Waikato + Coromandel Business Sales – Advice Price It Right!

Posted by melissa

May 9, 2011

www.waikatotimes.co.nz & TourismProperties.com

Sales of Waikato tourism and lifestyle properties to Australian investors and kiwis returning home have been held up by unrealistic asking prices from vendors.
While inquiries increased this year, TourismProperties broker Malcolm Teesdale said pricing had hindered sales. “In New Zealand we have an unrealistic view of buildings and land, the stock has been inflated over the boom period and people are reluctant to let it go”, he said. “We have a major task to persuade vendors that the value of the property can be reflected in the income, the only thing we can sell is the accounts. “Thats what is slowing down the market and why Australian inquiry is not turning more rapidly into sales”.
He said large commercial buyers, with significant portfolios in Australia had looked to expand into New Zealand. “The fact they can reside in New Zealand without any visa issues makes it appealing”. In the last two weeks, he said, properties from $6 million through to a $100,000 cafe have been viewed by Australian buyers.
“Australia is our largest tourist market, and we are seeing people who travelled through New Zealand seven or eight times, and they have made their decisions about what part of the country they want to be in”.

Advice: This months Waikato + Coromandel newsletter gives insights on how to value your business and what you can expect in todays market.

Tourism & Hospitality Broker
Waikato, Waitomo & Coromandel
M: +64 27 530 8738
O: +64 7 823 9236
F: +64 7 823 9236
E: malcolm@tourismproperties.com
49 Clare Street
Cambridge 3434

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