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

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#3265142 27-Jul-2024 14:35

eracode:

tweake:

ll personal responsibility so i can't feel overly sorry for them. however scamming is illegal for a reason.

Very difficult to protect people from their own foolishness.

o so true. however at least with comment sections you can put a warning out. if they are stupid enough to ignore that then good luck to them. but then companies delete those warnings and use comments from other people to make it look legit, thats pretty bad. especially from media thats meant to be impartial.

kingdragonfly

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#3266691 31-Jul-2024 19:46

“There are three kinds of lies: Lies, Damned Lies, and Statistics” has been attributed to Mark Twain, who himself attributed it to British Prime Minister Benjamin Disraeli, who might never have said it in the first place.

The Youtube presenter says that house prices have increased by 36 times between 1973 and 2020. There's lot of ways on calculating historical AUD change, but roughly AUD purchasing power increase by 12 times ($100 in 1973 buys $1,230 in 2020). So it's bad but not as bad as 36 times.

Still it's brutal in Australia.

I'm a bit surprised two California cities are less affordable than Auckland. I thought Auckland was solidly more expensive.

Why Living In Australia Is Impossible

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Handle9

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#3266692 31-Jul-2024 19:53

kingdragonfly:

I'm a bit surprised two California cities are less affordable than Auckland. I thought Auckland was solidly more expensive.

San Jose is a massive technology centre (as is San Francisco up the road) which creates significant upward pressure on COL and LA has always been grossly unaffordable.

elpenguino

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#3266712 31-Jul-2024 21:30

kingdragonfly: “There are three kinds of lies: Lies, Damned Lies, and Statistics” has been attributed to Mark Twain, who himself attributed it to British Prime Minister Benjamin Disraeli, who might never have said it in the first place.

The Youtube presenter says that house prices have increased by 36 times between 1973 and 2020. There's lot of ways on calculating historical AUD change, but roughly AUD purchasing power increase by 12 times ($100 in 1973 buys $1,230 in 2020). So it's bad but not as bad as 36 times.

Still it's brutal in Australia.

I'm a bit surprised two California cities are less affordable than Auckland. I thought Auckland was solidly more expensive.

Why Living In Australia Is Impossible

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The grass is greener.

A relative moved to Melbourne a while ago (10-15 years) met someone and they built / bought a house. Can't be that hard, right?

Catch is, it's a 2 hour drive from the centre of Melbourne but ..... it's still Melbourne (over the horizon, somewhere in that direction).

2 hours drive from the centre of Auckland is just outside the centre of Auckland 😜

Most of the posters in this thread are just like chimpanzees on MDMA, full of feelings of bonhomie, joy, and optimism. Fred99 8/4/21

quickymart

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#3266719 31-Jul-2024 22:16

I guess one could argue a big difference is the public transport in Melbourne is markedly better than Auckland's, though - I know they have a fairly extensive train and tram system, as well as interstate trains.

https://railmaps.com.au/melbourne.htm

elpenguino

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#3266736 1-Aug-2024 00:01

quickymart:

I guess one could argue a big difference is the public transport in Melbourne is markedly better than Auckland's, though - I know they have a fairly extensive train and tram system, as well as interstate trains.

https://railmaps.com.au/melbourne.htm

Well, don't get me wrong, he still lives in Victoria.

Most of the posters in this thread are just like chimpanzees on MDMA, full of feelings of bonhomie, joy, and optimism. Fred99 8/4/21

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kingdragonfly

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#3279670 7-Sep-2024 13:01

Has anyone looked at New Zealand Taxpayers’ Union each year, the Ratepayers’ Report, https://ratepayersreport.nz/?

(It asks for your name and email, but will accept junk values)

It's showing some impossibly low values for Average Residential Rates ($)

$226 --- Otago Regional Council
$257 --- Taranaki Regional Council
$274 --- Environment Southland
$362 --- West Coast Regional Council
$419 --- Waikato Regional Council
$424 --- Northland Regional Council
$479 --- Bay of Plenty Regional Council
$483 --- Hawkes Bay Regional Council
$570 --- Greater Wellington Regional Council
$2998 --- Christchurch City Council
$2972 --- Wellington City Council
$2825 --- Auckland Council

lxsw20

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#3279672 7-Sep-2024 13:11

I wouldn't trust something the tax payers union publish as far as I could throw it, but that's more of a politics discussion.

Regional Council rates are not the same as council rates. In Dunedin I pay rates to the DCC and ORC. My DCC rates bill is $3423.89, based on a house valuation of 570k.

tweake

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#3279678 7-Sep-2024 13:19

kingdragonfly: Has anyone looked at New Zealand Taxpayers’ Union each year, the Ratepayers’ Report, https://ratepayersreport.nz/?

(It asks for your name and email, but will accept junk values)

It's showing some impossibly low values for Average Residential Rates ($)

$226 --- Otago Regional Council
$257 --- Taranaki Regional Council
$274 --- Environment Southland
$362 --- West Coast Regional Council
$419 --- Waikato Regional Council
$424 --- Northland Regional Council
$479 --- Bay of Plenty Regional Council
$483 --- Hawkes Bay Regional Council
$570 --- Greater Wellington Regional Council
$2998 --- Christchurch City Council
$2972 --- Wellington City Council
$2825 --- Auckland Council

that looks to be about right.

we pay two rates, local district plus local regional rates. eg i pay $400 northland regional plus $3000 kaipara rates. so $3400.

however it also depends on what else you pay for separately. eg sewage, water, rubbish etc.

rscole86

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#3279683 7-Sep-2024 14:41

My GWRC portion is $950, so the average in their table will make the average GWRC property value around $530,000.

