Property Report A4 2

KCCM Property 

PROPERTY 

19 Hinton Av • Forest Lake 

Hamilton • 3200 • New Zealand 

October 2017 

KCCM PROPERTY 

Office Address 

33 Wharf Street, 

Marrickville, NSW 

Australia 2204 

E 

E 

alan@kccmproperty.com 

kate@kccmproperty.com

PROPERTY ANALYSIS 

2 

Table Of Content 

H+1

1. Executive Summary 5 

2 Meet the Team 12 

2.1 Property Investors 

2.2 Accountant 

2.3 Mortgage Broker 

2.4 Solicitor 

2.5 Estate Agents 

2.6 Builders 

3. Strategy 20 

4. About Hamilton 26 

4.1 Locality Map 

4.2 Suburb Analysis 

4.3 Demographics 

4.4 Income 

4.5 Age 

4.6 Ethnicity 

4.7 Property statistics 

4.8 Natural hazards 

4.8 Recent sales in the area 

5. The Property Location 29 

5.1 Surrounding Infrastructure 

5.2 Natural hazard rating 

5.3 Projected Growth 

6. Adding Value 30 

6.1 Target market 

6.2 Floor plans 

6.3 Scope of Works 

6.4 Recent comparable sales 

6.5 Mentor example 

7. Project Planner 34 

7.1 Overview timeline 

7.2 Unconditional timeline 

7.3 Conditional timeline 

7.4 Settlement timeline 

7.5 Renovation timeline 

7.6 Gantt chart summary 

8. Financials 34 

8.1 Overview 

8.2 Cost of property purchase 

8.3 Cost of renovation 

8.4 Cost of agent and professional fees 

8.5 Financial summary 

3

9. ROI (Return on Investment) 34 

9.1 Overview 

9.2a Strategy Options 

9.2b Full Investment of cost 

9.2c Overview 

9.2d Projection 

9.2e Summary 

9.3a Partial investment of cost 

9.3b Overview 

9.3c Projection 

9.3d Summary 

9.3d Payment structure 

10. Company structure and liability 34 

10.1 Overview 

10.2 Company structure with foreign investment 

10.3 Company structure with non-foreign investment 

10.4 Liabilities 

10.5 Summary 

11. Risk Assessment 34 

11.1 Overview 

11.2 Strategy 

11.3 Market 

11.4 Property 

11.5 Natural Hazards 

12. Exit Strategies / Scenarios 34 

12.1 Overview 

12.2a Best case scenario 

12.2b Overview 

12.2c ROI 

12.3a Mid case scenario 


12.3c ROI 

12.4a Worst case scenario 


12.4c ROI 

12.5 Summary 

13. Apendix 34 

13.1 Builders report summary 

13.2 Meth test report summary 

13.3 Council property pack 

13.4 Estimate property sell appraisal 

PROPERTY ANALYSIS

5


6 

1. Excutive Summary 

H+1

Creative Properties is a property investment company that will be based in Sydney, Australia, but will focus on 

propety in New Zealand. We are in the business of property investment to be able to help our investors meet 

garenteed returns and to add value to homes through renovation. It is our role to take to stress out of buying and 

selling and to deliver high quality properties with exceptional returns. 

We have been able to build a robust power team throughout New Zealand who will play an integral role in purchse, 

build and sale. 

7

PROPERTY ANALYSIS

9


10 

2. Meet the Team 

H+1 

Every great 

business is built 

on good 

relationships and a 

strong power team

Business Developer • Alan Hunter 

• Founder of Splend Pty Ltd 

KCCM PROPERTY 

M +61 481 464 005 

E alan@kccmproperty.com 

Interior Designer • Kate Cosgrave 

• 3 years experience - Lead Designer at Westfield 

• 4 years experience - Retail and Hospitality Designer 

• Founder of KCCM Design Pty Ltd 

After graduating from Curtin University with an honor’s degree 

in Interior Architecture, Kate has focused on refining her eye for 

design. Kate's skills transfer from the macro to the micro with her 

latest project at Westfield was leading Coomera in Queensland 

AU, a $384 million new build development. 

Currently Kate is focusing her passion for colour and pattern in 

her latest project, KCCM, where she has started her own business 

designing products for the home. Her skills seamlessly transfer 

from Spatial to Product Design, with Property Investing in New 

Zealand linking all elements together. 

KCCM PROPERTY 

M +61 431 331 720 

E kate@kccmproperty.com 

11

12 

Mortgage Broker • Andrew 

Armstrong 

Andrew is a qualified and results orientated Mortgage Broker who 

continually shares his wealth of business, banking and finance 

knowledge with his clients. 

He has been involved in a number of businesses and with years 

of experience working in New Zealand's biggest banks, he also 

knows a wide range of strategies and has invaluable connections 

to help you meet your financing goals. 

Andrew is able to assist with mortgages, general insurance and 

personal insurance with has an extensive range of providers and 

connections. 

PROPERTY TAX RETURNS MORTGAGES 

P +64 9 320 4948 

E andrew@ptrmortgages.co.nz 

W www.propertytaxreturns.co.nz 

Accountant • Matthew Harris 

After nine years working as a Specialist Tax Auditor for Inland 

Revenue, Matthew brings extensive taxation experience to the 

Property Tax Returns team. 

Matthew has a particular interest in tax efficient structures, 

international taxation concerning property, and the tax rules in 

regards to property investment, subdivision and development. 

As a rental property owner and property developer, Matthew 

knows first hand the taxation issues that can arise when owning 

property. 

Matthew holds a Bachelor of Business Studies majoring in 

Management and Small Business and a Graduate Diploma in 

Professional Accounting. 

PROPERTY TAX RETURNS MORTGAGES 

P +64 9 320 4948 

E matthew@propertytaxreturns.co.nz 

W www.propertytaxreturns.co.nz 

PROPERTY ANALYSIS

Property Investor • Jono Frankle 

• Full-time property investor in Auckland 

• Trade & Renovation expert with Buy & Hold experience 

• 12 years experience as a business owner 

After successfully winning the NZ TV show ‘Our First Home’, 

Jono gained a passion for property. Through the Wealth Mentor 

- mentorship program Jono gained the Skills and Knowledge 

required to become a Professional Property Investor. 

He is now an expert in trading and renovating properties with 

one of his deals creating almost $200,000 worth of equity in 

just 4 months. Currently Jono is focusing his efforts on Trading 

properties in joint venture situations as well as using his own 

Capital to create cash flow through Buy & Holds. 

