New Zealand investment properties?

I had a free day while on a business trip to Auckland, and went to look at a few flat's in the business district just to kill the time.
I was surprised by how inexpensive many places were.

I was looking to spend around $500k NZD. What is the long term (ten years) investment potential of a 3/2 flat with secure parking in Auckland's business district? Has the financial melt down in the US effected the NZ economy enough where predictions are suspected to be unreliable? Would I be better off trying to find water front property? Is any one aware of any problems with non-nationals purchasing property (extra/high taxation maybe?).

Any help would be appreciated!

Scott

 

Most people say stay away from Auckland Apartments, heaps of stuff on the Net but basically high Body Corp fee's and Ground Rents that can shoot up really quickly.(plus lots of dodgy construction to boot!)
If you are into buying here then I would suggest Brick n Tile house on its own dirt. Prices are down but I think about to bottom and rent returns pretty good. No issues with non residents buying here, no stamp duty or capitals gains tax either. PM me if you want more info, this is part of what I do for a living!

 

That just got my attention!

 

thought it might and we have a National/Conservative government too

 

Buy a flat in Wellington and count me in as your first tenant - my mates as the second

I'm trying to move there in the next month or two and rents range from about $130 to $200 p/w for a relativly central location.

Edit:
http://www.trademe.co.nz/Trade-Me-Property/Residential-Property/Houses-for-sale/auction-173713615.htm
I applied to rent of of these places for $390p/w which was on the cheap side.

 

Ok, sounds good. I hope the flats are selling for $120K-$150K to get crappy rental return?

 

Haha smart ass The rents I quoted was per person, so multiply by number of bedrooms.

 

Sh*t hey!! You just got my attention again! Thanks Matt!

 

Did I miss the photo of ladies wearing bikinis?

 

You *lost* me there mate!

 

We all lost you there mate.
Swear you were off in that thread for ages.

 

Huh??
Image Unavailable, Please Login

 

I'm *suprised*

I thought the only things that get your attention are Ladies wearing next to nothing or Ferrari's, seems I had you picked all wrong.

As for investments in property here, I don't have the experence Jeff has, and his post is exactly my feelings on the topic. But some land, apartments are poorly made and don't have great resale IMO/E.

 

Lol, thanks mate!!

 

Seems I should proof read my posts....

That should read "buy some land" not "but some land"

 

Bah!

 

Should've proof read my joke too.
Belly flopped, it seems

 

fixed

I think you got it right

 

Lol, you cheeky chop!