About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Wednesday, December 12th, 11:30PM
rss
Latest Headlines

Invercargill property magnate

From a hectic Mumbai lifestyle to a property portfolio and career in Invercargill, a successful young investor is now sharing his property journey.

Monday, April 16th 2018, 10:00AM

by The Landlord

Invercargill investor Avinash Varghese

In 2002, when Avinash Varghese was 17, he was living in Mumbai – a massively dense, cosmopolitan city with a population of 18 million, an average annual high of 32 degrees Celsius and shops which never close.

Then his family moved to Invercargill. His new home was almost 12,000 kilometres away, with a population of 50,000 and an average annual high of 14 degrees Celsius.

“It’s shut at 4pm Monday to Friday and on Saturday and Sunday there was nothing to do,” he laughs. “The culture shock was pretty intense.”

He’s now one of Invercargill’s most passionate advocates, but Varghese - who is profiled in this month's NZ Property Investor magazine - is the first to admit he wasn’t too impressed at the start.

Everywhere he went he was instantly identified as an outsider and constantly needed to explain that English was his first language.

“The assumption is that I’ve just arrived yesterday, even now.”

But, even as a 17 year old, he was able to see some of the upsides of one of the world’s southernmost cities – and one of those was property.

Varghese’s father suffered a life-threatening health scare at the time of the family’s arrival in Invercargill and that prompted his father to look into property.

He thought that opportunity lay in property as it was so abundant and affordable in Invercargill compared to Mumbai.

This prompted the family to purchase some rental properties and establish a property management business.

Along the way, Varghese purchased six properties for himself and, following his father’s death, he took over the running of the family’s property management business which he is scaling up.

He believes Invercargill is a brilliant place to invest, to live to work and to build a business. 

He also thinks it’s severely under-priced right now and that there’s nowhere in New Zealand that offers better value for money.

“In Invercargill, you can work a menial job and live in a house with so much space, it’s extravagant.

"Any young person not spending $180,000 to $240,000 on a house is not making a mistake.

“We will look at it, ten years from now, and say ‘can you believe it?’”

To read more about Varghese’s property journey, click here to get the digital issue of NZ Property Investor magazine.

Subscribe to NZ Property Investor magazine here to get great stories like this delivered to your mailbox every month.

 

« Free Investment Property Showcase Events: Auckland, Wellington and ChristchurchSuper City market stagnates »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • ASB appoints Vanguard as manager
    “What I find amusing from those industry participants who favour passive investing over active is their continued ignorance...”
    9 hours ago by Pragmatic
  • Law doesn't have to be broken for FMA to take action
    “Agree with Brent Sheather - NZ regulators suffer from what is formally termed 'regulatory capture'. A form of government...”
    14 hours ago by Chatterbox
  • ASB appoints Vanguard as manager
    “Pragmatic just going back 20 years to speak to you, I suspect the ASB’s value proposition is well diversified low cost...”
    14 hours ago by John Milner
  • CLU back on agenda for Massey
    “I'm delighted Massey has elected to do this. The initial efforts of Denis Sampson and others bringing it here from the US...”
    17 hours ago by Referee
  • Old approach won't always stack up
    “Thanks Steve for a thoughtful and moderate comment. I know Brian and the fact was that the client was happy. For the...”
    18 hours ago by MediCare
Subscribe Now

Mortgage Rates Newsletter

Daily Weekly

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.79 4.55 4.79 4.99
ANZ Special - 4.05 4.29 4.49
ASB Bank 5.80 4.44 4.69 4.89
ASB Bank Special - 3.95 4.29 4.49
BNZ - Mortgage One 6.50 - - -
BNZ - Rapid Repay 5.95 - - -
BNZ - Special - 4.10 4.29 4.49
BNZ - Std, FlyBuys 5.90 4.69 4.79 4.99
BNZ - TotalMoney 5.90 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.15 5.20 5.25 -
Lender Flt 1yr 2yr 3yr
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.70 4.85 -
Housing NZ Corp 5.80 4.69 4.79 4.79
HSBC Premier 5.89 3.99 4.19 4.69
HSBC Premier LVR > 80% - 3.79 - -
HSBC Special - - - -
Lender Flt 1yr 2yr 3yr
ICBC 5.80 4.59 4.69 5.09
Kiwibank 5.80 4.55 4.69 4.99
Kiwibank - Capped - - - -
Kiwibank - Offset 5.80 - - -
Kiwibank Special - 4.05 4.29 4.49
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 5.10 5.45 -
Resimac 5.30 4.86 4.94 5.30
RESIMAC Special - - - -
SBS Bank 5.89 4.85 5.05 4.49
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 4.19 3.95 4.49
Sovereign 5.90 4.45 4.69 4.89
Sovereign Special - 3.95 4.29 4.49
The Co-operative Bank - Owner Occ 5.75 4.10 4.35 4.49
The Co-operative Bank - Standard 5.75 4.60 4.85 4.99
TSB Bank 5.80 4.45 4.69 4.99
TSB Special - 3.95 4.19 4.49
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.95 4.69 4.79 5.19
Westpac - Offset 5.95 - - -
Westpac Special - 4.15 4.29 4.59
Median 5.89 4.50 4.69 4.79

Last updated: 2 December 2018 8:39pm

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com