WEALTH MENTOR 

M +64 21674 028 

E jono@wealthmentor.co.nz 

W wealthmentor.co.nz 

13

14 

Agent • Jess Taylor 

Jess has three years experience in Real Estate and Sales and 

particularly enjoys working with investors who have a 'Trade' 

strategy. Jess and her Mum, Kim Taylor work as a tight duo for 

those wanting to build their investment portfolios. 

Jess has renovated two properties herself, both with great profit 

margins. She is an expert when it to comes to finding properties 

with 'potential' and has a great eye how to add 'add value'. 

She works with an extensive range of buyers and ensures she 

understand all their requirements. She acts quickly to alert clients 

when a property with strong potential comes on the market. 

RAY WHITE 

P +64 7 839 7060 

E jess.taylor@raywhite.com> 

W www.teamtaylorRW.co.nz 

Builder • _____ 

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facilisis cursus. Nulla id mauris velit ornare est ornare. 

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finibus. Suspendisse ac convallis enim. Donec vehicula sapien 

eget est pellentesque fermentum euismod 

BUILDER 

P 

E 

W 

PROPERTY ANALYSIS

15


16 

3. Our Property Strategy 

H+1 

Our Strategy for 19 Hinton Avenue, Forest Lake will be to 'Trade' and to add value to the existing 3 bedroom, 1 

bathroom property.The Trade will occur within a 90 day time-frame to ensure market comparisons remain valid 

and a fast return on investment. 

Below outlines our Trade strategy: 

• To purchase the property under market value. 

• To add value by adding an additional bedroom, bathroom, modern kitchen and open plan living/dining 

The property requires renovation works to attact family buyers who are seeking open plan living with a 

contempoary kitchen and bathroom. 

KCCM Property will be project managing the entire refurbishment process and resale. The sale of the property will 

be sold either on market or via auction.

17


4. Why New Zealand? 

NEW ZEALAND IS RAPIDLY DEVELOPING AND RANKS HIGHLY IN 

INTERNATIONAL COMPARISONS OF NATIONAL PERFORMANCE, SUCH AS 

HEALTH, EDUCATION, ECONOMIC FREEDOM AND QUALITY OF LIFE. WITH 

THIS IN MIND, THERE HAS BEEN A HUGE INCREASE IN MIGRATION WHICH 

HAS HAD A POSITIVE IMPACT ON PROPERTY.

4.1 Tax - NZ v's Australia 

N Z __ 

No Capital 

Gains Tax 

N Z __ 

No Stamp 

Duty 

N Z __ 

Low Tax 

Rate of x% 

A U __ 

Has 

Capital 

Gains Tax 

A U__ 

Has Stamp 

Duty 

A U__ 

High Tax 

Rate of x% 

19

4.2 Where in New Zealand? 

Map of New Zealand highlighting property focus area, Hamilton, Waikato 

Source: 2013 Census 

FAR NORTH 

NORTHLAND 

AUCKLAND 

HAMILTON CITY 

WAIKATO 

COROMANDEL 

BAY OF PLENTY 

GISBORNE 

TASMAN 

SEA 

TARANKI 

HAWKS BAY 

NELSON 

WANGANUI 

MARLBOROUGH 

WELLINGTON 

WEST COAST 

CANTEBURY 

CHRISTCHURCH 

PACIFIC 

OCEAN 

SOUTHLAND 

OTAGO 

Population Graph 

WAIKATO 449,200 

HAMILTON 

156,800 

PROPERTY ANALYSIS

4.3 Ethnicity 

Ethnicity of residents, New Zealand and Hamilton 


Other 

Middle Eastern 

Asian 

Pacific People 

Maori 

European 

1.7% 

1.6% 

1.2% 

2.0% 

11.8% 

13.8% 

7.4% 

5.1% 

14.9% 

21.3% 

Hamilton 

New Zealand 

74.0% 

69.5% 

0 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 

Overview of Statistics 

• Hamilton represent over 160 different ethnic groups from around the world. 

• Approximately 30,000 people in Hamilton identify with a culture or ethnicity that is not NZ, 

European or Maaori. 

• There is a larger proportion of those from ethnic communities living in the East of Hamilton, 

predominantly in the North East and near the University of Waikato. 

• Around 24% of Hamilton's population was born overseas, compared to 25.2 percent nationally. 

21

4.4 Occupation 

Occupation chart, New Zealand and Hamilton 

Source: https://ecoprofile.infometrics.co.nz/Hamilton%2BCity/Skills/BroadOccupation 

Hamilton 

New Zealand 

Managers 

Professionals 

Trades 

Community workers 

Administrative 

Sales workers 

Machine Operators 

Labourers 

0 5% 10% 15% 20% 25% 30% 


• This section describes the types of occupations that are employed in Waikato District. 

• Managers accounted for the largest share of employment (24%) in Waikato District, which is 

higher than New Zealand (19%). 

• Professionals accounted for the second largest share of employment (18%) in Waikato District, 

which is lower than New Zealand (23%). 

• Sales workers accounted for the lowest share of employment (18%) in Waikato District, which is 

lower than New Zealand (23%). 

PROPERTY ANALYSIS

4.5 Income 

Income chart for people aged 15 years and over, New Zealand and Hamilton 


Income 

Hamilton 

New Zealand 

Nil or loss 

$1-$5,000 

$5,001-$15,000 

$15,001-$20,000 

$20,001-$25,000 

$25,001-$30,000 

$30,001-$35,000 

$35,001-$40,000 

$40,001-$50,000 

$50,001-$60,000 

$60,001-$70,000 

$70,001-$100,000 

$100,001-$150,000 

$150,001 or more 

0 

0% 5% 

10% 

15% 


• Mean annual earnings in Waikato District was $53,420 in the year to March 2016, which was lower 

than the New Zealand mean of $57,780. 

• For people 15 years and over, the median income in Hamilton City is $27,700. This compares with 

a median of $28,500 for all of New Zealand. 

• 39.9 percent of people aged 15 years and over in Hamilton City have an annual income of $20,000 

or less, compared with 38.2 percent of people in New Zealand. 

• In Hamilton City, 25.6 percent of people aged 15 years and over have an annual income or more 

than $50,000, compared with 26.7 percent of people in New Zealand 

23

4.6 Economy, New Zealand 

Source: Waikato District Annual Economic Profile 2016 

The New Zealand economy grow by 2.5% over the year to March 2016, following rapid growth of 3.4% 

the previous year. 