I wonder if HNZ properties have been included, therefore dragging that average property down.

lxsw20

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#3298486 17-Oct-2024 12:23

We put an offer in on a place that was being sold through Deadline sale (basically a blind auction) and just missed out. Our lawyer was saying it wasn't auctions pushing prices up so much as it was Deadline sale.

It's not the missing out on the house that hurts as much as all the admin we will have to do again to get an offer in on the next place - getting the bank to approve the house so we can do Cash offer, getting proof that the house can be insured etc.

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wellygary

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#3298572 17-Oct-2024 14:56

lxsw20:

I wouldn't trust something the tax payers union publish as far as I could throw it, but that's more of a politics discussion.

Regional Council rates are not the same as council rates. In Dunedin I pay rates to the DCC and ORC. My DCC rates bill is $3423.89, based on a house valuation of 570k.

Yip This,

Most people pay rates to a territorial Authority (District or City Council) + A regional Authority

Auckland is the exception, with Auckland council being unitary,

BUT, and this is a big BUT, comparisons amongst councils are a real PITA,

Some councils bill water separately from rates (Auckland), while others include water costs in rates for some ratepayers but not others,

Wellington City Council for example bill most suburban homes (which don't have water meters) about $800 -$1000 as part of their rates, BUT downtown apartments don't pay water rates, as they are have a bulk water meter for the building and therefore make their water payments via body corp levies charged to the building body corp..

wellygary

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#3298573 17-Oct-2024 15:01

lxsw20:

We put an offer in on a place that was being sold through Deadline sale (basically a blind auction) and just missed out. Our lawyer was saying it wasn't auctions pushing prices up so much as it was Deadline sale.

It's not the missing out on the house that hurts as much as all the admin we will have to do again to get an offer in on the next place - getting the bank to approve the house so we can do Cash offer, getting proof that the house can be insured etc.

Yip, this * lots ,

Its all the prep you need to do to put an offer in that is the killer - Inspection reports, checking Lim reports, bank approvals

In terms of power balance, its probably now flowing back to the seller, lower interest rates are likely to make it easier for people to buy, hence more buyers vs sellers, so expect more tenders and auctions.....

mattwnz

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#3298638 17-Oct-2024 16:17

wellygary:

lxsw20:

I wouldn't trust something the tax payers union publish as far as I could throw it, but that's more of a politics discussion.

Regional Council rates are not the same as council rates. In Dunedin I pay rates to the DCC and ORC. My DCC rates bill is $3423.89, based on a house valuation of 570k.

Yip This,

Most people pay rates to a territorial Authority (District or City Council) + A regional Authority

Auckland is the exception, with Auckland council being unitary,

BUT, and this is a big BUT, comparisons amongst councils are a real PITA,

Some councils bill water separately from rates (Auckland), while others include water costs in rates for some ratepayers but not others,

Wellington City Council for example bill most suburban homes (which don't have water meters) about $800 -$1000 as part of their rates, BUT downtown apartments don't pay water rates, as they are have a bulk water meter for the building and therefore make their water payments via body corp levies charged to the building body corp..

The whole council and rating system needs to be completely redone as it is totally unfair IMO. We have a neighbour who is paying 13k in rates and has 4 people living there. But then there is another house nearby that has 6 people living in it that is paying 5k a year. The only difference is the property values. The house with 6 people are potentially using more council services. So rates are essentially a wealth tax, rather than being a fair reflection of the services a property uses. This problem also prevents councils from being able to increase rates as much as they apparently need to. If you buy or build a new home for a healthier warmer environment, then you also end up paying more in rates, as that property is likely to be worth more. But if you own an old rental, then there is no incentive to replace the house with a new one, because it will end up paying more in rates. I was looking at Auckland rates, and their rates seem relatively low. Maybe that is one of the benefits of a supercity. Then there was an article that water rates in Wellington regions cities and town could rise to 4k per household, just for the water services. Something is very very wrong.

wellygary

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#3298641 17-Oct-2024 16:34

mattwnz:

The whole council and rating system needs to be completely redone as it is totally unfair IMO. We have a neighbour who is paying 13k in rates and has 4 people living there. But then there is another house nearby that has 6 people living in it that is paying 5k a year. The only difference is the property values. The house with 6 people are potentially using more council services. So rates are essentially a wealth tax, rather than being a fair reflection of the services a property uses. This problem also prevents councils from being able to increase rates as much as they apparently need to. If you buy or build a new home for a healthier warmer environment, then you also end up paying more in rates, as that property is likely to be worth more. But if you own an old rental, then there is no incentive to replace the house with a new one, because it will end up paying more in rates. I was looking at Auckland rates, and their rates seem relatively low. Maybe that is one of the benefits of a supercity. Then there was an article that water rates in Wellington regions cities and town could rise to 4k per household, just for the water services. Something is very very wrong.

For Auckland you also need to Factor in Watercare charges which is about $1700/year.

Charging rates per resident is politically unpopular, the UK tried it once, and it was political poison - google "poll tax" - No one in NZ will go near it...

National water metering is probably the next step.. but again there will be push back and I expect it to get framed by opponents as a "boomer" culture war as childless older couples get lower bills, but younger large families get "slammed"

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