Taumarunui is being invaded by Japanese, Australians, Aucklanders and others, all looking for rental investment properties.
Thursday, April 29th 2004, 8:08AM
by The Landlord
The Taumarunui housing market is booming, especially at the cheaper end but Peter Bethwaite and Bill Nicholas of First National Bruce Spurdle real estate said houses as much as $100,000 are being sold as rental properties. Some are not even making it on to the market, with a substantial number being sold sight unseen.
"We had a person from Japan buying over the Internet."
But the boom is being fuelled largely by Australians looking for bargains and positive gearing on their investment. In other words, a place where the rent pays for the mortgage and other costs, plus something left over, with returns likely to exceed present bank rates.
It is understood one Australian woman bought seven properties two weeks ago, and another Australian woman also looking round the district on the same day.
Even as Ruapehu Press was speaking to Century 21staff, Australian John Robinson was in their office finding out about the local housing market. He has swapped a well-paying job in Sydney for the New Zealand rental scene, and lives in Whakatane. He has just bought seven houses in Wanganui, and is looking at Tokoroa, Taumarunui and Turangi, a place that is also seen as being set for a boom, with its lakeside location and access to Taupo.
