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

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#2557165 4-Sep-2020 16:59

quickymart:

This is more like it, at least someone is trying to find a solution rather than sitting there endlessly saying "high house prices are great, let's keep them up for as long as possible", making it nigh on impossible for anyone to get onto the property ladder without an enormous (unrealistic for most) deposit, as well as being told to live with it, this is the way of the world now, etc etc etc

I don't know what you want TBH. You're asking questions which is great but no one can give you the answer you want to hear.

I don't believe anyone is pretending that the Auckland housing affordability situation is good but it's not going to change anytime soon. I know that isn't palatable but it's also true.

mattwnz

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#2557170 4-Sep-2020 17:09

concordnz: Really! That's extremely suprising,
That's a regulated industry - they could get in serious trouble and be blacklisted or lose their licence if they are that far out.
Are you are sure there wasn't something wrong with the property, that they took into account & the people putting offers in, decided to ignore/overlook?

I would have to suggest there was probably more to the story, - as that would be incredibly rare/never in my experience.

It was an architecturally designed house, so it wasn't a standard off the plan house, and had high quality fittings and build quality. It sold not long after being built because the owner died not long after it was built, so it was almost brand new, and I know that the build cost was very high. But there were no issues with it that the valuer took into account. They valued it on it's location and size, and that it was architecturally designed, and they did spend a long time on site. It wasn't in a top location, and it wasn't a large house. So they were comparing it to other new houses around the area, which were not up to the same quality or design.

Senecio

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#2557186 4-Sep-2020 17:59

Handle9:
quickymart:

This is more like it, at least someone is trying to find a solution rather than sitting there endlessly saying "high house prices are great, let's keep them up for as long as possible", making it nigh on impossible for anyone to get onto the property ladder without an enormous (unrealistic for most) deposit, as well as being told to live with it, this is the way of the world now, etc etc etc

I don't know what you want TBH. You're asking questions which is great but no one can give you the answer you want to hear.

I don't believe anyone is pretending that the Auckland housing affordability situation is good but it's not going to change anytime soon. I know that isn't palatable but it's also true.

What quickymart wants is for me, and every other home owner in Auckland to go bankrupt and lose our shirts on our properties, just so he and his kids can afford a house. Very unrealistic as well as being incredibly selfish.

Handle9

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#2557187 4-Sep-2020 18:03

Senecio:

What quickymart wants is for me, and every other home owner in Auckland to go bankrupt and lose our shirts on our properties, just so he and his kids can afford a house. Very unrealistic as well as being incredibly selfish.

I genuinely don't believe that is what he wants to happen as I don't think he is a nasty person who wants to see other people suffer. I also get that he is frustrated, as are many people who struggle to buy a house.

It's not a simple subject and there aren't easy solutions.

quickymart

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#2557196 4-Sep-2020 18:26

@Handle9 is on the money (and thank you for deciphering what I am trying to say) - I am deeply frustrated by the unaffordability in Auckland and would love to see things change. But no, I don't want anyone to lose their house, not for a moment. I just wish there were enough houses to hold the city's population.
When I hear stories of families in South Auckland living out of cars because they simply can't afford to rent, never mind buy, that concerns me a lot.

No one should lose their house - but if someone would like to buy one, they should be able to without having to stump up an astronomical deposit.

I agree these aren't the answers I want to hear, but I also don't want any existing property owners to lose their place just so I can afford one. That would make things even worse than they are now. Yes, I rent, and it's not ideal - but at least I have somewhere to live. A number of South Auckland families don't.

Senecio

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#2557212 4-Sep-2020 18:58

I also don't believe you're a nasty person. I know you don't want people to lose their houses, but you want affordability. Unfortunately the only way Auckland house prices are going to reach affordable levels is if those who already own their own home lose a crap ton of money.

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Handle9

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#2557226 4-Sep-2020 19:20

Senecio:
I also don't believe you're a nasty person. I know you don't want people to lose their houses, but you want affordability. Unfortunately the only way Auckland house prices are going to reach affordable levels is if those who already own their own home lose a crap ton of money.

That's not necessarily true. A period of relatively high inflation could make housing more affordable. That would have other economic consequences that aren't too attractive though.

Where I think you are correct is for every change there will be implications. Nothing happens in isolation.

kingdragonfly

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#2557302 4-Sep-2020 21:39

Senecio: What quickymart wants is for me, and every other home owner in Auckland to go bankrupt and lose our shirts on our properties, just so he and his kids can afford a house. Very unrealistic as well as being incredibly selfish.

It's hard to say if real estate is a zero sum game.

The people who say "absolutely not a zero sum game" are the "winners." For example a web search that pitches real estate is not zero sum are almost always trickle-down economists and real estate companies who either want to lure in marginal buyers, and/or keep the status-quo.

You could argue Senecio is incredibly the selfish. effectively saying to upcoming generations "Sucks to be you. We got ours, and your needs aren't that important."

What is a Zero-Sum Game?

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Paul1977

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#2558423 7-Sep-2020 10:47

While not a viable option for everyone, more people need to move away from Auckland. If Auckland is where everybody wants to live, the property prices there will remain disproportionately high.

This means more businesses need to move out of Auckland. In today's connected world, many businesses could run equally well being based anywhere.

Senecio

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#2558425 7-Sep-2020 10:52

This is my plan. As soon as I can develop an income stream that is not reliant on my turning up to a work place in a major city every day I plan to get out.

Working on it, but it's not that easy.

quickymart

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#2562220 11-Sep-2020 11:58

https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12364051

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kingdragonfly

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#2562356 11-Sep-2020 15:16

I'm putting in some low bids on houses for 6 months, which I don't expect to win.

I wonder how Auckland apartment prices are doing?

quickymart

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#2562431 11-Sep-2020 16:13

Better than standlone houses, the ones I've looked at, anyway.

quickymart

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#2563246 13-Sep-2020 11:36

https://www.stuff.co.nz/life-style/homed/300102928/wheres-that-housing-downturn-we-talked-about

mudguard

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#2563249 13-Sep-2020 12:15

Paul1977:

While not a viable option for everyone, more people need to move away from Auckland. If Auckland is where everybody wants to live, the property prices there will remain disproportionately high.

This means more businesses need to move out of Auckland. In today's connected world, many businesses could run equally well being based anywhere.

It's kind of a chicken and egg thing though isn't it? I work in finance, a friend of mine moved from Auckland to Tauranga and took a 50% pay cut!

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