This is getting interesting
My normal weekly “trawl” of brick & tile units Papakura to Torbay to Swanson to Takanini involves screening 30 possibilities out of 200 for sale. I target $450,000 (no I’m not dreaming, keep reading) to, say, $800,000 and this usually turns up 5 to 8 worth pursuing…..about 5% of the market. Meaning 95% of the market sells to people who don’t know what they’re doing!
This week was extraordinary.
Of 9 viewings in the SOUTH (Papakura, Manurewa, Papatoetoe) TWO are brilliant – Oakland Ave, a special Papatoetoe neighbourhood of mature trees and wide open spaces wanting $610,000 and rent say $600pw. Yes you’d buy it for your mother. (Ask about my “Mother Test”!). And a substantial Opaheke mortgagee sale really nice.
Of 8 viewed NORTH SHORE – THREE hot prospects, best are similar, big end units Roberts Rd Bayswater about $700,000, Hauraki Corner $815,000 one of two, really good real estate and Knights Rd Rothesay Bay crisp elevated family sized in the 7s.
CENTRAL – 20 viewed, and NINE, no fewer, brilliant buying – heart of Remuera for mother, poor entry but brilliant family locale, one of six $750,000 (yes), Thatcher St Mission Bay sunny, $659,000 (yes $659,000), Turama Rd One Tree Hill elegant street, moo cows across the road $799,000!, Mt Wellington elderly gentleman’s home unit, quiet cul de sac opposite Reserve, extremely run down but I think I’ve bought it for $450,000, its adjoining units have sold for $625,000 and $690,000, Panmure between shops and estuary, proper home $650,000 really nice, Pakuranga executive elegant look…..$710,000, two very good Papatoetoe’s $580,000 and $599,000, Inkerman St Royal Oak immac $550,000 (seems to be a misprint but it’s not). Slight problem can’t contact the owner. The difficult ones are the best……. and the best of everything: Mt Roskill NEW Spanish brick & Longrun $719,000 guarantee 10y, 15mins to CBD fewer to Airport, vacant and sparkling over gorgeous Reserve. Best developer in town (and the only one I work with).
WEST – viewed three, New Windsor $760,000 almost standalone, you’d be proud to live here, Royal Heights panoramic vistas sharp as $739,000, Swanson Rd townhouse $595,000…what???
So that’s 16 hot buys out of 37 (40%) viewed based on asking price and suitable property and locale (by my judgement and I’ve seen thousands literally).
JUST DISCOVERED ME????
What I’m about is asking those of you who don’t have a clue how you’ll retire (all of you) to read my RETIREMENT BROCHURE attached then call me. If you’re a sceptic do us both a favour and don’t call because I’m not going to persuade you. Everyone else, we’re back to preCovid values and whatever Trump and the Greens do don’t worry about it.
You need the growth of two brick & tiles if you believe Martin’s mantra that a shortage of houses + critically needed immigration = capital growth. And there are no vacancies anywhere. If a b & t doubles in its historic 9 years that’s $500,000 and you’re half way to retirement. Yes. Sorry. You need two.
Or buy one and who cares when it doubles – but you won’t be driving an Uber. And if it only puts on $250,000 you’ll still think you’re clever.
Seriously it’s time to hook up again.
Best for Spring.
Martin.
