Once a small neighbourhood just a few minutes drive from the Napier CBD, the suburb of Te Awa is now a booming pocket of new build family homes and investment properties.
With the convenience of being close to the city, a few minutes’ walk from the beach and handy proximity to renowned high school, Napier Boys, Te Awa’s broad range of residents include families, labourers, working professionals and the regions retirees, many who have moved from elsewhere to be part of a community and to take up residence in a brand new abode.
As New Zealand continues to experience a severe property shortage it’s no real surprise that more so than ever before we are seeing individuals entering the investment property market, not by purchasing existing dwellings, but by pursuing the option of new builds – Particularly in the fast growing Te Awa suburb of Hawke’s Bay.
And as property managers we believe these new build investment homes in Te Awa are a win-win situation for both property owners and tenants.
Wondering why?
What’s in it for the investment property owner:
At Rentsmart, we see first-hand on-going maintenance costs chewing into an owner’s rental income. New build investment properties are therefore much more desirable as they require minimal repairs and will have fewer ongoing maintenance costs for years to come.
With the current government’s approach to encouraging new builds, there are many tax benefits for owners of new homes to consider. Such as a reduced bright line period and mortgage interest cost deductibility – (Be sure to chat to your accountant about the specifics for your personal situation).
What’s in it for the tenants:
New builds in Te Awa are adding fresh stock to the Hawke’s Bay rental property market where demand is currently outstripping supply.
With new build rental properties all requirements of the healthy homes laws are met from day one. And what tenant doesn’t love the opportunity to live in a brand new home?
——–
Renting with Rentsmart in Te Awa
By far the most popular home we are currently managing for owners in the suburb of Te Awa is the 3 bedroom, 2 bathroom (1 en suite), double integral garage home. And as of April 2022 the market average rent we are collecting for owners is $700 per week with a current market rent range of $670-$710 per week.
——–
Although we are seeing great returns for new build investment properties in Te Awa Napier there’s no one-size-fits-all approach and new builds may not be the right investment for everyone.
However, if you are building or are considering building an investment property in the suburb of Te Awa – Be sure to give Rentsmart a bell. We would be more than happy to provide a more in-depth insight into what we are seeing with our existing rental properties in the area as well as provide you with a free rental appraisal for your new build.
——–
Ruth Shannon (Property manager) 022 307 3903
Nikki Cheyne (Property manager) 022 111 3713
Jenny Kyle (Property manager) 021 369 348
