Talk about insane Auckland property prices!

[tobytoblerone 3]

Just shy of a million NZD @ $965,000 you can buy a near harbour-side 3 bedroom, 2 bathroom apartment in Auckland's CBD. With a whopping 122m2 floor area lol: http://www.trademe.co.nz/Browse/Listing.aspx?id=591679015

Meanwhile... down in the upmarket trendy suburb that is Remuera for the same money @ $950,000 you can buy a modern, spacious 4 bedroom, 2 bathroom home with garaging! with an ample 225m2 floor area & a land area of 440m2 : http://www.trademe.co.nz/property/resident...n-592062176.htm

Jeez the prices of apartments in Auckland's CBD are just too high! Cannot justify buying an apartment in Auckland's CBD for that price, an absolute rip off.

Anyways, that's my rant for today.

Edited May 13, 2013 by tobytoblerone

[kingkarl 136]

Just shy of a million NZD @ $965,000 you can buy a near harbour-side 3 bedroom, 2 bathroom apartment in Auckland's CBD. With a whopping 122m2 floor area lol: http://www.trademe.co.nz/Browse/Listing.aspx?id=591679015

Meanwhile... down in the upmarket trendy suburb that is Remuera for the same money @ $950,000 you can buy a modern, spacious 4 bedroom, 2 bathroom home with garaging! with an ample 225m2 floor area & a land area of 440m2 : http://www.trademe.co.nz/property/resident...n-592062176.htm

Jeez the prices of apartments in Auckland's CBD are just too high! Cannot justify buying an apartment in Auckland's CBD for that price, an absolute rip off.

Anyways, that's my rant for today.

Good thing for me that I hate apartment living I guess

But your profile says you're 21? If you're looking to spend that sort of money then this is a severe case of first world problems.

Or maybe this was aimed as (not so) subtle self promotion. Either way... Quit the whiney bullshit my friend

[deeveus 81]

In Dunners that kind of coin would own you a few acre lifestyle block, say 200+ squares home, landscaped & under 10 years old. Amazing really.

[_ethrty-Andy_ 2122]

Good thing for me that I hate apartment living I guess

But your profile says you're 21? If you're looking to spend that sort of money then this is a severe case of first world problems.

Or maybe this was aimed as (not so) subtle self promotion. Either way... Quit the whiney bullshit my friend

Not really, i was 19.5 years old when i brought my first place. Worked hard for every dollar of the deposit and damn proud of it.

Remember too, at todays rates you only need around 60-80k to "own" a 900k house.

Edited May 13, 2013 by _Ethrty-Andy_

[kiwi535 538]

i beleive the real price adjustment is only a few years away.These sorts of prices are just not sustainable.I was looking at an apartment in welly town.It was quite a nice aprtment and seemed about 100,000 too cheap.The catch was it was leasehold.For the privelige of living in this aprtment you paid 11000 every year,linked to inflation.Are they &^%$# mad?why would you pay rent AND a mortgage!

[nath 128]

Cant help but think that the Upland Rd house may be cross- lease. The apartment is tasteless, the house not far behind.

[Michael. 2312]

It's no surprise how things are going with the numbers moving into Auckland from abroad on a daily basis.

In the last 12 months we've been seeing homes climbing another 50-150k just through the market, what worries me the number of 80%+ loans, many in that 90-95% category - what a situation to get into!

Last apartment we sold was in Parnell, just a fairly basic 2 bedroom 130m2 unit, $520k!

[richard 384]

here's a do-up

http://www.trademe.co.nz/property/resident...n-591007077.htm

[qube 3568]

^saw that house while I was out on a run, sad sight..

[cliffdunedin 8]

Remember too, at todays rates you only need around 60-80k to "own" a 900k house.

I'd love to know what bank/LVR would give you over 800k for a less than 10% deposit unless you were earning mega coin!

[tobytoblerone 3]

Good thing for me that I hate apartment living I guess

But your profile says you're 21? If you're looking to spend that sort of money then this is a severe case of first world problems.

