There is huge unsatisfied demand for reasonably presented rental properties, since the stock of rentals has rapidly decreased: mainly because 7 out of 10 sales of residential properties in Tokoroa are to owner-occupiers moving Tokoroa from surrounding areas such as Taupo, Hamilton, Cambridge, Tauranga etc where property prices and rents are many times higher.
Rents range from $120.00 – $160 for lower to mid range properties. Weekly payments cover everything (interest, rates and insurance) but not maintenance.
There is huge interest – we sell, on average, 2 -3 properties per month. There are employment opportunities, although many of my buyers are happy to commute. (believe it or not, I know of one guy who travels to AUCKLAND every day).
Remember also, there are the usual “bank of beneficiaries” who account for most of the lower end rental market. (Having said that, the demographics are virtually the same as any other provincial area, or low to middle class suburb).
Tokoroa is now booming (population up from 13,000 to 17,500 in the last 2 years) and will likely out-perform every other Provincial centre as current forestry land is rapidly being converted to valuable dairy farms.
Tokoroa already has an enviable infrastructure, and with changes in Transit Roading policy in the near future, will soon find itself as the main centre of the South Waikato district.