Real estate, post COVID-19 level 4 (since 2020)

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#2812956 15-Nov-2021 07:03

Funny though, right beside that Herald article this morning is the one lauding The Block NZ winners for having made a $760000 profit (all couples made similar profits). Surely this doesn’t pass the bright line test for a residence and they can look forward to losing almost half their ‘winnings’ in tax.

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#2812959 15-Nov-2021 07:14

Did the contestants own the houses, or is the TV company in for some tax and, with the contestants getting "prize money", are they then ok?

Dingbatt

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#2812968 15-Nov-2021 07:44

Yeah, more to the point where the Herald is celebrating one group taking advantage while admonishing another for doing the same. All the time getting a roof over your head for the first time gets harder and harder.

“We’ve arranged a society based on science and technology, in which nobody understands anything about science technology. Carl Sagan 1996

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#2813143 15-Nov-2021 12:05

tdgeek:
mattwnz:

I wonder how they are able to do 2.75% for 30 years in the US. Surely these banks are also borrowing for that term in order to lend for that term.

As per Handles post I guess.

Like this

https://www.investopedia.com/articles/economics/08/fannie-mae-freddie-mac-credit-crisis.asp

We could probably utilise the 'Cullen Fund' to achieve the same thing to be honest.

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#2814958 18-Nov-2021 01:16

Dingbatt:

Funny though, right beside that Herald article this morning is the one lauding The Block NZ winners for having made a $760000 profit (all couples made similar profits). Surely this doesn’t pass the bright line test for a residence and they can look forward to losing almost half their ‘winnings’ in tax.

I didn't watch it this year so I don't know what the houses were like. But this these types of amounts do seem quite obscene. Maybe they were badly undervalued for all of them to get such huge amounts over the estimates. Or maybe we have massive inflation to look forward to to catch up to house prices.

quickymart

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#2819822 26-Nov-2021 14:26

https://www.newshub.co.nz/home/money/2021/11/housing-new-zealand-prices-to-calm-next-year-before-fall-poll.html

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itey

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#2819875 26-Nov-2021 16:11

That link above relates to data from a poll so not really sure it's got anything of substance..

quickymart

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#2820938 29-Nov-2021 10:04

https://www.stuff.co.nz/life-style/homed/housing-affordability/300451785/mega-landlords-new-parents-sell-home-instantly-priced-out-of-moving-up-ladder

This surprised me somewhat - I would have thought that with this guy being a mortgage adviser he would have had a handle on the market, ie, make an offer on your new place first, then put yours on the market and it will sell quickly.

Not "I'll sell my old place first and just hope for the best". Now he's complaining he's being priced out.

mudguard

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#2820949 29-Nov-2021 10:42

quickymart:

https://www.stuff.co.nz/life-style/homed/housing-affordability/300451785/mega-landlords-new-parents-sell-home-instantly-priced-out-of-moving-up-ladder

This surprised me somewhat - I would have thought that with this guy being a mortgage adviser he would have had a handle on the market, ie, make an offer on your new place first, then put yours on the market and it will sell quickly.

Not "I'll sell my old place first and just hope for the best". Now he's complaining he's being priced out.

That article struck me as odd as well, and hard to be too sympathetic...

The family thought they would have enough to upgrade to a larger three-bedroom after their home set what he believes was a new record for the street.

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#2820965 29-Nov-2021 10:50

mudguard:

quickymart:

https://www.stuff.co.nz/life-style/homed/housing-affordability/300451785/mega-landlords-new-parents-sell-home-instantly-priced-out-of-moving-up-ladder

This surprised me somewhat - I would have thought that with this guy being a mortgage adviser he would have had a handle on the market, ie, make an offer on your new place first, then put yours on the market and it will sell quickly.

Not "I'll sell my old place first and just hope for the best". Now he's complaining he's being priced out.

That article struck me as odd as well, and hard to be too sympathetic...

The family thought they would have enough to upgrade to a larger three-bedroom after their home set what he believes was a new record for the street.

