Auckland Property Prices

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  1. Post
    A friend of my dads nabbed a 1 bedroom unit for 80k (close by to where that gang member got shot a couple weeks back).

    Reckons he can get 200-230 a week furnished

    Sent from my Redmi Note 5 using Tapatalk

  2. Post
    Easy money.

  3. Post
    Dre wrote:
    A friend of my dads nabbed a 1 bedroom unit for 80k (close by to where that gang member got shot a couple weeks back).

    Reckons he can get 200-230 a week furnished

    Sent from my Redmi Note 5 using Tapatalk
    I flicked through a bunch of trademe listings and the places under a hundred grand seemed to either be leasehold or have some sort of weird ownership status (which could just be another name for leasehold).

    It's possible it's freehold, in which case those numbers are a no brainer, neighborhood notwithstanding.

  4. Post
    Are they a no brainer though? Rates and insurance don't vary a whole amount, plus property manager who charges a higher percentage, and the risk of not being able to rent it..

  5. Post
    bradc wrote:
    I flicked through a bunch of trademe listings and the places under a hundred grand seemed to either be leasehold or have some sort of weird ownership status (which could just be another name for leasehold).

    It's possible it's freehold, in which case those numbers are a no brainer, neighborhood notwithstanding.
    Ill ask him on Wednesday but I know hes very against leasehold so I would be suprised. It's probably not a perfect neighbourhood.

    It does sound too good though. If I wasnt already leveraged all the way up on just our one home, and starting the family id probably find similar.

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  6. Post
    garlin wrote:
    Are they a no brainer though? Rates and insurance don't vary a whole amount, plus property manager who charges a higher percentage, and the risk of not being able to rent it..
    It's a no brainer. You'd freehold it in just over 10 years with no money in. Buy 5, retire in a decade.

  7. Post
    As long as it all goes smoothly yeah

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  8. Post
    There's no guarantees in life.

  9. Post
    By my calculation it's more like freeholding it in 20-30. Rates, insurance, and pm fees will take half the rent.

  10. Post
    Some of those stick towns have excessive rates due to overblown infrastructure costs. Eg Water treatment plants.

  11. Post
    garlin wrote:
    By my calculation it's more like freeholding it in 20-30. Rates, insurance, and pm fees will take half the rent.
    Better buy some bonus bonds then.

  12. Post
    Dre wrote:
    Ill ask him on Wednesday but I know hes very against leasehold so I would be suprised. It's probably not a perfect neighbourhood.

    It does sound too good though. If I wasnt already leveraged all the way up on just our one home, and starting the family id probably find similar.

    Sent from my Redmi Note 5 using Tapatalk
    Not leasehold and he aparantly can put another unit on the land. I asked him what his concerns are and he says potentially the neighbourhood (gangs) but he says that can apply to most of whanganui anyway.

    Sent from my Redmi Note 5 using Tapatalk

  13. Post
    Sounds a deal then at those figures.

  14. Post
    Auckland has over 30,000 empty houses...

    https://www.nzherald.co.nz/politics/...ectid=12127895

  15. Post
    I'd like to know how they figured that number out. The article is a poor opinion piece with no facts.However I do recall the headline from an earlier article.

    according to the newshub article - In Auckland alone, more than 33,000 houses were registered as unoccupied in 2013 census data - some with residents away but more than two thirds listed as empty.

    More than two thirds listed as empty. so not 33,000, but more like 22,000.

    That's before you dig into what constitutes 'empty'. The data was 'determined from the census'. So does that mean any house address that had zero responses to the census was considered empty?

    Empty for how long? Empty why? What about the thousand houses and units reclad during that time with no occupants for health and safety reasons etc. The HNZ hoses due for demolition or closed because of 'meth' contamination.

  16. Post
    Its quite normal to have a percentage of houses empty in major cities. Some major cities around the world even having 10% empty. Rural areas typically have more empty houses.
    Census seems to indicate we have about 7% empty in Auckland and about 10% nationwide.
    Seems within the normal range and usual thing with the media making it seem like more of an issue than it is.

  17. Post
    Markuchi wrote:
    Its quite normal to have a percentage of houses empty in major cities. Some major cities around the world even having 10% empty. Rural areas typically have more empty houses.
    Census seems to indicate we have about 7% empty in Auckland and about 10% nationwide.
    Seems within the normal range and usual thing with the media making it seem like more of an issue than it is.
    i dont think anyone says its abnormal but given the climate we should encourage these to not be empty, vancouver leads the way with a empty house tax

  18. Post
    The realities of living next to HNZ homes: https://www.stuff.co.nz/national/107...ving-nightmare

    Goodluck to people buying Kiwibuild houses since 80% of them will be next to HNZ homes

  19. Post
    SirGrim wrote:
    The realities of living next to HNZ homes: https://www.stuff.co.nz/national/107...ving-nightmare

    Goodluck to people buying Kiwibuild houses since 80% of them will be next to HNZ homes
    Unless you are lucky enough to get one of the Wanaka properties...they seem like a perfect retirement investment for someone to purchase through their children.

  20. Post
    SirGrim wrote:
    The realities of living next to HNZ homes: https://www.stuff.co.nz/national/107...ving-nightmare

    Goodluck to people buying Kiwibuild houses since 80% of them will be next to HNZ homes
    Apartment life.

  21. Post
    Fragluton wrote:
    Apartment life.
    Most of the kiwibuild properties are basically ground floor apartments

  22. Post
    Are they actually selling apartments or are you claiming small houses are "basically apartments"? Article example is an apartment. I've only seen houses for sales in this Kiwibuild, but haven't actually looked into it due to not needing to.

