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Yes, been there a few times as my mother lived there for a while. Didnt seem like much to write home about. Just another small town on the east coast between chch and dunedin.
It would be intersesting to know what has caused the 15x growth.
But i have the nz herald in my hands with a big write up on the market going crazy overe there. It has all the suburbs and how the median has changed over the last 12 months.
Oamaru- median drop -7% 225k to 209500 and a 3% rise in sales. This is data from reinz and fairfax.
Let me know if you want any other suburb data.
Some auckland suburbs are 40-60% change in median over the last 12 months
A couple of suburbs looking to hit a median of 2mill, one of them st marys bay up 61% from 12 months ago.
The market is going strong by the looks.
Certainly more bang for your buck with some of the nice houses listed.
What are the negatives of buying in NZ?
Cheers Spades.
There are terrific opportunities in the NZ market, particularly Auckland with apartments at half the price of Melbourne. Not alot of awareness about NZ property imo. I see further growth in NZ in the next 12 months.
not so much negatives, you can find good oportunities in most markets.
maybe earthquakes are negatives
and limiting no of high lvr loans may have some effect.
but positives are no stamp duty or cgt. some good yeilds and now a bit of cg.
cheers
Thanks HD_ACE,
Definitely food for thought.
How would you go with finance?
Cheers Spades.
This is normally not an issue. No stamp duty or CGT either ;-)
I just came across this thread and it's interesting, I've been thinking about NZ property recently, Oamaru as mentioned but also Invercargill. Yields are great, plus Invercargill from limited info I have is surrounded by dairy farms, and dairy is going through a boom due to demand from Asia.
The polytech there offers free tertiary education, not sure if there's an end date to this, but it provides a large pool of potential tenants. There's talk of Shell Oil drilling for gas in the Great South Basin in the next few years which should be good for the region.
Thanks to all who provided the various links too.