Rental, hiring and Real Estate Services was the biggest contributor to growth, with value-added lifting 

4.4%. The sector has benefited not only from higher levels of property sales, but population growth and 

better conditions for businesses have also pushed up property and machinery rentals. In a similar vein, 

GDP for the construction sector rose 3.6% lift over the March 2016 year. 

A range of service-based industries experienced strong growth over the past year. An expanding 

population, coupled with better job prospects, pushed up value-added by retail trade by 5.6%. 

Professional, scientific and technical services (3.0%) and finance and insurance series (3.1%) also 

experienced rapid growth. 

Another record-breaking year for domestic and international visitor spending saw GDP for 

accommodation and food services increase 5.2%. Valued-added from agriculture, forestry and fishing 

climbed 2.8%, despite challenging conditions for dairy farmers. The standout performer in the primary 

sector was agriculture and fruit growing (6.8%), while sheep, beef cattle and grain farming (3.6%) also 

grew strongly. Some of this additional activity flowed through to rural contractors, with value-added 

from agricultural support services and hunting climbing 7.5%. 

The below figure indicates the growth between Waikato and New Zealand with Waikato accounting for 

1.1% of national GDP in 2016. 

3% 

2% 

2.5% 

2.5% 

1% 

0% 

Waikato District 

New Zealand 

GBD Growth (year to March 2016) 

PROPERTY ANALYSIS

4.7 Tourism, New Zealand 

Source: Waikato District Annual Economic Profile 2016 

The New Zealand economy grow by 2.5% over the year to March 2016, following rapid growth of 3.4% 

the previous year. 

Tourism has grown rapidly in New Zealand since 2000. Not only has the number of overseas tourist 

arrivals increased substantially, but the level of domestic tourism has also expanded rapidly as 

spending on leisure by New Zealand residents increased. This section describes the contribution of 

tourism to Waikato District’s economy. 

The figure below indicates the average tourism growth from 2001 - 2016. 

Waikato 

New Zealand 

30% 

20% 

10% 

0% 

-10% 

2001 

2002 

2003 

2004 

2005 

2006 

2007 

2008 

2009 

2010 

2011 

2012 

2013 

2014 

2015 

2016 

25

4.8 Migration 

Permanent and long term migration 1979 - 2017, New Zealand 

Source: Stats NZ 

140 (000) 

120 

100 

80 

60 

40 

20 

0 

1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 

Arrivals 

Departures 


• According to recent data released by Statistics NZ (SNZ), a record number of migrants entered 

New Zealand in 2016 on work visas, and more tourists chose the country as a holiday destination. 

And economists expect migrant in-flows to keep rising. 

• Amid the growing political instability in the US, and terror attacks in several European destinations, 

more foreign investors are towards New Zealand for attractive buying opportunities, as well as for 

migration for a better life. 

• Since September 2012, about 276,000 people have moved to New Zealand who were neither Kiwis 

nor Australians. The majority of people were from China, India, UK, Germany and Philippines. 

• The increase in migration has increase demand for housing in Auckland which is now sprawling to 

PROPERTY ANALYSIS

4.9 District Growth Comparison 

QV Quarterly House Price Index 

Source: www.QV.com.nz 

HOUSING PRICE INDEX 

2750 

2500 

2000 

2250 

2000 

1750 

1500 

1 Jan 2013 1 Jul 2013 1 Jan 2014 1 Jul 2014 1 Jan 2016 1 Jul 2015 1 Jan 2016 1 Jul 2016 

1 Jan 2017 

1 Jul 2017 

Hamilton 

New Zealand 


• The above graph measures the movement in house prices providing an indicator of capital growth 

and how prices are trending in an area allowing for a direct comparison between different areas 

within New Zealand. 

• High levels of immigration has impacted on property supplies. Supply and demand are the biggest 

market indicators to determine area growth. 

• If an area is experiencing population growth and the number of new property listings are low this 

will cause house prices to rise. 

• Last year we saw in Auckland a 1.4% increase on stock but 60,000 new people migrating and yet 

Auckland is still building less houses than pre-GFC. 

27

4.10 Property Market, New Zealand 

Source: Wealth Mentor 2017 

To understand potential growth we have to analyse and understand the factors that contribute to this 

growth. We have broken them down into 7 major factors but for the purpose of this report we will only 

cover the three most important. 

To understand what 2017 / 18 will bring to New Zealand property market we must first understand 

what has happened over the last 12 months up to mid 2017. The end of 2016 brought into full effect 

RBNZs lending restriction recommendations which brought massive implications into the property 

market nationally. 

Lending institutions started lending only 60% LVR (Loan to Valuation Ratio) and this simple measure 

proved to have deep implications. In areas where property prices are higher, like Auckland, we 

experienced a major slow down on property prices. This was expected and not a surprise since it 

actually happened for the last few years with recent government interventions to try to slow down the 

property market. 

On the other hand, lower lending made regional areas instantly more appealing due to their higher 

yields and lower deposit requirements. Once again this was expected and our investors took 

advantage of this great situation creating large amounts of equity and cashflow in specific regional 

areas. 

This year has started basically the same way that 2016 finished but we have seen Auckland stabilise 

and recover since the fundamentals for its growth; no supply for the huge existing demand, let alone 

new demand. Auckland is estimated to still grow over 7% over the next 12 months. 

New Zealand's overall growth for the last 12 months (up to May 2017) is 11.1% and the data shown 

in the next graph demonstrates the top performers from last year. As you can see they are dominated 

by lower North Island areas specially due to the opening of stage one of transmission gully otherwise 

known as the Kapiti Highway. This is the biggest roading project in NZ and it will continue to influence 

property prices over the next 2 years. 

PROPERTY ANALYSIS


Please note, even though the data indicats that the properties in Kawerau are "cheap" it does not mean 

that this is a good place to invest. 

With a population base of 6,000 and unemployment of almost 25% leads me to believe that this is 

not a great place to invest. Agents and local investors suggest that this property surge is only due to 

investors looking for yields in the wrong area. 

29

Major factors that will contribute to property growth over the next year. 

3 main factors that determine the national hotspots: 

1. 

New 

infrastructure 

2. 

Yield / 

Affordability 

3. 

