Real estate, post level 4

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5039 posts

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#2836827 22-Dec-2021 11:53

Divhon88:

I've placed a 10% deposit to secure one of this 3 bedroom homes down here in Rotorua. Now it seems all those unsold ones are given to Kiwibuild at just $500,000 each.

Now it feels that I've just been robbed $139,000 + $16,000 FHL Grant.

https://www.kiwibuild.govt.nz/available-homes/show/66/mountview-green

Can any eligible person just purchase the Kiwibuild one though, or is it like a lottery where heaps apply? E.g are you able to just phone up and purchase the one for $500,000 from Kiwibuild, and then just cancel the other and forfeit the deposit ($563,900 is still better than $639,000)? Or better yet try to find a loophole to get out of the contract and get deposit back?

If the $500,000 one is like a lottery, where you have only a tiny chance of getting it at that price then the $639,000 is a lot easier to swallow since it's guaranteed.

But how can Kiwibuild sell the exact same house for $139,000 less? Did the developers substantially drop the price, or is the Government just subsidising it?

mattwnz

20141 posts

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#2836888 22-Dec-2021 14:31

My understanding is that the governemnt does not subsidise them.
Often kiwibuild versions aren't as large or missing features, eg one carpark instead of 2

Zeon

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#2836911 22-Dec-2021 14:58

My partner tried to sell her west auckland property on Monday. She paid $610,000 for it in 2016 and not a single bidder at opening $700,000......

It was an online auction though and seemed very hard to get connected.....

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Handsomedan

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#2836912 22-Dec-2021 15:00

Zeon:

My partner tried to sell her west auckland property on Monday. She paid $610,000 for it in 2016 and not a single bidder at opening $700,000......

It was an online auction though and seemed very hard to get connected.....

What kind of property was it? Apartment? Concrete pad with tent?

Seems strange in this climate that it didn't sell...

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Zeon

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#2836914 22-Dec-2021 15:02

Handsomedan:

Zeon:

My partner tried to sell her west auckland property on Monday. She paid $610,000 for it in 2016 and not a single bidder at opening $700,000......

It was an online auction though and seemed very hard to get connected.....

What kind of property was it? Apartment? Concrete pad with tent?

Seems strange in this climate that it didn't sell...

Standalone house on a cross lease section. It needs some work but would be a decent family home.....

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Handsomedan

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#2836916 22-Dec-2021 15:03

Is this the future of suburban living in NZ?

These have been built just down the road from me (right on the edge of a new motorway), but they're a little different:

Lock-up studios, with shared living spaces/laundry/kitchen etc.

The Ultimate Modern Living Option | Collett Realty

Just a bit...odd (to me).

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lxsw20

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#2836921 22-Dec-2021 15:10

Looks like perfect student accommodation.

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heavenlywild

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#2836942 22-Dec-2021 15:59

I think the market is quiet now but come late January and February, people with new and updated loans, will be out and about again.

This year's different as Aucklanders have just been "let out" and with banks applying new loan rules and applicants needing to re-apply, it's been quiet in December.

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Batman

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#2836947 22-Dec-2021 16:02

Zeon:

My partner tried to sell her west auckland property on Monday. She paid $610,000 for it in 2016 and not a single bidder at opening $700,000......

It was an online auction though and seemed very hard to get connected.....

nobody buys houses during christmas week

mattwnz

20141 posts

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#2836972 22-Dec-2021 16:35

Batman:
Zeon:

My partner tried to sell her west auckland property on Monday. She paid $610,000 for it in 2016 and not a single bidder at opening $700,000......

It was an online auction though and seemed very hard to get connected.....

nobody buys houses during christmas week

House next door just sold today and only on the market for 5 days

But the market has turned with a lot more houses on the market and less people looking. I think the rising interest rates and getting finance is the issue

Handsomedan

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#2836978 22-Dec-2021 16:39

lxsw20:

Looks like perfect student accommodation.

That's got to be the target market, but we are quite a long way from the universities. You have to drive. Buses aren't great from there and it seems inconvenient for a bunch of students to be in the middle of the suburbs on the North Shore miles away from what you need and want as a student.

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heavenlywild

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#2836983 22-Dec-2021 16:45

mattwnz:

House next door just sold today and only on the market for 5 days

But the market has turned with a lot more houses on the market and less people looking. I think the rising interest rates and getting finance is the issue

I think not so much due to higher interest rates yet but banks being much more difficult (due to change in law) handing out wads of cash unchecked.

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MikeAqua

7773 posts

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#2836990 22-Dec-2021 17:03

mattwnz: ]

House next door just sold today and only on the market for 5 days

But the market has turned with a lot more houses on the market and less people looking. I think the rising interest rates and getting finance is the issue

Someone put an offer on our apartment, which isn't even on the market. We didn't even consider. Because Brightline. If we sold and bought again it would be 10 years of ownership before we are free of Brightline. Better to hold onto what we have. Kind of annoyed me actually, because the building manager gave the agent my mobile number without permission.

I feel sorry for first home buyers. Higher interest rates reduce their prospects of borrowing and so do the predictions of a reduction in property value. Their prospects of home ownership keep getting bleaker.

Mike

tdgeek

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#2837036 22-Dec-2021 19:03

Batman:

nobody buys houses during christmas week

That's it. Its not a demand issue, its a demand issue before Santa

tdgeek

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#2837037 22-Dec-2021 19:05

mattwnz:

House next door just sold today and only on the market for 5 days

But the market has turned with a lot more houses on the market and less people looking. I think the rising interest rates and getting finance is the issue

Your one example on 22 Dec isn't an example.

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