Originally posted by Whitt
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Ron Hoy Fong - Will The Next Boom Be The Boom Of All Booms?
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Positive Market Sentiment
Yes and because the current cycle/market is clearly over-cooked we may see more of these types of articles from those with vested interests in keeping investors buying more property or property related services.No price is too high to pay for the privilege of owning yourself. - Friedrich Nietzsche
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Auckland property investor Sean Wood predicts the city's next property boom will be New Zealand's biggest - and it will benefit the whole country.
Like other investors, he says several factors will cause the boom, from 2010 to 2015, with increases in some areas of up to 40 per cent in 12 months.
"Some experts will be naively (or with vested interests) singing the praises of property, reassuring investors that the market will soon rebound, with investors seeing similar growth in values to that experienced in the preceding few years."Last edited by Propoholic; 08-07-2007, 02:13 PM.
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Given that everything does have its "Law of Averages", I am still of the opinion with earlier thoughts that the Next Boom will be the Boom of all Booms, however I can sense that perhaps this will come after a severe slump...
So in saying this is an Opportunity which awaits.
ie An Accumulated Vulture Funds to pick up bargains from "distressed sellers" followed by a "Buy and Hold" strategy to maximise a massive Capital Gains in the Next Boom of all Booms.
Ron
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Originally posted by Jumpin View PostAfter the boom of all booms will there be a slump of all slumps?No price is too high to pay for the privilege of owning yourself. - Friedrich Nietzsche
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Mr Woods doesnt seem to read the paper as he missed the announcement on July 5 (NZ Herald) by the Government that immigration will be reduced to 45-50,000 per annum only.And some want it to be less than that.Sort of destroys his whole premise that property will go up because of 200,000 migrants per annum.
I think Propoholics quote from Kierans book is apt.
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Wood, who owns more than 35 properties in Auckland worth $14 million, says most immigrants will come from Asia and India. Used to living in high-rise apartments, they will favour similar accommodation in inner-city Auckland, at least until they get to know the city and its suburbs.
Richmastery is hawking sleeping boxes in the Columbard complex.
Is there a possible conflict of interest here?
Paul.
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Wood, who owns more than 35 properties in Auckland worth $14 million, says most immigrants will come from Asia and India. Used to living in high-rise apartments, they will favour similar accommodation in inner-city Auckland, at least until they get to know the city and its suburbs.
I think Sean has fond memories of Auckland's Queen St in the early 2000's where every second building was converted into an English language school. Those days are gone and the apartment market doesnt have that under pinning anymore.
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Originally posted by captaincrab View PostMr Woods doesnt seem to read the paper as he missed the announcement on July 5 (NZ Herald) by the Government that immigration will be reduced to 45-50,000 per annum only.And some want it to be less than that.Sort of destroys his whole premise that property will go up because of 200,000 migrants per annum.
I think Propoholics quote from Kierans book is apt.Originally posted by Josko View PostThough I wouldnt suggest that Mr Woods or anyone associated with RM is an expert, vested interest 'yes', expert "NO".Originally posted by SuperDad View PostSean Wood thinks that shoebox apartments will make a good investment.
Richmastery is hawking sleeping boxes in the Columbard complex.
Is there a possible conflict of interest here?
Lets put it in the right perspective.
Next year 2008 is election year, so anything will go to win votes, (even the possibility of an increase in Capital Gains Tax if it helps.)
Remember Winston Peters was very anti Asian Immigration with criticism of ostentatious houses.
This obviously got him a long way with Grey Power votes and made him the King / Queen Maker.
Immigration or what ever, is still needed to replace retiring BB’s and I have to say that even with the help of BB’s, we just aren’t breeding fast enough to maintain a static working population.
Lets not forget that 2011 will again be another election year after the next.
I would be very interested know your thoughts on dealing with a shortage of worker from 2011?
Remember also that the apartments promoted by Sean Wood will probably not be finished for 2 to 3 years which is getting very close to "D" day
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Perhaps there wont be a worker shortage. You forget the variable that people might just not retire at 65 but carry on. I saw something else the other day where older workers are getting paid a lot more now as well. With technology, I work at home now, its only going to get better and that will make it easier for people to work longer.
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Price premium for off plan apartments?
Mr Fong says:
"Remember also that the apartments promoted by Sean Wood will probably not be finished for 2 to 3 years which is getting very close to "D" day"
Okay. But the legendary Saffron apartments seemed to be priced at a premium of around a 100% mark up, as compared to the current prices of similar Auckland apartments.
If prices for apartments have to double in the next 2-3 years in order for the "investor" to even break even, I suspect that rather than needing just 200,000 immigrants a year to make money - the investor might need a million immigrants per annum.
The Saffron apartment premium of approximately 100% is very difficult to justify in terms of demographics, or indeed in terms of any of this voodoo economics vested interests are peddling.
Be careful out there!
Regards,
*poormastery*
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Originally posted by Libertas View PostThe current economic fundamentals point to a slump of all slumps comming soon. We may have just had the boom of all booms.
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