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house prices going silly (not auckland)

house prices going silly (not auckland)

Old Feb 13th 2016, 1:17 am
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Default house prices going silly (not auckland)

It seems the long march south by Aucklanders selling up and shifting has started to take hold.

Im in Cambridge in the Waikato and we now have ordinary 3 bed + a study homes on tiny sections (630sqm)
being listed for mid 700's and some quite unremarkable 4 beds,not yet built, being listed for $900k.

12 months ago (well probably 6) these were high 4's/5 and high 5's/6 respectively

ridiculous
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Old Feb 13th 2016, 1:56 am
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Default Re: house prices going silly (not auckland)

Same here in Tauranga. Average house prices have shot up in the last 12 months. We were quite keen on 235sq m 3 bed single storey in suburbia on a 840sq m section with views over a reserve from the back and nothing needed doing as around 6yrs old. Was on for auction with a 600-700 guide.....went for 860 to some Aucklanders. Just can't compete!
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Old Feb 13th 2016, 3:14 am
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Default Re: house prices going silly (not auckland)

The problem is lack of housing, another problem is 70% of migrants who come to NZ are staying around those areas. The worst thing is that they will never be able to keep up with demand if it continues at this rate. The government almost needs to force the other regions to develop to ease pressure off Auckland and surrounding areas such as Tauranga. Obviously normal families aren't buying these properties anyway at this price as who could afford such a mortgage and who would be stupid enough to pay so much money for so little other than investors who are merely taking advantage of the current market
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Old Feb 13th 2016, 5:34 am
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Default Re: house prices going silly (not auckland)

It's those pesky migrants. If they just went home there would be enough houses for all of us...
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Old Feb 13th 2016, 5:37 am
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Default Re: house prices going silly (not auckland)

things are heading up in Wellington as well. Lots of people coming into the area to build the new Kapiti express way as well as the Tansmission gully and companies like Fulton Hogan are helping/covering move costs.
Not many people are moving on but because not many people are moving on there is less housing on supply for people wanting to remain in the area. Those moving out of the area know there isn't a lot of stock and have many many viewers through open homes so know they can get more than one offer.
Then obviously you have the immigrants coming over having sold their own properties in other countries and with the exchange rate such as it is are nearly doubling their available finance.
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Old Feb 13th 2016, 5:50 pm
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Default Re: house prices going silly (not auckland)

On the flip side, they are saying in the herald business pages that the Auckland market is finally showing signs of cooling. How long that will last is anyones guess.
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