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Thread: Apartments

  1. #1
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    Default Apartments

    Thinking of buying apartment for daughter at Auckland University. Yield looks good.Any advice on what to but or what not to buy

    Thanks

    Tim

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    I wouldnt touch the Auckland apartments with a 10 km pole.

    I forecast a crash in the near future for apartments.
    *WONKA & THE CHOCOLATE STOCKMARKET FACTORY*

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    Tim, hold off for now, the coming rise in interest rates will squeese the market ,then do your research well, put offers 20% below(min) the asking price then wait remember NOW its a buyers market CASH IS(AND SHOULD BE )KING>

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    tim,


    don't touch anything under 50sqm.!!!!!!!!!!!

    moi

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    Buy Metropolis. Not talking my book, but this is advice from property guru who made me 100% on property in the last 8 months.

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    Capitalist. Interesting comment.
    Why Metropolis.
    Do they have high body corp

    Tim



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    I don't know about the body corp Tim. My pundit believes these apartments are underpriced for their position etc. If you were thinking about it, he says to offer 100k less than what the seller is asking. It is often ~not~ the distressed seller who wants rid-- a lot of the very wealthy don't really give too much of a damn about the price.

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    Metropolis apartments havent moved in value for 2 years! And the body corp is massive, something like $5k for a 1 bed. Total rip-off in my opinion.

    If you want a funky apartment with polished jarrah floors that oozes character then you can have my 96m2 2 bed in George Court for $400k. mainly owner occupiers in this sought after building. Currently under rented at $450/wk to a mate, avoiding property mngmt fees, but could easily get $500+

    $imon

  9. #9
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    $imon - even at $500 rent per week you would get a gross yeild (before tax and expenses) of only 6.5%. No wonder you are looking at selling it ! Maybe Caps rule of offering $100k below the selling price is right - would bump up the yeild to a more respectable 8.7%

  10. #10
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    If I'm not mistaken, a large canvas used to hang on the side of the Metropolis while the leak damage was being fixed up.

  11. #11
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    And if I'm not mistaken, some apartment owners in a Hobson St block got hit with a 26K+ special body corp levy to fix leaks, not to mention the apartments had to be vacated while the repairs were done. Not good if you need the rental income to pay the mortgage.

    Tread carefully, but as most have said, why rush to buy at the moment.

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    Why would you want to buy apartments in a country with only 4 million population and plenty of land? Unlike other major cities in the world with large population and low supply of land.
    *WONKA & THE CHOCOLATE STOCKMARKET FACTORY*

  13. #13
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    quote:Originally posted by $imon

    Metropolis apartments havent moved in value for 2 years!
    By George, I think you've got it !!

  14. #14
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    quote:Originally posted by $imon

    Metropolis apartments havent moved in value for 2 years! And the body corp is massive, something like $5k for a 1 bed. Total rip-off in my opinion.

    If you want a funky apartment with polished jarrah floors that oozes character then you can have my 96m2 2 bed in George Court for $400k. mainly owner occupiers in this sought after building. Currently under rented at $450/wk to a mate, avoiding property mngmt fees, but could easily get $500+

    $imon
    I think you need to take account of the prestige and services in the Metropolis building before dismissing it like this. Then, of course, there is Location.
    I have a 1 bed there bringing in $600 a week. Am very happy with its performance.
    As for property managers .... why bother with them.... they still tend to have all the problems we can encounter on our own!

  15. #15
    Senior Member Halebop's Avatar
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    quote:Originally posted by willy_wonker

    Why would you want to buy apartments in a country with only 4 million population and plenty of land? Unlike other major cities in the world with large population and low supply of land.
    As an apartment dweller (but not owner) I can clearly define why I live in an apartment and it has nothing to do with either the quantity of land or size of population.

    I live in a character building in CBD Auckland. We have oversized furniture which fits perfectly in our two bedroom, two bathroom, 12-13 foot stud apartment. It's austere off-white walls are the perfect backdrop for our budding art collection. 30 metres it is not - probably 80ish, 90 max.

    Pros:
    I no longer own a car (yes this is a positive folks!). In my case this saves about $150 per week including depreciation but allowing for additional taxi expenses. And I don't have to wash the fuc%ing thing!
    My commute is the 10 seconds or so it takes to get from my Bedroom to my Office in the room nextdoor.
    Most of my clients are in the Auckland CBD and my home provides my business with a CBD address.
    We pay $400 pw rent which is no better or worse than elsewhere in Central Auckland suburbs
    Walking proximity to everthing I love: Character Buildings, Numerous cafes & restaurants, Galleries, Cinemas, Theatres, Parks, The really big book stores.
    We have a fantastic outlook from every room.
    No Land also means no gardening, no mowing etc.
    Living in the CBD without a car immediately justified grocery shopping online. You have no idea how good this actually is until you find yourself back in a supermarket... Grrrrr. What we spend in extra delivery charges we save in impulse purchases and stress.

    Cons:
    Ummm...

    Having said all this I wouldn't be buying right now either. I'd wait for the impact of the many apartments still coming online. Howver, if the NZ dollar comes down you will probably see a return of the Asian students at something closer to last years numbers (We're down by about half this year). This would put upwards pressure on rents again.





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