New Zealand housing market (particularly Auckland)

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#2084412 5-Sep-2018 15:48

Love the GC. Great beaches close by, some decent golf courses, and if you have kids the theme parks have very cheap season tickets for local residents.

kryptonjohn

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#2084414 5-Sep-2018 15:50

mattwnz:

MikeAqua:

It also has to be said that high property prices in many places, reflect a high level of contention for the available properties. Put simply there are too many people who want to live in Auckland, Tauranga, Queenstown etc. In normal circumstances this would stimulate more supply. But, supply is artificially constrained by regulation.

The resulting increase in the cost of housing is what anyone who did Econ101 would predict.

The market is not only working - it's screaming from the rooftops "go and live somewhere else".

Wellington also seems to eventually follow and nearly match the price rises in Auckland, especially as Wellington seem to have just as high incomes. I recall in themid 2000's the prices of houses in Auckland vs Wellington weren't that much different. But I think the E/Q risk in Wellington does put a lot of people off, esp the overseas investors. I think Auckland prices are, in terms of your average house being a million dollars, is largely based on it's lands future potential value. Didn't a row of 4 of the 'the block' houses get bulldozed, and the land used for building apartments? That sort of intesification is only going to happen more and more, and people with standalone houses will likely be forced to sell as the values and rates go up significantly. It is a double edged sword.

You get so much more for your $ in WLG. A nice house with expansive harbour views in WLG for $1M would be $3-4M in Auckland... mainly due to the land cost.

quickymart

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#2084426 5-Sep-2018 16:20

To the person who earlier said "just cut out the luxuries and get creative" - fuzzychicken's post rings true with me. Even cutting out the luxuries and getting creative (what does that mean anyway?) I still barely get by just paying my rent, never mind saving anything.

Dulouz

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#2084664 6-Sep-2018 06:41

quickymart: To the person who earlier said "just cut out the luxuries and get creative" - fuzzychicken's post rings true with me. Even cutting out the luxuries and getting creative (what does that mean anyway?) I still barely get by just paying my rent, never mind saving anything.

Creative means think about different ways you can make money. If you have a job develop a side hustle. If you don't have a job get out and hustle. You'll be surprised what a little action can create. We have a free market and there are opportunities to provide value and earn revenue everywhere.

Amanon

tdgeek

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#2084667 6-Sep-2018 07:15

An option, and not a new one, is for a couple to live off one income and save the other

quickymart

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#2084670 6-Sep-2018 07:21

How common are rent-to-own agreements these days? I know they used to be fairly popular, but what about today?

MileHighKiwi

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#2084684 6-Sep-2018 07:53

quickymart: To the person who earlier said "just cut out the luxuries and get creative" - fuzzychicken's post rings true with me. Even cutting out the luxuries and getting creative (what does that mean anyway?) I still barely get by just paying my rent, never mind saving anything.

Sorry man but if you're 'just getting by' paying rent, you aren't in a position to own a home anywhere. Home ownership isn't a right. My parents, in their 60s, have never owned their own home. They never earned much and were bad with the little money they had. Home ownership was never realistic for them.

My wife and I went to university as adult students because we wanted to increase our earnings and one day buy a house. We've recently sold our first home and upsized to our forever family home, our earnings are twice what they were 10 years ago.

Maybe you need to think more strategically about your future.

Sharesies kids

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quickymart

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#2084692 6-Sep-2018 08:15

Right, I'll just keep on paying forever and forget about my dream of owning my own home? Got it, thanks.

MileHighKiwi

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#2084951 6-Sep-2018 11:54

quickymart: Right, I'll just keep on paying forever and forget about my dream of owning my own home? Got it, thanks.

So what's your plan? Wait for house prices to miraculously fall to a level where people who cant even save any money while renting can afford to buy a place? Or do you try and increase your earning potential? Move somewhere more affordable? Sounds like you're looking for a silver bullet .

House prices are out of control in Akl. Our household Income is 200k and we would never think of moving to Auckland.

MikeAqua

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#2084981 6-Sep-2018 12:19

MileHighKiwi:

House prices are out of control in Akl. Our household Income is 200k and we would never think of moving to Auckland.

Likewise .. we could only move under the acceptance of a massive deterioration in lifestyle and probably worse off financially.

Currently we have a modern, warm, dry, efficient house, with panoramic views of Tasman Bay and a 12 minute drive to Nelson's 'CBD'.

Bought for a price that would make Aucklanders weep with jealousy.

Mike

quickymart

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#2085004 6-Sep-2018 13:04

No, I'm just frustrated that prices are so ridiculous. I don't love Auckland but (as I said) due to having a son with special needs requiring specialist care. So, like someone else said in this thread earlier (can't remember who) I'm stuck here for now.

frednz

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#2085013 6-Sep-2018 13:23

quickymart: Right, I'll just keep on paying forever and forget about my dream of owning my own home? Got it, thanks.

The latest way of avoiding rent is to become a house-sitter and in return for feeding a couple of cats or dogs, you get to live in someone else's house rent free and also charge the owners a pet-minding fee. Sometimes you can get a term as long as 6 months if the owner is going on an extended trip overseas. And it also gives you a variety of places to stay in to break the monotony.

Well, it has its drawbacks as well I suppose, but particularly for a single person it enables some cash savings to be made.

And here's the latest clickbait from Stuff:

https://www.stuff.co.nz/business/106855889/qv-data-shows-new-zealand-house-prices-falling

It's all about how house prices are falling when in fact they're not!

tdgeek

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#2085019 6-Sep-2018 13:38

frednz:

quickymart: Right, I'll just keep on paying forever and forget about my dream of owning my own home? Got it, thanks.

The latest way of avoiding rent is to become a house-sitter and in return for feeding a couple of cats or dogs, you get to live in someone else's house rent free and also charge the owners a pet-minding fee. Sometimes you can get a term as long as 6 months if the owner is going on an extended trip overseas. And it also gives you a variety of places to stay in to break the monotony.

Well, it has its drawbacks as well I suppose, but particularly for a single person it enables some cash savings to be made.

And here's the latest clickbait from Stuff:

https://www.stuff.co.nz/business/106855889/qv-data-shows-new-zealand-house-prices-falling

It's all about how house prices are falling when in fact they're not!

I have already posted that article. In the Stuff Posts thread, given its rubbish, as it started off with a warning frenzy. Apparently some are suffering right now, can't locate details on those...

MikeAqua

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#2085145 6-Sep-2018 17:10

frednz:

The latest way of avoiding rent is to become a house-sitter and in return for feeding a couple of cats or dogs, you get to live in someone else's house rent free and also charge the owners a pet-minding fee. Sometimes you can get a term as long as 6 months if the owner is going on an extended trip overseas. And it also gives you a variety of places to stay in to break the monotony.

Well, it has its drawbacks as well I suppose, but particularly for a single person it enables some cash savings to be made.

I did lifestyle block sitting for close to two years as a young guy. First gig I was asked to house-sit by friends, subsequent three houses by word of mouth. Way nicer accommodation than a 20 year old new to the work force could dream of. Saved enough deposit to buy my first property for the princely sum of $215k. My record of savings impressed the bank no end.

Then the Americas cup came to NZ and housing prices went troppo.

Mike

quickymart

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#2085150 6-Sep-2018 17:24

So rent-to-owns don't really happen anymore?

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