Auckland Property Prices

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  1. Post
    Peagles wrote:
    No and no. Got my iPad for Christmas one year. Saved and paid $4k cash for my last car when I was 20 I think, but sold it before I moved in with my partner and we just share a car now. Current car's an oldie but a goodie, just hit 200k and it's still running like a champ. Won't be financing when it dies either.

    I know you're probably not being serious but still, fun to answer.

    For the record my stance on the whole thing is that it sucks but is out of our control so just save like a madman anyway and hope like hell we can nab something at some point.
    But it's not out of our control.

    It's in complete control of the government, that we as a group elected.

    Next time vote for a government that actually wants to take action.

  2. Post
    KiwiTT wrote:
    Sounds like a plan.

    What would the ceilings be in NZ.

    Auckland would need the following
    $1,000 for a 5 bdrm
    $800 for a 4 bdrm
    $600 for a 3 bdrm
    $500 for a 2 bdrm
    $400 for a 1 bdrm
    $200 for a studio

    and the rest of NZ 2/3rds of these values
    Why should my 220 sqm 2 bedroom property on a quarter acre in a good Auckland suburb be pegged to the same rent as a 2 bedroom attached unit in Otara?

    What's to stop me chucking up some dividing walls and turning 2 bedrooms into 5?

  3. Post
    Socially there's an excellent reason.

    There's nothing to stop you, other than legislation

  4. Post
    Legislation doesn't stop me though. I'd just divvy up some of my rumpus room into 3 more bedrooms and double my income if I was renting out, it's a no-brainer.

  5. Post
    I was speaking hypothetically, although your council likely also has a bed to bathroom ratio (whether it's policed or not is another story).

  6. Post
    ElonMusk wrote:
    But it's not out of our control.

    It's in complete control of the government, that we as a group elected.

    Next time vote for a government that actually wants to take action.
    Sorry I just meant our as in my little family. Of course we vote but we don't rely on that changing anything for us, so we focus on what we do have control over, like our saving.

  7. Post
    Peagles wrote:
    Sorry I just meant our as in my little family. Of course we vote but we don't rely on that changing anything for us, so we focus on what we do have control over, like our saving.
    Yes, that's very good. Unfortunately, assuming you're in Auckland, with the rate of house price increases, for someone on the average income, they could not save up as fast as prices were going up. That shows how grossly incompetent the National govt have been (or more likely it was all deliberate)

  8. Post
    1994: $137,000
    2008: $380,000
    2017: $800,000

    Just an example of our little 79sqm 2bdrm unit increase in value over the last couple of decades. I did not buy it as an investment, I just bought it as a place to live for the rest of our lives and in a good area.

    It makes no #$%^ sense at all. I honestly would like to see values halve over the next decade or so and the government should be working on making this happen.

  9. Post
    KiwiTT wrote:
    1994: $137,000
    2008: $380,000
    2017: $800,000

    Just an example of our little 79sqm 2bdrm unit increase in value over the last couple of decades. I did not buy it as an investment, I just bought it as a place to live for the rest of our lives and in a good area.

    It makes no #$%^ sense at all. I honestly would like to see values halve over the next decade or so and the government should be working on making this happen.
    Not going to ever happen. If house prices stagnated for another 5 years, that would be a miracle.

    Not when we literally cannot build fast enough to close the current shortage let alone the fact we cannot build enough houses for the increase in population every year.

    #Natexit

  10. Post
    House prices would have to stagnate for 20 years for incomes to catch up just to get back to 2008 levels

  11. Post
    KiwiTT wrote:
    1994: $137,000
    2008: $380,000
    2017: $800,000

    Just an example of our little 79sqm 2bdrm unit increase in value over the last couple of decades. I did not buy it as an investment, I just bought it as a place to live for the rest of our lives and in a good area.

    It makes no #$%^ sense at all. I honestly would like to see values halve over the next decade or so and the government should be working on making this happen.
    So would pretty much 90% of the country, hence why prices aren't half.

  12. Post
    ElonMusk wrote:
    Not going to ever happen. If house prices stagnated for another 5 years, that would be a miracle.
    Not really; being that we are likely close to the end of the cycle (maybe another year) but with still strong demand/limited supply house prices could easily flat line for 4 or 5 years especially with the chance of recession or govt doing something about housing. Finance will no doubt be much harder to get with likely higher interest rates and prices will still rise in a couple of years after that.

  13. Post

  14. Post
    It drops or stalls over the xmas break every year. Record immigration, minimal housing builds....nah, it will still go up. Possibly slower though with the new lending.

  15. Post
    Yes but inventory levels often drop to, instead this time they have kept climbing, and last year the Reserve bank had left a lot of room to cut rates which they have now tapped out and mortgage rates are climbing despite OCR still sitting at the lowest rate its ever been.

  16. Post
    I wonder if cashing up baby boomers are going to impact supply.

  17. Post
    bradc wrote:
    I wonder if cashing up baby boomers are going to impact supply.
    Considering 50% of demand was from investors, i think that's a very possible situation.

    The shortage has been fabricated this entire time

  18. Post
    I'm thinking more of boomers fleeing the city as they retire. Boomer retirement is going to accelerate sharply soon.

  19. Post
    Perception is everything.

    If people think it's near the top and the capital gain won't continue to be there, they'll want to get out.

    Residential rentals are not worth the trouble if the rent is all you get.

  20. Post
    bradc wrote:
    I wonder if cashing up baby boomers are going to impact supply.
    Nope.

    I did think this may happen ... but I doubt it now. They are more likely to use their equity to help their children or continue to buy rental homes that first home buyers would want. i.e. a First home and a rental a very much the same.

    I think what needs to happen is the baby boomers need to start dying for that change to come and then in those cases as well the children will inherit the houses and rentals - "landed gentry".

    There is no quick fix to a housing shortage, that really needs 40,000-50,000 2-3 brm homes built a year to reduce the pent-up demand for Auckland and then 30,000 per year to maintain a status quo. Instead we are building 10,000-15,000 4-5 bdrm homes because that is where the biggest builder/developer profit comes from.

  21. Post
    KiwiTT wrote:
    Nope.

    I did think this may happen ... but I doubt it now. They are more likely to use their equity to help their children or continue to buy rental homes that first home buyers would want. i.e. a First home and a rental a very much the same.

    I think what needs to happen is the baby boomers need to start dying for that change to come and then in those cases as well the children will inherit the houses and rentals - "landed gentry".

    There is no quick fix to a housing shortage, that really needs 40,000-50,000 2-3 brm homes built a year to reduce the pent-up demand for Auckland and then 30,000 per year to maintain a status quo. Instead we are building 10,000-15,000 4-5 bdrm homes because that is where the biggest builder/developer profit comes from.
    We're never going to make housing affordable until immigration is culled.

  22. Post
    Buy a house already you peasant.

  23. Post
    WillAY wrote:
    Buy a house already you peasant.
    this +1

    but given how long it's been I doubt you will ever

  24. Post
    Low energy ElonMusk won't buy a house. SAD!

  25. Post
    Let's make Auckland great again, was it ever