Net migration 

/ Demand 

1. New infrastructure 

Roads are one of the most significant investments that can influence regional growth. Here is the link 

for the information on the seven (7) roads of national significance. These roads are shaping regional 

growth, and you can take advantage of knowing their implications on property growth. 

https://www.nzta.govt.nz/projects/ 

2. Yield / Affordability 

Over the past 18-24 months there has been a growth in regional areas primariliy due to investors. 

Cashflow is curtial, but as an investor we must understand that the market reacts differently at 

specific times in the property cycle. This is the time of regional growth, and of investors trying to get 

cashflow in more obscure areas. 

Below are 3 main areas ripe for some exciting growth patterns: 

I. Gisborne 

II. Wanganui 

III. Invercargill 

These areas boast high cashflow, and they are at the relatively early stages of growth in this 

market cycle. 

PROPERTY ANALYSIS

3. Demand and migration. 

We know that Auckland's high growth pattern is completely aligned with the population growth that 

it has experienced. Besides that we are not building enough properties to meet the current demand 

meaning that prices only have one way to go even with government intervention. 

Overall, New Zealand is growing and that is great news for us investors. Obviously not all areas are 

created equal but here is some data for you to explore in regards to where people are migrating to 

within New Zealand. 

http://www.berl.co.nz/economic-insights/jobs/migration/auckland-top-spot-for-net-migration-in-2016/ 

Migration will ultimately determine demand which will set property pricing. In the last 12 months we 

have seen an easing in the Canterbury region so I will not pinpoint it as a place in which to invest in. 

Besides Auckland, which is the clear winner in this category, we should explore these areas: 

I. Wellington region (see Transmission Gully) 

II. Waikato 

III. Otago (Dunedin) 

Net external migration for the year to December 2016 

Source: Wealth Mentor Report 

31

Other factors to consider over the next 12 months 

One of the most significant events that take place in New Zealand in 2017 is the National Election. The 

Election has a huge impat on the property market. Historically we have seen that three months prior to 

a national election (every three years) the property market essentially stops. Listings dry up and so do 

buyers. People become wary of election results, they wait to purchase property until the election takes 

place and they have more certainty about their political future. The market is expected to considerably 

slow down from mid June until October creating a plethora of deals for the savvy investor. 

We will also see some of the new projects (new builds) under the new unitary plan in Auckland come 

to fruition which will alleviate some of the pressure in the Auckland market but not enough to create a 

market correction. 

Pressure on Auckland services (schools, roading, etc...) will create a migration trend towards some 

regional areas (mainly Waikato, Bay of Plenty, Otago). Auckland will still be the leader in growth but 

failing quality of life in the big city will also see some good performance from the regional areas. 

Summary 

We expect growth to finally slow down in the next 12-18 months. The lead up to the national election 

will have a big influence in the next 6 months but will not either cool off nor heat up the market in the 

longterm, regardless of who wins. The market will remain healthy due to demand and strong migration 

and economic performance. Lending should also loosen up while market conditions cool. 

PROPERTY ANALYSIS

4.11 Distribution of Properties, New Zealand 

Distribution of New Zealand residential properties by value range excluding 

properties under $200k 

Source: Data Insight 

$1.6m+ 

$1.4m - $1.6m 

$1.2m - $1.4m 

$1m - $1.2m 

$800k - $1m 

$600k - $800k 

$400k - $600k 

$200k - $400k 

0% 5% 10% 15% 20% 25% 

Percentage of residential 

properties 

4.12 Dwelling Breakdown 

Number of bedrooms in dwellings across New Zealand 

Source: Census 2013 

50 

45 

Percent 

Owned or in a 

family trust 

Rented 

40 

35 

30 

25 

20 

15 

10 

5 

0 

1 

2 3 4 5+ 

# of bedrooms 

33

4.13 Rental Comparisons, New Zealand 

Rental Returns: 4 bedroom Houses, New Zealand 


Area Suburb 

Medium Rent Medium Price Yield 

Waikato 

Hamilton Central/Maeroa/Frankton 

$527 

$584,000 

4.7% 

Far North 

Bay of Islands 

$465 

$670,000 

3.6% 

Tauop 

Taupo West/Taupo 

$450 

$583,000 

4.0% 

Papakura 

Takanini/Ardmore 

$605 

$607,500 

3.9% 

Auckland 

Ponsonby/Freemans BaySouth 

$1350 

$2,330,000 

3.0% 

Auckland 

Epsom 

$900 

$2,310,000 

2.0% 

Auckland 

Penrose/Mt Wellington South 

$605 

$1,533,000 

2.7% 

Auckland 

Balmoral 

$900 

$1,669,000 

2.8% 


• Many regional housing markets are booming due to low interest rates, cash chasing investments 

outside Auckland, and the positive impacts of loan-to-value ratio on housing markets in regions, 

outside Auckland. 

