Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.




516 posts

Ultimate Geek


#191836 17-Feb-2016 21:04

Seriously... Anyone else read this?

 

I don't think they would ever get there moneys worth for a house like this.

 

Real estate agent "i knew it would get that much"...yeah right.

 

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11591122

 

 


View this topic in a long page with up to 500 replies per page Create new topic
 1 | 2

gzt

11458 posts

Uber Geek

Lifetime subscriber

  #1494393 17-Feb-2016 21:14
Send private message

That seems like a lot. My first thought somebody must really want the location, no idea why but it is central to many north shore locations.

It appears in the photo twice the land area of neighbouring properties with room for a cross lease. Maybe g.v is low for some reason missing some of this value.

Quote from the agent:

"They haven't decided whether they will move in or just rent it out,"

Well if you have money to spend like that ok..

3316 posts

Uber Geek

Trusted

  #1494446 17-Feb-2016 22:21
Send private message

It's 837m^2, someone will definitely subdivide and build on the back. A better headline would be CV half property's true value.


 
 
 
 


16378 posts

Uber Geek


  #1494455 17-Feb-2016 22:43
Send private message

If you look at the house, and the land it has, the vast majority of the value is in the land. The house itself is probably worth less than 200k, as the house is bog standard. The funny thing is that 800sqm isn't that big. But I guess in Auckland they maybe able to get 3 properties onto it, or possibly built a complex, if they merge properties. 


16378 posts

Uber Geek


  #1494457 17-Feb-2016 22:44
Send private message

bazzer:

 

It's 837m^2, someone will definitely subdivide and build on the back. A better headline would be CV half property's true value.

 

 

 

 

Although it is only worth what people are prepared to pay. 


4705 posts

Uber Geek


  #1494460 17-Feb-2016 22:49
Send private message

Don't worry about that, the average price of standalone homes in Vancouver is approaching 3 million bucks . 

 

Auckland is cheap as chips, that 1.5 million is a bargain.


1015 posts

Uber Geek

Trusted

  #1494461 17-Feb-2016 22:49
Send private message

From someone who has just sub divided and is in the process of building, the land looks nice and flat which will significantly reduce the cost of any earth works work. 

 

As for the location I rekon it might sell in the 1.2 mill range, I don't know if it had an amazing view or not. If it did you could build a really nice property for about 500-600k and sell it in excess of a million even though it is on a half site. Its too hard to speculate without seeing the property. 

 

I looked at a house in chatswood in jan. I wouldn't pay more than 1.05m for it personally. It got passed in at auction and now the tender is up asking 1.495 million.. crazy. You could tell the renevators had gone cheap on paint and fittings, its a pitty cuz some of the other features were quite high spec.


14625 posts

Uber Geek

Trusted
Lifetime subscriber

  #1494462 17-Feb-2016 22:49
Send private message

bazzer:

 

It's 837m^2, someone will definitely subdivide and build on the back. A better headline would be CV half property's true value.

 

 

 

 

I am not sure but don't property CV's get updated to sale values when they change hands? If not, they should.






 
 
 
 


1015 posts

Uber Geek

Trusted

  #1494467 17-Feb-2016 22:51
Send private message

Geektastic:

 

bazzer:

 

It's 837m^2, someone will definitely subdivide and build on the back. A better headline would be CV half property's true value.

 

 

 

 

I am not sure but don't property CV's get updated to sale values when they change hands? If not, they should.

 

 

 

 

If they did your rates would go through the roof


239 posts

Master Geek


  #1494477 17-Feb-2016 23:03
Send private message

Yeah mostly just subdivided & sell. A year or two ago there similar land & house just down the road where I lives. The owner sold the house, and the new owner just subdivide it add extra 2 more brand new double storey houses from the back & renovate the front house he bought. And the end he sold all 3 houses in auction at the same time at the end. Easy money for him.

 

Now a days the CV just an idea for the house price.


16378 posts

Uber Geek


  #1494496 17-Feb-2016 23:33
Send private message

darylblake:

 

Geektastic:

 

bazzer:

 

It's 837m^2, someone will definitely subdivide and build on the back. A better headline would be CV half property's true value.

 

 

 

 

I am not sure but don't property CV's get updated to sale values when they change hands? If not, they should.

 

 

 

 

If they did your rates would go through the roof

 

 

 

 

It should be adjusted to a degree, but can take several years. The council does apparently get the sale price for all properties that sell, so they can update their records. But just becuase a property sells for above it's RV, doesn't mean the RV on it will rise, or rise by the same amount that the person paid for it. Simply the person may have overpaid, based on what other houses have sold for in the mesh block.


