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20% deposit needed to buy a house from oct

20% deposit needed to buy a house from oct

Old Mar 14th 2015, 8:39 pm
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Default Re: 20% deposit needed to buy a house from oct

Originally Posted by Woodlea
Quite! One wonders why folk move to the other side of the world and expect everything to be the same and moan if it isn't. I wasted a couple of hours today peeling the skin off almonds from the almond tree, they were lying all over the garden and paths and annoying to walk on. In the UK almonds came in packets, really annoyed that NZ is so backwards
It's so easy to throw in comments like that when you feel a discussion is not going the way you want it to.

I have not moaned at all about NZ not being the same as the UK? Isn't that why a lot of people move in the first place - for a change of lifestyle? Your the one who has just accused NZ of being backwards. You shouldn't assume that everyone else thinks the way that you do.

We are talking about house prices.

Last edited by pippalonghorn; Mar 14th 2015 at 8:42 pm.
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Old Mar 14th 2015, 8:45 pm
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Default Re: 20% deposit needed to buy a house from oct

Originally Posted by pippalonghorn
It's so easy to throw in comments like that when you feel a discussion is not going the way you want it to.

I have not moaned at all about NZ not being the same as the UK? Isn't that why a lot of people move in the first place - for a change of lifestyle? Your the one who has just accused NZ of being backwards. You shouldn't assume that everyone else thinks the way that you do.

We are talking about house prices.
I agree house prices are ridiculous in AKL, but not so elsewhere. The discussion was meandering away from that point hence my general point, sorry if it was off topic
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Old Mar 14th 2015, 10:28 pm
  #378  
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Default Re: 20% deposit needed to buy a house from oct

Originally Posted by The Weezer
More important, though, is the quality of the modernisation. Does this house have wall insulation? In my experience houses that have been renovated do not often have wall insulation retro-fitted. The original timber windows would certainly be single-glazed, and the newer aluminium windows will weep, even if they're double-glazed. You'd have to suffer a Dunedin winter in a completely unheated bathroom, too.

I'd be very concerned that the house has been re-clad. It could mean it was in quite a rotten state before it was renovated. We viewed an old bungalow in central Auckland that had been fully "modernised and renovated to a high specification." The original native timber floors had been carpeted, just as in this house. My husband had a look under the house and could see the the floors had a severe borer infestation and looked like they needed replacing, not just carpeting. Of course, the house was commanding central Auckland prices.

I suspect UK houses for a similar price would probably be warmer and drier. I loathed the Auckland winters until we properly modernised our house. What good is a "better" climate if you have to live in a insufficiently heated house? Any kind of renovation work is extremely expensive in New Zealand, and I would say nearly all houses here would be considered do ups to anyone apart from Kiwis, or people from countries with similar housing standards.

In any event, job opportunities would be much more limited in Dunedin, and there really aren't any other cities large enough to provide more opportunities within even a long commute. And then there is the question of comparable salaries...
Weezer - fantastic post. Good sense of realism and reality in there and overall it supports the claim that you'll get a better deal overall in the UK.

The difference with the UK is that you can buy affordable properties in areas where there is plenty of work. In NZ, there's only a few places where there is regular job creation and movement, hence the ridiculous house prices and pressures in those areas.

If you live in the South Island and you're a skilled worker, you really have very few options.

Last edited by davros1984; Mar 14th 2015 at 10:34 pm.
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Old Mar 14th 2015, 11:14 pm
  #379  
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Default Re: 20% deposit needed to buy a house from oct

Originally Posted by davros1984
Weezer - fantastic post.

If you live in the South Island and you're a skilled worker, you really have very few options.
And that is probably a good thing. It wouldn't be the same if another urban jungle popped up.
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Old May 12th 2015, 1:23 am
  #380  
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Smile Re: 20% deposit needed to buy a house from oct

There is some rumour of more macro-prudential tools aimed at Auckland today.

