Real estate, post level 4

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8171 posts

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#2797714 19-Oct-2021 16:15

Geektastic:
Handsomedan:
That's just not how it works in the real world

It can, but rarely. Bournville outside Birmingham was built by the Cadbury family as a model village to house the workers at the chocolate factory.

Its exactly what the Turners are trying with the Sleepyhead development in the North Waikato..

https://www.newsroom.co.nz/sleepyheads-dream-answer-to-housing-crisis

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mattwnz

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#2797731 19-Oct-2021 16:22

quickymart:
Glimmer of hope on the horizon for purchasers, maybe?

https://www.nzherald.co.nz/nz/politics/labour-and-national-join-forces-for-housing-crisis-fix-ending-decades-of-standoff/Z27M7UF7QFO4RMLNR7UQBQERZI/

I don't think so. It potentially gives a big boast to values of existing property owners who have a lawn etc. But it potentially causes problems for councils with existing infrastructure. Don't know how it helps when land has covenants that prevents urban intensification. They need to free up more green field sites as people are just landbanking and artifically constraining supply.

tdgeek

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#2797786 19-Oct-2021 18:59

mattwnz:

I don't think so. It potentially gives a big boast to values of existing property owners who have a lawn etc. But it potentially causes problems for councils with existing infrastructure. Don't know how it helps when land has covenants that prevents urban intensification. They need to free up more green field sites as people are just landbanking and artifically constraining supply.

Thats quite negative.

On the negative side, Labour failed with Kiwibuild, but Labour and National may succeed if joining together. Thats a Labour negative.

Greens dont want any change, so Labour partners with National, National wins

End of the day no one wants a National policy, or a Labour Policy or a Green policy, but Nats and Labs can make ground, National wins.

The covenants? They may disappear. Greenfield sites? They may disappear (to housing)

grizzz

4 posts

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#2797800 19-Oct-2021 19:46

Handsomedan:

heavenlywild:

Surely the banks can figure out how much a house of a certain size in a certain area is worth?

Banks will only use a registered valuation or a CV - there's no room for guessing for the lenders.

Basically, if it doesn't have a CV, because it hasn't been built yet, you ain't getting a loan unless it gets professionally valued.

and there we have the problem , the bankers no longer know what they are talking about . most my life the bankers knew what they were talking about , but that ended in the 80s , when we brought the banks looked at every house we looked at and told how much they would lend on each house

mattwnz

20003 posts

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#2797804 19-Oct-2021 19:55

tdgeek:

mattwnz:

I don't think so. It potentially gives a big boast to values of existing property owners who have a lawn etc. But it potentially causes problems for councils with existing infrastructure. Don't know how it helps when land has covenants that prevents urban intensification. They need to free up more green field sites as people are just landbanking and artifically constraining supply.

Thats quite negative.

On the negative side, Labour failed with Kiwibuild, but Labour and National may succeed if joining together. Thats a Labour negative.

Greens dont want any change, so Labour partners with National, National wins

End of the day no one wants a National policy, or a Labour Policy or a Green policy, but Nats and Labs can make ground, National wins.

The covenants? They may disappear. Greenfield sites? They may disappear (to housing)

I don't see how covenants can be changed or gotten rid of, especially as many people buy land, or buy into a sub division based in the protection these covenants provide. eg They may dictate the look of the property, whether you can have a fence on the front, the number of buildings etc. Many also restrict houses to a single level. I understand it is a legal thing that goes onto the title, and can't see how any government could override that. If they did some land owners may not be happy.

IMO the resource management act is not as much of a problem these days has it has been. We are currently getting a huge number of housing developments built with it. The bigger problem is land prices in new subdivisions.300k , up to 600k in my area for 700sqm section in a semi rural area. I don't think my area is going to be affected as I think it only applies to the main cities. The problem with this particular change is that some areas could end up with some eyesores.

tdgeek

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#2797841 19-Oct-2021 20:25

mattwnz:

I don't see how covenants can be changed or gotten rid of, especially as many people buy land, or buy into a sub division based in the protection these covenants provide. eg They may dictate the look of the property, whether you can have a fence on the front, the number of buildings etc. Many also restrict houses to a single level. I understand it is a legal thing that goes onto the title, and can't see how any government could override that. If they did some land owners may not be happy.

