No flies on you fungus.
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Used to own a bunch, now only own one.
Sold them off recently as I though the market was near its peak - it has flattened out recently but who really knows
Paid off mortgage on remaining one, paid of mortgage on primary residence, had a bunch of money to throw into Shares / Managed Funds / Peer to peer lending / Private equity.. and an audi rs4 as a toy lol
Looks like I have just sold both of my spec sections I purchase this time last year 10% down and only recently paid the rest less GST ....pretty much used all banks funds only paying the interest legals out of personal income ....102k gross profit ....so should be around 580% return on est. 15k of my own money spent in total (interest,legal,rates) .... Got to love the leverage of Property
have been looking over dozens of commercial ,res rentals etc but I just don't get the buzz of the low returns after all costs and esp with property at the tail end of a boom market Cap growth could well be pretty flat over the next several years ...
maybe just a few cheap sections ...develop one targeting the growing retiring market
Have quite a few investment properties but selling down some of the ones that don't perform the best and a few which appeal to lower socio-economic tenants. Now time to invest some surplus in shares while I wait for property market to slow down. I don't like to buy when everyone else is. I don't like competition for buying.
Exactly what I'm doing ...I see much of the NZ market bubbling along at really unaffordable level to NZ incomes with only low rates keeping it all together ... something got to give and I don't see NZ income growth making up the difference ... two big drivers of our tiny economy
Tourism and Property .. I see the expense of Queenstown is starting to turn off many ....just think a day with the family of four up the local ski field + accommodation + meals = $1k+ per day easy....
then look at property one of the new out of town suburbs of Queenstown Shotover country aimed at entry level locals .. a new 200sqm average family home on 700sqm land sold for just over 1mill .I worked out it would give a land value of around $500,000 only around 18months ago you were paying half that....
I have my investment property in my home town of Rotorua where tourism has a major impact. While it does not directly effect my rentals I see the money that is being generated from tourism being re-invested in business and the town is starting to have a real buzz. I hope that this generates movement into Rotorua so we see house price increases maintained. I will not buy yet though. My view for the future is definitely fewer properties but also better properties.
Ex Herald....great article....http://www.nzherald.co.nz/business/n...ectid=11926485