Buying in N.Z.

Am interested in anyone's opinion on the idea of buying an investment property in N.Z. My husband is a Kiwi ,who is now living in Australia but we have some money to invest. This money is in $N.Z. and is currently in a foreign account earning interest. We could use this money and invest in Australian property but will lose an awful lot in the exchange or we could just use it to invest in some N.Z. property. We are after good capital growth and already have 2 I.P. in Australia. Is this a good idea and if so where do you think would be the best place to buy in N.Z.?

I lived in Auckland for 3 yrs and had a house there.

I dont know what you are looking for in regards to price etc.

I lived on the eastern bays in Auckland, in Kohimarama and St Heliers. Very beautiful, quite pricey but right on the water. The rents were not covering the repayments as rates were quite high there a few yrs ago.

The reason I mention this is that the blue chip areas took a big hit with the GFC. I dont know if they represent value now or what rates are. Perhaps you could look on the nz proprty forum - i forget what it is called but it has plenty of good info.

p.s there was a suburb behind st heliers in auckland called glen innes. it is basically separated by a road. on one side million dollar homes, the other half the price and massive blocks. if they ever get rezoned i reckon it could be a bonanza

(only my opinion, not a pro here)
Thanks , still looking into whether Auckland or Wellington would be a better choice but that info was very helpful. I have found a N.Z. forum and will ask advice on that also.
Outing myself as another Kiwi ... however, I think that Wellington will always be a good bet. It's a government town, like Canberra (obviously), so always has money and people with jobs. (much nicer than Auckland too, IMHO:cool:)
i've heard (and i stress that this isn't based on research) that rents are much closer aligned to holding costs over the blue isle. is this correct?