Real estate, post level 4

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#2701878 4-May-2021 17:44

mattwnz:

Interesting article from Oz, the bank of mum and dad which is having simialr problems, and 60 percent of first home buyers using the mum and dad bank to borrow to buy a house. Mum and Dad bank is now the 9th biggest lender in Oz! NZ has similar problems, but Oz don't have the same speculation with investors that NZ has had, so haven't had to introduce the same new laws around interest expenses and tax.

https://www.abc.net.au/news/2021-05-03/the-bank-of-mum-and-dad-house-prices-property-first-home-buyer/100102132

Australia has had exactly the same problem as NZ with speculation.

mattwnz

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#2701882 4-May-2021 18:14

Handle9:

mattwnz:

Interesting article from Oz, the bank of mum and dad which is having simialr problems, and 60 percent of first home buyers using the mum and dad bank to borrow to buy a house. Mum and Dad bank is now the 9th biggest lender in Oz! NZ has similar problems, but Oz don't have the same speculation with investors that NZ has had, so haven't had to introduce the same new laws around interest expenses and tax.

https://www.abc.net.au/news/2021-05-03/the-bank-of-mum-and-dad-house-prices-property-first-home-buyer/100102132

Australia has had exactly the same problem as NZ with speculation.

They have more taxation around property than NZ in general. But listening to some property experts / investors from Oz about the tax changes in NZ, they said that OZ hasn't had the same problems with speculation with investors buying up since covid, that NZ has had, so they didn't think Australia needed the same sort of thing over there.

Fred99

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#2701942 4-May-2021 21:25

mattwnz:

But listening to some property experts / investors from Oz about the tax changes in NZ, they said that OZ hasn't had the same problems with speculation with investors buying up since covid, that NZ has had, so they didn't think Australia needed the same sort of thing over there.

There's an old saying - "Turkeys don't vote for Christmas".

mattwnz

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#2701989 5-May-2021 00:29

Fred99:

mattwnz:

But listening to some property experts / investors from Oz about the tax changes in NZ, they said that OZ hasn't had the same problems with speculation with investors buying up since covid, that NZ has had, so they didn't think Australia needed the same sort of thing over there.

There's an old saying - "Turkeys don't vote for Christmas".

Good point. I notice that many of the articles in the media are by property investing or banking experts which benefit from prices continuing to rise. The market is just so hyped up creating all this FOMO and people thinking that they can get rich from property with very little work. It feeds on both Fear & Greed at the same time.

It is interesting that NZ now has hardly any business news on TV anymore, it has largely been replaced by property news.

tdgeek

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#2702046 5-May-2021 07:57

Question

Auckland saw average property values rise by another 2.4 percent in April - a yearly increase of 15.6 percent and an average value of nearly $1.25 million

How is this calculated? The average selling price in any given period of all homes sold? What if sales volume is predominantly higher value homes, or lower value homes?

GV27

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#2702049 5-May-2021 08:05

Fred99:

There's an old saying - "Turkeys don't vote for Christmas".

Truer words have never been spoken.

It seems like some feel being able to invest in property as your go-to wealth building exercise is a basic human right.

Apparently more important than other pesky things like 'shelter', judging by some of the hysterical comments we've seen.

quickymart

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#2702069 5-May-2021 09:06

Re the earlier place I commented on - if it was really that bad, there's always the option of knocking the existing leaky building down and moving in another house to replace it. The value is probably mostly in the land as opposed to the actual house.

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#2702110 5-May-2021 10:23

quickymart:

antant:

If you look at the listing (currently still up here - https://harcourts.co.nz/Property/916515/MJ44968/2-288-Rangatira-Road ) it contains phrases like ...

"If you're a builder or a re-cladder then you're the right person to fix me" and "There is a good opportunity here to do a makeover and reap the rewards as the other owners have down this driveway" and "Disregard my Current Rating Valuation of $740,000 - bring me offers!".

Looks suspiciously like it has/is/will be a leaker, and hence someone wanted rid of it.

Still a pretty good price, I would have bought it and then just got a builder to sort it out. Wouldn't cost the earth and the interiors are quite nice (IMO).

offer land price minus demolition cost

and if you're successful get someone to wrap it with a commercial grade giant plastic shrink wrap!

alasta

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#2702124 5-May-2021 10:50

quickymart:

Re the earlier place I commented on - if it was really that bad, there's always the option of knocking the existing leaky building down and moving in another house to replace it. The value is probably mostly in the land as opposed to the actual house.

According to the listing it's cross-lease land.

Handle9

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#2702347 5-May-2021 14:42

alasta:
quickymart:

Re the earlier place I commented on - if it was really that bad, there's always the option of knocking the existing leaky building down and moving in another house to replace it. The value is probably mostly in the land as opposed to the actual house.

According to the listing it's cross-lease land.

Ugh. Defective titles are not fun.

Handle9

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#2702364 5-May-2021 15:14

quickymart:
Re the earlier place I commented on - if it was really that bad, there's always the option of knocking the existing leaky building down and moving in another house to replace it. The value is probably mostly in the land as opposed to the actual house.

It's really not that easy. It's a cross lease so that means updating the flats play, if the other owners allow it. As soon as you remove the existing structure you generally have to bring the site up to existing standards.

As a cross lease it could have all sorts of services issues that you would have to fix as well as potential height to boundary issues.

It's really not as simple as you think.

quickymart

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#2702372 5-May-2021 15:26

Cool, I never said was simple, and I wasn't aware it was a cross-lease until alasta made his post.

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#2702902 6-May-2021 13:17

May be solution to lack of timber

This 3D Printed House Changes Everything - Explained

wellygary

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#2702907 6-May-2021 13:49

Closer to home, residential building consents continue to be smashed out of the Park,

If prices don't slow in the next few months they will certainly hit a wall of new builds coming on the market by the end of 2022, looking around big cities there is A LOT of stock very near coming to market....

"Stats NZ said today 41,028 new homes were consented in the year to March 2021, eclipsing the February 1974 year's previous record of 40,225."

"The annual number of new homes consented in Auckland is at a record 17,495, accounting for nearly 43 per cent of all new homes."

https://www.nzherald.co.nz/business/record-smashed-data-shows-weve-never-built-this-many-new-zealand-houses-before/V7CXXKPN7QGOP6WSVX62ODF2XQ/

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#2702965 6-May-2021 14:26

nobody knows the future. remember these economists were saying house prices would crash 20-30% during level 4 lockdown. instead it went up 20-50% depending on region.

so supply is there. if there's demand someone will buy. supply doesn't mean anything without knowing the demand.

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