Auckland Property Prices

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  1. Post
    Currently on the other side of the fence. We had an offer on our house but proceeded with the open home over the weekend. We were sure the offer was in the bag so treated the open home as a mere formality.
    That afternoon the buyers pulled out, at the same time some people who had just finished coming through the open home were placing a newer, better offer.

    So open homes while under conditional contract are absolutely necessary

    The sold sign though.. that's weird. That only goes up when it's unconditional.

  2. Post
    Are people bullish on housing in AKL again? Hoping for them capital gains. Feeling the crushing weight of our mortgage this week...

  3. Post
    Has anyone bought a house privately?

    Looking at a house advertised through sell assist who aren't real estate agents (they advertise on behalf of the owner), makes me a bit wary if they aren't obliged to stick to the real estate legislation that agents have to stick to.

  4. Post
    nzbleach wrote:
    Are people bullish on housing in AKL again? Hoping for them capital gains. Feeling the crushing weight of our mortgage this week...
    It's just real estate agent spin.

  5. Post
    Yeah figured.

  6. Post
    i.e.awesome wrote:
    Has anyone bought a house privately?

    Looking at a house advertised through sell assist who aren't real estate agents (they advertise on behalf of the owner), makes me a bit wary if they aren't obliged to stick to the real estate legislation that agents have to stick to.
    Not a house but a section. Agreed on a price over their kitchen table, sent it off to lawyer to have the suitable terms / conditions added in. Easy enough. Just make sure your lawyer is on to it and you should be fine. Building reports and all that jazz, just like you would with an agent. I'd buy privately again no worries.

  7. Post
    i.e.awesome wrote:
    Has anyone bought a house privately?

    Looking at a house advertised through sell assist who aren't real estate agents (they advertise on behalf of the owner), makes me a bit wary if they aren't obliged to stick to the real estate legislation that agents have to stick to.
    Yeah, bought mine privately. Was no more difficult than buying through an agent, perhaps added about $500 of lawyers fees as they probably do a little more legwork since you're not protected by the REAA's code of conduct so you're enlisting them to do a little more. Other than that, it was just the fact that you were directly negotiating with the owners, which has its good and bad points depending on your situation and personality, but for me it worked out well.

    Just make sure (like any purchase really) that you do your homework.

  8. Post
    nzbleach wrote:
    Are people bullish on housing in AKL again? Hoping for them capital gains. Feeling the crushing weight of our mortgage this week...
    I think it's on the up again, but don't think we're talking 20%+ pa gains... think more 3% in line with overall inflation. Wages are on the up (finally), which means people can afford a little more and this will trickle through into banks being willing to lend more (increased serviceability) etc.

    I feel ya on the mortgage pain though. $0 disposable income for the next couple of years is not an enticing prospect for me, but you gots to do what you gots to do.

  9. Post
    Mortgages have never been cheaper, it comes down to how quickly you feel you want to pay it back

  10. Post
    Be interesting to see what the reserve bank does

  11. Post
    bradc wrote:
    Mortgages have never been cheaper, it comes down to how quickly you feel you want to pay it back
    Its pretty crazy.

    Say what you want about peer to peer lending (Harmoney) but I've had a consistent 12% from that since 2016.
    With mortgage rates this low, its a near no brainer to pull equity and leverage it for 3x the return.

    Free money*

    *kinda

  12. Post
    I had a difficult time trying to convince a co-worker why he didn't need to pay off his mortgage as fast as he could. He still prefers to pay it off as soon as possible.

  13. Post
    stacrafty wrote:
    Say what you want about peer to peer lending (Harmoney) but I've had a consistent 12% from that since 2016.
    With mortgage rates this low, its a near no brainer to pull equity and leverage it for 3x the return.
    After you taken the charged off into consideration, the return is more like 8-9%.

  14. Post
    knack wrote:
    After you taken the charged off into consideration, the return is more like 8-9%.
    nah, its 13% IRR, I explain the harmoney thread.

  15. Post
    Crazy returns, wonder how long it's gonna last


  16. Post
    Necriss wrote:
    Crazy returns, wonder how long it's gonna last

    a lot of that is due to interest rates.

  17. Post
    Is an RV a good indication of market value?

  18. Post
    Yes and no. It doesn't take lots of things into consideration. Many people will use CV to bargain up or down however.

  19. Post
    It is in that you can use it as a rough idea given more information. Seeing what houses in the area have been selling for relative to the RV/CV and looking at what value-adds those houses have can form a picture of what a house is worth.

    If you're looking at just using the figure verbatim or just looking at it plus or minus a certain percent then, no.

  20. Post
    Anyone got any tips on how to value a property?

    I have got pre-approval however there is a condition from the bank requiring a valuation being done a being worth at least the price of the property.

    My understanding is that valuations will cost $500-$800 which is not an issue if it meets the banks requirements but is quite expensive if it doesn't.

    I am most certainly not an expert on the property market so how can I ensure that I don't offer more than a property is actually worth?

  21. Post
    It's worth whatever someone will pay for it. What the bank wants to know is how grounded in reality that is. If you look up the address on a site like trademe property insights or homes.co.nz their estimate will give you a rough idea of what the property would likely go for. If the price you want to offer isn't too far from that then the next step would be to get it professionally valued.

  22. Post
    labcat wrote:
    Anyone got any tips on how to value a property?

    I have got pre-approval however there is a condition from the bank requiring a valuation being done a being worth at least the price of the property.

    My understanding is that valuations will cost $500-$800 which is not an issue if it meets the banks requirements but is quite expensive if it doesn't.

    I am most certainly not an expert on the property market so how can I ensure that I don't offer more than a property is actually worth?
    We've just gone through this. The bank arranges a valuer, you pay for it.

  23. Post
    i.e.awesome wrote:
    We've just gone through this. The bank arranges a valuer, you pay for it.
    If the bank really wants you as a customer, you can arrange them to pay for the valuer, or get them to give you something like $1000 as a sweetener. It’s what we did. Get the banks fighting with each other. We used a mortgage broker for this, then took the best offer.

  24. Post
    gneiss wrote:
    If the bank really wants you as a customer, you can arrange them to pay for the valuer, or get them to give you something like $1000 as a sweetener. It’s what we did. Get the banks fighting with each other. We used a mortgage broker for this, then took the best offer.
    We didn't really have enough time to do all that - basically the 2nd last business day of the year so had to get it done quickly. Not a great time of year to buy a house lol

  25. Post
    Depends on loan size too, my last one was around 3k to stay with bank for two years after financing. Had no intention of moving banks anyway.