Or maybe this was aimed as (not so) subtle self promotion. Either way... Quit the whiney bullshit my friend

Jeez, take a chill pill mate!

[liyi_92 37]

Expensive but still affordable (not saying me).

Take a look at property prices in Taiwan, Hong Kong or Singapore!

[m325i 705]

BNZ will give you 95% with no valuation if you buy at auction, (with .5% LEM). If you can get under 85% no LEM. A

OP - that apartment is better than that leaker in Remuera, and 120sqm is a massive apartment. Take out the carparks and its about what good buildings go for per square metre.

But isn't this the problem... People in their 20's moaning because houses in Remuera or pimp CBD apartments are too expensive. People need to accept that they can't walk straight into their dream home.

People have always been going on about a 'crash' or 'just wait a couple of years, prices will come down'.

Historically how has that worked out for them? Prices are once again at all time highs.

The risk is interest rates go to 10%+ - but if that happens mortgage payments will be the least of our worries.

If you have no capital, and earn only 'avergage' money property is really the best option. Can you save $200k in 3 years on your salary? And if its your first home - whats the worst case scenario? You default lose your house and go back to renting. Like you are now.

[kingkarl 136]

Not really, i was 19.5 years old when i brought my first place. Worked hard for every dollar of the deposit and damn proud of it.

Remember too, at todays rates you only need around 60-80k to "own" a 900k house.

Very solid effort mate, definitely something to be proud of.

I wasn't having a go, nor saying it is impossible for a young person to work (save) their ass off to buy a nice place. I just find it odd when a 21 Y/O whinges about the affordability of upmarket CBD apartments. Even as a 21 year old myself that reeks of entitlement and impatience

Anyway... I feel there's an economic shitstorm just around the corner with the strong dollar, unemployment and localized property booms all pulling policy in different directions. Add a bit of cost inflation into that picture and the reserve bank has a real mess to deal with. Will be interesting to see how it pans out but I'd be surprised if the housing market was sacrificed to the benefit of the others - after all that's what drove the last boom... and subsequent bust.

[jeffbebe 1559]

Jeez the prices of apartments in Auckland's CBD are just too high! Cannot justify buying an apartment in Auckland's CBD for that price, an absolute rip off.

That's cheap! My wife and I live in Ponsonby. We are lucky enough to own our house because we bought it 20 years ago. If we were trying to buy now on our salaries we'd be living in Huntly! A glorified shed (4 bed villa) with a pool the size of my car, went for $2.1M the other day just around the corner from us. Mental.

We've thought about selling u, buying somewhere cheaper and living in the lap of luxury but, if it didn't work out, we'd never be able afford to buy back into the area.

[richard 384]

^saw that house while I was out on a run, sad sight..

i live just up the road.Im going to tender for it.............

[Ahmedsinc 414]

BNZ will give you 95% with no valuation if you buy at auction, (with .5% LEM). If you can get under 85% no LEM. A

OP - that apartment is better than that leaker in Remuera, and 120sqm is a massive apartment. Take out the carparks and its about what good buildings go for per square metre.

But isn't this the problem... People in their 20's moaning because houses in Remuera or pimp CBD apartments are too expensive. People need to accept that they can't walk straight into their dream home.

People have always been going on about a 'crash' or 'just wait a couple of years, prices will come down'.

Historically how has that worked out for them? Prices are once again at all time highs.

The risk is interest rates go to 10%+ - but if that happens mortgage payments will be the least of our worries.

If you have no capital, and earn only 'avergage' money property is really the best option. Can you save $200k in 3 years on your salary? And if its your first home - whats the worst case scenario? You default lose your house and go back to renting. Like you are now.

Agree 100%. The more I talk to people my own age the more I'm seeing an unjustified sense of self-entitlement when it comes to property and financial standings. Having worked 16 years in the residential market I can state with no bias most of the inflation has come from speculative buying. And the way things are going I wouldn't be surprised if there were a depression heading our way. Whats wrong with buying in somewhere cheaper and slowly building equity until you can afford the gin palace in St Marys Bay or wherever the hell you want to be.

