The recent debate on Residential Rental Property availability in Christchurch has highlighted the utilisation of the existing housing stock.
Housing New Zealand and Christchurch City Council have between them approximately 1000 properties vacant, many only requiring minor repairs to make them habitable. The media have regularly highlighted often sensationally the plight of individual’s problems in obtaining accommodation. The availability of homes for the above agencies would appear in the short term a solution to the social housing issue.
This full use of existing housing before the construction of further temporary housing is important both in terms of cost to the tax payer and potential social issues around ongoing Temporary Housing Villages.
Rents have increased, so has the cost of owning property. The private sector rental housing pool has diminished. We identify excellent long term investment opportunities in Christchurch. The work force required for the regions rebuild will seek a significant amount of rental accommodation. The demand is for property ranging from a medium to high standard.
Insurance companies are also looking for good quality accommodation for relocation of property owner clients during the repair to their client’s homes.
The rebuild is a project of many years which will offer the long term prudent investor excellent returns.
Tony McPherson
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