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  • 2-speed housing market

    looks like primary residence buyers are still competing where there is a shortage of land

    not so many buyers for "investment" houses in the burbs next to farms though....

    A monthly report on house affordability says house prices in central Wellington have risen, and suggested that those on higher incomes are using their tax cuts to push up prices.
    The Roost Home Loan Affordability report said signs of a "two-speed" housing market were emerging, with luxury house prices in central Auckland and Wellington firming but prices in outer suburbs and provincial cities remaining flat.

    http://www.stuff.co.nz/business/mark...-defy-downturn
    have you defeated them?
    your demons

  • #2
    Originally posted by eri View Post
    "two-speed" housing market were emerging, with luxury house prices in central Auckland and Wellington firming but prices in outer suburbs and provincial cities remaining flat.
    No surprise in that quote for anyone whom has spent any time in the market this year.

    I lived at the Metroplis Building so would often visit B&T auctions next door. The high prices inner City suburbs were selling for was just shocking to me. I remember one day I had just toured an absolute dump of a villa in Grey Lynn tht needed a COMPLETE reno. I mean nothing had been touched on it for over 50 years and the section was just over 500sqm. It sold at auction that day for high $700s. The next week I attended an auction for a renovated tiny 2 bdrm box square villa on about 400 sqm of section in Westmere that went for $1.1 million. It was a nice trendy modern reno but HEY $1.1 million???

    I would then ride out to South Auckland, traditional investor suburbs such as Clover Park or Papatoetoe and there were bargins galore with next to NO ONE competing.

    So yes, defintely a TWO SPEED property market in 2010. And I was guess much of the same for 2011 but I have noticed recently lending easing for investors (deposit required lowered) so I would expect investors to be a little more active in 2011.

    Shane

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    • #3
      Originally posted by Shane D View Post
      just toured an absolute dump of a villa in Grey Lynn tht needed a COMPLETE reno. I mean nothing had been touched on it for over 50 years and the section was just over 500sqm. It sold at auction that day for high $700s.Shane
      and for that it appears you could buy new on bigger land, go figure....

      http://www.trademe.co.nz/Trade-me-pr...-333015109.htm
      have you defeated them?
      your demons

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      • #4
        Originally posted by eri View Post
        and for that it appears you could buy new on bigger land, go figure....

        http://www.trademe.co.nz/Trade-me-pr...-333015109.htm
        yeah 750k for a 190sqm home no thanks but guess if you want new up in the big smoke rat race thats what you have to pay

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        • #5
          this more to your liking?

          http://www.trademe.co.nz/Trade-me-pr...-339863869.htm
          have you defeated them?
          your demons

          Comment


          • #6
            Block of Flats In Royal Oak sold for 5.5% - go figure....
            New Zealand's #1 Marketplace for Property Investors & Sellers!
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            • #7
              Originally posted by eri View Post
              Yeah no thanks that more than are new 393sqm single level concrete roof-stone cladded house is costing including the flat 2800sqm land with views straight at coronet peak all finished with a high quality fit-out here in queenstown the other so called high cost housing area

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              • #8
                By all accounts Westmere/Grey Lynn has been the strongest performer in 2010.

                I happen to own one of these falling down drafty dilapidated villas - but in terms of value for money - surely somewhere like Mount Albert would be much better.

                Westmere has a few cafes - and the organic butcher - but prices lately have been totally out of sync with even the rest of the Auck central market.

                What is the magic of Westmere?
                Last edited by SwissKiwi; 20-12-2010, 11:09 AM.

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                • #9
                  Originally posted by SwissKiwi View Post
                  Westmere has a few cafes - and the organic butcher - but prices lately have been totally out of sync with even the rest of the Auck central market.

                  What is the magic of Westmere?
                  People thinking it's too central for the prices to ever fall.

                  (hasn't worked well for the CBD apartments though)

                  And 50%+ of the houses there are still horrible old decaying rubbish (beats the 60%+ in Grey Lynn) that no until-recently slum-dweller owners have ever had the money, let alone willpower, to try and renovate.

                  So if ONCE of those were renovated, the suburb would surely go up in value even more and be almost as good as the crappiest parts of DGZ Remuera. Which are still way cheaper than Westmere. Who needs Epsom Girls High if you can get Western Springs College and an occasional student knife-fight to watch for free. And an address to impress yer fellow Chardonnay socialists / Labour bourgoisie.

                  And yes it's got beaches. Enough water for occasional kayaking at the very high tide. Aviod swimming though. Coxes Bay's arguably the most bacterially polluted beach in the city.

                  Therefore it's totally logical innit. Just like the NZ being one of the dearest housing markets in the world. Really running out of land over here aye.

                  ps: the Westmere butcher is really good though, and pretty bloody cheap considering it's all fresh, organic or freerange stuff. But the rest of it is total ***t.
                  Last edited by 67910241; 20-12-2010, 11:32 AM.

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