Real estate, post level 4

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#2858300 30-Jan-2022 08:27

https://www.stuff.co.nz/life-style/homed/real-estate/127583032/heres-what-the-surge-in-new-listings-means-for-the-housing-market

Not a marked drop in prices (sadly).

quickymart

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#2860124 1-Feb-2022 16:20

https://www.newshub.co.nz/home/money/2022/02/oecd-finds-border-delays-and-crash-in-house-prices-are-the-main-risks-facing-the-new-zealand-economy.html

This says a little differently however.

heavenlywild

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#2860159 1-Feb-2022 17:16

quickymart:

https://www.newshub.co.nz/home/money/2022/02/oecd-finds-border-delays-and-crash-in-house-prices-are-the-main-risks-facing-the-new-zealand-economy.html

This says a little differently however.

And remember how accurate "economists" have been over the past 2 years!

quickymart

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#2860160 1-Feb-2022 17:22

That's right, I'll believe it when (or if) I see it.

heavenlywild

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#2860164 1-Feb-2022 17:26

To be fair it's hard for anyone to make a prediction. I just wish these banks or global institutions would stop releasing such statements knowing full well they really have no idea. If you asked them to put money where their mouth is, I bet most of them wouldn't make any assumptions!

Handle9

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#2860183 1-Feb-2022 17:55

heavenlywild:

To be fair it's hard for anyone to make a prediction. I just wish these banks or global institutions would stop releasing such statements knowing full well they really have no idea. If you asked them to put money where their mouth is, I bet most of them wouldn't make any assumptions!

If you ever read the actual reports they almost always present a range of options and make it quite clear that it's uncertain. It's the media and consumers who make it all sound very definitive when they aren't.

Geektastic

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#2860336 1-Feb-2022 23:14

I cannot really see a point to all these economists in NZ. They almost all work for banks and are therefore biased and/or constrained in what they say and most of what they say an A Level economics student would know.

What are they actually useful for? To make weather forecasters look good?

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quickymart

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#2860535 2-Feb-2022 11:11

This is a possibility too - prices could go up:

https://www.oneroof.co.nz/news/40821

tdgeek

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#2860565 2-Feb-2022 11:26

quickymart:

This is a possibility too - prices could go up:

https://www.oneroof.co.nz/news/40821

I feel they will go up, or not go up, or go down. I should be a journo

MikeAqua

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#2861078 3-Feb-2022 09:57

Stuff has reported a 'surprise' uptick in the house market. Presumably it surprised them because for months stuff columns and articles have predicted a down turn.

House price rises are not out for the count just yet, CoreLogic says | Stuff.co.nz

I can only speak for myself but I wasn't surprised. Supply is constrained. Wait until the border reopens 😱 and then we will see more demand and less supply.

Mike

Eitsop

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#2861084 3-Feb-2022 10:10

I can't understand how this fella is skipping meals while on $150k.

And whole point of loan affordability is that you can afford the loan, not that all you can eat is bread.

banks have for far too long been giving loans, that people can't afford. as they have been factoring in property value increases.

https://www.stuff.co.nz/life-style/homed/housing-affordability/127640952/man-lived-on-white-bread-to-qualify-for-home-loan-then-had-his-preapproval-yanked-anyway

cshwone

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#2861088 3-Feb-2022 10:16

Eitsop:

I can't understand how this fella is skipping meals while on $150k.

And whole point of loan affordability is that you can afford the loan, not that all you can eat is bread.

banks have for far too long been giving loans, that people can't afford. as they have been factoring in property value increases.

https://www.stuff.co.nz/life-style/homed/housing-affordability/127640952/man-lived-on-white-bread-to-qualify-for-home-loan-then-had-his-preapproval-yanked-anyway

I think the problem he has is his deposit being <20%

mudguard

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#2861091 3-Feb-2022 10:20

Eitsop:
I can't understand how this fella is skipping meals while on $150k.

And whole point of loan affordability is that you can afford the loan, not that all you can eat is bread.

banks have for far too long been giving loans, that people can't afford. as they have been factoring in property value increases.

https://www.stuff.co.nz/life-style/homed/housing-affordability/127640952/man-lived-on-white-bread-to-qualify-for-home-loan-then-had-his-preapproval-yanked-anyway

That's the thing, if you are working seven days a week for that $150k and once a day, you're not really earning that much.
The bank will average normal expenses and a forty hour work week.

There was another article about the couple in Dunedin who were made to pay down their mortgage when they sold their investment property. But sounds like either one had changed jobs and one was studying. The bank normally doesn't find stuff like that out until you sell or redoc.

I used to get frustrated with a friend who would talk about dairying and say oh the money is great. But if point out they were doing 70-80 hours a week. So divide in two and see how wonderful the pay was.

Handsomedan

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#2861171 3-Feb-2022 11:13

mudguard:
Eitsop:

I can't understand how this fella is skipping meals while on $150k.

And whole point of loan affordability is that you can afford the loan, not that all you can eat is bread.

banks have for far too long been giving loans, that people can't afford. as they have been factoring in property value increases.

https://www.stuff.co.nz/life-style/homed/housing-affordability/127640952/man-lived-on-white-bread-to-qualify-for-home-loan-then-had-his-preapproval-yanked-anyway

That's the thing, if you are working seven days a week for that $150k and once a day, you're not really earning that much.
The bank will average normal expenses and a forty hour work week.

There was another article about the couple in Dunedin who were made to pay down their mortgage when they sold their investment property. But sounds like either one had changed jobs and one was studying. The bank normally doesn't find stuff like that out until you sell or redoc.

I used to get frustrated with a friend who would talk about dairying and say oh the money is great. But if point out they were doing 70-80 hours a week. So divide in two and see how wonderful the pay was.

Yeah someone on $200K working 12 hour days 6 days a week isn't on the hourly rate that many may think.

Also - there are expenses that many don't take into account - Superannuation: at a certain age, you DO need to start putting more away - that is less in the pocket. Medical Insurance: Can be costly. Mortgage Protection Insurance, Life Insurance, Disability Insurance, Income Protection Insurance - all pretty spendy.

Then you may have a car that has ongoing expenses, kids to put through school/uni/sports etc.

It goes on and on.

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Divhon88

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#2861490 4-Feb-2022 05:54

My solicitor has just informed me that the developer wants to extend our sunset clause from 28 of Feb 2023 to the 20th of Sept 2023. Is this the darkest days of our lives.

Do I have a choice? Should I just say yes as there's practically no alternative for me?

To those who bought off the plan turn keys. How close did your house completion came to your sunset clauses?

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