This 1970's solid 3 bedroom brick property sits on a large 703m2 section and is a great entry level investment.
The property has recently had high grade new carpet and semi commercial vinyl flooring installed throughout. This, along with the property being brick, with aluminium joinery, means this should be a low maintenance investment for the future. Fully insulated, and with adequate heating, there is very little required here from the new purchaser. The only improvements needed are a new extractor over the oven and in the bathroom.
The property is currently tenanted at $380 per week to an excellent tenant who is very keen to stay on. The tenant is currently also paying an additional $20 per week to cover the water supply cost. With a gross yield of over 6% at under $350,000, this is a great buy. Our numbers indicate this property will be around $2,000 cash flow positive from year 1 on interest only lending at a 3% interest rate.
Huntly has experienced 9% capital growth in the last 12 months and the market continues to grow, with a large demand from first home buyers who cannot afford to buy in places like Hamilton and South Auckland. The new Sleepyhead factory, which is planned to be within a 10 min drive of Huntly is expected to add another 1,500 jobs to the region. In addition to this, there is the new commuter train service due to start early next year. This train service will start at Frankton in Hamilton, stopping at The Base before going onto Huntly and stopping finally at Papakura. The Waikato District Council is planning for large growth in the area, with the population expected to expand from 73,600 people to possibly 103,000 by 2045.