First time NZ buyers in AKL - worth getting in now or bubble about to burst?
#226
Re: First time NZ buyers in AKL - worth getting in now or bubble about to burst?
some of us call it madness or stupidity.... or auckland. FYI... Beach Havenis regarded as one of the roughest suburbs on the shore, hence we tried to buy here last year.
fully aware of UK situation, heavily skewed by london and the SE though. most other regions have had more realistic annual increases of 2-5%. going home now to "get on with it" before theres a risk of being priced out, but think we will do OK up north.
we will try our best to avoid "in demand" places,but even so there are just so many houses available or on the market where we are looking.plenty in our 140-240K gbp budget.
fully aware of UK situation, heavily skewed by london and the SE though. most other regions have had more realistic annual increases of 2-5%. going home now to "get on with it" before theres a risk of being priced out, but think we will do OK up north.
we will try our best to avoid "in demand" places,but even so there are just so many houses available or on the market where we are looking.plenty in our 140-240K gbp budget.
Last edited by davros1984; Mar 6th 2014 at 8:49 am.
#228
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Joined: Oct 2013
Posts: 14
Re: First time NZ buyers in AKL - worth getting in now or bubble about to burst?
Hi I think trying to find a property quickly runs the risk of you panic buying a house which you would not normally consider just to get a foot on the ladder. I certainly would not be looking to buy at this time if I were staying (and could afford to).
It is madness to pay top price for a house. Yes the house prices may continue to rise but there is a risk of the bubble bursting at some point. There is only so much air you can push into a balloon before it bursts. You would then be stuck with a huge mortgage on a house you really didnt love and be in negative equity. I would hold off for a while. If you are set on living in Auckland or the outskirts then I would rent for a while. I know renting is not ideal but in todays market it is very wise.
It is madness to pay top price for a house. Yes the house prices may continue to rise but there is a risk of the bubble bursting at some point. There is only so much air you can push into a balloon before it bursts. You would then be stuck with a huge mortgage on a house you really didnt love and be in negative equity. I would hold off for a while. If you are set on living in Auckland or the outskirts then I would rent for a while. I know renting is not ideal but in todays market it is very wise.
#229
Re: First time NZ buyers in AKL - worth getting in now or bubble about to burst?
#230
Re: First time NZ buyers in AKL - worth getting in now or bubble about to burst?
(though I would never buy a home with an upstairs in NZ. Rented one once and thankfully the upstairs was only a rumpus cos we had to remove fire alarms as they kept going off due to the heat ...)
#232
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Joined: Apr 2008
Location: Bay of Plenty
Posts: 331
Re: First time NZ buyers in AKL - worth getting in now or bubble about to burst?
Waipawa is in Central Hawkes Bay - one of my favourite parts of the country. It's a very small town but has a good community spirit. The surrounding countryside is lovely.
#233
Re: First time NZ buyers in AKL - worth getting in now or bubble about to burst?
I love Central Hawkes Bay too - lived there for two years. The towns, imo, are a bit Wild West feeling. Waipawa does have attractive countryside in one sense - I love the scrunched tissues hillsides, and the autumn colours, and the snow-capped backdrop in winter - but it is very deforested and turns parched brown every summer. There is pretty much zero biodiversity - you almost get used to this when you live there until you go somewhere with bush remaining. The Tukituki is filthy, but the catchment plan might solve that as they intend to do regular 'flushes'.
#235
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Joined: Feb 2014
Posts: 3
Re: First time NZ buyers in AKL - worth getting in now or bubble about to burst?
[QUOTE=Northern Henry;11160712]Its called Capital Gain.. (since he bought, the demand for his house has increased, it will have minimal relation to a fixed fence and windows...?)
Just be careful, not just in Auckland, as the UK is currently seeing a substantial surge in prices and demand since about November; in many major cities. Month on month increases and quick turnarounds becoming common place.
It's just terrible that them-there wealthy folk all have to be property moguls these days since the stock market/ Hedged fund clowns and the Banking industry in general can not be trusted with ya wedge.
