What these people need are investment properties!
Becoming a property manager can be a win-win. You want some rental yield; tenants want more properties available; and those selling their house will surely appreciate your interest!
To be fair, things are tough on first home buyers, though a good chunk of the population can’t even look at owning a home. They’ll be renting for a while as they figure things out. And that’s where you might come in.
Here’s what we know about Northland opportunities as the region enters winter (thanks to REINZ for the following data)
In April, the Northland market saw a record high median of $507,000, up 12.7% compared to the same date last year.
The total number of dwellings available for sale increased 15.6%. There was a 4% increase in new listings for the month.
Banks are competing on interest rates, but remain tough on lending, so if you can demonstrate you already have property as collateral, then you might get a loan for a property investment without too much hassle
REINZ says it has heard anecdotally that some vendors are reluctant to lower their price expectations to meet the changing market and buyers are in less of a rush to purchase.
There has been an 11% decrease in number of properties sold year-on-year.
One way to interpret this is you should get in quick and snap up a property to rent out before prices peak in a few years.
Recent regional median prices in Northland for April are:
Far North District – $480,000 median
Kaipara – $527,000
Whangarei – $515,000.
The median for the whole region is $507,000. Interestingly, this is higher than March, so despite the cold, we’re seeing price rises.