Auckland Property Prices

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  1. Post
    I'm not arguing it is good or fair. But it is what it is. There is a scarce resource of homes in desirable areas and people fight over them. Ironically the solution of requiring higher home deposits, or being stricter with income to loan ratios, would be apposed by the people who want everyone to be able to afford a house.

  2. Post
    TD wrote:
    I'm not arguing it is good or fair. But it is what it is. There is a scarce resource of homes in desirable areas and people fight over them. Ironically the solution of requiring higher home deposits, or being stricter with income to loan ratios, would be apposed by the people who want everyone to be able to afford a house.
    And there in lies the LOL's

    All the measures taken to "level" the playing field simply skew it is favour of those that have, and never the have nots. People poo-poo National for taking a hands off approach and softly, softly, but when you intervene at a government level it never works as intended (or implied that is was intended)

  3. Post
    The government could do it. But the only way to do it is to own the entire process from land acquisition and development, right through to sale and sign off, and possibly the finance or at least the gaurantee

    Declare the design of the 'state' house compliant, delete any need for consent, run their own QA, build them in factories and ship to site.

  4. Post
    one_red_god wrote:
    The government could do it. But the only way to do it is to own the entire process from land acquisition and development, right through to sale and sign off, and possibly the finance or at least the gaurantee

    Declare the design of the 'state' house compliant, delete any need for consent, run their own QA, build them in factories and ship to site.
    I wouldn't trust any government to do this, labour, national, greens or NZfirst are completely incapable of this (see Kiwi Build to start with), then you have the biggest issue with manipulating housing prices, that is the crash that pushes hard working families out of their homes when they are paying a $800,000 mortgage on a $300,000 home.

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    one_red_god wrote:
    The government could do it. But the only way to do it is to own the entire process from land acquisition and development, right through to sale and sign off, and possibly the finance or at least the gaurantee

    Declare the design of the 'state' house compliant, delete any need for consent, run their own QA, build them in factories and ship to site.
    Also lets call this what it is Communism.

  5. Post
    while it would help in the short term fixing a broken demand with increased supply feels more like a band-aid. we really need to limit the ability of capitalist institutions to increase / volatilize the money supply if not for the sake of fairness then for the sake of inflation... it's doing damage whether or not it's accurately reported.

    Also the average fixed term interest rate in NZ is something like 2.3 years, The US/UK/Euro trend has been 30yr, so we have a lot less leg room before rising interest rates hit housing.

  6. Post
    dickytim wrote:
    I wouldn't trust any government to do this, labour, national, greens or NZfirst are completely incapable of this (see Kiwi Build to start with), then you have the biggest issue with manipulating housing prices, that is the crash that pushes hard working families out of their homes when they are paying a $800,000 mortgage on a $300,000 home.

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    Also lets call this what it is Communism.
    The private market hasn't gone anywhere and people are free to buy what they like. I mean in terms of kiwi build, affordable houses, not every house.

  7. Post
    Just an update on my end. Went unconditional on a place in Glen Eden as the backup offer. Lost out.

    Learned a lot in the process but fell in love with the place unfortunately... This heartbreak will take a while to get over I feel.

  8. Post
    Depends what happens going forward. My money is you'll find a better place and all will be forgotten. That is just how the system works eh, I went through a few like that. Ending up in a place of your own, makes previous fallen through deals seem irrelevant.

  9. Post
    Hopefully man

  10. Post
    nzbleach wrote:
    Just an update on my end. Went unconditional on a place in Glen Eden as the backup offer. Lost out.

    Learned a lot in the process but fell in love with the place unfortunately... This heartbreak will take a while to get over I feel.
    We had this with a place we fell in love with, it went to auction so we had a valuation done and the rest of the process to prepare to buy at auction but was outbid but the real estate agent. In the end we decided we wouldn't bid at auction again but negotiate after, we ended up with what in hindsight was a better house for our family.

    Was gutted to loose $800 for no gain but learnt a lesson.

    Good luck with house hunting, but when you find the perfect house and get it, everything else will be forgotten.

  11. Post
    If a house is priced below it's RV is that a bad sign?

  12. Post
    seems like alot of that has been happening recently. Especially units.

  13. Post
    labcat wrote:
    If a house is priced below it's RV is that a bad sign?
    Well its house and land, the majority of value in the land. I've seen places near me in the last month or two go well above RV and some go well below. So many factors.

