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martyyn
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  #2643794 28-Jan-2021 18:59
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martyyn:

martyyn: 

Today another one has been staged to within an inch of its life and put on the market for $485k.


Just had a closer look at this one.


It's actually the undecorated one which sold in July for $355k and not Sept for $375k (my mistake)


It's been painted white inside, new grey carpets and curtains with a new kitchen (the same as my MIL which cost $5k to do) and is on the market four months later for $485k


$135k in four months could be some nice coin.


In case anyone is interested the sale price has been released.

Sold in July for $355k, interior painted, carpeted, curtains, $5k Bunnings kitchen then sold in December for $490k.

Madness.



antonknee
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  #2650029 9-Feb-2021 10:05
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New article on Stuff this morning: Government is to announce a rolling series of measures to address the housing crisis, starting with moves to control demand in late February. Evidently coming in Budget 2021 - but what will the measures be? Or will this be another example of "all talk, no action"? 

 

At least there's an acknowledgement that tweaking demand can only do so much and supply is the real problem to solve - but it will be interesting to see what they actually intend to do about supply (and demand for that matter).

 

Stuff:

 

Finance Minister Grant Robertson said the Government is planning to clamp down on property speculators to address the housing crisis.

 

“There is a crisis when it comes to the housing situation right now in New Zealand,” Robertson said in a BNZ breakfast presentation in Wellington where he cited housing as a focus for the 2021 Budget in May.

 

“New Zealanders are seeing family members being crowded out of the opportunity to purchase a home of their own by speculators and investors,” he said. “We want to tilt the balance more towards first-home buyers, while also incentivising more investment in the construction of homes.”

 

After coming to power in 2017, in part on a promise of delivering more affordable housing, and KiwiBuild, the Government instead presided over continued house-price inflation, supercharged by Covid-19, which saw supply fall as people hunkered down and even more money chased even fewer houses.

 

Grant Robertson:

 

“We all know that building more houses, particularly affordable houses, is critical,” he said. “But we also can do more to manage demand, particularly from those who are speculating.”


tdgeek
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  #2650034 9-Feb-2021 10:17
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Don't expect much. Speculators aren't pushing prices up, they are just enjoying the house price inflation

 

If they help FHB that adds to demand

 

We have brought back 100,000 residents with Covid that's probably 30,000 families, probably quite cashed up. Not anyone's fault but a huge and extra hit to demand

 

You can't build 80,000 houses in short order, and they need to be where 80,000 want them

 

 

 

Incentivising new builds is a good idea, if its enough to be worthwhile. Levy sales and credit builds




wellygary
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  #2650038 9-Feb-2021 10:28
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https://www.rbnz.govt.nz/news/2021/02/financial-stability-strengthened-by-firmer-lvr-restrictions

 

Hot of the Press from the RBNZ.... whether it turns out to be a garden hose to a Housefire is yet to be seen.... and most banks have been requiring 40% deposits from Investors already...

 

 

 

From 1 March 2021:

 

LVR restrictions for owner-occupiers will be reinstated to a maximum of 20% of new lending at LVRs above 80%.
LVR restrictions for investors will be reinstated to a maximum of 5% of new lending at LVRs above 70%.

 

From 1 May 2021:

 

LVR restrictions for owner-occupiers will remain at a maximum of 20% of new lending at LVRs above 80%.
LVR restrictions for investors will be further raised to a maximum of 5% of new lending at LVRs above 60%.


elpenguino
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  #2650291 9-Feb-2021 13:05
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tdgeek:

 

Don't expect much. Speculators aren't pushing prices up, they are just enjoying the house price inflation

 

If they help FHB that adds to demand

 

We have brought back 100,000 residents with Covid that's probably 30,000 families,

 

 

The number of people going through MIQ does not equal the number of people migrating to NZ.

 

Have a look at the stats web site where some months of 2020 have net migration less than 1k people.

 

They don't have figures for 2021 (that I could find quickly) but have a look at that migration graph, it's a cliff.

 

 

 

Obviously a lot of people coming through MIQ leave again, one they've visited their sick relatives or sailed their boat race, or whatever.





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tdgeek
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  #2650310 9-Feb-2021 13:20
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elpenguino:

 

The number of people going through MIQ does not equal the number of people migrating to NZ.

 

Have a look at the stats web site where some months of 2020 have net migration less than 1k people.

 

They don't have figures for 2021 (that I could find quickly) but have a look at that migration graph, it's a cliff.

 

 

 

Obviously a lot of people coming through MIQ leave again, one they've visited their sick relatives or sailed their boat race, or whatever.

 

 

Fair enough, accepted. Seems we are better off right now, in Covid, re the housing issues?

 

 

 

Many migrants leave, so I take that as temp work visa's. They would never have entered the house ownership market. I would say many MIQ will enter the house ownership market. If they come back, they have decided to end their overseas lifestyle. Many have stayed overseas, as why leave everything you worked for  when NZ may also get ravaged as well? Why come here temporarily, when you are guessing at the next 12 months Covid outcome?