16378 posts

Uber Geek


  #1494507 17-Feb-2016 23:48
Send private message

pinkydot:

 

Yeah mostly just subdivided & sell. A year or two ago there similar land & house just down the road where I lives. The owner sold the house, and the new owner just subdivide it add extra 2 more brand new double storey houses from the back & renovate the front house he bought. And the end he sold all 3 houses in auction at the same time at the end. Easy money for him.

 

Now a days the CV just an idea for the house price.

 

 

 

 

A RV , previously called CV & GV, is an indicative market value at the date of valuation, as defined on the QV website. 


86 posts

Master Geek


  #1494555 18-Feb-2016 02:56
Send private message

It's all about the land. Where I live (much closer to the coast) developers are quite happy to bowl fairly new houses and build 'luxury' townhouses. The townhouse across the road from me on a small half section, 3 bedroom with no yard and piece of grass out front the size of a bowling green recently sold for 1.7 million.

 

I'm guessing new owners (cough developers) of the one advertised in Hillcrest will build on the back half and double their money  




516 posts

Ultimate Geek


  #1494561 18-Feb-2016 06:57

Yes okay majority are saying they will subdivide.

 

But like they already spent 1.5 million.

 

So if you subdivide + build on that that's around another 400-500k give or take.

 

So now your at 1.9 - 2 million.

 

You sell one for lets say 800k (land size is half now) 

 

That's still close to 1.2 mill. Still quite a lot, not sure if its worth it but yea i guess if you have money for it sure why not.


Mad Scientist
22397 posts

Uber Geek

Trusted
Lifetime subscriber

  #1494578 18-Feb-2016 08:07
Send private message

Here we go again ... 

 

People are waiting for the bubble to burst since 2003.

 

The bad news is - in a free market [the govt did not control who can and cannot buy houses in NZ - not Labour, not National] nobody can make predictions and the crashes usually happen when least expected. External forces at play ... no bubble burst by the look of things?





Involuntary autocorrect in operation on mobile device. Apologies in advance.


258 posts

Ultimate Geek


  #1494620 18-Feb-2016 09:07
Send private message

Council arranged property valuations are just a point in time estimate which is then used to proportion out the total rates to be collected. It has no relevance to what a property will sell for at that time or in the future.


 1 | 2
View this topic in a long page with up to 500 replies per page Create new topic





Twitter and LinkedIn »



Follow us to receive Twitter updates when new discussions are posted in our forums:



Follow us to receive Twitter updates when news items and blogs are posted in our frontpage:



Follow us to receive Twitter updates when tech item prices are listed in our price comparison site:





News »

Chorus completes the build and commissioning of two new core Ethernet switches
Posted 8-Jul-2020 09:48


National Institute for Health Innovation develops treatment app for gambling
Posted 6-Jul-2020 16:25


Nokia 2.3 to be available in New Zealand
Posted 6-Jul-2020 12:30


Menulog change colours as parent company merges with Dutch food delivery service
Posted 2-Jul-2020 07:53


Techweek2020 goes digital to make it easier for Kiwis to connect and learn
Posted 2-Jul-2020 07:48


Catalyst Cloud launches new Solutions Hub to support their kiwi Partners and Customers
Posted 2-Jul-2020 07:44


Microsoft to help New Zealand job seekers acquire new digital skills needed for the COVID-19 economy
Posted 2-Jul-2020 07:41


Hewlett Packard Enterprise introduces new HPE GreenLake cloud services
Posted 24-Jun-2020 08:07


New cloud data protection services from Hewlett Packard Enterprise
Posted 24-Jun-2020 07:58


Hewlett Packard Enterprise unveils HPE Ezmeral, new software portfolio and brand
Posted 24-Jun-2020 07:10


Apple reveals new developer technologies to foster the next generation of apps
Posted 23-Jun-2020 15:30


Poly introduces solutions for Microsoft Teams Rooms
Posted 23-Jun-2020 15:14


Lenovo launches new ThinkPad P Series mobile workstations
Posted 23-Jun-2020 09:17


Lenovo brings Linux certification to ThinkPad and ThinkStation Workstation portfolio
Posted 23-Jun-2020 08:56


Apple introduces new features for iPhone iOS14 and iPadOS 14
Posted 23-Jun-2020 08:28



Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.


Support Geekzone »

Our community of supporters help make Geekzone possible. Click the button below to join them.

Support Geezone on PressPatron



Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.

Alternatively, you can receive a daily email with Geekzone updates.