Attention Property guru's

[jjs 60]

I'm looking at buying an apartment in the Viaduct, have found a place I'm keen and did a QV search of recent sales in the area.

After paying $22.95 for 20 results, none of them were relevant. They were all for shoeboxes in Hobson Street, a couple in Upper Queen and a few else scattered around the CBD. I sent them an email complaining, but had no response.

Has anyone else used this service before? How have you found it?

Also, does anyone in the know have an educated opinion about the value of the Viaduct at the moment? They seem to be dropping very fast due to a combination of high interest rates, the Blue Chip fallout and concerns over ground rents. One of the places I'm looking at is available for half it's CV.

Cheers,

Jeremy

[isis 16]

some of them could be leashold as well...

[Neal 512]

I'm looking at buying an apartment in the Viaduct, have found a place I'm keen and did a QV search of recent sales in the area.

After paying $22.95 for 20 results, none of them were relevant. They were all for shoeboxes in Hobson Street, a couple in Upper Queen and a few else scattered around the CBD. I sent them an email complaining, but had no response.

Has anyone else used this service before? How have you found it?

Also, does anyone in the know have an educated opinion about the value of the Viaduct at the moment? They seem to be dropping very fast due to a combination of high interest rates, the Blue Chip fallout and concerns over ground rents. One of the places I'm looking at is available for half it's CV.

Cheers,

Jeremy

Can't speak for the Viaduct but used QV quite a bit when assessing potential rentals / equity gain houses. Was a good guide for the market last year with the information worth the money ($70 dollar report). The market is a bit fickle at the moment so it's a bit hard to predict prices.I'd be interested to see how close property valuers are at the moment. We aren't using QV in the same way as the more recent data closely reflects the market peek from last year. Largely we are using the concil sights for property GV values and are working down from that. Doesn't seem to be many cash / finance aproved buyers at the moment so it seems to be a "buyers" market. Get yourself a copy of " Home Truths" by Martin Hawes if you haven't already done so. It's a good read from understanding the game point of view.

Lower cash offers with quick settlement times seemed to be getting through now which wasn't the case late last year. This worked well for us over the last week, a few bargins to be had at the moment.

[kiwi535 538]

wait.....

[wild_weston 0]

I would be dubious if I were you.

I work in back office stock market circles and if there is one thing I have learnt it is to "buy low".

While I by no means think that the property market is in the state that the papers would have you beleive - I do think it is not far off. I would well and truly wait until the papers are reporting record repossesions before I bought an apartment for investment purposes (they are the highest risk).

I would go and see a finacial advisor if I was you and see what alternatives there are (but no finance company investments for sure). Give AMP or AXA a ring and see what property is doing in about six months.

[Jammasterjames 0]

Know it y'all that QV, RPNZ e.t.c can take 3-4 months to be updated with latest sales results.

Pimpin' aint easy!

[318isCoupe 0]

Know it y'all that QV, RPNZ e.t.c can take 3-4 months to be updated with latest sales results.

***** got skillz

[lidistick 70]

If you're not sure of the property's value, get a formal valuation. Not a RE agent or QV (who do not inspect the site) but one that comes out, measures the site, checks the title, lease etc.

Just because its advertised at half its CV means that everything around the area has either depreciated in half or everybody else bought it when was overvalued. It may however, be an awesome buy.

Ground rents. Better read this: http://www.propertytalk.com/forum/showthread.php?t=15471

Do your sums and see if you can afford it at todays interest rate +2%. That gives you some sort of safety margin should the market tank and the reserve bank keeps the interest rates where they are or decide to be fools and increase it!!

If the valuation is good, I tend to start with my offer of about 20~15% below and work up.

Go conditional pending

1) Lawyers

2) Builders

3) Finance.

If in any doubt, then don't.

Good luck.

[Jeddy 0]

Often the valuation of a property and a Real estate agents valuation are very different. Also ask an agent to appraise it. There often free

[lidistick 70]

would you go unconditional without a builder's report?

Otherwise yeah, agree with you that if finance is sorted and lawyers are ok with title and LIM. should be all go.

[kiwi535 538]

i would never buy one of these sorts of property without a builders report,and some investigation of who built them and where they are now,and an investigation of any body corporate or buildng management issues .For instance a friend lives in an apratment block which leaks.The body corporate is trying to get the original builders to fix the place.The original builder still owns several units in the complex and in effect owns the body corporate....

[Driftit 1966]

I thought nearly all the apartments in the Viaduct are lease hold. All the ones on the Halsey Street side are. And half of them have never been lived in or sold.

[jjs 60]

I thought nearly all the apartments in the Viaduct are lease hold. All the ones on the Halsey Street side are. And half of them have never been lived in or sold.

Yeah most of the people who bought off the plans got absolutely shafted. I thought people that would / could spend that amount of money would be a bit more intelligent.

Cheers for your help everyone, its going on the back burner at the moment...

[m325i 705]

You are probably better off investigating the Body Corp with regard to the soundness of construction and any existing problems.

I would risk someone else buying it and get a building inspection before you make an offer. Then you can use it to negotiate. If you make an offer subject to building inspection you have already agreed on the price.

PM me if you would like to chat further.