Best and worst areas on the Northshore

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Apr 6th 2009, 6:47 pm

#16

whitesand

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Joined: Mar 2005

Posts: 613

Re: Best and worst areas on the Northshore

I wouldn't advise anyone to buy anything without first knowing the area, the market and the house. Houses are coming down on the North Shore and will come down even more given time. I wouldn't rush into anything.

Also, the market seems to be also saturated with rentals at the moment and I haven't seen them going up either. Perhaps you need to rethink your plans.

Apr 7th 2009, 3:39 am

#17

Wooly_Cow

Cow on the Beach

Joined: Aug 2008

Location: Seatoun, Wellington

Posts: 699

Wooly_Cow has a reputation beyond repute

Re: Best and worst areas on the Northshore

Quote:

Originally Posted by Kiwi-Irish

Well to explain further (sorry it probably was a bit of a ramble), we live in London now, but while we can't really justify leaving London right at the present moment due to the downturn in the market, hence our house price drop, we thought we could capitalise and buy a house in Auckland while we're waiting, at obviously, a "cheaper" price (due to the downturn there). Rent it out, and when we get to Auckland eventually no doubt the prices will be up somewhat and we would have benefitted by buying it earlier when it was cheaper. We were just going to rent it out until we get there so its paying for itself. I was planning on sending family members to view the house before buying anything. I know how deceptive photos can be, I've learnt the hard way with staying in hotels - look great on the website, but a dump when you get there.

[If it is NZ, you CANNOT be serious! Please DO NOT even think about it!]

Why?

As I put on another thread today, this mornings Dom. Post (Wellingtons Newspaper) had a frontpage article in which one opinion voiced that ' house prices at their peak in 2007 were 40% over valued and have only dropped by 12%'. Add to this the other front page article of 60,000 extra to be added to the dole queue here this year, and a recession lasting perhaps two years more, and the picture is none to rosey.

Whilst there are undoubtably bargains to be had, there is still considerable risk buying property right now. Don't forget we are going into winter here and the market ain't going to perk up any time soon.

...and yes I am also looking at buying...but might have just persuaded myself to hold fire for the moment

Apr 7th 2009, 8:02 am

#18

daisy blue

Just Joined

Joined: Apr 2009

Location: Auckland

Posts: 13

Re: Best and worst areas on the Northshore

Quote:

Originally Posted by Kiwi-Irish

Rent it out, and when we get to Auckland eventually no doubt the prices will be up somewhat and we would have benefitted by buying it earlier when it was cheaper. We were just going to rent it out until we get there so its paying for itself.

......

[If it is NZ, you CANNOT be serious! Please DO NOT even think about it!]

Why?

Hiya,

Obviously it depends on your situation and if you are paying cash, but rents are much less than mortgage payments on similar properties so make sure it won't cost you too much money.

Also bear in mind that especially for landlords, it's usually at least a 3 month notice period, and 6- or 12-month fixed term contracts are common. Letting agency fees are expensive.

I think the the 'cannot be serious' quote is more to do with the many many problems that can occur in houses here: I would never buy unseen. TBH, I probably wouldn't buy 'seen' either, but that's me. However if you have family here and they are clear on what you want and expect, then that's way better than not seeing it at all.

DB

Apr 7th 2009, 9:13 am

#19

Browner_

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Joined: Mar 2008

Posts: 968

Re: Best and worst areas on the Northshore

Some essential reading for people in a hurry to buy a house in NZ...

"British Couple demolish their rotting home"
http://www.nzherald.co.nz/nz/news/ar...ectid=10554061

"Leaky homes still being built"
http://www.nzherald.co.nz/nz/news/ar...ectid=10556824

"Thousands of Canterbury homes leak "
http://www.stuff.co.nz/national/795427