights to Auckland. Potential purchasers thinning out maybe?
     
  5. datto

    datto Well-Known Member

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    I thought the property in Auckland was crashing down?
     
  6. Bran

    Bran Well-Known Member

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    Last edited: 15th Feb, 2016
  7. Scott No Mates

    Scott No Mates Well-Known Member

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    No, it was Christchurch which had the earthquake yesterday.
     
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  8. ashish1137

    ashish1137 Well-Known Member

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    How come all the Pros who talk about diversifying never talked about buying in Newzealand?

    @sash , @skater , @Travelbug , @See Change , @D.T.

    Does anyone owns or ever thought of buying in Newzealand?
    Sorry for pulling you guys in a thread like this but I would live to hear your opinions.

    Regards
    Ashish
     
  9. See Change

    See Change Timing Lord Premium Member

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    You must be confusing me with someone else...... I dont't talk about diversification , if anything the opposite.

    I tend to buy several properties in one area .

    Cliff
     
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  10. ashish1137

    ashish1137 Well-Known Member

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    Thanks Cliff,

    Sorry for the confusion. So you are a believer of putting all your eggs in one basket. :)

    Still, Have you explored NZ markets? I have not seen NZ included in any of the analysis charts or cycle charts or anywhere. Any specific reason you reckon?

    Regards
     
  11. D.T.

    D.T. Adelaide Property Manager Business Member

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    Thanks for the mention. I've certainly considered it and have asked questions of those that already have.

    Thoughts at the moment are:
    Less entry / exit costs there = great
    Good yield, but not better than what is achievable in Adelaide.
    Currency - Could go either for or against you
    Finance - Would have to arrange local finance as Aust banks aren't into it as far as I'm aware
    Diversifying - I'm following whole Adelaide metro area like a hawk, I'd rather focus on what I'm good at rather than being a novice in another market until time comes where I have to be.
     
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  12. See Change

    See Change Timing Lord Premium Member

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    we have our eggs in a handful of baskets . this is more to do with timing individual markets , rather than for diversification purposes .

    Never looked at NZ seriously , though glanced at in in previous cycles as some other forumites were buying there ,and one moved there .

    Cliff
     
  13. ashish1137

    ashish1137 Well-Known Member

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    Thanks for your time and inputs.
     
  14. willair

    willair Well-Known Member Premium Member

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    I know Queenstown was a few months ago,with so much development going on the lake front and reading about 25 people living in a 3 bedroom house,all working different shifts,but the entry price is higher then hastings street noosa..
     
  15. datto

    datto Well-Known Member

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    Ah there goes my ignorance again
     
  16. GreatPig

    GreatPig Well-Known Member

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    Also need to be wary of leaky home syndrome in NZ, particularly with Auckland apartments (built between '94 and '04). My parents' house (not in Auckland) had this problem. Cost them a packet in legal fees getting it sorted, and they ended up having to sell at a big discount to get anyone to buy it. There's a huge stigma attached to them now, with many buyers outright refusing to even look at them (whether they've been repaired or not).

    And the exchange rate is not very favourable. Currently it's around $1.08, but around $1.25 has been more typical in the past.

    I believe lodging a NZ tax return would also be required.
     
  17. Jjjjj

    Jjjjj Member

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    Just went unconditional in a property in Auckland we picked up while visiting friends and family. There was a small window of opportunity over Xmas when price was at a significant discount because there were no buyers but now it is picking up again. I think the market has some steam left in Auckland before the slump hits in 2017. Usually other markets tends to follow after Auckland . Nz is like a one horse city where u have one Sydney and five geelongs. And never buy apartment and never buy rough cast house built btwn 1995- 2008 where there's the leaky home stigma.
     
  18. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    I'm sure I read somewhere on Somersoft there were some very specific rules about owning IPs in NZ like you had to be a resident there? It was awhile ago. I'll go see if I can find the thread
     
  19. Westminster

    Westminster Tigress at Tiger Developments Business Member

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  20. norwoodman

    norwoodman Well-Known Member

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    It's interesting comparing how much Sydney dominates population wise amongst Australian cities with about 20% of Australia's population. Then look across the Tasman and see that Auckland has even more relative population power in New Zealand - over 33% of NZ's population, with about 50% of the country's population growth. The next six largest cities in NZ combined still have less people than Auckland!