PROPERTY ANALYSIS

FAR NORTH 

NORTHLAND 

AUCKLAND 

HAMILTON CITY 

WAIKATO 

COROMANDEL 

BAY OF PLENTY 

GISBORNE 

TASMAN 

SEA 

TARANKI 

HAWKS BAY 

NELSON 

WANGANUI 

MARLBOROUGH 

WELLINGTON 

WEST COAST 

CANTEBURY 

QUEENSTOWN 

CHRISTCHURCH 

PACIFIC 

OCEAN 

OTAGO 

4.9 Top Growth Areas 

Top 5 Areas of Growth, New Zealand 

Source: Wealth Mentor Report 

Top 5 Area 2016 

Growth 

Drivers 

Hamilton 

Wellington 

Auckland 

15-20% 

10-15% 

15-20% 

Auckland investors and migration 

Investors driven will spread to smaller regional areas 

nearby like Manawatu 

Supply and demand constraints 

Coromandel 

8-13% 

Equity released from Auckland boom into holiday homes 

Queenstown 

7-12% 

Christchurch / Auckland investors - Lifestyle 

35

4.16 Valuation to Sale Comparison - Hamilton 

Source: REINZ - Official R043 Valuation to Sale Comparison 


• x 

• x 

• x 

550381 

412786 

275191 

137595 

Jul 

1016 

Oct 

1016 

Nov 

1016 

Dec 

1016 

Jan 

1017 

Feb 

1017 

Mar 

1017 

Apr 

1017 

May 

1017 

Jun 

1017 

Jul 

1017 

Aug 

1017 

Sept 

1017 

Av. Valuation 

Av. List Price 

Av. Sale 

PROPERTY ANALYSIS

4.17 Median Sale Price - NZ v's Hamilton 

Source: REINZ Sales Report 


• x 

• x 

• x 

Median Sale Price 

550,000 

500,000 

450,000 

400,000 

350,000 

300,000 

250,000 

200,000 

150,000 

100,000 

50,000 

0 

Oct 

2016 

Apr 

Jul 

Oct 

2017 

Apr 

Jul 

Hamilton 

New Zealand 

New Zealand ex-Auckland 

4.18 Median Days to Sell - NZ v's Hamilton 



• x 

• x 

• x 

Median Days to Sell 

45 

40 

35 

30 

25 

20 

15 

10 

5 

0 

Oct 

2016 

Apr 

Jul 

Oct 

2017 

Apr 

Jul 

Hamilton 

37 

New Zealand 

New Zealand ex-Auckland

4.19 Property Statistics 

4.9m $38,066 $ 51 M 

Population 

GDP per Capita 

ANUAL INCOME 

IN USA 

“Annual net migration hit 70,600 

in December 2016, with the 

biggest net migrant gains from 

China, India, the UK and the 

Philippines. Migrant arrivals rose 

four percent to 127,300, while 

short-term visitor arrivals, which 

includes tourists, people visiting 

family and friends, and people 

travelling for work, reached 3.5 

million last year, up 12 percent 

from the year earlier 

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sit amet porta tincidunt magna 

ac neque. Etiam molestie enim 

purus, ut feugiat arcu maximus 

PROPERTY ANALYSIS

39


40 

5. About Hamilton, Waikato 

H+1 

HAMILTON IS NEW ZEALAND’S LARGEST INLAND CITY, LOCATED ON THE 

BANKS OF THE WAIKATO RIVER, IN THE WAIKATO REGION. 

HAMILTON CITY IS APPROXIMATELY 130 KILOMETRES SOUTH OF AUCKLAND 

CITY DOWN THE WAIKATO EXPRESSWAY. THE CITY BOASTS A TERTIARY 

HOSPITAL, UNIVERSITY AND STRONG COMMERCIAL INDUSTRIES.

5.1 Projected Growth, Hamilton 

147,290 

in 2013 

190,744 

in 2033 

221,390 

in 2063 

Projected population growth of Hamilton City 

2013 - 2063 


• The population, due to lifestyle, access to a growing number of jobs plus career opportunities in 

both Auckland and Hamilton, is growing faster in the greater Waikato than in many other places in 

New Zealand. 

• According to population projections from the University of Waikato, population growth in Waikato 

district of more than 26% is expected over the next 15 years (from about 69,900 in 2016 to 88,200 

in 2031). Regionally, the population is increasing by 1 per cent per year, which is much the same 

rate for the whole of New Zealand. It is predicted that the Waikato region’s population will increase 

from 258,000 in 2013 to 368,000 in 2063, driven largely by its recognised economic potential. 

41

5.2 Natural Hazard Rating 

42 

Hamilton, Waikato falls within the low risk Earthquake zone 


Low 

Low - Medium 

Medium 

High 

HAMILTON CITY 

TASMAN 

SEA 

PACIFIC 

OCEAN 

Some parts of New Zealand are more likely to experience severe earthquakes than others. The colours 

on this map indicate the likely severity of shaking in different areas which has a 10% chance of 

occurring within 50 years. The zone where the strongest shaking is likely corresponds to the southern 

part of the Alpine Fault, extending along the Hope Fault into Marlborough. 

Source: Seismic Resilience 

PROPERTY ANALYSIS

5.3 Contextual Map, Hamilton, Waikato 

Source: http://www.hamiltoncityriverplan.co.nz/ 


• The growth areas indicate that due to migration the outer suburbs are becoming more popular 

with houses being sub-divided, renovated and rental prices increasing. 

• The high number of schools demonstrate that Hamilton is a family orientated city. 

Waikato River 

Strategic Transport Network 

Existing bridge connections 

Railway line 

Hamilton City boundary 

Growth area 

Key locations 

Hamilton Ring Road and cross-city connection roads 

University of Waikato 

Primary Schools 

High Schools 

43

5.4 Suburb Analysis 

Map of Hamilton highlighting key suburbs 

Source: Map - Google 

PUKETE 

NORTH HAMILTON 

ST ANDREWS 

CHARTWELL & 

CHEDWORTH 

ST ANDREWS 

FOREST LAKE 

FAIRFIELD 

CLAUDELANDS 

NAWTON 

WESTERN HEIGHTS 

FRANKTON 

HAMILTON EAST 

HILLCREST 

TEMPLE VIEW & 

DINSDALE 

HAMILTON LAKE 

DEANWELL & GLENVIEW 

PROPERTY ANALYSIS

5.4 Suburb Analysis Cont. 

North Hamilton 

Rototuna / Huntington 

• Newer development and construction 

• Higher property prices requiring higher initial 

investment 

• Lower maintenance costs 

• Tenancy - Popular due to modern fitouts, good 

schoolings and newer development 

• Rent Rate - Highest in Hamilton 

Chedworth / Chartwell 

• More established area of Hamilton 

• Good schooling, close to Shopping Centre 

• Tenancy - Popular with families 

• Rent Rate - Above average 

Bryant / St Andrews 

• More established area of Hamilton 

(not as modern as Pukete) 

• Popular family area with good schooling and 

close to Shopping Centre 

• Rent Rate - Medium 

Pukete 

• North West Hamilton - Close to The Base 

Shopping Centre and Te Rapa Industrial area 

• Relatively modern properties, very popular area 

with good schooling 

• Rent Rate - Medium to high 

Fairfield 

• Low socio-economic area 

• Property prices are alot lower and good deals 

can be found 

• Tenancy for lower income families 

• Rent rate - Low 

Forest Lake 

• Mix of modern and dated houses 

• Modern properties return good rental rates as 

this area is close to City Centre and the new 

Western Bypass Highway 

• Tenancy - Popular with families 

• Rate Rent - Medium 

East Hamilton 

Hamilton East 

• One of the first established area in Hamilton 

with some lovely heritage houses 

• Popular with young professionals 

• Increasing new development/townhouses 


Hillcrest / Silverdale 

• Waikato University student area 

• Zoned for Hillcrest Highschool (good school) 

