O boy... this could be boom of all booms!!!

[PTILoveYou]

Auckland property market in full boom.

Two bedroom unit at 4/11 Preston Ave, Mt Albert...

Sold for... wait for it....

$797,000 ! ! ! ! !

www.barfoot.co.nz/542777

https://www.youtube.com/watch?v=ZvM26yXFnoY

PS: The sleepout inside the garage is illegal... and not in Gladstone Primary zone... oh and Housing New Zealand occupying the end of the cul-de-sac

[AMR]

Just took a look at the comparable sales and I would have picked Mid $600s. There was a house nearby on a full section that went for less than this.

Did you get a glance at the buyers?

[PTILoveYou]

Just took a look at the comparable sales and I would have picked Mid $600s. There was a house nearby on a full section that went for less than this.

Did you get a glance at the buyers?

I wasn't at the auction, just heard from my barfoot agent/friend.

I asked but he didn't say, but I assume the buyer is Chinese.

No other nationality is that rich and crazy at the same time!

[jimO]

here is what that would buy in Dunedin........http://www.trademe.co.nz/property/re...-878217663.htm

[PTILoveYou]

Update from a friend who attended the auction:

9 to 10 bidders.

Half are Chinese/asian looking

In the end, a middle aged white European looking fella bought it.....

Must be crazy oil rich Russian huh?

[elguapo]

If it can't go on forever, it will end.

[Bob Kane]

We'll probably be dead before the current Auckland property surge comes to an end.

[Cpt707]

...bankrupt New Zealand property investors and traders will line the streets ...and head for the Southern provinces..

[Craig Pope Mortgages]

Wow thanks for sharing that Gary, that really sums up the craziness of it all. Why don't all the retired people cash up and leave Auckland with money in their pocket! That would also help solve the housing shortage! :-)

[Wayne]

There may be a shortage of supply but that doesn't mean people have to act crazy.

[Bluekiwi]

There may be a shortage of supply but that doesn't mean people have to act crazy.

Yep but they are.

1 Babington Torbay Do-up
CV 620k
680m site approx.

Needs full bathrooms and kitchen upgrade, new carpet and full internal paint.
No indoor and outdoor flow, south facing with hills to the north cutting off sun.

My thoughts 650k and I bidded to 680k for fun, as I would have bought at 680k.
Agent told me she thought 750k.

I told her she was crazy.
But it was me who was crazy and she was wrong.

818k

Strong bidding of 5 groups up to 780k.
3 asians and 2 whities.
Asians lost.

Old chap on way out had a simple answer for me.....

"Times have changed" !!!
I have thought about that comment and realised.

We all need to get our heads around that fact.

[Wayne]

Yep - and I'm not sure I would be buying a long term hold in this environment.
It would rely to much on the craziness continuing.

[Bluekiwi]

Yep - and I'm not sure I would be buying a long term hold in this environment.
It would rely to much on the craziness continuing.

My thoughts as well, I am just sticking with my rental portfolio.
My plan was to in 10 years sell some and reduce debt and retire.

Instead I am just buying as much housing, ideally with development potential, into my GST reg. trading trust.
Trading some and then buying more, or holding for a year or so, and then selling.

So pure speculation over a 1 to 2 year time line, and property trading.
Paying my full 50% tax, doing things correctly and reducing rental property debt over time.

At least I am doing it in the right taxable entity.
Wouldnt trust or expect novice investors, oversease investors and speculators to be doing that.

Some developers I know say there is a good 4 to 5 years of boom time, as there is just not enough housing and land to meet demand.
They just cant find enough sites to build on, so I am looking for them.

Some economists predict strong growth 2015 / 2016.
Some predict into 2017.
Some predict 5 to 10 years.

Boom time, is here, unless something goes badly wrong.
For at least 3 to 7 years.

My prediction was 2017 / 2018.
But that was based around Unitary Plan coming into action then.
From what I have heard, due to the process, it could be another 4 to 5 years away.
So 2019 / 2020.

[elguapo]

We'll probably be dead before the current Auckland property surge comes to an end.

Extrapolating this out to that timescale means houses priced at many thousands of times income.

[Wayne]

Boom is good
Crazy is bad