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  1. #771
    Join Date
    Sep 2008
    Posts
    7,562

    Default

    soon apartments in central auckland won't be affordable either

    old warehouse in ponsonby sold for $7000/m2, maybe get 4? 1.5million apartments on that?

    Ponsonby
    9 Prosford St:
    Features: 304mē section, 217mē warehouse, 5 parking spaces

    Outcome: sold vacant for $2.35 million


    nice large, 2 bed apartment in good part of town just sold for almost double CV of $865,000

    Broadway Park, Gifford building, 18 Joseph Banks Terrace, unit 3B:
    Features: 125mē, 2 bedrooms, 2 bathrooms, 12m-long terrace, 2 parking spaces
    Outcome:
    sold for $1.525 million

    certainly Jim's got the kiwi dream at kiwi dream prices


    have you defeated them?
    your demons

  2. #772

    Default

    New Zealand is the third most popular country with Chinese property investors. By March 2016 residential house prices in Auckland were up 11.6% year-on-year. A sudden uncontrolled flood of capital into an already extremely hot market like Auckland, coupled with low inventory seems fearful.

  3. #773
    Join Date
    Apr 2004
    Location
    Auckland
    Posts
    1,896

    Default

    Seems marvelous you mean.
    Existing property owners are quite happy thank you.
    The three most harmful addictions are heroin, carbohydrates and a monthly salary - Fred Wilson.

  4. #774
    Join Date
    Dec 2015
    Posts
    297

    Default

    This madness is spiralling out of control, and it's going to end in chaos.

    The average home owner is indeed benefitting from the higher prices in Auckland, but it is rather meaningless if they intend to remain living in Auckland, becuase whatever gain they have made isn't going to be an advantage to them if buying in the same market. Therefore there isn't any political gain in having the house prices spiral forever higher with these particular voters.

    if you split the electorate by home ownership status, here is the effect on them from higher Auckland housing prices:

    1. renters: higher rent cost - negative opinion likely
    2. First home buyers: higher cost to enter market - negative opinion likely
    3. Home owner: higher house value negative/neutral/positive opinion depending on other factors (if looking to upsize - negative, if looking to downsize - positive)
    4. Property investors: positive if relying on capital gain, negative if looking for cashflow positive properties. Also a negative as the soaring house price unaffordibilty is leading to tougher rules for investors, with more likely to come in the form of debt to income ratios.

    it all adds up to a 2017 political election that will be fought entirely on this one issue, with the incumbent party is going to have a tough time explaining how they will solve it when they have failed to do it over the previous 9 years.
    Last edited by Kbkiwi; 03-09-2016 at 04:22 PM.

  5. #775
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    14,835

    Default

    Quote Originally Posted by Kbkiwi View Post
    This madness is spiralling out of control, and it's going to end in chaos. It all adds up to a 2017 political election that will be fought entirely on this one issue, with the incumbent party is going to have a tough time explaining how they will solve it when they have failed to do it over the previous 9 years.
    That's what spin doctors are for: to blame evil landladies as the cause.
    Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

  6. #776
    Join Date
    Apr 2016
    Posts
    2,343

    Default

    This madness is spiralling out of control, and it's going to end in chaos.
    Hahahahahahaha......

  7. #777
    Join Date
    Sep 2008
    Posts
    7,562

    Default

    Quote Originally Posted by Kbkiwi View Post
    it all adds up to a 2017 political election that will be fought entirely on this one issue, with the incumbent party is going to have a tough time explaining how they will solve it when they have failed to do it over the previous 9 years.
    and the left will have just as much trouble explaining how they will fix auckland as it was 30 years of their policies that have strangled growth

    10,000 state homes won't be built on the isthmus without a fight from normally left leaning voters who expect to keep their street full of bungalows and have no tax rises
    have you defeated them?
    your demons

  8. #778
    Join Date
    Sep 2007
    Location
    Auckland
    Posts
    8,305

    Default

    Squadly dinky do!

  9. #779

    Default

    Quote Originally Posted by Davo36 View Post

    davo36 - can you or anyone else here tell me how the reselling of these properties in quick succession drive unaffordability? The original vendor, had they known the market price, would have sold at the final price as stated in the article.

    this might be an article about the cost of not being able to accurately value an asset which the flippers did more accurately, but I don't see that frequency of sale is linked to higher prices...

  10. #780
    Join Date
    Sep 2007
    Location
    Auckland
    Posts
    8,305

    Default

    Well I guess if the speculators weren't there then a family would have bought that house at the initial selling price and lived in it.

    Instead of a family buying later for $100k more or so. So for them, it would have been more affordable right?

    But having said all that, speculators play a role in markets. So I don't wan to see them banned or anything. https://en.wikipedia.org/wiki/Speculation.

    So I guess maybe you could argue that the speculators are kind of highlighting the problem, which should lead to greater building volumes or something...
    Squadly dinky do!


 

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