House prices in Ap­pleby ripen­ing well

The Southland Times - - FRONT PAGE - AN­DREW MARSHALL

For Leigh Braden, prop­erty per­for­mance in Ap­pleby is no sur­prise.

She 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.

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.’’

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