Pullar said 60% of the work his Arrowtown brokerage does is for new builds. But securing a section is not always easy, and they sell “within seconds”.
“With the changes to the LVR rules, we have seen a big move for first home buyers to build their first house rather than to buy their first house as the deposit requirements are lower.
“A typical scenario would be someone coming to us who has patched together their 10% deposit, some of it will be from savings, KiwiSaver, some from a gift. We’ve been able to get them into a section and build with that 10% deposit, with the market continuing to be very strong, those clients 12 months later have found themselves sitting on a quite a bit of equity.
“My passion is helping them understand how they can leverage the equity in their first home, to buy the second one, and retain the first one as a rental and start to build a portfolio and build some wealth that way,” Pullar explained.
“A lot of my clients are return customers who we’ve helped get started and have come back as their business and equity positions have matured, and we helped them understand how we can continue to build their wealth,” Pullar said.
“I think like you do, I think like an investor. I think about what you want to achieve, and how to leverage the equity you have in your property to build a property portfolio, how to create wealth through property. I want to facilitate you to become wealthier and meet your goals. I don’t think like a banker does.
“My history is that I’ve come into this as a passionate property investor that saw there was a real gap in the market for someone to provide advice on for people wanting to get ahead in property and working out how to finance it because it can be quite technical.
“My clients are typical Kiwis wanting to get ahead by having one or two rental properties. We’ve spent a good percentage over the last three to four years helping people into new builds. Queenstown is in the middle of a big growth phase, and there are new subdivisions being constructed consistently,” Pullar added.
“We’re seeing a trend, the construction (new builds) of investment properties as well as first home buyers. To purchase an existing investment property, you need 30% deposit but if you buy a section and if I’m going to build an investment property you only need a 20% deposit,” Pullar said.
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Mark Pullar lives in one of the most beautiful parts of New Zealand. But Queenstown and surrounding towns are becoming increasing unaffordable. So, how are people getting ahead?