• Large influx of new developments 

West Hamilton 

Nawton 

• Low socio-economic area 

• Property prices are alot lower with good deals 

to be found 

• Close to Wintec Alavon Campus 

• Rent Rate - Low 

Western Heights 

• Modern properties with good rental returns 

• High demand for slightly larger houses / 

properties for families 

• Rent Rate - Medium to High 

Dinsdale 

• Area of working families / low income 

• Popular for tenants wanting units 

• Rent Rate - Medium to Low 

Frankton 

• Rezoned as residential / commercial 

• 2-3 bedroom town housing with good schooling 


Hamilton West / Lake 

• Higher priced properties as it is close to CBD / 

hospital / lake with views 

• Tenancy - Older professional families / couples 

• Rent Rate - High 

Southern Hamilton 

Melville 

• Lower socio-economic area, properties tend to 

require more maintenance with higher tenant 

costs 

• Close to hospital with new townhouses 

• Property prices are lower and good deals can 

be found 

• Rent Rate - Low to Medium 

Deanwell / Glenview 

• Area of lower income families moving into 

established family homes 

• Longer term tenants 

• Close to good schools 

• Rent Rate - High 

45

5.5 School Zone Stats 

5.5 Recent Sales in the Area 

PROPERTY ANALYSIS

5.8 Rental Price Comparisons, Hamilton 

Rent Prices throughout Hamilton 


Suburb 

Medium Rent Medium Price Yield 

Hamilton Central/Forest Lake/Frankton 

$527 

$584,000 

4.7% 

Deanwell/Melville/Fitzroy 

$470 

$ 534,500 

4.6% 

Fairfield/Fairview Downs 

$455 

$510,000 

4.5% 

Hillcrest/Silverdale/Tamahere South 

$510 

$614,500 

4.3% 

Dinsdale North/Nawton 

$502 

$607,500 

4.3% 

Hamilton East/University 

$460 

$618,000 

3.9% 

Te Kowhai/St Andrews/Queenwood 

$525 

$711,000 

3.8% 

Flagstaff/Rototuna 

$520 

$728,000 

3.7% 

47

5.7 Days to Sell - Hamilton 



• x 

• x 

• x 

Description Note 2015 2016 

Assets 

Non-current assets 

Different tax assets 302,000 340,000 

Goodwill 2.4 1,023,800 1,223,800 

Other assets 3.5 23,300 43,800 

Property 201 900 1 023 210 

Machinery and Equitment 5 029 2 302 

Total Non-current assets 1 2 90 200 1 298 029 

Current assets 

Inventory 5 23,000 20,000 

Accounts receivables 2 12,243 435,200 

Other accounts receivables 53 921 39 292 

Cash and Cash equitment 21 928 12 290 

Total Current assets 44,321 34,993 

Total Assets 400,234 500,212 

PROPERTY ANALYSIS

49


50 

5. The Property: 

19 Hinton Av, Forest Lake 

H+1 

FOREST LAKE IS A FAMILY FRIENDLY SUBURB WITH A DIVERSE MIX OF OLDER 

1950'S BUILDINGS AND NEWER DEVELOPMENTS. MINOGUE PARK AND TAKES 

UP A LARGE PORTION OF THE SUBURB FOOTPRINT. FOREST LAKE PRIMARY 

SCHOOL IS HIGHLY SOUGHT AFTER BY YOUNG FAMILIES MOST LIKELY 

LOOKING TO UPGRADE TO THEIR SECOND HOME OR MORE ESTABLISHED 

COUPLES. FOREST LAKE IS ONLY A 3 MINUTE DRIVE TO HAMILTON CITY AND 

IS CLOSE TO THE NEW WESTERN BYPASS.

Hamilton Karate 

Club 

Food, cafe, shops 

Forest Lake 

School 

19 Hinton Av, 

Forest Lake 

Hamilton Netball 

Centre 

Bowling and 

Tennis Club 

Hamilton BMX 

5.1 Surrounding Infrastructure 

FOREST LAKES IS A WELL PRESENTED AREA. IT IS A FAMILY FRIENDLY ZONE 

AND IS ONLY A 5 MINUTE WALK TO FOREST LAKE PRIMARY SCHOOL. THE STYLE 

OF PROPERTIES VARY FROM BEING ORIGINAL 1950'S BUILDINGS TO MODERN 

DEVELOPMENTS. 

• Forest Lake School 

• 3 min drive to City centre 

• Family zone 


51

6.1 Location 

19 Hinton Av, Forest Lake, Hamilton 

3 BEDROOM 

Features 

Land Size 

1 BEDROOM 

2 CAR GARAGE 


• Basement / Workshop 

• Electric Hot Water 

• Standard Kitchen 

• Separate Dining/Kitchen 

• Double Garage 

• Concrete Base 

• Partially Fenced 

• Iron Roof 

• Brick Exterior 

• Good Exterior Condition 

• Single Storey 

• Level Section Contour 

• Northerly Aspect 

• City Sewage 

• Right of Way Frontage 

• Above Ground Level 

• Level With Road 

• In-Street Gas 

• Public Transport Nearby 

• Shops Nearby 

• Basement Garaging 

• Garage Door Opener 

• Light Fittings 

• Public Transport Nearby 

• Shops Nearby 

• Land 

1,011m² / 0.25 acres 

• Building 

210m² 

• House Orientation 

North West

5.2 Floor Plans 

EXISTING FLOOR PLAN 

SCALE NTS 

PROPOSED FLOOR PLAN 

SCALE NTS 

53

5.3 Scope of Works 

54 

Repair and paint roof 

Exterior to receive house wash 

Remove glass conservatory. 

Allow for new balustrade. 