Suck it up and buy a nice place in Glen Eden or somewhere affordable and actually work for what you want instead of cry about the fact it's too hard. At least you're in a position to buy. Unlike a lot of us. And quit calling those that bought into the market young lucky. Luck doesn't exist - hard work and sacrifice does. #sickofwhingingbrats

[_ethrty-Andy_ 2122]

BNZ will give you 95% with no valuation if you buy at auction, (with .5% LEM). If you can get under 85% no LEM. A

OP - that apartment is better than that leaker in Remuera, and 120sqm is a massive apartment. Take out the carparks and its about what good buildings go for per square metre.

But isn't this the problem... People in their 20's moaning because houses in Remuera or pimp CBD apartments are too expensive. People need to accept that they can't walk straight into their dream home.

People have always been going on about a 'crash' or 'just wait a couple of years, prices will come down'.

Historically how has that worked out for them? Prices are once again at all time highs.

The risk is interest rates go to 10%+ - but if that happens mortgage payments will be the least of our worries.

If you have no capital, and earn only 'avergage' money property is really the best option. Can you save $200k in 3 years on your salary? And if its your first home - whats the worst case scenario? You default lose your house and go back to renting. Like you are now.

Spot on.

Prices in housing almost never come down. but for the non believers, the way i look at it, even if the value of the house you own does come down, so what. the real difference is it only comes down by a percentage of what you own. the bank takes the rest of the hit. after 10 years paying off a mortgauge, whether the overall house has come down in value, you still now have at least 100k or so more to play with now that you wouldnt have $10 of if you were renting. The prices will come down just stay renting and wait arguement is lost on me

Also there is a crowd backed by the govt called Welcome Home Loans. I dont have one, but i do recommend them as a place to start for those looking to buy thier first home. my not offer enough to buy in the CBD of auckland, but should be out further south i expect. Remember you also have your Kiwisaver if you have that

[Michael. 2312]

I think property prices are like fuel prices - it's clear they are here to stay & historically have only ever continued to climb..

[tobytoblerone 3]

Ok..

I was only making an observation between the prices of housing in Auckland. Not feeling self entitled or whatever other garbage you all seem to be directing towards me?

I thought this was a forum to discuss things. Jesus where's the love at, all this negativity in the air..

[Ahmedsinc 414]

Ok..

I was only making an observation between the prices of housing in Auckland. Not feeling self entitled or whatever other garbage you all seem to be directing towards me?

I thought this was a forum to discuss things. Jesus where's the love at, all this negativity in the air..

Not having a lash at you mate, that was a general dig at people of my generation and younger that seem to think property ownership is a human right, not a privilege.

Perceived worth vs actual value is always a matter of opinion....and it's usually the owner of the deepest pockets whose opinion matters most!

[Michael. 2312]

I thought this was a forum to discuss things. Jesus where's the love at, all this negativity in the air..

It seems day to day social conventions go out the window when it comes to the internet.

[MD13 459]

Ok..

I was only making an observation between the prices of housing in Auckland. Not feeling self entitled or whatever other garbage you all seem to be directing towards me?

I thought this was a forum to discuss things. Jesus where's the love at, all this negativity in the air..

Here you go...

[matt45 1]

Trying to find something decent in the city to rent is just as bad! Especially if you want car parks.

[Ahmedsinc 414]

It's a curious little juxtaposition when people are quite happy to make a profit from property but cry foul when they have to pay elevated prices Yup, the rental market is just as bad. We pay nearly $400 for a dark 2 bed just across the border from Ellerslie. Going by what other similar places have rented for on our street we've got it on the cheap too Same money would have us in a decent 3 bed plus double garage out Puke ways. Given I'm on the lower end of a trade wage with a brand new baby it's really hard to see how to keep a household afloat without moving back out to the dump areas of Sth Auck I grew up in... and even then it's really not that cheap.

Roll on the depression!