Also missing for the discussion on mega-landlords is that the biggest landlord, is the Ministry of Housing. They are also allowed longer than private landlords to bring their properties up to the healthy home standards. An interesting differentiation, given that they house some of the more vulnerable tenants in society.

Mike

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#2821041 29-Nov-2021 13:34

MikeAqua:

Also missing for the discussion on mega-landlords is that the biggest landlord, is the Ministry of Housing. They are also allowed longer than private landlords to bring their properties up to the healthy home standards. An interesting differentiation, given that they house some of the more vulnerable tenants in society.

They also barely answer to surrounding neighbours when complaints are made and tenants are unruly/messy/abusive/antisocial or just plain horrible.

I know everyone deserves a place to live, but in those cases, the neighbours also deserve a right to live peacefully.

On the gross increases in real estate prices thing - we've been in the same small house for over 20 years and seen its value skyrocket. But we couldn't afford to move into anything better without moving at least 1/2hr drive away up north or west (in Auckland).

I still think of my little 3 bedroom house with one bathroom on a half section as being a roughly $500k house.

It's currently valued at three times that and rising. That's "large home in a posh suburb" territory as far as I am concerned. It's utterly ludicrous.

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#2821045 29-Nov-2021 13:41

Handsomedan:
MikeAqua:

Also missing for the discussion on mega-landlords is that the biggest landlord, is the Ministry of Housing. They are also allowed longer than private landlords to bring their properties up to the healthy home standards. An interesting differentiation, given that they house some of the more vulnerable tenants in society.

They also barely answer to surrounding neighbours when complaints are made and tenants are unruly/messy/abusive/antisocial or just plain horrible.

I know everyone deserves a place to live, but in those cases, the neighbours also deserve a right to live peacefully.

On the gross increases in real estate prices thing - we've been in the same small house for over 20 years and seen its value skyrocket. But we couldn't afford to move into anything better without moving at least 1/2hr drive away up north or west (in Auckland).

I still think of my little 3 bedroom house with one bathroom on a half section as being a roughly $500k house.

It's currently valued at three times that and rising. That's "large home in a posh suburb" territory as far as I am concerned. It's utterly ludicrous.

Sounds like my father who used to tell me about the Riley he bought which was expensive at £400!!

MikeAqua

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#2821073 29-Nov-2021 14:45

Handsomedan:

I still think of my little 3 bedroom house with one bathroom on a half section as being a roughly $500k house.

It's currently valued at three times that and rising. That's "large home in a posh suburb" territory as far as I am concerned. It's utterly ludicrous.

Likewise I look at my slightly nicer than average house in Blenheim which is valued around $1m. We paid about $700k for it a couple of years ago. I can't see $1m of value in it. It's a spec-home, with a very basic fit out a small section and a pool. The growth in the property market has definitely put me off moving up the ladder. The rungs are simply too far apart now.

Mike

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#2821075 29-Nov-2021 14:50

Handsomedan:

I still think of my little 3 bedroom house with one bathroom on a half section as being a roughly $500k house.

It's currently valued at three times that and rising. That's "large home in a posh suburb" territory as far as I am concerned. It's utterly ludicrous.

I bought in August this year so late to the game but there wasn't much I could do about it. I'm bombarded by people saying, the gains, the gains, the gains.

I just want to live in one place, paint a wall without permission, pay off the mortgage as fast as possible and hopefully be able to retire and relax (though to be fair my lockdown has been relaxing to the point of boredom and I'm lucky to be on full pay). My partner and I are child-free and will stay that way, so I guess we don't have any pressure on needing more room.

Something has to give, maybe ramping rates back to ten percent is the only way.

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#2821076 29-Nov-2021 14:51

in a rising market - buy first, then sell https://www.stuff.co.nz/life-style/homed/housing-affordability/300451785/mega-landlords-new-parents-sell-home-instantly-priced-out-of-moving-up-ladder

meanwhile ... https://www.stuff.co.nz/life-style/homed/housing-affordability/300409744/mega-landlord-describes-rot-in-a-housing-market-that-advantages-investors

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