A bus-load of Australian women will be cruising the streets of Tau ranga next week looking for a bar gain property to buy.
The 30-strong investment group are members of the fast-growing organisation, Property Women, and they are making their first tour here to snap up lower-priced New Zealand houses for rentals.
Local real estate agent Kevin Bastin has lined up a dozen pro perties for the women to view when they visit Tauranga on Tuesday.
``It's a great opportunity to pro mote the city as the place to buy and visit,' said Mr Bastin, a prop erty consultant for Tauranga First National Realty.
``The houses I'll be showing them are not flash by any means, but they will be getting a heck of a better return here than in Australia _ with the exchange rate and no capital gains tax,' Mr Bastin said.
He said Property Women mem bers have already bought seven houses in Tauranga over the past two months through an agent in Auckland. Three were in Welcome Bay, two in Greerton and one each in Otumoetai and Ohauiti.
The women visiting here _ half of them are first time prop erty investors _ will be looking in the $200,000-$350,000 price bracket.
Judith Taylor, a Property Women director based in New castle, said their members were deadly serious.
``They wouldn't buy an interna tional flight if they weren't. A love of property has brought them together, and at present there's better value in New Zealand.
``They jump out their skin when they hear there's no stamp duty in your country.
``Interest rates are down, the entry price is lower, the houses are cash flow positive, they are tax deductible and they have the opportunity of adding value to them,' she said.
Stamp duty in Australia is between $A12,000-$15,000 ($14,750-$18,440) on a A$250,000 property.
Property Women, which runs investment and educational work shops, has reached 15,000 mem bers in just two years. The investors visiting Tauranga range in age from 17 to their 60s.
The organisation tells them three golden rules: Buy at less than market value; find gold in the mould and improve the property to add value; hold long term.
She said an entry price in Syd ney was more than $A500,000, and houses in New Zealand for about $300,000 were well within mem bers' means.
Tauranga was appealing because of its growth, busy harbour and cafe strips.
``We will drive past the houses, talk about their potential and do an open inspection if we can.'
Property Women is holding a work shop in Auckland today, and then the members will hit the road to visit Hamilton, Rotorua and then Tauranga.
On board the coach will be Ha miltonian Robyn Marsters, who has bought 50 properties in five years while raising five children.
Mr Bastin will be showing them three houses in Papamoa and two at Mount Maungaui.
The rest are on the other side of the harbour.
``The spin offs are we will man age the rental properties and they put money in to the community.'
The properties would attract rent of $300 a week or more, and because of the Australian ex change rate and depreciation the investors could achieve a return of up to 8 per cent.
He will show them a 23-unit development in Waihi Rd on an old motel site. Its duplexes and town houses are selling for $300,000-$350,000.
``Maybe we can sell some of them and get development pro jects back on track in the city.'
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