 

I feel that many of these 100,000+ have uprooted to get back home and to stay back home, perhaps a 5 year plan if they wish to go back overseas. Buy a house too


wellygary
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  #2650324 9-Feb-2021 13:34
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elpenguino:

 

tdgeek:

 

Don't expect much. Speculators aren't pushing prices up, they are just enjoying the house price inflation

 

If they help FHB that adds to demand

 

We have brought back 100,000 residents with Covid that's probably 30,000 families,

 

 

The number of people going through MIQ does not equal the number of people migrating to NZ.

 

Have a look at the stats web site where some months of 2020 have net migration less than 1k people.

 

They don't have figures for 2021 (that I could find quickly) but have a look at that migration graph, it's a cliff.

 

Obviously a lot of people coming through MIQ leave again, one they've visited their sick relatives or sailed their boat race, or whatever.

 

 

 

 

Migration stats are all up the wop ever since departure cards got axed. Stats have to guess ^H^H^H I mean model which border crossers are permanent and which ones are short term... then COVID turned up and pretty much stuffed their model.....

 

Customs publish a daily in-out count...

 

For Every month since March 2020 it been negative (more out than in)....

 

( yes it is likely more families coming back , vs non residents which might have been renting with a high density, but there is no huge inflow)

 

https://www.customs.govt.nz/covid-19/more-information/passenger-arrivals-departures/

 

 


 
 
 

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Beccara
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  #2650332 9-Feb-2021 13:46
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Northland is certainly going crazy at the moment, in the sub-$600k bracket houses have been going under offer within 2-3 days of the first open home and some have gone unconditional within the week. 

 

 

 

 

 

 

No description available.





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All comment's I make are my own personal opinion and do not in any way, shape or form reflect the views of current or former employers unless specifically stated 

tdgeek
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  #2650336 9-Feb-2021 13:51
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Ok, thanks. It seems that Covid has helped house prices not increase as the migrant flow is outward?

 

The economic nosedive and subsequent recovery has made people feel very secure so they start buying?

 

Doesn't seem to make a lot of sense

 

Personally I still feel there is a net inflow of cashed up house buyers into the border. Every media article that Bindy Norwell and others comment on says they are being hounded by returning Kiwi's.

 

Some of whom bought sight unseen

 

Net migration? Yes I see and I do believe what you both have shown, thanks for that. But net migration of home buyers, I feel thats a different metric altogether.

 

Lets say for example in any other period IN is 4000 OUT is 4000, no home owners there, mainly renters working then leaving

 

Today, Nov 2020, 2801 IN, 2131 OUT Net IN of 672.  I feel thats more or less 2800 home buyers arrived, 2130 renters left


tdgeek
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  #2650379 9-Feb-2021 13:56
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Beccara:

 

Northland is certainly going crazy at the moment, in the sub-$600k bracket houses have been going under offer within 2-3 days of the first open home and some have gone unconditional within the week. 

 

 

Yes, that inventory line. Houses for sale are much less in number, perhaps as the Covid climate means lets stay put as its uncertain, but we are bringing in many home buyers who have left their overseas lifestyle, in my opinion. Moneyed up.


Beccara
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  #2650459 9-Feb-2021 16:21
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Walking open homes at the moment and it's 50/50 Investors from Auckland and owner occupiers, In the high 400's early 500 brackets it's 75/25 to investors. The high rent appraisals are like chum in the water. Of the owner occupiers that I talked to they want to buy before putting theirs on the market creating a positive feedback loop





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All comment's I make are my own personal opinion and do not in any way, shape or form reflect the views of current or former employers unless specifically stated 

Kiwifruta
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  #2650553 9-Feb-2021 17:43
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I have a $120k deposit and a total budget of $600k to buy our first home and cannot afford to buy in the city (Tauranga) we rent in, so thought we'd buy a rental in another part of the country so that we can get at least get in on the property ladder. So $120k as a 30% deposit is a $400k house, which to buy in a reasonable town means a smaller town in the South Island which is fine. But if the restriction increases to 40% deposit then that is a $300k house. Pickings are very slim at $300k.

Now we are considering buying a tiny house to live in or team up with someone else in order to enter the property market.

I hope the government makes it less costly and quicker for the private industry to produce more homes. Their intended restrictions allow those with ample equity to stay in the game and raise the bay higher for those starting out, the opposite effect of their intention. We really need more dwellings. Supply vs demand.


Handle9
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  #2650575 9-Feb-2021 18:08
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tdgeek:

 

Beccara:

 

Northland is certainly going crazy at the moment, in the sub-$600k bracket houses have been going under offer within 2-3 days of the first open home and some have gone unconditional within the week. 

 

 

Yes, that inventory line. Houses for sale are much less in number, perhaps as the Covid climate means lets stay put as its uncertain, but we are bringing in many home buyers who have left their overseas lifestyle, in my opinion. Moneyed up.

 

 

There are far more boomers who can't spend money on overseas holidays than people returning from overseas.


tdgeek
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  #2650701 9-Feb-2021 22:37
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Handle9:

 

There are far more boomers who can't spend money on overseas holidays than people returning from overseas.

 

 

I don't follow your point as regards real estate post level 4. Are you inferring the boomers buy another house instead?


Beccara
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  #2650849 10-Feb-2021 10:22
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Came across this and thought of this thread :)





Most problems are the result of previous solutions...

All comment's I make are my own personal opinion and do not in any way, shape or form reflect the views of current or former employers unless specifically stated 

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