Glorious 2 bed home...

[yng_750 247]

 

What about us who work in a call centre, earn good coin, and also can throw around a spanner or two? Can't I have it all?

Yea but it cant have taken long to learn " have you tried turning it off and on again" plenty of time to learn other skills.

[gjm 3258]

What about us who work in a call centre, earn good coin, and also can throw around a spanner or two? Can't I have it all?

I apologise - I was stereotyping.

[richard 384]

Internationally, yes, NZ looks like a bargain. Hence the foreign investors buying up property.

To those people living here on median wage, property is rapidly becoming an unobtainable dream.

I'll risk sounding like Winston Peters, but NZ should be about Kiwis first. Not foreign investment.

We need foreign investment , just look around at all the overseas companys that are here already, housing is no different.

NZ can't live on dairy fats/solidies and tourism forever.

I see employment , better places to live in . Ones that are warm and dry.

A retired couple that sell their house and get a fist full of cash , how is that wrong.?

[gjm 3258]

Unfortunately investors expect a return. A return in excess of the investment. So person X from anywhere other than NZ who buys property worth $1m in NZ, will expect to sell for significantly more. Investor puts in $1m, takes out much more. Net loss to NZ.

The same metric applies to shares, bought by overseas investors, in the utilities companies here. Electricity is generated in NZ, transferred through NZ, used and paid for by NZ, and the money goes overseas. Shurely shome mishtake? How does taking money away from NZ help NZ grow?

I'm taking a very simplistic view. I know there is a lot more to this than is immediately obvious, or that I am discussing. I'm trying to keep[ things to their essence.

And I'm all for older people selling their big family home, moving to something smaller, and seeing money go into their accounts. That's fine. They've earned it, probably by working here.

[westy 614]

Doesn't help that there are tax advantages to it either...

[lord_jagganath 421]

In many countries, there are restrictions to off-shore foreigners to purchasing property. like limiting them to commercial properties etc.

[E30 325i Rag-Top 2957]

Do you really want to go down that road? I would guess maybe 100,000 houses are then released into the NZ market..

But what about all the other countries in the world that have let Kiwis buy property, they apply same rules, now 4m NZ citizens need houses (based on 8m+ Kiwi Passport holders, less than 4m living in NZ) even if only 10% have to return that's 400,000 people, or 100,000 homes for families of four.

[E30 325i Rag-Top 2957]

Do you really want to go down that road? I would guess maybe 100,000 houses are then released into the NZ market..

But what about all the other countries in the world that have let Kiwis buy property, they apply same rules, now 4m NZ citizens need houses (based on 8m+ Kiwi Passport holders, less than 4m living in NZ) even if only 10% have to return that's 400,000 people, or 100,000 homes for families of four.

[richard 384]

Having spent most of my life in the building / construction industry I've seen some ups and downs ,close to 40yrs.

The way we build houses now is way different now than even 20 years ago for a first home buyer , small things like multiple power point in each room , 2 or more bathrooms , internal garages, insulation etc, this plus compliance costs all push the price of building up.

eg, last year I replaced the gutter around my house $1560, the cost to scaffold half (read 2 sides)of the house so the sub contractor was safe $2500 for one week.

Its cost like this that keep house prices up because if it were cheaper to build than buy, why would anyone buy a second hand house.

Lastly houses are not like second hand cars, they dont depreciate over time , there might be the odd hiccup every now and then but it will aways spring back plus some.

[kingkarl 136]

all this makes Wellington seem quite reasonably priced! And think - we have good functioning public transport for most suburbs. Yes, a smaller labour market. However, one can still buy a decent house in a second tier suburb close to town for $600-700k. And if the salary surveys are to be believed, better paid than Auckland.

Shhhhhh don't tell everyone!

sorry I couldn't hear you over the wind and rain

[eliongater 718]

sorry I couldn't hear you over the wind and rain

That's the best part.

I think they did a study and found that the weather wasn't actually that bad...

[m325i 709]

That's the best part.

I think they did a study and found that the weather wasn't actually that bad...

Hahahahahah....hahahahaha....hahaha..haha.ha......ha..hah.

It's a 13* high tomorrow. In November.

[E30 325i Rag-Top 2957]

That's the best part.

I think they did a study and found that the weather wasn't actually that bad...

Not that bad compared to where exactly... Antartica??

[eliongater 718]

Hahahahahah....hahahahaha....hahaha..haha.ha......ha..hah.

It's a 13* high tomorrow. In November.

Not that bad compared to where exactly... Antartica??

http://www.stuff.co.nz/dominion-post/news/wellington-weather/10107234/Windy-Wellington-a-title-undeserved

I also like this weather more. You always know that it's going to be reasonably cold and probably a bit windy, especially in Johnsonville and up high

[gjm 3258]

I was in 'windy' Welly on Thursday and Friday. Thursday - hang on to your hat. Friday, sailing in the harbour may have been difficult. You'd not have got your craft to move. Oddly it felt warmer on Thursday than Friday...

Anyone see 'The Block' last night? 3 bedrooms on under 400sq m of land, selling for $1.5m. Crazy. Nice location for some, perhaps, but crazy.

