Stonefields (Mt Wellington)

[JABlog]

They are building the first apartment block now and agree with some other comments that they do seem expensive. I think how quickly or not those apartments sell will determine, whether more blocks are built. I just don't see Aucklanders as being ready to pay that sort of price for an apartment which isn't in the city.

Thats how they ruin a good development. first they build really nice houses, ideal for young families then when they have sold these and area gets setablished they build apartments. Then it all turns to custard (or ghettos).

[Ivan McIntosh]

Also, the construction of so many new homes means that you will not be able to sell your used one for a premium as it will be competing with the continual development. It will be years before you will break even.

This last bit is extremely important, and a lot of people overlook it.

For years and years, if you try to sell your home you will be competing with the sales of NEW homes at the same price. Many buyers will go for new over "second-hand" (although arguably a house that has been lived in for a few years should have had some of the kinks worked out of it in maintenance and repair terms).

In other words, forget about being able to sell for quite some time, and you need to accept that your sale price, if you do try and sell, will be conditioned by the sale price of new dwellings in the development, not by anything relevant to you.

[MaxM]

We bought a 4 bed, 3 1/2 bathroom, 3 living area detached house 250 sqm living space including double garage. Plot area 394m. Price was towards the amount discussed.

All the homes are built by Fletchers (or subsidiaries of them) so don't be concerned about build quality despite another comment. The capital value comment is a valid one but I would say there's only maybe one more year of detached house building on the far side of the development so you should see capital gain sometime after that. We searched long and hard towards the Eastern Bays and prices were crazy and apparantly it's getting much worse. I still believe Stonefields offers good value for money.

Hopefully you guys enjoy it!

I have to agree, even though it "may" seem that the price range is a bit high, but if you look at the market and what is actually available (Eastern Bays is exactly where we've been looking for months), for the same price you get good address, almost no land, old house which would require quite a bit of money spent... Before we started house hunting I never thought the prices are so high, bizarre really.

I'll be very honest a month ago my perception of Stonefields was the same as most of people here, and couldn't not imagine even considering a place there, but it all changed when I actually spend a good amount of time driving around and chatting to neighbors.

And in the end of the day - a brand new house is a brand new house.

Regarding the future costs, from my perspective (i may be wrong of course) I only see the prices going up in the area. Once the area is fully developed the demand will be high, and very limited number of houses available for sale, so the prices will go up.


P.S. 8ace, we will be your neighbors soon

[8ace]

Yes, we were the same. We scoffed initially then the more we looked the more it appealed with the school being a particular benefit with a young and expanding family like ours.
This capital value issue is less of a point than some think given the reality. The curent price of new homes there is already significantly above similar ones being sold a year ago yet they are still being snapped up. The people who got into Stonefields very early would have had excellent capital gain already despite the concerns alluded to on here. Furthermore, I reckon there's only a year or so to go in regards to building of detached homes. There simply isn't 'years and years' of new homes to be built.

As regards to 'ghetto' apartments, I would consider that very unlikely given the prices of them. Potential 'ghetto' dwellers won't and can't pay $700k for an apartment.

[JABlog]

I agree , you cant put a price on family which is paramount. perhapes the LL always look at the ROI only

What U meant by Ghetto is when yes they pay $400- 500K and then decide to rent it for one reason or the other.

Same thing happended in some parts of Dannemora where Fletchers were as well.

[eri]

Managing director Evan Davies said sites around College Rd were being filled because market signals meant plans had to be reconsidered.

"When we took control, there were a significant number of sites with half basements," he said, explaining how earth had been prepared for larger, taller blocks.

But pre-sales on those blocks had failed so single residences will now be built. Originally, nine big apartment blocks were planned on the former quarry, Davies said.

http://www.nzherald.co.nz/property/n...ectid=10800681

[Davo36]

Hmm the council won't be happy. Everyone has to live in an apartment. No single houses, they take up too much room and defile the planet.

[eri]

council don't listen to "market signals"

unless voters are very clear about what they are voting for

Theodorus Jacobus Leonardus (dick) quax gets my vote next time

http://www.elections2010.co.nz/2010/...ates/dick-quax

[JABlog]

Hmm the council won't be happy. Everyone has to live in an apartment. No single houses, they take up too much room and defile the planet.

They wouldn't but then its Fletchers and they have very deep pockets to influence.

[homesmart]

It doesn't look to nice when you drive past in the winter and can't see any of the houses in there because of the layer of fog trapped in there. Damp.

[Davo36]

Lol, really? There's a layer of fog in there? I wouldn't have thought of that!

[bennydog]

I too was dubious about looking at Stonefields, however, we have been house hunting for nearly 12 months, attending Open Homes and Auctions which have become exhausting. Over the last 6 months, houses in Central Auckland have been going on average $150,000.00 over CV with the last auction we attended last week in Mount Albert for an old wooden house, 3 beds, 100 m2, no garage next to a main road selling for $865,000.00. Its CV was $710,000.00!

So we decided as a last resort to check out Stonefields, yes, its a new development, however the lay out is good, the houses are large, and we bought the last terrace house released in this phase, with people waiting behind us to buy.

The next phase is ready to be released which are already being built, the cost of the next phase is expected to be higher that what we have bought, therefore, we have already made a profit before we even move in.

This is not a quick turnaround purchase and you have to compromise on your wish list, yes being nearer to town would be ideal, however its 8-9 km from the CBD, Point Chevalier is 8 km from the CBD.

These house's are selling, and there is only a limited amount of houses being built, two of the apartment blocks are now not being built, instead more terraced housing is being built in their place because the demand is high, the retail area within the development is now being built.

You should look at business moving into the area for signs of development. New World Stonefields has just opened on Lunn Ave which is a high end Supermarket compared to Pak and Save, Farros on Lunn Ave and with a Medical Centre proposed as well.

As for Public Transport, yes the trains station being nearer would help, however the 635 bus comes into the development with only 30 mins in rush hour into Broadway Newmarket at $3.40 (cheaper with HOP) isn't too bad

Basically, we would be hard pushed to buy 215 m2 for less than $800,000.00 in the inner city subs

Looking forward to arriving in Stonefields shortly with the Next Wave of new arrivals!

[MaxM]

Remembered to check out the forum and thought I'll bring this topic up.

So parents bought a house here for $950k less than 2 years ago. Last month exactly the same house was sold for $1,350. Looks like the demand for the area is much higher than the supply.

[Davo36]

$450k gain in 2 years is not to be sneezed at

[JABlog]

SO I am guessing all the pundits here were mostly wrong?