Watch out if you want to buy in Auckland

[Marc]

Hello all,

We have been told by a number of our Aussie members about apartments in Auckland being advertised in Aus - its like the old Gold Coast great deals scam we kiwi's got a few years back.

If you are interested in buying apartments in Auckland please read this thread BEFORE you sign anything!

Click Here...

Cheers

Marc

 

[geoffw]

Or even this thread

 

[kissfan]

Getting back at the Aussies eh??

 

[Michael Yardney]

Thanks for the warning Marc

Auckland apartments are being heavily advertised on the radio here and when listening to the prices and the predicted returns the offer sounds very apealing.

Unfortunately some unsuspecting buyers will be burned.

 

[Glebe]

My dad's bought one of them. I think it's $200k for a 1 bedder in Queen St Auckland.

He bought it with a deposit bond I believe, with settlement in 6 months time.

I think the old fella has bought into a very bad investment. He should have asked his son for advice...

 

[Peter 14.7]

HI All

At SIG meeting this year we had Keiran Trass ( a New Zealander) presented on the property cycle. Great book and worth $30 by the way.

Anyhow....

If my memory serves me correctly his comments on Auckland apartments where:

- those being advertised for $199k were being bulk offered to him in 5 unit lots for around $133k each! And he declined.

- the demand figures are based on the PAST student market which has been lost to Melbounre and other cities taking over. Melbourne having all those vacant dock lands.

In short, dont do it.

Peter 147

 

[geoffw]

At SIG meeting this year we had Keiran Trass ( a New Zealander) presented on the property cycle. Great book and worth $30 by the way.

Agreed about the book.

It was Keiran whi initiated the thread I mentioned early on in the thread- sorry, I should have mentioedn it.