Paint grey render 

Paint planterbox 

Exterior - Front 



Cut grass, trim trees and 

shrubs 

Exterior - Rear 



shrubs 

Repair any broken glass 

windows/doors 

Exterior - Front Porch 

Timber decking TBC 

PROPERTY ANALYSIS

5.3 Scope of Works Cont. 



Allow for new balustrade. This 

will become the main entrance 

Timber decking TBC 



Allow for new balustrade. This 

will become the main entrance 

Remove firewood shelter 


Paint planterbox 



shrubs 

Exterior - Back 

55

5.3 Scope of Works 56 

Repair fence if required 

Remove old fences and pots 

Exterior - Back 

Remove pots throughout 

Exterior - Rear 

Paint walls and ceiling 

throughout 

New light 

New window dressings 

Remove bench seat 

Interior - Dining 

PROPERTY ANALYSIS


Open door way / remove wall to 

create open living / dining 

Paint all timber door frames 

and door white 

Demolish kitchen. Replace with 

new and review layout 

Interior - Dining / Kitchen 

Remove bench seat 

Paint ceiling and walls 

throughout 





Interior - Kitchen 


throughout 

New modern light 

Paint all timber door frames 

and door white 





Interior - Kitchen 

57

5.3 Scope of Works Cont. 58 



throughout 


Paint timber skirtings white 

Interior - Bedroom 1 

New carpet 


Paint walls, ceiling, and doors 

throughout 



New carpet throughout 



Paint walls, ceiling, and doors 

throughout 




PROPERTY ANALYSIS



throughout 



Paint timber skirtings and 

doors white 

New carpet 




throughout 



New carpet 

Demolish and remodel 

bathroom 

Interior - Bathroom 

59


Remove this wall to make 

bathroom larger 

Interior - Bathroom 




Interior - Toilet 


throughout 

Remove window dressing 

New laundry tub 



Interior - Laundry 

Timber vinyl overlay to exiting 

tiles 

PROPERTY ANALYSIS


Remove existing conservatory 

Remove existing carpet 

Interior - Conservatory 







61


Enlarge doorway 

New modern light fitting 


Remove part of this wall to 

create an open plan living area 

Paint skirting, ceiling and walls 

throughout white 


Interior - Living 

New modern light fitting 

Remove part of this wall to 

create an open plan living area 

Fireplace to remain 


Paint skirting, ceiling and walls 

throughout white 


Remove window and make 

door way larger 


PROPERTY ANALYSIS


All contents to be removed by 

owner 

Garage 


owner 

Garage 


owner 

Garage 

63

5.4 Financials 64 

Financial Overview 

Address: 19 Hinton Avenue, Forest Lake 

PURCHASE 

DISPOSAL 

Purchase Amount Date Funding Amount Date 

Deposit on Property $ 29,000 TBC Deposit Advance $ 247,200 

Settlement of Property $ 551,000 TBC Settlement Advance $ 370,800 

Total Funds $ 580,000 

Total Funding $ 370,800 

Estimated 

Holding Period 

Estimated Holding Cost $ 5,486 

90.00 (Days) 

Sales Proceeds $ 709,000.00 Forecast Projected Gain $ 103,530.00 

Less Direct Costs $ 39,780.00 estimate 

Legals on disposal $ 1,200.00 Forecast Less Funding Costs $ 5,486 estimate 

Estate Agent Coms 2% $ 14,180.00 Forecast 

Agents Commission 1% $ 7,090.00 Forecast Project Profit $ 58,264.19 

Staging $ 3,000.00 Forecast Investor Profit $ 29,132.10 

Total Disposal Costs $ 25,470.00 

Net Proceeds $ 683,530.00 

Gain / (Loss) $ 103,530.00 

DUE DILLIGENCE COSTS 

Building Report $ 850.00 

Property Report $ 350.00 

Meth Test Report $ 200.00 

Counsil Pack $ 380.00 

Total: $ 1,780.00 

DIRECT PROPERTY COSTS 

Major $ Value Minor $ Value Allowance $ Value 

Walls $ 2,500.00 Blinds/Curtains $ 1,000.00 1% contingency $ 5,800.00 

Bathrom $ 4,200.00 Paint $ 4,000.00 

Kitchen + Living $ 9,000.00 Carpet/Vinyl $ 5,000.00 

Laundry - Relocation $ 500.00 Electrical $ 1,000.00 

Front Balcony $ 2,500.00 Plumbing $ 1,500.00 

Landscaping $ 500.00 

House Wash $ 500.00 

Sub-Total: $ 18,700.00 Sub-Total: $ 13,500.00 Sub-Total: $ 5,800.00 

Investment 

Grand Total: $ 38,000.00 

Investment Required 40% Total Value Due Diligence $ 1,780.00 

Investment Required $ $ 247,200.00 

Renovation Cost $ 38,000.00 

Period of time ROI 0.117848284 Purchase Price 580000 

Days Held 90 Total $ 618,000.00 

Annualised ROI 47.79% 

PROPERTY ANALYSIS

5.5 Recent Comparable (01) 

Comparable Breakdown 

Address Sale Price RV Price Bed + Bath House Land Notes 

53 Forest Lake Road, 

Forest Lake, 

Hamilton City 

$735 

(Sept 2017) 

$530K 3 + 2 140m2 1024m2 • 1930’s house 

• Old property and needs 

refurbishment 

• Sold in less than 4 weeks 

19 Hinton Av, 

Forest Lake 

53 Forest Lake Road, 

Forest Lake 

Location Map 

Photos of Property 

65




78 Maeroa Road, 

Maeroa, 

Hamilton 

$708 

(June 2017) 

$600K 4 + 2 250m2 1264m2 • 1914/1929 

• Large house with spacious 

outdoor entertainment 

area 

• Shares one bathroom 

19 Hinton Av, 

Forest Lake 

78 Maeroa Road, 

Maeroa 

Location Map 


PROPERTY ANALYSIS




35 Hinton Av, 

Forest Lake, 

Hamilton City 

$610 

(June 2017) 

$420K 5 + 2 252m2 Cross 

lease 

• Purchased Jan 17 - $420K 

• Sold June - $601K 

• Fantastic refurbishment 

with $180 gross profit 

19 Hinton Av, 

Forest Lake 

35 Hinton Av, 

Forest Lake 

Location Map 


67


68 

8. Financials 

19 Hinton Av, Forest Lake 

H+1 

8.1 Overview 

The financial report outlines all expenses required for the purchase and sale of the 

property.

8.2 Cost of the Property Purchase 

8.3 Cost of the Renovation 

8.3 Cost of the Agent and Professional Fees 

8.4 Financial Summary 

69


70 

9. ROI (Return on Investment) 

H+1 

9.1 Overview 

CURABITUR ULTRICIES VELIT ODIO, DAPIBUS BIBENDUM TELLUS VULPUTATE 

SED. MAURIS MAGNA TURPIS, CONSECTETUR VARIUS NEQUE NEC, ACCUMSAN 

SOLLICITUDIN NUNC CONSECTETUR ADIPISCING ELIT.

