I think it was Bob Jones? who said, you never pay too much but sometimes you pay a bit early.
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Summerised from interest.co.nz
The average selling price was down from $968,570 in March 2017 to $810,000 in July 2017 at B&T. $160k price drop. Almost 20% drop in average value in Auckland.
House sales are down from 1420 in July 2015 to 740 in July 2017. This is 50% drop in house sales.
I would only buy if it was 30-40% discount from the peak in Auckland or 10-20% elese where. Probably these deals will come. Lets play the waiting game. Its not a race.
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Originally posted by Beginner1 View PostSummerised from interest.co.nz
The average selling price was down from $968,570 in March 2017 to $810,000 in July 2017 at B&T. $160k price drop. Almost 20% drop in average value in Auckland.
"The agency's median selling price was $810,000 in July, down $30,000, or 4%, compared to July last year, and down $90,000, or 10%, from its peak of $900,000 In March.
The average selling price was $908,319 in July, down from its peak of $968,570 in March, but still ahead of the July 2016 average of $867,681"
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The median of 300, 300, 300, 1000 and 1000 is 300. The average is 580. Using those two values interchangeably is dangerous. Using median at all is a complete waste of time IMO.Free online Property Investment Course from iFindProperty, a residential investment property agency.
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Not on average, that would be a 3-4x drop of the GFC.
You might find some value at mortgagee sales on a spot case, there were a lot of those during the GFC, very risky, how many did most people buy? They would have made a fortune.
Originally posted by Beginner1 View PostSummerised from interest.co.nz
The average selling price was down from $968,570 in March 2017 to $810,000 in July 2017 at B&T. $160k price drop. Almost 20% drop in average value in Auckland.
House sales are down from 1420 in July 2015 to 740 in July 2017. This is 50% drop in house sales.
I would only buy if it was 30-40% discount from the peak in Auckland or 10-20% elese where. Probably these deals will come. Lets play the waiting game. Its not a race.Free online Property Investment Course from iFindProperty, a residential investment property agency.
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Originally posted by Beano View PostYes people (including valuers) sometimes can't see values for many years eg Newtown ,berhampore,can non creek etc until it is too late and the area has become popular
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Values gone up tho. I bought in Newtown recently. Hope the open heart surgery I have planned works out again.Free online Property Investment Course from iFindProperty, a residential investment property agency.
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Originally posted by Kbkiwi View PostI like how you slipped in cannons creek with Newtown & Berhampore. That was a good chuckle. Last time I checked, not a lot of gentrification happening in cannons creek.
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Originally posted by Nick G View PostThe median of 300, 300, 300, 1000 and 1000 is 300. The average is 580. Using those two values interchangeably is dangerous. Using median at all is a complete waste of time IMO.
Its helpful to view both as a skew in the types of properties selling can influence the average sales price too.
For example if 1br apartments normally make up 5% of sales of 1br apartments become 30% of sales the average sale price in a location the average price will be heavily impacted but the median could remain unchanged.
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Originally posted by Kbkiwi View PostI like how you slipped in cannons creek with Newtown & Berhampore. That was a good chuckle. Last time I checked, not a lot of gentrification happening in cannons creek.
Unrenovated houses i I used to buy circa 2015 for $180k now selling for $300k, on 700m2 - 1200m2 sections which can now be subdivided into 2 or 3 house lots. Rents that were $220/wk now $350/wk.
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you are correct. I got it wrong..
Originally posted by Chris W View PostCan't really compare the median house selling price of $810,000 with the average house selling price of $968,570 at the peak - they're two different numbers and not directly comparable. Here is the excerpt from the interest.co.nz article:
"The agency's median selling price was $810,000 in July, down $30,000, or 4%, compared to July last year, and down $90,000, or 10%, from its peak of $900,000 In March.
The average selling price was $908,319 in July, down from its peak of $968,570 in March, but still ahead of the July 2016 average of $867,681"
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I wonder how much of the hype around falling sales is that more cheaper houses are changing hands, skewing the numbers.Free online Property Investment Course from iFindProperty, a residential investment property agency.
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Originally posted by Don't believe the Hype View PostKbkiwi - when were you last in Cannons creek? Maybe you should come past for a coffee? My shout.
Unrenovated houses i I used to buy circa 2015 for $180k now selling for $300k, on 700m2 - 1200m2 sections which can now be subdivided into 2 or 3 house lots. Rents that were $220/wk now $350/wk.
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Originally posted by Chris W View PostQuick survey
For residential property investors who expect their investment property to remain essentially unchanged for the next 10 years (i.e no section subdivision, no addition of a new residential dwelling, no garage conversion into dwelling), may I ask you 3 questions:
----- Answers below -----
1) what is your property's current gross rental yield? - 5.5% (purchased at 250K, rented at $310 pw and considering expenses)
2) what organic growth (via rental rate increases) in rentals are you expecting per year for the next 10 years? maybe $10 a year? CHC is flat since the last couple of years but I think longer term this will be OK.
3) what do you believe will be the gross rental yield on your Auckland property in 10 years time?
I read the discussion above but am still unclear what you are trying to say about CG v/s yield :-O
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