  23. Post
    Fragluton wrote:
    Are they actually selling apartments or are you claiming small houses are "basically apartments"? Article example is an apartment. I've only seen houses for sales in this Kiwibuild, but haven't actually looked into it due to not needing to.
    Most of the kiwibuild stuff is attached double story units which is pretty much like apartment living where you neighbour is just passed the next wall: https://www.trademe.co.nz/property/r...6f7a7947d6a880

  24. Post
    Confusing, first you said they are mostly ground floor apartments, now they are double story units. The link provided shows something else again. Must just be a good mix available. Either way, bugger living in an apartment slash Auckland with those prices!

  25. Post
    Became first home buyer recently, because renting in Auckland is just crazy expensive and the stock of rentals is ABSOLUTELY shit as, but sharing story of how i recently bought. Tbh, i was someone that tried waiting it out saying its gotta crash sooner or later to help me sleep, and was jaded cause all my mates got inheritance or parental help. I knew we could kind of cover the costs but it always gave me anxiety to buy something at such a high price and then, i'd be screwed if it dropped. In the end, i got over it by thinking i need a house first, if it drops so be it, i still got a house and i couldn't bare going back to renting shit holes that have been neglected for years on end cause they're ~pAsSiVe InCoMe~

    We saved for about 4 years, we were renting about $500 per week houses and paying that ourselves, and then we'd get a flatmate in to cover like $180 a week + split expenses. We'd still cover the rent and just put their rent straight into an untouchable savings account, while still saving ourselves so it really grew our fund.

    During then we've been looking at homes and going to Open homes 2 years. We always aimed for 600k because of the government 10k kiwisaver grant, this kind of screwed us over because the housing stock in Auckland for under 600k is really bad. So many open homes where we did a 180 within 10 seconds, pallets for fencing, just mould mould mould and work needed everywhere. We would be looking out at Parakai, Helensville, Wellsford, Warkworth, Massey, Henderson etc, happy to accept the long commutes and tough it out but were those houses worth sitting in an hour each way traffic? Hell no.

    So we found our house did the job, was in a good condition only kicker was it sat at 640k, RIP 10k grant but totally worth not holding ourselves back on over 10k free money. We'd gone through pre-approvals before, got approved and denied both equal amount of time, only ever up to 600k though. Now that you have a figure you can go to the bank and they will actually work with you and give you more lenancy, put in an offer in and got accepted.

    However, our deposit sat at 10%, not 20%. Oh no bank was going to deny us? No a lot of banks are more than happy to help you out, because you're now a high risk so they get to whack on a bunch of overheads. Being over 20% is ideal because you get the special rates; being under 20% however, you don't get the advertised rates; you get the standard rates with another 0.7% interest on top (westpac tried giving us 1.0%). So this means ASB advertise 4.2, you get 4.8 + 0.7 for 5.5%, this was actually the first finance we got approved for, which comes to about $800 a week repayments (great.)

    This is where the recommendation of brokers comes in, but my partner works in finance and knew how to negotiate. Also brokers just really setup weird budget plans but we had a massive budget plan involving multiple accounts and saved consistently (this apparently helped ALOT for loan applications). We went to 6 different banks got denied from 2 (kiwi bank & westpac because we had student loans and were under 20%). Banks will hide all sorts of shit from you, so biggest advice is ask friends and work mates about what rates they got, seems taboo but in the end it helped us out. My workmate let me know of LVR penalty fee, so instead of that 0.7% interest that is added on every year to your 30 years, you can pay a one of fee, this is an old thing and the only people who do it still are TSB & BNZ. So apply to each bank and play the offers of each other, in the end the 5.5% + $1200 cashback turned into 4.2% & $4000 cashback.

    One last stress is dealing with the vendor aka the old owners. We had a few back and forth because these people making 200k on the house, refused to pay $200 to get the water tank cleaned out. We stood our ground and said nope really not that big of an ask and they couldn't provide any documentation that it had been done in 4 years. Our lawyers didn't do shit also, they're just there to rely information in a professional manner, like literally took my email and forwarded it on anyway. Yadda yadda in the end they relented, because we got petty back (i said they can pay medical costs if we get sick and water is tested)

    Anyway sorry for the large wall of text, kind of hope this is helpful for others, there was a lot of misconception we had and things i wish i knew sooner.

    tl;dr
    - Just accept its a home first and investment second for a first home buyer, renting is terrible
    - Save your money consistently when saving for the deposit, this show you have a good record of money management good for loan application. In our case we used flatmate rent straight into savings
    - In Auckland, the 10k kiwisaver grant HOLDS YOU BACK. It's too low, and you get crammed into the shittest tier of housing that everyone is fighting over. Obviously not the case if you can't go over.
    - Banks work with you, once you have a certain house and figure you need, pre-approvals don't mean shit
    - Banks still hide a lot of options to you, you really have to research and talk to other and hardball them back and negotiate, negotiate, negotiate. They kept saying they dont negotiate to everything but they do, you got half a million dollar loan they can siphon interest out of.
    - Being under 20% isn't as bad as it sounds, especially if you use the high penalty 1 off fee by some banks. And not everybody says no.
    - Stand your ground on house conditions, people will try screw you, but they're being morons just learn those negotiation skills.
    Last edited by ajaxx; 6th October 2018 at 5:54 pm.