9.2a Strategy Options 

9.2b Full Investment of Cost 

9.2c Overview 

9.2d Projection 

71

9.3a Partial Investment of Cost 

9.3b Overview 

9.3c Projection 

PROPERTY ANALYSIS

9.3d Summary 

9.3e Payment Structure 

73


8. Investor Trade Example 

8.1 Overview 

The financial report outlines all expenses required for the purchase and sale of the 

property.

6.5 Investor Trade Example 

Wesleydale Place, Papakura, Auckland by Jono Frankle 

BEFORE - Kitchen 

AFTER - Open plan kitchen and dining 

BEFORE - Living 

AFTER - Living 

BEFORE - Bedroom 1 

AFTER - Bedroom 1 

75

6.5 Investor Trade Example Cont. 






BEFORE - Bathroom 1 

AFTER - Bathroom 1 

PROPERTY ANALYSIS



BEFORE - Bathroom 2 

AFTER - Bathroom 2 

BEFORE - Exterior 

AFTER - Exterior 

BEFORE - Exterior 

AFTER - Exterior 

77



Description 

Price 

Purchase Price $512,000 

Money in the Deal $109,400 

Renovation $35,000 

Legal / Funding / Agent $31,362 

Sale Price $635,000 

Profit $56,638 

ROI 51.77% 

Time in Deal 

119 days 

Annualised ROI 158.79% 

PROPERTY ANALYSIS

79


80 

7. Project Planner 

H+1 




7.1 Overview timeline 

Praesent pellentesque porttitor lorem, a vulputate leo tempor a. 

Suspendisse egestas justo sapien, quis lacinia velit porttitor vel. 

In hac habitasse platea dictumst. Aliquam a ex ac ipsum convallis 

congue. Nulla facilisi. Proin vel faucibus eros. Nulla placerat eu 

libero in tempus. Pellentesque lacinia leo eu mi semper pellentesque. 

Duis diam orci, commodo et sagittis in, elementum in 

quam. 

TODAY 

Sapien Sit Amet Mollis 

Curabitur lectus nulla, consequat posuere ante a, venenatis scelerisque 

felis. Vivamus turpis arcu, imperdiet eu est non, tristique 

maximus dolor. Cras sollicitudin id ante sit amet iaculis. Mauris 

a lacus sed leo luctus convallis. Integer fermentum sapien sit 

amet mollis blandit. Aliquam velit massa, tincidunt at ante at, 

elementum ornare mauris. Donec tristique ultricies felis, sit amet 

venenatis mauris cursus eget. Sed eu feugiat purus. Aliquam est 

nisi, aliquam vel vestibulum in, tincidunt in nibh. Pellentesque 

habitant morbi tristique senectus et netus et malesuada fames ac 

turpis egestas. Vivamus accumsan consectetur neque, eleifend 

tincidunt nulla scelerisque vitae. 

2015 

2010 

2005 

2000 

1995 

Aliquam Velit Massa, 

Tincidunt At Ante 

Donec Tristique 

1st start a business 

Volutpat Sollicitudin 

Mauris. Donec Tristique 

Mauris Donec Tristique 

Suspendisse potenti. Cras commodo augue porttitor vehicula 

laoreet. Donec consectetur nec eros eu auctor. Aliquam id eros lorem. 

Nam cursus vulputate enim, sit amet tempus turpis tincidunt 

sit amet. Phasellus vulputate justo felis, vel auctor sapien dictum 

at. Sed tempor tellus eu mi viverra congue. Cras vestibulum tortor 

eget volutpat dictum. Fusce condimentum consectetur auctor. 

Suspendisse et enim nec ipsum dictum efficitur. Pellentesque 

quis nisi convallis, convallis est et, pellentesque lacus. Nulla est 

risus, mollis a pellentesque at, aliquam sit amet nisi. Vivamus 

quis arcu sed lorem pellentesque pharetra. Donec non lorem 

auctor, fermentum lacus nec, posuere dolor. 

Pellentesque vestibulum eget libero in mollis. Quisque in tortor 

at diam ultricies egestas in ac ex. Vivamus in mattis leo. Sed 

ligula tortor, volutpat non vestibulum porta, tempus non metus. 

Donec ut urna ut massa consectetur aliquet. Quisque vulputate at 

augue sit amet porta. Mauris tincidunt magna ac neque vulputate 

tempor. Maecenas tellus mauris, tempus eu purus non, ornare 

porttitor tellustiam molestie enim purus, ut feugiat arcu maximus 

non. Pellentesque pretium, erat quis pharetra porta, tortor eros 

convallis metus, sed posuere massa massa ac magna. Nunc eget 

tempus sapien. 

81


82 

10. Company Structure and 

Liability 

H+1 

10.1 Overview 




10.2 Company structure with foreign investment 

10.3 Company structure with non-foreign 

investment 

10.4 Liabilities 

10.5 Summary 

83


84 

12. Exit Strategies 

H+1 

12.1 Overview 




12.2a Best Case Senario 


12.2c ROI 

85

12.3a Mid Case Senario 


12.3c ROI

12.4a Worse Case Senario 


12.4c ROI 

12.5 Summary 

87


88 

13. Appendix 

H+1

13.1 Builders Report Summary 

13.3 Council Property Pack 

13.4 Estimate Property Sell Appraisal 

89

33 Wharf Street, 

Marrickville, NSW 

Australia 2204 

E 

E 

alan@kccmproperty.com 

kate@kccmproperty.com

4.6 New Property Listings 

New Property Listing for November 2015 12,762 

Compared to November 2014 -5.6% 

Source: http://www.realestate.co.nz/ 

NORTH LAND 

577 

-5.4% 

COROMANDEL 

287 

AUCKLAND 

4130 

-7.0% 

WAIKATO 

1037 

60.3% 

BAY OF PLENTY 

920 

19.6% 

7.1% 

GISBORNE 

CENTRAL ISLAND 

166 

78 

5.4% 

NELSON 

255 

-10.5% 

WEST COAST 

75 

2.7% 

-24.2% 

TARANAKI 

314 

7.5% 

MARLBOROUGH 

HAWKES BAY 

514 

-20.7% 

MANAWATU 

514 

-20.7% 

WELLINGTON 

1018 

-16.7% 

CENTRAL OTAGO 

230 

154 

-2.5% 

-31.1% 

CANTEBURY 

1736 

-5.1% 

SOUTHLAND 

303 

-7.6% 

OTAGO 

420 

-6.3% 

INCREASE 

DECREASE 

>20%

PROPERTY ANALYSIS

Property Report A4 2

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