Real estate, post level 4

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#2760113 14-Aug-2021 23:49

quickymart:

But I've seen stories of even homeowners themselves saying the price are rising too much and they don't think it's fair either, so even some of them aren't happy about it.

They aren't voting that way and reading the tea leaves it isn't changing their votes. If you see political parties start saying they want prices to drop then you'll know that the majority of people feel strongly about it.

The polling problems of the government are largely caused by price inflation and own goals like $600 million cycling bridges.

mattwnz

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#2760130 15-Aug-2021 01:52

The last election was basically as Covid election. They were essentially rewarded for our handling of covid and saving lives and keeping covid out. Housing wasn't seen as one of the main issues, partly because imo because things like the debates only glossed over it. The average NZ voter imo doesn't really care that much about policies and politics, but personalities. But if the Greens had got in with labour, there may have been some big tax changes. But that was blocked by many of National voters switching their vote to Labour to give then a majority, as they had promised no new taxes. Back when National were still in, Labour suggested all sorts of new taxes around property, but then back tracked just before the election when it was shown that they would be unpopular changes. They did say prior to the last election that they would take some of their suggested property taxes to the election, but then covid happened and it never happened. IMO both Labour and National are very similar when it comes to housing. Both very centre.

quickymart

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#2760341 15-Aug-2021 20:23

https://www.newshub.co.nz/home/money/2021/08/new-survey-shows-what-new-zealanders-really-think-about-our-housing.html

Unsurprisingly, property owners are fairly happy with their lot, for renters, it's a different story.

mattwnz

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#2760364 15-Aug-2021 22:40

Many renters may not really know what it is is to live in a new well insulated house where you don't need the heater on all day and night. So imo it is isn't great research. It could be more factual and accurate by exists actually assessing people's houses.

tdgeek

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#2760376 16-Aug-2021 07:19

quickymart:

https://www.newshub.co.nz/home/money/2021/08/new-survey-shows-what-new-zealanders-really-think-about-our-housing.html

Unsurprisingly, property owners are fairly happy with their lot, for renters, it's a different story.

Im not sure what the point of this article is. Owners are more likely to be happy as they can control the house they live in, renters less so as the only control they have is to move. Same with dampness issues. Im not sure where the human rights fits, as in NZ its a bad thing to regulate rentals to be warm and dry, as happened when that was made law

kingdragonfly

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#2760868 16-Aug-2021 19:42

A little off-topic, but here's Elon Musk $71,000 prefab home. He has literally selling / sold off all other properties.

"Casita" is Spanish for "little house" / cottage (diminutive word form of "Casa")

I could see myself living in one.

Inside Elon Musk's Portable USD $50K "Boxabl Casita"

mattwnz

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#2761213 16-Aug-2021 23:39

tdgeek:

quickymart:

https://www.newshub.co.nz/home/money/2021/08/new-survey-shows-what-new-zealanders-really-think-about-our-housing.html

Unsurprisingly, property owners are fairly happy with their lot, for renters, it's a different story.

Im not sure what the point of this article is. Owners are more likely to be happy as they can control the house they live in, renters less so as the only control they have is to move. Same with dampness issues. Im not sure where the human rights fits, as in NZ its a bad thing to regulate rentals to be warm and dry, as happened when that was made law

It shows NZs rental laws and tenant protection need to change a lot. I understand in Europe the laws where they have high renter numbers, the rules are far better for tenants. In NZ rentals are often poorer quality and cheaper houses with poor or no wall insulation or double glazing. Renters have no control over this, even though they may meet the healthy home requirements. IMO this is one reason the government is still giving investors a carrot if they buy new houses, where the the houses they rent out are then built to the current NZ standards and should be warmer and dryer, than the old run down housing stock. The difference with living in a new house, vs an older poorly insulated one is massive. Just having ceiling insulation, and underfloor insulation isn't very effective when so much heat can still escape out through uninsulated walls and single glazing. You can often feel heat escaping. IMO our building laws should also require passive solar heating, which is free heating and makes sense in NZ.

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tdgeek

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#2761233 17-Aug-2021 07:31

mattwnz:

It shows NZs rental laws and tenant protection need to change a lot. I understand in Europe the laws where they have high renter numbers, the rules are far better for tenants. In NZ rentals are often poorer quality and cheaper houses with poor or no wall insulation or double glazing. Renters have no control over this, even though they may meet the healthy home requirements. IMO this is one reason the government is still giving investors a carrot if they buy new houses, where the the houses they rent out are then built to the current NZ standards and should be warmer and dryer, than the old run down housing stock. The difference with living in a new house, vs an older poorly insulated one is massive. Just having ceiling insulation, and underfloor insulation isn't very effective when so much heat can still escape out through uninsulated walls and single glazing. You can often feel heat escaping. IMO our building laws should also require passive solar heating, which is free heating and makes sense in NZ.

There is no carrot to get investors to build so as to improve the tenants home, its about removing investors from trading in existing homes, reduce demand there.

