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GV27
5429 posts

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  #2787552 1-Oct-2021 11:27
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190sqm for a 3 bedder is huge tbh. 


 
 
 

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wellygary
7384 posts

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  #2787563 1-Oct-2021 11:40
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heavenlywild:

 

eracode:

 

Our adult son listed his home in Auckland yesterday. It's a very well-presented 190 sq m, 3-bdr, 10-yo, 2-storey home on a small section.

 

Even under current Level 3 viewing conditions, the agent says already she is inundated with enquiries from people wanting to make a time to visit it. After less than 24 hours the Trademe version of the listing has nearly 1,500 page views. I don't really know if that's a lot for real estate but sounds a lot to me.

 

 

Goodness, and imagine when we are at level 2 or 1 + the peak summer season. I think we have yet to peak in prices!

 

 

People have got very little else to do under level 3,

 

I imagine trademe's metrics in Auckland are pretty much through the roof...


quickymart
11226 posts

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  #2787628 1-Oct-2021 12:34
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heavenlywild:

 

It's amazing how quickly we forget and get used to seeing particular prices for things.

 

 

I agree with you to an extent - but also hasten to point out that petrol prices have not risen nearly as much by dollar amount (nor as quickly) as property prices, which are now astronomical.

 

Petrol prices -while higher than, say, December 2008 (I remember $1.30 for a litre of 91) are still manageable for most people. House prices are definitely not, not by a long shot.




eracode
Smpl Mnmlst
7277 posts

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  #2787629 1-Oct-2021 12:39
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GV27:

 

190sqm for a 3 bedder is huge tbh. 

 

 

You're quite right - I checked and see it's actually 172 m2. Sorry my memory ain't what it used to be.





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mattwnz
19389 posts

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  #2787756 1-Oct-2021 17:30
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heavenlywild:

 

The fact prices are still going up even during lockdown tells you the housing beast is only going to get bigger and uglier over summer.

 



Plus all the people who maybe getting residency after yesterday’s announcement who may have been waiting to buy before putting down roots. The problem is that prices are 'ratcheting' up. Many people have saved a lot of money over the last few years due to not being able to go overseas and see houses as a safe inflation proof investment. But time will tell long term, or whether prices may drop with all the new builds coming online


engedib
253 posts

Ultimate Geek


  #2789523 5-Oct-2021 07:53
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Well, managed to buy my first investment property, maybe not the best time because of the tax changes but it is what it is.

 

It is exactly the same like our one what we bought 3.5 years ago only on a slightly larger section and next to it.

 

Price changed from $540K to $850K, and big thanks to ASB who got the loan sorted with my current tricky circumstances :)

 

So it is not impossible to buy property, even with located outside of NZ for some time because of lockdown :(


mudguard
1726 posts

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  #2789545 5-Oct-2021 08:15
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engedib:

Well, managed to buy my first investment property, maybe not the best time because of the tax changes but it is what it is.


It is exactly the same like our one what we bought 3.5 years ago only on a slightly larger section and next to it.


Price changed from $540K to $850K, and big thanks to ASB who got the loan sorted with my current tricky circumstances :)


So it is not impossible to buy property, even with located outside of NZ for some time because of lockdown :(



Well I don't think anyone thought buying an investment property was difficult.

First home is the issue. Especially if the deposit requirement went from $108K to $170K!!



GV27
5429 posts

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  #2789547 5-Oct-2021 08:20
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I have pretty strong feelings about non-resident Kiwis buying investment properties tbh.


engedib
253 posts

Ultimate Geek


  #2789554 5-Oct-2021 08:29
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GV27:

 

I have pretty strong feelings about non-resident Kiwis buying investment properties tbh.

 

 

What is the objection? We are just temporarily in Europe for family reasons until this Covid madness eased a bit and can return to NZ without any hassles.


GV27
5429 posts

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  #2789556 5-Oct-2021 08:32
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engedib:

 

What is the objection? We are just temporarily in Europe for family reasons until this Covid madness eased a bit and can return to NZ without any hassles.

