Real estate, post level 4

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#2650896 10-Feb-2021 11:02

A coworker just purchased a 400 Sq M, section, with about a 15 degree slope in New Plymouth for $360,000

It's pretty close to the CBD, good neighborhood, no views.

He moving an existing home on it, so another $200,000 ???

Beccara

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#2654688 11-Feb-2021 15:50

Very, very lucky to have just put an unconditional offer on a house in Whangarei @ $520k, Now the nervous wait to see if it's accepted or if they want to keep down the auction path.

For what it's worth this was my background on a completed auction day yesterday up here:

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wellygary

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#2654794 11-Feb-2021 17:09

kingdragonfly: A coworker just purchased a 400 Sq M, section, with about a 15 degree slope in New Plymouth for $360,000

It's pretty close to the CBD, good neighborhood, no views.

He moving an existing home on it, so another $200,000 ???

Probably more like 300+... consent and development contributions will be greater than you think...

Batman

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#2654806 11-Feb-2021 18:00

Beccara:
Very, very lucky to have just put an unconditional offer on a house in Whangarei @ $520k, Now the nervous wait to see if it's accepted or if they want to keep down the auction path.

For what it's worth this was my background on a completed auction day yesterday up here:

I don't understand. It doesn't take luck to put an offer in. Anyway, all the best!

mattwnz

20141 posts

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#2654807 11-Feb-2021 18:05

Beccara:

Very, very lucky to have just put an unconditional offer on a house in Whangarei @ $520k, Now the nervous wait to see if it's accepted or if they want to keep down the auction path.

For what it's worth this was my background on a completed auction day yesterday up here:

It is interesting how people use these estimate website as a default estimated value for a house now, instead of the RV. It used to be that people expected a certain percentage over the RV. Now it is a certain percentage over the homes estimate, which is often quite a lot more than the RV. I wouldn't be surprised if all these estimate websites has also helped to push prices up even more, as they haven't been around for that long.

Beccara

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#2654817 11-Feb-2021 18:13

Batman:

I don't understand. It doesn't take luck to put an offer in. Anyway, all the best!

Just being in a position to put an unconditional offer in i.e not conditional on LIM/Finance/Inspections is pretty tricky to get to, Preapproval doesn't cut it at the moment atleast up north and conditional offers get put to the side as everyone pushes for auctions which are eliminating alot of first home buyers

Beccara

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#2654818 11-Feb-2021 18:17

mattwnz:

It is interesting how people use these estimate website as a default estimated value for a house now, instead of the RV. It used to be that people expected a certain percentage over the RV. Now it is a certain percentage over the homes estimate, which is often quite a lot more than the RV. I wouldn't be surprised if all these estimate websites has also helped to push prices up even more, as they haven't been around for that long.

I found RV's only worth anything for 6-10 months after they are issued before you start talking about RV + 50/60/70% numbers. The homes.co.nz website/TM Property Insight being free is pretty new but you've been able to pay for a rough estimate for many years, I seem to recall paying qv.co.nz back in late 2000's. I do wonder like you if having access to these numbers is helping drive the price up if they are inaccurate/too rough

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antonknee

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#2654822 11-Feb-2021 18:35

Beccara:

Came across this and thought of this thread :)

Where’s this from originally, do you know?

Beccara:

Just being in a position to put an unconditional offer in i.e not conditional on LIM/Finance/Inspections is pretty tricky to get to, Preapproval doesn't cut it at the moment atleast up north and conditional offers get put to the side as everyone pushes for auctions which are eliminating alot of first home buyers

Whether luck or fortune or through achievement that’s an incredible outcome - a little envious to say the least 😁. Obviously done some homework ahead of time to be comfortable not conditioning on inspection?

Auctions are absolutely dreadful.

Beccara

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#2654840 11-Feb-2021 19:41

antonknee:

Where’s this from originally, do you know?

Whether luck or fortune or through achievement that’s an incredible outcome - a little envious to say the least 😁. Obviously done some homework ahead of time to be comfortable not conditioning on inspection?

Auctions are absolutely dreadful.

https://raywhite.co.nz/ray-white-now/ or https://drive.google.com/file/d/16oz6lKSV6ANxYP0293v8VbRHgNkvhfrN/view?usp=sharing for PDF

I've been looking at homes listed on Friday, open home on Sunday and under conditionally offer by Monday lunchtime. I was at one that went unconditional on the same day as the open home. I've had to get builder contacts to show me foundation checks and visual roof checks so I could do them during open home, I'm pretty handy with electrical so am pretty good at sus'ing the risk/state of the wiring (helps that homes have had decent underfloor access)

quickymart

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#2667633 4-Mar-2021 10:56

Interesting article where an economist predicts that given the new level of house builds, the housing shortage (in Auckland, anyway) will be cleared by 2028, even if the borders reopen soon.

https://www.nzherald.co.nz/business/housing-boom-past-peak-prices-to-fall-interest-rates-to-rise-westpac-chief-economist/5NJBMN5NIDVQOOJ6M4ZYWLMJ7Y/

Good for Auckland (particularly people in South Auckland living out of cars), but what about the rest of the country?

irpegg

142 posts

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#2667689 4-Mar-2021 11:49

quickymart:

Interesting article where an economist predicts that given the new level of house builds, the housing shortage (in Auckland, anyway) will be cleared by 2028, even if the borders reopen soon.

https://www.nzherald.co.nz/business/housing-boom-past-peak-prices-to-fall-interest-rates-to-rise-westpac-chief-economist/5NJBMN5NIDVQOOJ6M4ZYWLMJ7Y/

Good for Auckland (particularly people in South Auckland living out of cars), but what about the rest of the country?

