Buying in Auckland

[Phant]

Hi

New to the forums, just had a question regarding purchasing a first house. Currently I am renting in Auckland and obviously there is lot of talk about the price of houses and how it is "overpriced".

My question is, with all the things the government have already implemented to go live on the 1st of Oct, does anyone think that will help the situation or should I look to purchase a house now?

I feel like the fear of missing out is pushing the market up, but at the same time it is very hard to see prices already "overpriced" keep increasing. I know it does not make sense as a investor to buy in Auckland, but if you were looking at purchasing your first property (to live in), does that change the mindset on price?

Thanks in advance

[Damap]

Unless you are buying in
1. Blue Chip Asian friendly school zones or
2. Subdivisible property
buy now. Prices are not going to fall the rises may slow down or flatline. Even in the last big recession Auckland only dropped 5%
So if you wait a year and prices rise 15% then come back 5 in a recession you are still losing out. Especially for your own home buy NOW and fix the low interest rates for 5 or 7 years.

[JABlog]

For your own home , the right time to buy was yesterday

Short term pain but long term gain. Buy within your means and lock in a good interest rate.

[OneStepCloser]

Agree, if you are buying your own home, then just do it.

[Phant]

Thanks! appreciate the replies

[PTILoveYou]

Yup, I would buy now, buy something affordable that suits your budget.

Buy:
1) As close to CBD as possible
2) units are fine
3) half sections are fine
4) full section often too expensive and overrated
5) schools are a plus, Decile 4+ is good enough

[Damap]

Agree except 1) is not important. Anywhere in Auckland gets the ripple effect. You will pay more closer to CBD for no benefit and lower growth. Buy further out and get more growth.

[PTILoveYou]

Agree except 1) is not important. Anywhere in Auckland gets the ripple effect. You will pay more closer to CBD for no benefit and lower growth. Buy further out and get more growth.

Well he has to think about distance to travel to his work place as well.

No point living in Pukekohe and traveling to Albany for work..

[Damap]

True but 13% of Aucklanders work in the CBD so there is an 87% likelihood he doesn't :-)

[PTILoveYou]

True but 13% of Aucklanders work in the CBD so there is an 87% likelihood he doesn't :-)

Since Phant doesn't sound like a rich Chinese, I doubt he can afford Grey Lynn as a starting point =)

I think Mt Wellington or further south like Papatoetoe would be good.

[JABlog]

You would be surprised how much good Papatoetoe houses are selling for ... 2 bed units $550K, 3/4 bdrm house on a small section $700K-800K.

[Frezzinghot]

You would be surprised how much good Papatoetoe houses are selling for ... 2 bed units $550K, 3/4 bdrm house on a small section $700K-800K.

Not really surprising at all, all over auckland there is bargains to be had

FH

[PTILoveYou]

You would be surprised how much good Papatoetoe houses are selling for ... 2 bed units $550K, 3/4 bdrm house on a small section $700K-800K.

OMG thats mt wellington prices!

[investernewbie]

Papatoetoe broke 1 mil mark in the recent barfoot auction. Only 800+ square metres 3 bedroom brick and tile. CV only $540k. This sold for nearly double CV price.

7 Watson Place

549676

Papatoetoe

SOLD $1,047,000

http://www.barfoot.co.nz/549676

Papatoetoe is catching up to be mil suburb.

[PTILoveYou]

Lol in comparion my recent purchases in te atatu peninsula and avondale heights look like gold!