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

Forums › Home Workshop DIY › Real estate, post COVID-19 level 4 (since 2020)

1 | ... | 116 | 117 | 118 | 119 | 120 | 121 | 122 | 123 | 124 | 125 | 126 | ... | 174

14964 posts

Uber Geek
+1 received by user: 14003

ID Verified

#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

14964 posts

Uber Geek
+1 received by user: 14003

ID Verified

#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

5091 posts

Uber Geek
+1 received by user: 901

Trusted

#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

14964 posts

Uber Geek
+1 received by user: 14003

ID Verified

#2860160 1-Feb-2022 17:22

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

heavenlywild

5091 posts

Uber Geek
+1 received by user: 901

Trusted

#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

11937 posts

Uber Geek
+1 received by user: 9699

Trusted

Lifetime subscriber

#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.

Geekzone support

Support Geekzone with one-off or recurring donations Donate via PressPatron.

Geektastic

18012 posts

Uber Geek
+1 received by user: 8470

Trusted

Lifetime subscriber

#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?

quickymart

14964 posts

Uber Geek
+1 received by user: 14003

ID Verified

#2860535 2-Feb-2022 11:11

This is a possibility too - prices could go up:

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

tdgeek

30048 posts

Uber Geek
+1 received by user: 9455

Trusted

Lifetime subscriber

#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

8036 posts

Uber Geek
+1 received by user: 3827

#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

584 posts

Ultimate Geek
+1 received by user: 153

ID Verified

#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

Quic Broadband

Move to New Zealand's best fibre broadband service (affiliate link). Free setup code: R587125ERQ6VE. Note that to use Quic Broadband you must be comfortable with configuring your own router.

cshwone

1093 posts

Uber Geek
+1 received by user: 851

#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

2330 posts

Uber Geek
+1 received by user: 1252

#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

7775 posts

Uber Geek
+1 received by user: 7417

ID Verified

Trusted

Subscriber

#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.

Handsome Dan Has Spoken.
Handsome Dan needs to stop adding three dots to every sentence...

Handsome Dan does not currently have a side hustle as the mascot for Yale

*Gladly accepting donations...

Divhon88

99 posts

Master Geek
+1 received by user: 33

ID Verified

#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?

1 | ... | 116 | 117 | 118 | 119 | 120 | 121 | 122 | 123 | 124 | 125 | 126 | ... | 174