Feels like im reading an article from 2014.

wellygary

8312 posts

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#2667691 4-Mar-2021 12:00

quickymart:

Interesting article where an economist predicts that given the new level of house builds, the housing shortage (in Auckland, anyway) will be cleared by 2028, even if the borders reopen soon.

https://www.nzherald.co.nz/business/housing-boom-past-peak-prices-to-fall-interest-rates-to-rise-westpac-chief-economist/5NJBMN5NIDVQOOJ6M4ZYWLMJ7Y/

Good for Auckland (particularly people in South Auckland living out of cars), but what about the rest of the country?

Solving Housing shortages in Auckland helps take significant pressure off nearby regions as Aucklanders will no longer be fleeing the supercity and looking for housing in those areas...

It will be particularly helpful for Northland, where recent spikes in homelessness are very connected to people being priced out of Auckland rentals and then heading back "home" ....

The recent dint in Tauranga prices may also be part of it as the media up that way os full of stories of people from Auckland moving to Tauranga for cheaper housing etc...

mattwnz

20141 posts

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#2667778 4-Mar-2021 14:37

mattwnz:

Beccara:

Very, very lucky to have just put an unconditional offer on a house in Whangarei @ $520k, Now the nervous wait to see if it's accepted or if they want to keep down the auction path.

For what it's worth this was my background on a completed auction day yesterday up here:

It is interesting how people use these estimate website as a default estimated value for a house now, instead of the RV. It used to be that people expected a certain percentage over the RV. Now it is a certain percentage over the homes estimate, which is often quite a lot more than the RV. I wouldn't be surprised if all these estimate websites has also helped to push prices up even more, as they haven't been around for that long.

I should point out that a house I am interested in buying has been listed by an agent last month. This month the Evalue spiked up up 80k on some of these websites, from what it was just last month. It is now about 150k above the rateable value which was just done in september 2020. QV show that rateable value is the likely selling price at the time it is done less chattels as shown at QVhttps://www.qv.co.nz/about/about-rating-valuations/ . So there is no justification for the price rise that I can see, as to how it has gone up so much just after it was listed for sale. Especially as have have checked the selling price of all houses in the town over the last year for 2 bedroom houses on similar sized land and based on their locations in the town. I think there needs to be some sort of regulation, because people are using these sites to justify what they are offering. It is a terrible situation for first home buyers especially.

tdgeek

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#2667787 4-Mar-2021 15:00

mattwnz:

I should point out that a house I am interested in buying has been listed by an agent last month. This month the Evalue spiked up up 80k on some of these websites, from what it was just last month. It is now about 150k above the rateable value which was just done in september 2020. QV show that rateable value is the likely selling price at the time it is done less chattels as shown at QVhttps://www.qv.co.nz/about/about-rating-valuations/ . So there is no justification for the price rise that I can see, as to how it has gone up so much just after it was listed for sale. Especially as have have checked the selling price of all houses in the town over the last year for 2 bedroom houses on similar sized land and based on their locations in the town. I think there needs to be some sort of regulation, because people are using these sites to justify what they are offering. It is a terrible situation for first home buyers especially.

Certainly some are abusing the gravy train and pushing it. Houses don't have a price they have a value, l'm not really sure how you would regulate that. Thats a bit of a slippery slope.

wellygary

8312 posts

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#2667793 4-Mar-2021 15:14

mattwnz:

I should point out that a house I am interested in buying has been listed by an agent last month. This month the Evalue spiked up up 80k on some of these websites, from what it was just last month. It is now about 150k above the rateable value which was just done in september 2020. QV show that rateable value is the likely selling price at the time it is done less chattels as shown at QV https://www.qv.co.nz/about/about-rating-valuations/ . So there is no justification for the price rise that I can see, as to how it has gone up so much just after it was listed for sale. Especially as have have checked the selling price of all houses in the town over the last year for 2 bedroom houses on similar sized land and based on their locations in the town. I think there needs to be some sort of regulation, because people are using these sites to justify what they are offering. It is a terrible situation for first home buyers especially.

QV valuations for councils are often done with a very broad brush, I know of situation of two semidetached houses where there is a 20% variation in valuation, despite the houses having identical layouts ( inside and out).....

But that said there is a huge amount of FOMO being thrown around by agents at the moment, and there is pretty much nothing that will stop that save the market turning...

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