From the frontlines: End of week report for week ending July 31 2020

 
 
The market overall in most centres is extremely strong (we would use the term 'red hot' but it's a bit emotive ) and we are seeing crazy levels of activity!
 
Our clients in Wellington, Christchurch, Whangarei, Tauranga, Hamilton, Dunedin, Hawkes Bay, Palmy, are all reporting the same things, massive interest levels from home-buyers and very strong investment demand as well.
 
At our meeting in Manukau this week with our Advanced Results Team, the owner of the largest Real Estate franchise in South Auckland and several agents from his office ran us through the activity and sales results as we do most weeks, and they are as strong as we've ever seen in over 20 years of investing.
 
Auction rooms so full that 40+ people had to stand outside (see the photo, crikey ), multiple-offer situations on almost everything within a day or two of listing, some with 10+ offers! Agents desperate for stock and not enough coming to market to even closely...
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Select Committee green lights tenancy law reforms

Original Article HERE

Extreme disappointment is the response of property professionals to the Select Committee report on the Government’s proposed tenancy law reforms which was released this week.

Friday, July 10th 2020, 4:58AM 

by Miriam Bell

NZPIF president Andrew King

That’s because the Social Services and Community Select Committee has elected to progress the proposal to remove a landlord’s right to use “no cause” 90-day terminations to end a periodic tenancy agreement.

It has also given the green light to the proposal which requires that fixed-term tenancy agreements become periodic tenancy agreements upon expiry unless both parties agree otherwise.

These particular reforms have been fiercely opposed by property professionals across the board since the Government announced the reforms contained in its Residential Tenancies Amendment Bill.

Property professionals say the reforms skew the balance between investment property owners and...

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Four property investment myths that might stop you succeeding: Graeme Fowler

Original STUFF article here

OPINION: I’ve been an investor for more than 30 years now and house prices are something I’ve never been interested in, or paid much attention to.

I’ve never thought “should I buy now?” because I just read a headline to say that prices in my area are soaring.

So many people ask me: “What do you think the market is going to do?”

My answer for the last 30 years has been fairly consistent: I don’t know. I don’t care. Hopefully prices will drop. Why does it concern you? If you did know what was going to happen, what would you do and why?

 

The idea that you can predict what house prices will do at any point in the “cycle” is one of the myths that catches property investors out.

Here are a few others.

Myth Number One.

Generally, investors think that the big cities such as Auckland, Wellington, Hamilton and Christchurch will be better to invest in because they falsely believe that...

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The Absolute Absurdity of Paying any attention to House Prices or what’s in the news (June 2020) by Graeme Fowler

New article by Graeme Fowler below team.

As always, well worth the read.

You’ll recognise many of the alignments in messages in this to what we constantly bombard you with, particularly ‘if it makes sense now, buy it now’, and his love and trust for the media and commentators.

Enjoy! 

The Absolute Absurdity of Paying any attention to House Prices or what’s in the news (June 2020).

Here are a few headlines from various news articles, most of them over the past year or two.

1. Rotorua house prices up more than 25%

2. Rotorua - House sellers cash in, making median $200k as capital gains reach record

3. Tight Hamilton housing market pushes property values up

4. Hamilton’s house prices keep rocketing up

5. Fierce competition for Hamilton homes means prices likely to rise

6. Asking prices for Waikato homes increases 74% in five years

7. Waikato’s median house price climbs $60,000 in a year

8. Tauranga out-ranks Auckland as NZ’s most...

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Is Property Investment in NZ During COVID-19 a Good Idea?

Original article from Mortgage Supply Company HERE

Blog Hero Image_ Property Investment Post Covid-19

Property investment in New Zealand has proven over time to be an incredibly lucrative strategy for investors, with the growth of the housing market and the increase in demand for residential property. In fact, last year the nationwide median house price soared by 12.3% to NZ$629,000, according to the Real Estate Institute of New Zealand (REINZ). That's a tidy increase in value from the previous year’s rise of 1.8%.

However, since COVID-19 hit New Zealand in March this year, the property market has been an ever-evolving and changing industry, raising the question with investors: Is property investment in New Zealand During COVID-19 a good idea?

We've taken a look at the statistics and reached out to some of the country's property investment industry leaders; Phil Thompson, Co-Founder of Property Education Company Asset Lab and Nick Gentle, Operations and Co-Owner of iFindProperty, to get an...

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Finance Update from David Windler at Mortgage Supply Company

Check out the legendary David Windler giving a market update in this ever-changing finance environment! 

Here's all the good oil. 

 

When you are ready, here’s how we can help you succeed:

Join our Facebook page for free training, updates, and chat.

Join us at an upcoming course or workshop. Subscribe to stay in the loop or check out our homepage: Events on our Homepage.

Get in touch for a chat about how we can help you with our selections of programs and coaching options.

Check out the incredible value in the Assetlab Masterclass HERE

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How I made my first million: Investment coach says being rich is within most people's reach

ORIGINAL ARTICLE HERE

Stuff's series How I Made My First Million talks to millionaires about how they got there. This week, it's property investor and coach Steve Goodey.

How did you make your first $1m, how old were you?

Looking back it would have been in my mid-30s.

I started buying houses to keep them as rentals in my early-20s, well before I'd bought a house to live in myself. I think the first house I bought to live in myself was my fourth property purchased.

I sold that first owner-occupier home to buy the second, which I still own and I'm currently living in my third home.

In the last 20 years I think I've bought and sold, traded, or renovated about 3000 houses, some for myself but most for clients whom I've coached.

You never really wake up one day and say "Oh wow I'm a millionaire" it's more likely you do a lending application that asks you for your assets and liabilities and the number under the heading "Total Assets"  has the second comma in it for the first time.

...

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Arn's property deal of the century! How to lose $100k+!

This goes to show 'Experience is the best teacher'. Except for a teacher who has the experience...Like Arn Mehta, one of Assetlab's coaches and directors. 

Property investment in New Zealand isn't all sunshine and rainbows. Check out the valuable lessons here (it could save you $100,000). 

 

When you are ready, here’s how we can help you succeed:

Join our Facebook page for free training, updates, and chat.

Join us at an upcoming course or workshop. Subscribe to stay in the loop or check out our homepage: Events on our Homepage.

Get in touch for a chat about how we can help you with our selections of programs and coaching options.

Check out the incredible value in the Assetlab Masterclass HERE

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Airbnb: All but dead?: Steve Goodey

Airbnb: All but dead?

I wrote an article about moving my Petone, Lower Hutt 3 bedroom property from a long term rental to a holiday rental on Airbnb a few weeks ago.

https://www.stuff.co.nz/business/117932670/property-investor-my-house-makes-extra-1100-a-month-on-airbnb

I took the house from being rented at $700 per week ($36,400 pa) to getting $5,500 per mont from airbnb and booking.com ($66,000).

Some what astounding figures when you think about it but you need to consider the reality too that I’ve been paying $1,100 per month in cleaning fees, toilet paper, power and maintenance that’s over a above the previous arrangements.

I’d say in all reality my profitability is probably up by $800 per month or $9,600 pa, which really just makes it boarder line as to being worth doing or not.

 

What you need to consider is the cost of furnishings, the time it takes to...

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