Secret out as Appleby property prices ripening
For Leigh Braden, property performance in Appleby is no surprise.
Leigh and her partner have been exclusively investing in properties in the area for the past 11 years, and says the latest Quotable Value increases are a continuation of a long term trend.
"It was always an upcoming area, always a bit rough if you bought," she said.
"We've seen really good capital growth in the past 10 years, we've had some properties double in value."
The formula they followed generally involved purchasing properties that needed work, and maximising the value through a combination of elbow grease and seeking variety in tenants.
"We bought some real old dungers, and spent our spare time doing them up."
Tenants in Appleby came from all walks of life, with students, young families, singles and professional couples all tenanted in their properties.
The change in the suburb during the past decade was clear to see, with Braden saying "you know the area has improved because the lawns are mowed, there are no derelict cars parked out front any more.
"It's got to be the best kept secret down there, its less than 10 minutes to Oreti Beach and a safe area."
The family friendly nature of the suburb particularly stood out to her.
One project that stood out was the purchase of a four bedroom home on a subdivided lot for $75,000.
After an "easy conversion" changed the four bedrooms to five, and relocating a house on piles to the rear section, a total project cost of $220,000 has led to a weekly return of $600.
Whilst recent years have seen them expanding their portfolio to Queenstown, Braden is still on the lookout for Appleby bargains.
"Invercargill and particularly south Invercargill are particularly affordable, especially for young families.
"Shh don't tell everybody, I want to buy more."