Property hotspots
New Zealand residential property prices hit an all-time high in January, but if you're looking to buy investment property, that may not be good news.
Wednesday, February 23rd 2005, 4:08AM
by The Landlord
So, are the golden suburbs of Remuera in Auckland and Fendalton in Christchurch still the best places to buy? Or will you make more hard cold cash in Otara or Avonhead? After all, the socio-economic position of a suburb doesn't determine where it comes in the capital growth stakes. Some of the fastest growth in the country over the past 12 months has been seen in Auckland's Pt Chevalier, and it's certainly not well up the pecking order of places to live.Property investment firm the Hybrid Group does quarterly hotspot forecasts for its clients that look forward at potential capital growth, not at what's happened in the past. For the year to June 2005, the company predicts the hotspots in the three main centres to be:
Auckland: Mt Roskill coastal, Otara, Massey
Wellington: Elsdon, Central Hospital (Lower Hutt), Newlands
Christchurch: New Brighton, Papanui, Linwood
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