Just be careful, not just in Auckland, as the UK is currently seeing a substantial surge in prices and demand since about November; in many major cities. Month on month increases and quick turnarounds becoming common place.
It's just terrible that them-there wealthy folk all have to be property moguls these days since the stock market/ Hedged fund clowns and the Banking industry in general can not be trusted with ya wedge.
#236
Re: First time NZ buyers in AKL - worth getting in now or bubble about to burst?
Just be careful, not just in Auckland, as the UK is currently seeing a substantial surge in prices and demand since about November; in many major cities. Month on month increases and quick turnarounds becoming common place.
It's just terrible that them-there wealthy folk all have to be property moguls these days since the stock market/ Hedged fund clowns and the Banking industry in general can not be trusted with ya wedge.
It's just terrible that them-there wealthy folk all have to be property moguls these days since the stock market/ Hedged fund clowns and the Banking industry in general can not be trusted with ya wedge.
the same sort of house is 200K GBP more expensive in places around guildford etc, somewhere that now we would really not want to live. up north for us!
finally, having seen prices in auckland rise at least 40% in less than 3 years, it will take some serious panicking (and salary rises) for houses to do that where we are considering living.
#237
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Joined: Dec 2010
Location: Manurewa, AKL
Posts: 165
Re: First time NZ buyers in AKL - worth getting in now or bubble about to burst?
After a bit of argy-bargy over some issues with the LIM our offer is now unconditional and the completion date set for 28th March.
#238
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Joined: Dec 2010
Location: Manurewa, AKL
Posts: 165
Re: First time NZ buyers in AKL - worth getting in now or bubble about to burst?
Well, rightly or wrongly given the opinions this thread generated, we have bought, it completed today, we pick the keys up tomorrow and our stuff is being moved in on Sunday morning.
As our first house purchase together, let alone in NZ, I would love to celebrate tonight big style but the removers are turning up at 0800 tomorrow to pack us up.
Sure ill manage a few beers though.
(10% deposit, 6.4%, 3 year fixed, $1000 towards legal fees)
Last edited by madao; Mar 28th 2014 at 5:50 am.
#239
Re: First time NZ buyers in AKL - worth getting in now or bubble about to burst?
It seems strange now that just a little over two months ago I started this topic as we were questioning whether to buy or not.
Well, rightly or wrongly given the opinions this thread generated, we have bought, it completed today, we pick the keys up tomorrow and our stuff is being moved in on Sunday morning.
As our first house purchase together, let alone in NZ, I would love to celebrate tonight big style but the removers are turning up at 0800 tomorrow to pack us up.
Sure ill manage a few beers though.
(10% deposit, 6.4%, 3 year fixed)
Well, rightly or wrongly given the opinions this thread generated, we have bought, it completed today, we pick the keys up tomorrow and our stuff is being moved in on Sunday morning.
As our first house purchase together, let alone in NZ, I would love to celebrate tonight big style but the removers are turning up at 0800 tomorrow to pack us up.
Sure ill manage a few beers though.
(10% deposit, 6.4%, 3 year fixed)
It's our turn in 3 weeks. We pick the keys up for our first home just before Easter. We had 18% deposit, 5.99% fixed for 3 yes with $2000 towards stuff from BNZ
#240
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Joined: Dec 2010
Location: Manurewa, AKL
Posts: 165
Re: First time NZ buyers in AKL - worth getting in now or bubble about to burst?
Well done Madao! Exciting times! You'll look back on this time and tell everyone about the time you moved into your first home with a terrible hangover!
It's our turn in 3 weeks. We pick the keys up for our first home just before Easter. We had 18% deposit, 5.99% fixed for 3 yes with $2000 towards stuff from BNZ
It's our turn in 3 weeks. We pick the keys up for our first home just before Easter. We had 18% deposit, 5.99% fixed for 3 yes with $2000 towards stuff from BNZ
As for the hangover I seem to be doing a pretty good job of building up to one.