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01 Aug 14

The giveaway market

If you have a dollar spare this month, call a City Sales agent and ask to buy a leasehold apartment.

Don’t ask to see a leasehold apartment, just ask to buy one.

Any one.

The first one the agent suggests.

But give it back to us in two years to resell because they’re not a long term hold.

But right now they’re crazy value for money.

Auckland’s average house buy is now $700,000.

A Southland couple paid about that six years ago  - not through City Sales! - for a gorgeous  two bedroom, two bathroom stunning suite down by the viaduct, car park, pool, gym, overlooking a park… and BIG.

Sold after auction early this month for $315,000, other offers a fraction less.

The proud new owners will save a lot of the $1,600/month ground rent by walking to work and their friends will seethe with envy when they see their lifestyle (if they’re not painting the house or maintaining their section).

Oh, nearly forgot, also sold two Railway Campus suites for over 20% nett returns, how much were they? Oh yes $12,500 and $18.000.

Hate saying this but… no, not a misprint.

Currently we have a bundle of brilliant leasehold suites you would die to live in around $300,000.

Hey this won’t last… and half of London is leasehold and all of China.

It isn’t scary, it’s called common sense bargain buying.

And you don’t even tell your mates it’s leasehold.

By Martin Dunn

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