Everard Aspell uses his experience as a Wellington Real Estate agent and associated member of the REINZ to tell us his recent insights on the current Wellington market.
How many years have you been selling property in Wellington:
I’ve spent over 20 years marketing and selling apartments and houses all over the Wellington region. During this time I’ve been the exclusive marketing agent for 10 major apartment developments in the city, the largest being the 110 apartments in Thorndon at St Paul's Apartments.
Which areas do you currently see investors focussing on?
Investors traditionally buy properties as close as possible to the central city, however with the high values and very low yield rate investors are now starting to purchase in the outer suburbs like Johnsonville, Newlands, and Tawa.
Do investors you deal with have any preference between apartments or traditional flats?
Investors traditionally prefer flats, though this year I have sold apartments to some investors too. With the prices of apartments increasing I would expect to see more investor interest.
Is it still possible to get a good buy in a market like we’re experiencing now?
If you are thinking of purchasing in this market the first thing to do is make contact with a lawyer, a mortgage broker, an experienced professional real estate agent, and a builder. This is so when you see a property you like you are ready to go. This puts you in the best position with regards to making a good purchase. In this market you should also set the limit you want to pay for a particular property, and offer to that limit.
Have you any tips for first time investors?
All first time investors should have the above organised, and then set up an appointment with the mortgage broker and Real-Estate agent. From there many of the questions they have can be answered and case studies can be discussed. These “real life” examples are great in helping to get an understanding of how to move forward, what to focus on and what to avoid.
If anyone would like further advice or to meet me (no obligation) then please feel to contact me at anytime on 027 444 5248 or easpell@xtra.co.nz
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