IMO the resource management act is not as much of a problem these days has it has been. We are currently getting a huge number of housing developments built with it. The bigger problem is land prices in new subdivisions.300k , up to 600k in my area for 700sqm section in a semi rural area. I don't think my area is going to be affected as I think it only applies to the main cities. The problem with this particular change is that some areas could end up with some eyesores.

Government is the lawmaker.

If you are in an upmarket subdivision with a 1/4 section and all houses are already there, obviously no issue. But if you are in a subdivision where one house is there and the other 300 aren't, hold onto your ticket.

RMA is the issue as its too hard. Yes there is s building boom (if you can find 4x2's) but thats because existing houses are too hard, if you can buy a build tomorrow at 800k, its 800k. But its also not 4 X normal either.

Im not sure how their stats stack up, after you deduct the normal builds that would take place anyway, and that it wont affect prices, but its a start.

Divhon88

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#2797845 19-Oct-2021 20:42

Probably just some planning for the upcoming 165,000 residents who will buy their houses in the next 5 years

Batman

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#2797955 20-Oct-2021 07:16

You probably heard Labour and National join forces and blindside Act and Greens on new housing executive directive on our 4 biggest cities yesterday :)

Geektastic

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#2798008 20-Oct-2021 09:08

Whilst reading something unrelated, I came across this story which shows new standalone villages etc still being created.

https://www.bbc.co.uk/news/uk-38486907.amp

GV27

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#2798011 20-Oct-2021 09:15

I'm still unsure about this.

The previous NPS update concentrated developments in high-value areas but that had transport links to support apartment blocks and high density living.

This seems to take a lot of pressure off the need to develop those areas and spreads it across areas without the same infrastructure.

tdgeek

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#2798012 20-Oct-2021 09:16

Geektastic: Whilst reading something unrelated, I came across this story which shows new standalone villages etc still being created.

https://www.bbc.co.uk/news/uk-38486907.amp

Interesting, but it seems like just an out of town subdivision. Will need train or bus access as they are commute small towns

Geektastic

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#2798067 20-Oct-2021 10:47

tdgeek:
Geektastic: Whilst reading something unrelated, I came across this story which shows new standalone villages etc still being created.

https://www.bbc.co.uk/news/uk-38486907.amp

Interesting, but it seems like just an out of town subdivision. Will need train or bus access as they are commute small towns

They're of varying sizes and many will be self sustaining with schools, shops etc.

Sure. But the difference is that if they need a train, they'll build a line. They'll probably just build new dual carriageways to town and let people drive. Post Covid I think mass transport will lose appeal.

quickymart

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#2801102 25-Oct-2021 22:43

https://www.oneroof.co.nz/news/40334

Interesting comparison between buying in Auckland and buying in Christchurch.

quickymart

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#2801194 26-Oct-2021 10:45

https://www.newshub.co.nz/home/money/2021/10/economist-cameron-bagrie-predicts-when-auckland-housing-shortages-could-be-alleviated.html

Here's hoping he's right 🤞

Zeon

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#2801217 26-Oct-2021 11:09

I still don't get this "housing shortage" - our borders have been closed and if I'm not mistaken we have negative population growth without immigration?

House prices have been super high for sure but is this really due to a "shortage"? Seems that organisations like "OneRoof" (not sure who they represent) have some kind of commercial deal with the likes of Stuff to talk up the industry, create a hysteria around crazy auctions etc.. The oneroof pieces are interspersed with other stories but I presume that pay for them to be there?? It's not just a New Zealand thing, so many other countries are going through the same experience with their house prices.

Buying property is not really my thing from an investment perspective but the 1 auction I went to a couple of months ago it was just us and 1 other bidder (who apparently hadn't even checked the property).. maybe because we are in the rougher part of town..

I'm feeling that what will really have a big impact on cooling the market will be rising interest rates. With closed borders, supply chain issues, growing compliance and other costs etc. inflation will go even higher meaning growth in interest rates and suddenly those million dollar mortgages look a bit harder to service...

Speedtest 2019-10-14

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