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heavenlywild
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  #2789709 5-Oct-2021 11:32
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^ Sorry I misread your post. 

 

That same house, if we turned back time to January 2021, would've gone for only 1.2m. If you go back to early 2020 when that area was being built, it would've gone for just under 1m.





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GV27
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  #2789720 5-Oct-2021 11:49
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heavenlywild:

 

^ Sorry I misread your post. 

 

That same house, if we turned back time to January 2021, would've gone for only 1.2m. If you go back to early 2020 when that area was being built, it would've gone for just under 1m.

 

 

Here's an equally terrifying proposition: What would it cost to consent and build that same house on a first-to-market basis today, to be delivered in 2022? 


heavenlywild
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  #2789726 5-Oct-2021 12:02
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GV27:

 

heavenlywild:

 

^ Sorry I misread your post. 

 

That same house, if we turned back time to January 2021, would've gone for only 1.2m. If you go back to early 2020 when that area was being built, it would've gone for just under 1m.

 

 

Here's an equally terrifying proposition: What would it cost to consent and build that same house on a first-to-market basis today, to be delivered in 2022? 

 

 

There are still fixed price turn key packages available believe it or not with 10% deposit. This is not available to most well known brands, but are available to the large contingent of Asian building companies. 

 

I gotta say I was skeptical of Asian building companies in the past but they do an excellent job these days thanks to the popularity of Master Build Warranties that require them to build to a certain standard, and requirements of the land developers.





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GV27
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  #2789731 5-Oct-2021 12:06
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heavenlywild:

 

There are still fixed price turn key packages available believe it or not with 10% deposit. This is not available to most well known brands, but are available to the large contingent of Asian building companies. 

 

I gotta say I was skeptical of Asian building companies in the past but they do an excellent job these days thanks to the popularity of Master Build Warranties that require them to build to a certain standard, and requirements of the land developers.

 

 

My favourite Asian building company is Universal Homes. 

 

I don't mean that lightly either, I tried to buy a couple of their builds out at Hobsonville but missed out on both occasions :( 


heavenlywild
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  #2789734 5-Oct-2021 12:08
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GV27:

 

heavenlywild:

 

There are still fixed price turn key packages available believe it or not with 10% deposit. This is not available to most well known brands, but are available to the large contingent of Asian building companies. 

 

I gotta say I was skeptical of Asian building companies in the past but they do an excellent job these days thanks to the popularity of Master Build Warranties that require them to build to a certain standard, and requirements of the land developers.

 

 

My favourite Asian building company is Universal Homes. 

 

I don't mean that lightly either, I tried to buy a couple of their builds out at Hobsonville but missed out on both occasions :( 

 

 

Universal Homes is a Kiwi company.

 

Although all Kiwi companies use Asian builders now 😀 





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eracode
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  #2789746 5-Oct-2021 12:25
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heavenlywild:

 

Universal Homes is a Kiwi company.

 

Although all Kiwi companies use Asian builders now 😀 

 

 

Universal Homes is owned by Chinese interests and has been for several years.

 

See here.

 

Edit: It's not just owned by 'Chinese interests', it's 97% owned by the Chinese Government.





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GV27
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  #2789748 5-Oct-2021 12:31
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I love how the ultimate ownership of Universal Homes flew under the radar for years when the 'foreign investors bad' thing was kicking up a knotch, despite them being a huge part of the future development of key parts of the city's housing supply for the next decade.

 

I liked what they produced out at Hobsonville, it would have been a great starter option for us were it not for fate and circumstance. I hope they can keep supplying that style of home into the market, although doing it centrally would be better. 


 
 
 

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heavenlywild
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  #2789750 5-Oct-2021 12:37
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Thanks, didn't know, you learn something every day!




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quickymart
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  #2789766 5-Oct-2021 13:23
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https://www.stuff.co.nz/life-style/homed/real-estate/126583496/auckland-house-prices-fall-during-lockdown

 

4% sounds like a lot, until you realise it's probably 4% of $1 million...which is really only about $40,000.


Geektastic
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  #2790262 5-Oct-2021 21:43
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GV27:

 

heavenlywild:

 

^ Sorry I misread your post. 

 

That same house, if we turned back time to January 2021, would've gone for only 1.2m. If you go back to early 2020 when that area was being built, it would've gone for just under 1m.

 

 

Here's an equally terrifying proposition: What would it cost to consent and build that same house on a first-to-market basis today, to be delivered in 2022? 

 

 

 

 

My neighbour in the rural Wairarapa is finishing his new house. He cut 100 sq m off the original build when they told him it would cost $3 million....

 

 

 

He is unable to move in at present because the high-end kitchen appliances he specified are delayed in shipping.

 

 

 

Building houses in NZ is a very expensive hobby (at least with good specs, it is) and at least partially explains why some of these houses are so expensive. $5.000 per square metre means that a 100 sq meter house is half a million not including the land. Push that spec up with fancy windows, underfloor heating, ducted aircon, marble flooring etc and you could easily make that $750,000 per 100 sq m. Really go for it with the specs and you could make it a million per 100 if you added underground wine cellars, private movie theatres and all that kind of stuff.

