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insanity of aucklands house market...
In today's herald a reporter goes out to house auctions...
Houses selling at auctions hundreds of thousands over their govt valuation... http://www.nzherald.co.nz/property/n...ectid=11118281 As the bidding falters at $750,000 this early August day on a modest three-bedroom home in an unpretentious suburb, the auctioneer jollies the bidders: "Come on, it'll probably be worth a million dollars by next week!" The "now selling" sign lights up at $800,000 and the auctioneer's hammer finally falls at $930,000 - 63 per cent above the two-year-old rating CV and 16 per cent beyond reserve. An hour before auction, the owners are happy to get $800,000 for their pride and joy... and are surely elated when they walk away with $130,000 extra in their pocket. You can almost hear the Reserve Bank's sigh. But in dollar terms, the Glen Eden property isn't star of the day. That status goes to 39 Whitmore Rd, Mt Roskill, a tidy yet modest three-bedroom weatherboard bungalow sitting on 819sq m and carrying a rating valuation of $530,000. The owners settled on a reserve of $630,000 and the bidding races through that level, with auctioneer Marian Tolich battling to keep up with the flow. "Hands and legs are waving all over the show!" she laughs. The waving finally stops at $770,000 - a clear $140,000 (or 22 per cent) above reserve. |
Re: insanity of aucklands house market...
Originally Posted by shocked kiwi
(Post 10881385)
In today's herald a reporter goes out to house auctions...
Houses selling at auctions hundreds of thousands over their govt valuation... http://www.nzherald.co.nz/property/n...ectid=11118281 As the bidding falters at $750,000 this early August day on a modest three-bedroom home in an unpretentious suburb, the auctioneer jollies the bidders: "Come on, it'll probably be worth a million dollars by next week!" The "now selling" sign lights up at $800,000 and the auctioneer's hammer finally falls at $930,000 - 63 per cent above the two-year-old rating CV and 16 per cent beyond reserve. An hour before auction, the owners are happy to get $800,000 for their pride and joy... and are surely elated when they walk away with $130,000 extra in their pocket. You can almost hear the Reserve Bank's sigh. But in dollar terms, the Glen Eden property isn't star of the day. That status goes to 39 Whitmore Rd, Mt Roskill, a tidy yet modest three-bedroom weatherboard bungalow sitting on 819sq m and carrying a rating valuation of $530,000. The owners settled on a reserve of $630,000 and the bidding races through that level, with auctioneer Marian Tolich battling to keep up with the flow. "Hands and legs are waving all over the show!" she laughs. The waving finally stops at $770,000 - a clear $140,000 (or 22 per cent) above reserve. |
Re: insanity of aucklands house market is getting scary...
A factor we have taken into account and decided against buying a property.
It is just beyond ridiculousness now and I (luke) can't see any point why you would want to be part of it... unless you were a seller I suppose. |
Re: insanity of aucklands house market is getting scary...
Originally Posted by LukeandJo
(Post 10882706)
A factor we have taken into account and decided against buying a property.
It is just beyond ridiculousness now and I (luke) can't see any point why you would want to be part of it... unless you were a seller I suppose. |
Re: insanity of aucklands house market is getting scary...
Originally Posted by pippalonghorn
(Post 10882714)
There is no way Id even consider buying now even if we were staying. Ive seen the bubble burst in England and its not nice. There are going to be alot of families stuck on this island due to negative equity! :thumbdown: We wont be one of them. :thumbsup:
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Re: insanity of aucklands house market is getting scary...
Originally Posted by pippalonghorn
(Post 10882714)
There is no way Id even consider buying now even if we were staying. Ive seen the bubble burst in England and its not nice. There are going to be alot of families stuck on this island due to negative equity! :thumbdown: We wont be one of them. :thumbsup:
Yes that is probably very true... |
Re: insanity of aucklands house market is getting scary...
Well said all of you. Leave the idiots to the madness. Mortagee sales in 2 years perhaps.
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Re: insanity of aucklands house market is getting scary...
Originally Posted by marblep
(Post 10882834)
Well said all of you. Leave the idiots to the madness. Mortagee sales in 2 years perhaps.
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