  14. Post
    Rebound wrote:
    Well its house and land, the majority of value in the land. I've seen places near me in the last month or two go well above RV and some go well below. So many factors.
    How about apartments or units? Less of a share in land so maybe not as good as a house below RV.

    I am planning to look at an apartment that is 100K below the RV which makes me think it is either going to be earthquake prone or have weather tightness issues.

  15. Post
    I know there's never a good time to buy property, but I wouldn't buy in Auckland atm.

    Despite the REINZ disinformation campaign, values have been sliding for quite a while now.

    Even they admit they're down 15% where I live in ECBs..

  16. Post
    I saw a place recently that was advertised for $888,000 and then 1 week later the price was covered over and it was $848,000.

  17. Post
    Whatís peopleís thoughts on bridging loans?

    Our place is going up for sale next week/week after, but already have our eyes on another place. Or current house is in a townhouse complex and similar units selling over the last few months have all gone in a month or two, usually less.

    With a bridging loan, are you paying just the extra interest on the new property, as well as your normal payment, or is it just the interest on both payments? Will be going to the bank next week anyway, but just curious.

  18. Post
    See what their thoughts are on settlement date. You might find they are happy to sit tight till you sell. Happened on a sale I saw recently, current owners weren't in a rush to move, so settlement was after buyers house sold.

    I'd also speak to a broker if I was you, they tend to make the money side of things a whole lot less work, at no cost to you.

  19. Post
    Puk wrote:
    What’s people’s thoughts on bridging loans?

    Our place is going up for sale next week/week after, but already have our eyes on another place. Or current house is in a townhouse complex and similar units selling over the last few months have all gone in a month or two, usually less.

    With a bridging loan, are you paying just the extra interest on the new property, as well as your normal payment, or is it just the interest on both payments? Will be going to the bank next week anyway, but just curious.
    Bridging loans are what you try get when something's gone wrong, not something you ask for because you're in a hurry. The potential for financial disaster is very real.

  20. Post
    labcat wrote:
    How about apartments or units? Less of a share in land so maybe not as good as a house below RV.

    I am planning to look at an apartment that is 100K below the RV which makes me think it is either going to be earthquake prone or have weather tightness issues.
    apartments are different to houses, as you have said the land factor isn't really a factor as you don't really own any land. Is the one you are looking at on rented land? I read about these apartments a while ago, and as the land rent can go up significantly at any time they are a very risky investment. That said RV, CV etc. are only a guide, and not a bible on values. Our rental has the save RV as our neighbours, and hers is full renovated, gas appliances, ours is only partially renovated.

  21. Post
    KiwiTT wrote:
    I saw a place recently that was advertised for $888,000 and then 1 week later the price was covered over and it was $848,000.
    Over priced to start with, everyone thinks they are sitting on a goldmine, but after the first open home the real estate agent will advise the vendor where the market is for their house, this is not an indication of a drop in values, and obviously only a single example, also 888, maybe they were trying it on for an Asian buyer.

  22. Post
    Zarkov wrote:
    Bridging loans are what you try get when something's gone wrong, not something you ask for because you're in a hurry. The potential for financial disaster is very real.
    ^^^^ This. Can you negotiate a longish term to go unconditional, with selling your current place a condition? Real Estate agents will tell you that they won't accept, but they still have to present all offers.

  23. Post
    labcat wrote:
    If a house is priced below it's RV is that a bad sign?
    no, you need to realise what rate able value is.

    Its just the council doing a mass valuation which they do every couple of years (3?) at a point in time, to determine how much your rates should be.

    So the valuation is not as accurate as getting a valuer to specifically look at your property. It will be somewhat accurate in some cases but in other cases no so.
    And also its point in time, last valuations in auckland where more than a year ago at or very close to the peak. Since then values have fallen.

    Also i think there was a bit of over valuing when the CV's where done so thats extrapolated the problem even more.

    CV's are just like a basic valuation metric i would use as only as a high level guide. Of course in some cases the CV will be spot on with the real value, but I recon in most cases its not.

  24. Post
    This seems outrageous, especially with so much land attached - https://www.newshub.co.nz/home/new-z...3FADTSjbTMR3-A

  25. Post
    What about the bill to clean up the asbestos? It's not really a $3mil sale, they are taking on a massive clean up. Well that is the gist I got, most media skim over the facts though. Something about asbestos being found throughout the building.

    https://www.interest.co.nz/property/...-redevelopment

    Has a bit more info. I don't know the ins and outs of the deal, or what remediation works will actually be carried out in regards to the asbestos.