I personal would avoid Residential property at this stage ..year to two ago I would have said look to the likes of invercargill-dunedin etc but now both have gone up pushing av. yeilds(for properties with Cap growth potential in good areas) to much lower levels and with all the costs one has renting properties and damage one always gets..
Personal if I had a spare 500k I'd be buying another Commercial property ... much less hassle if you buy the right property
a couple I would be looking closer at ..down my neck of the woods
https://www.realestate.co.nz/3461424
10% yield .long term fixed term lease.. does need some earthquake strengthening but I understand Oamaru has very low earthquake risk so local council would give you a longer term to bring upto min standards which going from the picture look like the front facade has already been upgraded ?? ...
https://www.realestate.co.nz/3407006
Well built good location 8% yeild