All they can do is distort the market more however, they can't sort out the supply shortage directly. Government looks no closer to changing the RMA or any other policies.
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Old May 13th 2015, 7:41 am
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Default Re: 20% deposit needed to buy a house from oct

Do you think the outlying areas of "Auckland Super City" will start to boom now as well? - I do know people who live out Warkworth way for example who say that the prices there are yet to go ballistic like more central areas.
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Old May 13th 2015, 7:49 am
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Default Re: 20% deposit needed to buy a house from oct

Originally Posted by bearskin
Do you think the outlying areas of "Auckland Super City" will start to boom now as well? - I do know people who live out Warkworth way for example who say that the prices there are yet to go ballistic like more central areas.
I think supply issue will disappear when ird announce focus on past 10 year fraudulent tax returns.
Now the ability too cross reference individual to multiple house sales. That is more than 1 every 5 years.
Its not the back tax, it's the penalties, interest and penal time for many.
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Old May 13th 2015, 10:56 am
  #383  
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Default Re: 20% deposit needed to buy a house from oct

Originally Posted by bearskin
Do you think the outlying areas of "Auckland Super City" will start to boom now as well? - I do know people who live out Warkworth way for example who say that the prices there are yet to go ballistic like more central areas.
I think it's only a matter of time before there is a commuter train line from Hamilton. If I had spare cash and was looking at investing, I would certainly consider buying property as a long term investment.
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Old May 13th 2015, 8:57 pm
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Default Re: 20% deposit needed to buy a house from oct

Unlikely, most land is still zoned rural and the RMA still imposes restrictions on urban developments.
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Old May 14th 2015, 6:15 pm
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Default Re: 20% deposit needed to buy a house from oct

Originally Posted by jmh
I think it's only a matter of time before there is a commuter train line from Hamilton. If I had spare cash and was looking at investing, I would certainly consider buying property as a long term investment.
It would be many years away if it was to happen.
Auckland council wouldn't pay for it as it wouldn't benefit Auckland residents.
Hamilton/ Waikato wouldn't pay as it wouldn't bring any employment to the area.
The govt wouldn't pay as neither council would be to bothered.
The only people who want it are Hamilton residents hoping to cash in and
grab themselves a wedge of cash from the Auckland property boom
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Old May 15th 2015, 10:18 am
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Default Re: 20% deposit needed to buy a house from oct

Just as an aside. Our local rag stated during the week that Auckland buyers are looking to Nelson
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Old May 15th 2015, 5:13 pm
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Default Re: 20% deposit needed to buy a house from oct

Well some lucky bunny must be feeling like they won lotto and are gonna soon be livin' the dream ...... livin' the dream!

Auckland house - derelict and dangerous - sells for $677,000 | Stuff.co.nz

Yeah, right! Nightmare.
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Old May 17th 2015, 9:38 am
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Default Re: 20% deposit needed to buy a house from oct

Little house on our street sold at auction for $937,000 yesterday.

A renovated traditional kiwi bungalow on 670 sqm section - nicely done up but small - prob just under 100sqm house. Had been a renter for years. Cannot be worth that...
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Old May 17th 2015, 11:59 am
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Default Re: 20% deposit needed to buy a house from oct

Originally Posted by Bo-Jangles
Well some lucky bunny must be feeling like they won lotto and are gonna soon be livin' the dream ...... livin' the dream!

Auckland house - derelict and dangerous - sells for $677,000 | Stuff.co.nz

Yeah, right! Nightmare.
This house in Mangere Bridge that sold for $677000 - it's on a piece of land that's big enough to subdivide. I would imagine whoever bought it is going to bowl the old house and build two new ones. In effect they have just bought two sections, for just under $340 K per section, which is probably the going rate or even a bit cheaper.
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Old May 17th 2015, 12:29 pm
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Default Re: 20% deposit needed to buy a house from oct

This is the house listing from Sunday. As you can see it is quite a tidy little first time buyers house..

Torbay, 13 Weatherly Road | Browns Bay | Harcourts

But you could probably build a house like that for around $300K on the section. So the land is worth over $600K? Surely not.

This one is also nearby - this is quite nice, but it will be interesting to see what it goes for - it is on the other side of the street, so not the sun trap that the other one was. Also, no open views. But it is a helluva lot better house and section.
http://harcourts.co.nz/Property/7273...Weatherly-Road

Last edited by bearskin; May 17th 2015 at 12:32 pm. Reason: Added second link
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