insanity of aucklands house market is getting scary...
Sep 2nd 2013, 7:10 am
#1
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Joined: Mar 2013
Posts: 184
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.
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.
Last edited by shocked kiwi; Sep 2nd 2013 at 7:31 am.
Sep 2nd 2013, 11:44 pm
#2
Looking for my marbles.
Joined: Jul 2013
Location: durham, durham, England
Posts: 730
Re: 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.
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.
the average hard working family don't stand a chance. 
Sep 3rd 2013, 2:18 am
#3
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Joined: Oct 2008
Location: NZ - Auckland
Posts: 539
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.
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.
Sep 3rd 2013, 2:38 am
#4
Looking for my marbles.
Joined: Jul 2013
Location: durham, durham, England
Posts: 730
Re: insanity of aucklands house market is getting scary...
We wont be one of them. 
Sep 3rd 2013, 2:42 am
#5
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Joined: Jun 2010
Location: Peterborough, Cambridgeshire
Posts: 2,744
Re: insanity of aucklands house market is getting scary...
Sep 3rd 2013, 2:42 am
#6
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Joined: Oct 2008
Location: NZ - Auckland
Posts: 539
Re: insanity of aucklands house market is getting scary...
Yes that is probably very true...
Sep 3rd 2013, 5:26 am
#7
Forum Regular
Joined: Feb 2013
Posts: 259
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.