[antil33t 90]

885m2, views, 3 story house, 350k.

Dunedin is better.

[huff3r 347]

Just bought my first home for circa $180k. Love not being in Auckland/Wellington!

[yng_750 247]

Congrats. I did the same two years ago last week. Great feeling of security and independance

[hybrid 1043]

http://www.stuff.co.nz/dominion-post/news/wellington-weather/10107234/Windy-Wellington-a-title-undeserved

I also like this weather more. You always know that it's going to be reasonably cold and probably a bit windy, especially in Johnsonville and up high

Dunno, people can nerd it up all they want, but the fact is its a city drapped steapish valley so the win ends up funneling all over the place.

[richard 384]

Just thought this would be a good read for some , check out the numbers.

http://www.westpac.co.nz/rednews/property/going-up-growth-ensures-auckland-property-values-will-rise/?utm_source=outbrain&utm_medium=cpc&utm_campaign=rednews&utm_content=Why_Aukland_property_prices_are_sure_to_rise

[gjm 3258]

Just thought this would be a good read for some , check out the numbers.

http://www.westpac.co.nz/rednews/property/going-up-growth-ensures-auckland-property-values-will-rise/?utm_source=outbrain&utm_medium=cpc&utm_campaign=rednews&utm_content=Why_Aukland_property_prices_are_sure_to_rise

Sounds a little like a justification for the actions taken by the National party, and an upbeat 'prices will rise' diatribe. Which, coming from the MD of Barfoot & Thompson, is to be expected.

You could rewrite parts of this to give a completely different slant, by changing just a few words. For instance, "it represents what people with the ability to do so are prepared to pay to obtain the property of their choice in the current market" could just as easily say "it represents what people with the ability to do so are being forced to pay to obtain the property of their choice in the current market."

Similarly, the notes around first time buyers could as easily say that ftbs will have to wait a long time before affordable property becomes available in Auckland.

For anyone trying to buy a house, the numbers are scary. stuff.co.nz said, around the time the 20% deposit instruction came down (I know there are dispensatons for smaller deposits, but try and get one...) that all it would take is saving for a little longer. Hmm. Let's see... How much can the average person/couple save in 12 months, bearing in mind that at 12% increase per annum (quoted by Mr B&T) the price will have gone up by nearly $50k (based on a $400k property). Obviously they don't need to save an additional $50k - they need $10k more. Not impossible, but frustrating.

For reference, Stats NZ quoted (12 months ago, and only provided a mean as opposed to a median which may be more relevant) the average hourly wage at $27.55 an hour, or ~$55,000 a year based on a 40 hour week. ANZ suggest this income (single person, 1 car) could support a $315000 mortgage based on a 5% ($17k) deposit.

You could buy something down our way for that, but I don't know what you'd get in Auckland for ~$330k.

[m325i 709]

You could buy something down our way for that, but I don't know what you'd get in Auckland for ~$330k.

You get this:

http://www.trademe.co.nz/property/residential-property-for-sale/auction-805562433.htm

http://www.trademe.co.nz/property/residential-property-for-sale/auction-795134650.htm

http://www.trademe.co.nz/property/residential-property-for-sale/auction-804011184.htm

but if you can get closer to $400 it gets quite a bit better;

http://www.trademe.co.nz/property/residential-property-for-sale/auction-810767312.htm

http://www.trademe.co.nz/property/residential-property-for-sale/auction-810966405.htm

[gjm 3258]

You get this:

http://www.trademe.co.nz/property/residential-property-for-sale/auction-805562433.htm

http://www.trademe.co.nz/property/residential-property-for-sale/auction-795134650.htm

http://www.trademe.co.nz/property/residential-property-for-sale/auction-804011184.htm

but if you can get closer to $400 it gets quite a bit better;

http://www.trademe.co.nz/property/residential-property-for-sale/auction-810767312.htm

http://www.trademe.co.nz/property/residential-property-for-sale/auction-810966405.htm

I've lived in worse!

I'd not looked to see what was available. Was Henderson/Waitakere a chosen location, or just where the properties happened to turn up?

[Allanw 1071]

You get this:

http://www.trademe.co.nz/property/residential-property-for-sale/auction-805562433.htm

http://www.trademe.co.nz/property/residential-property-for-sale/auction-795134650.htm

http://www.trademe.co.nz/property/residential-property-for-sale/auction-804011184.htm

Oooof... that first one - nearly as big as my Pantry (It takes commitment to maintain a "body" like mine)

The last one: Major selling point: Has "Code Of Compliance"

[richard 384]

There are about 1500 propertys on TM between 300-400k all over the auckland area,

your first home is just that, a first home. Its a step on the ladder, it might not be where you want to live for the rest of your life but better than renting and complaining that you can't afford that 900k house.

When i brought my first house i sold all my toys, didn't go out parting like my mates, had flatmates (lots), worked around the house building and adding on improvements.

I don't think the LVR have helped ether, and i hear through the grape vine that when they are removed all the new/first home buys will rush in and push the cost up even more.

And my new CV has just arrived.