When the healthy homes came in there was an uproar. I have no idea how you can expect the rental market to have fully insulated walls and double glazing. Rents are already high, most cannot afford renting a new home or a substantially upgraded older home.

What is passive solar heating?? North facing walls? I'm sure every house has them

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#2761234 17-Aug-2021 07:42

Had a mail drop from a real estate company in the letter box yesterday advising a house a few doors down had sold for between $865,000 and $880,000 with the house last being sold in January 2019 for $465k

House prices in the Hutt are totally nuts - between probably 2005 and the end of 2017 there had basically been zero capital growth in prices in our area with another nearby that sold in mid 2017 selling for around 10% more than the 2005 price (sold for just over $300k). In 3 1/2 years prices have now basically gone up by 300%

MileHighKiwi

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#2761236 17-Aug-2021 07:51

sbiddle:
Had a mail drop from a real estate company in the letter box yesterday advising a house a few doors down had sold for between $865,000 and $880,000 with the house last being sold in January 2019 for $465k

House prices in the Hutt are totally nuts - between probably 2005 and the end of 2017 there had basically been zero capital growth in prices in our area with another nearby that sold in mid 2017 selling for around 10% more than the 2005 price (sold for just over $300k). In 3 1/2 years prices have now basically gone up by 300%

Our first home was in central Upper Hutt and cost $305k in 2009. Homes estimate today; $870k.

It's still a 'first home' only 100m2 with 3 beds and 1 bathroom.

The place we moved to in 2018 has almost doubled in value from $650k to 1.2m

Hard to see a way out of this.

sbiddle

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#2761239 17-Aug-2021 08:01

MileHighKiwi:
sbiddle:

Had a mail drop from a real estate company in the letter box yesterday advising a house a few doors down had sold for between $865,000 and $880,000 with the house last being sold in January 2019 for $465k

House prices in the Hutt are totally nuts - between probably 2005 and the end of 2017 there had basically been zero capital growth in prices in our area with another nearby that sold in mid 2017 selling for around 10% more than the 2005 price (sold for just over $300k). In 3 1/2 years prices have now basically gone up by 300%

Our first home was in central Upper Hutt and cost $305k in 2009. Homes estimate today; $870k.

It's still a 'first home' only 100m2 with 3 beds and 1 bathroom.

The place we moved to in 2018 has almost doubled in value from $650k to 1.2m

Hard to see a way out of this.

Even spikes in the early to mid 2000's are nothing like the past 3 years where we've just seen sustained growth. Property prices actually falling now would have such a catastrophic effect on the economy, with the catch 22 being the economy is being fueled by people's new found wealth - hence the fact the government have made it clear they don't actually want prices to fall.

tdgeek

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#2761241 17-Aug-2021 08:14

sbiddle:

Even spikes in the early to mid 2000's are nothing like the past 3 years where we've just seen sustained growth. Property prices actually falling now would have such a catastrophic effect on the economy, with the catch 22 being the economy is being fueled by people's new found wealth - hence the fact the government have made it clear they don't actually want prices to fall.

I dont see the economy as being fueled by these increases, not unless most homeowners are cashing up equity to travel, buy toys etc. That still has to be paid back. Plus, most home owners have always had equity they can play with anyway. I see it as years of ignoring house prices, buying instead of building, investors, immigration, low wage economy, then exacerbated by Covid. Now we have a building boom and no wood. Little will change now, not unless a Govt buys up swathes of land and bands together with builders to build build build. Even that is years away as we need to train tradespeople. This is what happens when your house or car needs repairs, and you leave it for 20 years. At least with that analogy, you can write a cheque and sort it, house prices you cannot

mattwnz

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#2761501 17-Aug-2021 15:35

I was reading something about how people with holiday homes like AirBNBs, are now building a lot more of them, as they can make more money from them, than renting them, and the wear and tear is a lot less. I wonder how many of those consented houses are being used for this purpose, rather than as a home. My issues is that they are taking builders and materials out of the housing market, when there is already a big shortage. I know someone who now has to wait 2 years before their builder can start.

mattwnz

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#2761518 17-Aug-2021 15:39

sbiddle:

Even spikes in the early to mid 2000's are nothing like the past 3 years where we've just seen sustained growth. Property prices actually falling now would have such a catastrophic effect on the economy, with the catch 22 being the economy is being fueled by people's new found wealth - hence the fact the government have made it clear they don't actually want prices to fall.

If the housing market crashed 40% in price, it just takes us back to prices in 2020. Most people would be unaffected. It would mainly be people who overpaid at these current insane prices would be affected with the loss of equity on paper, but that would only be a small percentage of the banks loan book. Would banks care too much as long as people can afford to service their mortgages?

heavenlywild

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#2761522 17-Aug-2021 15:40

With the latest COVID case in Auckland, housing will not crash, it will boom even more,

A reminder to the people in power that OCR increases may need to be postponed until we have higher vaccination rates to ensure we don't have anymore lockdowns.

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