Despite a sharp increase in the number of houses going under the hammer, the sales rate sank, and the prices achieved for those that sold slipped further below rating valuations. It was especially tough in Auckland

"We did get it through a investment property advisor, who told us Papakura is redeveloping itself. But apparently it's not."

They got sold a product by a self labeled investment property 'advisor', who had a vested financial self interest in the transaction.  Unclear whether the advisor earned a commission or were selling their own product. 

CAVEAT EMPTOR. There are property promoters using self labels that make them seem independent to their customers but in reality have HUGE conflicts of interest. 

Property promoters are non fiduciaries and do not owe a duty of care to potential buyers.

Haha, I do enjoy your wit RP 😂

The land can be so shit it should have remained a park to walk the dog on in the summer. If you have lived rural in a few places in Auckland then you will recognise land that should never get consent to build on. There are no end of places in NZ that should never have had a house put on it unless it was on 12 foot high poles. Think its still not happening ? Think again there are plenty of new builds in places that make me cringe.

Because Wingman has been on here for several months trying to pump Riverhead as good place to invest. He's not doing it because he actually thinks it's a good place to invest.

By his own admission it's only worthwhile if you spend extensive amounts of time doing detailed research (well actually his wife did the research apparently so really you need to have a wife who knows what she is doing), have over 30 years experience understanding what to look for (in his own words), manage to buy a property at  30% less than it real value, ignore the signals that the government is sending about releasing supply, ignoring the local concerns that have opposed development in the area, ignore the insurance industry's messages that they are about to get tighter on insuring in flood prone areas, assume that people will be happy spending hours commuting when there is about to be a flood of new properties come onto the market closer to public transport and jobs, expect immigration to reverse trend and for more people to come in, accept his claim that all property in the area is selling over CV despite other places in Auckland doing the opposite, accept that the council and government will suck up the new infrastructure costs of the development in the area does happen, accept that the country is in a good economic place and the recession will be short lived and we will return to boom soon, accept that the RBNZ will not put in controls to stop the property Ponzi re-inflating once it finishes crashing, accept that banks will be willing and continue to be able to lend to support house prices growth and capital gains. 

I mean given all that, it's a bold punt and it could pay off but if it does, what is the learning for others?  He seems to be saying Riverhead is a good bet because he's made that bet. It's the same argument you get in a Ponzi. Like I've said before people who have secret successful investment strategies tend to keep them to their selves. His constant selling of Riverhead  smells of desperation as someone who wants to try to get a bit of excitement going so they don't lose too much. 

Wingman has been talking incessantly on here for months about how good a decision buying land in Riverhead was.  It initially sounded like a great "financial decision" so I looked into it further. 

It seems so far it's not the great investment plan that he's making it out to be, he's bought a piece of land on the premise that he'll see value uplift from a large scale development that has been knocked back.  All I've done is present the facts to date, to "help people make financial decisions".  

Yvil, as the resident hall monitor I’m sure you would agree that if wingman wants to advertise his betting operation, sorry “business”, on interest.co then he should pay an advertising fee.

Given he’s so intent on promoting this area of development people have a right to do their own research and report back their findings. I endorse this given how many people get suckered in to bad property decisions based on poor advice from vested interests. As it were.

At this point it most certainly warrants “BUYER BEWARE”, as others have noted with valid reasoning.

I heard the Maserati dealership in Christchurch sold a Ghibli last week.  That means the average price of a 4 door sedan in Christchurch is $150k.    

You are right I am not an accountant but I can read a balance sheet.