The Bargains Are Still Out There

Look for a hidden bargain
By Susan Edmunds
Sunday Aug 3, 2014


Still plenty of options available in our overheated property market

Commentator Olly Newland said Otahuhu, Mt Wellington and Ellerslie had potential, as did Whangaparaoa and Warkworth.
“The city can only expand south or north. They will be the new outer suburbs. Those are the areas I’d go for.”

Kenrick Smith and wife Jasmine bought in Greenlane, and will rent it out when they buy a larger home. Photo / Jason Dorday
Look south, get an apartment or buy near a supermarket, say property experts who insist there is still good buying in Auckland’s overheated housing market.

Many would-be homeowners have found themselves priced out of the market as property values have soared. But agents told the Herald on Sunday that there are areas with reasonable prices — and room to grow.

Harcourts chief executive Hayden Duncan said South Auckland offered opportunities.
The area was likely to experience further price rises because of its good public transport links. “It’s still, in our view, undervalued compared to the inner city.”

Graham Viall, director of Harcourts’ Papakura, Manurewa and Pukekohe offices, said those areas’ prices were about 20 per cent above their 2008 peak, compared to 30-40 per cent across the rest of Auckland.
“There’s still a margin to be made in the south. We haven’t really had a boom yet.”
Real Estate Institute chief executive Helen O’Sullivan said if she were buying her first home now, she would consider Papakura or look even further south, to Karaka.
“What you can get for $600,000 to $700,000 compared to closer to the city, is a big difference.”

Read the rest here:

http://www.nzherald.co.nz/property/news/article.cfm?c_id=8&objectid=11303176

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