 

 

 

If you are looking at buying, and the house you are looking for would be $2m with the land to build from scratch, then if you find one at $1.5m it looks like good value in comparison I suppose.






mattwnz
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  #2790282 5-Oct-2021 23:54
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So was the house originally going to be 600sqm?

 

$5000 / sqm for a pretty good spec'd house build, is IMO far too high. It is more like $3500.  $5000+ would be a pretty high spec build. The insurance rebuild calculators will give a fair idea of what the rebuild costs are. Obviously however builders can quote what they want, and you can get huge differences in quotes when building.


Geektastic
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  #2790602 6-Oct-2021 14:22
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mattwnz:

 

So was the house originally going to be 600sqm?

 

$5000 / sqm for a pretty good spec'd house build, is IMO far too high. It is more like $3500.  $5000+ would be a pretty high spec build. The insurance rebuild calculators will give a fair idea of what the rebuild costs are. Obviously however builders can quote what they want, and you can get huge differences in quotes when building.

 

 

 

 

I think it's just over 450 sq m but it is hugely high end spec. The owner is a retired Director who spent a lot of time overseas and has acquired expensive tastes!






Divhon88
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  #2791120 7-Oct-2021 11:39
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We just been approved for a financing of 600K and we have $70K in Kiwisaver and $10K as cash savings total of 680K we are looking to buy in Rotorua.

 

I'm not sure if I'll celebrate thinking this is the start of my life long weekly payment. 

 

 

 

 

 

I reall want to go for a new home off the plans https://www.mountviewgreen.co.nz/ as their 3B and 2T house fall with in our budget (650K) the only reservation I got is its competion time July-August 2022 and CCC would probably take 2 more months.

 

 

 

I'm really terrified in buying something I haven't seen, touched scrutinized at this price point.

 

 

 

Non new houses here in Rotorua are basically a dump that would require a lot of work and more money so the new house is really enticing.

 

 

 

Say a seller's asking price is 600K to mid 600s but velocity only says just 580K for the estimated value.

 

 

 

Would I be branded as time waster, low baller or joy rider (The last things I want to be) if I offer 560K? Or is this a good leg to stand on for a negotiation?

 

 

 

If I'm to include a cover letter (does this work) together when I submit an offer will the REA present my offer (lower) and cover lover to the owner?

 

 

 

Your inputs will be highly appreciated. TIA

 


alasta
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  #2791175 7-Oct-2021 12:33
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My experience of buying off the plans:

 

  • Specifications are generally really good as this helps with pre-sales.
  • Build quality is average as tendering out occurs after pre-sales are closed, so the developer will just go with the cheapest tender.
  • The details in the contract are paramount. There are a few anecdotes about naive buyers signing contracts with sunset clauses that can be exercised by the developer, and no decent lawyer would advise you to sign such a deal. If your lawyer says walk away, then do as they say! You may need to be prepared for the sunk cost of spending a few hundred dollars on lawyers' fees to ultimately come to the conclusion that the deal is too risky. 
  • I was originally promised that my build would be complete in two years, but it ended up taking four years. The sale and purchase agreement will cover the developer for delays like this. Don't buy off the plans if your situation is time critical!

I had my unit valued via Valocity when the build was completed in December. They gave me a figure of $536k, but the identical neighbouring property sold a couple of weeks later for $762k. The valuation was full of caveats about uncertainty relating to covid 19, so I suspect that valuers are being overly conservative at the moment.


heavenlywild
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  #2791205 7-Oct-2021 13:29
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alasta:

 

My experience of buying off the plans:

 

  • Specifications are generally really good as this helps with pre-sales.
  • Build quality is average as tendering out occurs after pre-sales are closed, so the developer will just go with the cheapest tender.
  • The details in the contract are paramount. There are a few anecdotes about naive buyers signing contracts with sunset clauses that can be exercised by the developer, and no decent lawyer would advise you to sign such a deal. If your lawyer says walk away, then do as they say! You may need to be prepared for the sunk cost of spending a few hundred dollars on lawyers' fees to ultimately come to the conclusion that the deal is too risky. 
  • I was originally promised that my build would be complete in two years, but it ended up taking four years. The sale and purchase agreement will cover the developer for delays like this. Don't buy off the plans if your situation is time critical!

I had my unit valued via Valocity when the build was completed in December. They gave me a figure of $536k, but the identical neighbouring property sold a couple of weeks later for $762k. The valuation was full of caveats about uncertainty relating to covid 19, so I suspect that valuers are being overly conservative at the moment.

 

 

Can I just say Valocity and co is a monopoly in the game of house valuations. They charge around $800 for the service just so banks can lend out money. Surely the banks can figure out how much a house of a certain size in a certain area is worth? 





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