Real estate, post level 4

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#2551128 28-Aug-2020 09:31

Sorry I probably didn't mean property ladder like that - I just want to purchase a property. My boys are Aucklanders and they want to stay at their schools for now, plus I have a job here too. But I do hear what you're saying.

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alasta

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#2551185 28-Aug-2020 10:42

mudguard:

I'm going to risk drifting off topic here, but there was a good article on Spin Off I think about the accommodation supplement, how it is driving up rents, and perhaps house prices. It's not something I'd really thought about. But the jist of it was: (I've made the numbers up)

I am not a trendy lefty by any stretch of the imagination but I am a big fan of state housing. Anything else is just a subsidy for private landlords who have already done incredibly well out of capital gains in recent years.

quickymart

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#2554739 1-Sep-2020 11:54

Still quite a shortage, it seems.

https://www.stuff.co.nz/life-style/homed/real-estate/122620723/slim-pickings-for-new-zealand-house-buyers-as-available-properties-dry-up

BlinkyBill

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#2554756 1-Sep-2020 12:47

Westpac Chief Economist Dominick Stephens predicts 8% rise in house prices next year, 2021.

kingdragonfly

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#2554819 1-Sep-2020 15:03

If you're looking in Taranaki, wait....

newshub.co.nz: Record-low housing stock, sky-high asking prices as COVID-19 pandemic impacts market

The effects of the COVID-19 pandemic are being felt in the housing market, with new data showing the number of houses available for sale hit a 13-year-low in August.

According to Realestate.co.nz, nationally, the total homes available for sale in August dropped 13.2 percent on the same time last year. The 17,974 listings was also down 7.6 percent on July, with nine of 19 regions hitting 13-year lows.

I saw a rental property mention a sale fell through.

I emailed him and asked if he'd be interested in a private sale. He said yes, but gave no figure

The QV was $450K to $500K, on a 474 Sq meter lot, 120 Sq M floor

It's RV was $425

It sold two years ago for $290K

I offered the QV high value, $500K. The private deal, which would save him the 5% to 6% commission, $25K to $30K.

He said

Your dreaming mate. We had it sold for 652.

We wouldn’t dream of anything less than 650. Maybe a bit less worth commission. Worth a try though!

We will rent it.

This is 30% above the high range QV.

BlinkyBill

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#2554872 1-Sep-2020 15:29

kingdragonfly: If you're looking in Taranaki, wait....

newshub.co.nz: Record-low housing stock, sky-high asking prices as COVID-19 pandemic impacts market

The effects of the COVID-19 pandemic are being felt in the housing market, with new data showing the number of houses available for sale hit a 13-year-low in August.

According to Realestate.co.nz, nationally, the total homes available for sale in August dropped 13.2 percent on the same time last year. The 17,974 listings was also down 7.6 percent on July, with nine of 19 regions hitting 13-year lows.

I saw a rental property mention a sale fell through.

I emailed him and asked if he'd be interested in a private sale. He said yes, but gave no figure

The QV was $450K to $500K, on a 474 Sq meter lot, 120 Sq M floor

It's RV was $425

It sold two years ago for $290K

I offered the QV high value, $500K. The private deal, which would save him the 5% to 6% commission, $25K to $30K.

He said
Your dreaming mate. We had it sold for 652.

We wouldn’t dream of anything less than 650. Maybe a bit less worth commission. Worth a try though!

We will rent it.

This is 30% above the high range QV.

let me say again - QV ‘valuations’ are indicative of nothing, certainly not the market, and even more certainly not a hot market with low stock numbers.

If you are progressing a pricing strategy based on QV ‘valuations’ you will be off - way off if the QV cycle nears a re-appraisal.

Handle9

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#2554876 1-Sep-2020 15:35

And RV is how funding the council budget gets divided amoung ratepayers, not any actual measurement of property value.

kingdragonfly

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#2554893 1-Sep-2020 15:40

You've also said that salaries have kept pace with mortgage rates, which is patently untrue.

So if I'm a young buyer, I should be OK with a house two years ago bought for 280K to go for 652K ?

Whatever the market will bear, aye? I'd hate to buy a flashlight from you during a power outage.

I'll say it again: We should implement Tax Working Group (TWG) Capital Gains Tax recommendations.

What’s excluded?

The primary or family home (the excluded home). This was one of the terms of reference of the TWG, so no surprises here.

Handle9

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#2554898 1-Sep-2020 15:42

kingdragonfly: You've also said that salaries have kept pace with mortgage rates, which is patently untrue.

Have you got a quote for that please?

mattwnz

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#2554902 1-Sep-2020 15:47

kingdragonfly:

This is 30% above the high range QV.

Has the property been done up since it was last sold? Why did the sale fall though, it doesn't seem all that common in NZ for sales just to fall through?

What is the price range that homes dot co dot nz and trademe property value the property at,? They are based on similar houses in the area that have sold recently.

mattwnz

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#2554905 1-Sep-2020 15:55

Handle9: And RV is how funding the council budget gets divided amoung ratepayers, not any actual measurement of property value.

The CV is the likely price you could sell a property for at the date of your local council’s last general revaluation. Source QVs website. So it is the likely price someone could sell a property for at that particular point in time when it occurred.

wellygary

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#2554915 1-Sep-2020 16:01

kingdragonfly:

I'll say it again: We should implement Tax Working Group (TWG) Capital Gains Tax recommendations.

There is currently a CGT on rental properties if you flip them within 5 years. It hasn't made a blind bit of difference,

The RBNZ printing money and returnees swamping an already scarce housing market are the main thigs driving prices..

kingdragonfly

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#2554916 1-Sep-2020 16:02

Handle9:
kingdragonfly: You've also said that salaries have kept pace with mortgage rates, which is patently untrue.

Have you got a quote for that please?

directed at Blinky

Handle9

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#2554917 1-Sep-2020 16:03

mattwnz:
Handle9: And RV is how funding the council budget gets divided amoung ratepayers, not any actual measurement of property value.

The CV is the likely price you could sell a property for at the date of your local council’s last general revaluation. Source QVs website. So it is the likely price someone could sell a property for at that particular point in time when it occurred.

It isn't a real valuation, it's a largely automated estimate that doesn't look at the actual property, just the relative value compared to the area. It's purpose is for calculating rates.

Using it as any sort of objective measurement for the value of a property is fool's Gold.

Handle9

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#2554920 1-Sep-2020 16:05

kingdragonfly:
Handle9:
Have you got a quote for that please?

directed at Blinky

I'd still like to see that quote- I haven't seen anyone in this thread say anything about salaries keeping up with house prices but I could have missed it.

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