 

 

Temporarily is a different kettle of fish.


engedib
253 posts

Ultimate Geek


  #2789565 5-Oct-2021 08:46
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mudguard:
engedib:

 

Well, managed to buy my first investment property, maybe not the best time because of the tax changes but it is what it is.

 

 

 

It is exactly the same like our one what we bought 3.5 years ago only on a slightly larger section and next to it.

 

 

 

Price changed from $540K to $850K, and big thanks to ASB who got the loan sorted with my current tricky circumstances :)

 

 

 

So it is not impossible to buy property, even with located outside of NZ for some time because of lockdown :(

 



Well I don't think anyone thought buying an investment property was difficult.

First home is the issue. Especially if the deposit requirement went from $108K to $170K!!

 

 

 

A couple earning $70K each with 8% KiwiSaver, the total net income is around $8K / month.

 

Let's say 2K for rent another 2K for food, groceries, car, other expenses, sorry not much allowance for eating out, $6 coffees + $6 muffins twice a day and expensive fun trips.

 

Without calculating any interest on the savings, in 3 years that's $144K + being able to draw the KiwiSaver for the first purchase. I think it's doable just need some discipline and savings plan.


mudguard
1726 posts

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  #2789568 5-Oct-2021 08:49
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engedib:

 

A couple earning $70K each with 8% KiwiSaver, the total net income is around $8K / month.

 

Let's say 2K for rent another 2K for food, groceries, car, other expenses, sorry not much allowance for eating out, $6 coffees + $6 muffins twice a day and expensive fun trips.

 

Without calculating any interest on the savings, in 3 years that's $144K + being able to draw the KiwiSaver for the first purchase. I think it's doable just need some discipline and savings plan.

 

 

 

 

So they get to $144K. What have prices increased by in the three years? Given NZ's median income is about $56K PA a couple earning $140K is not the norm.


engedib
253 posts

Ultimate Geek


  #2789571 5-Oct-2021 08:54
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mudguard:

 

engedib:

 

A couple earning $70K each with 8% KiwiSaver, the total net income is around $8K / month.

 

Let's say 2K for rent another 2K for food, groceries, car, other expenses, sorry not much allowance for eating out, $6 coffees + $6 muffins twice a day and expensive fun trips.

 

Without calculating any interest on the savings, in 3 years that's $144K + being able to draw the KiwiSaver for the first purchase. I think it's doable just need some discipline and savings plan.

 

 

 

 

So they get to $144K. What have prices increased by in the three years? Given NZ's median income is about $56K PA a couple earning $140K is not the norm.

 

 

Well, if the income is too low, why not invest into learning something new which is at high demand on the job market instead of endlessly rolling the FB feed :D


GV27
5429 posts

Uber Geek


  #2789581 5-Oct-2021 09:04
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engedib:

 

Well, if the income is too low, why not invest into learning something new which is at high demand on the job market instead of endlessly rolling the FB feed :D

 

 

You do realise a lot of professional wages are still basically what they were a decade or more ago?

 

But sure, take on additional student debt to try and catch up to property prices that are increasing 30% year on year, when most employers plan on offering payrises of less than 3% if any at all.


mudguard
1726 posts

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  #2789590 5-Oct-2021 09:16
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engedib:

 

Well, if the income is too low, why not invest into learning something new which is at high demand on the job market instead of endlessly rolling the FB feed :D

 

 

 

 

I think you've misread the room here. This whole thread has almost exclusively been about first home buyers inability to buy. So to come in and say it's possible to still buy an investment property smacks a bit.

 

I've no idea of your personal finances. I don't know if you used existing equity to purchase your investment property or had the cash. What we do know is that the price went up enormously in the interim and you were still able to do purchase.

 

Telling people to knuckle down, upskill and save harder is what I hear from the older people I play golf with a lot. This whole thread has pointed out it doesn't work. People cannot save fast enough to keep up with the deposit requirements as prices increase. What is the income to price ratio now? It's insane. 

 

How did you fund your first investment property?


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