Proof Kiwi rip-off housing!
Sep 29th 2013, 11:00 am
#46
BE Forum Addict
Joined: Jul 2007
Posts: 1,008
Re: Proof Kiwi rip-off housing!
Thank you for your response davro's, even the sting in the tail (are you Scorpion birth sign)
. I am sorry you feel you can't accept my post to you in the manner it was intended but that is your choice. My aim in here is to be helpful not to cause conflict so I wont comment further. I wish you all the best in whatever your future has in store for you and hope you find whatever it is you are looking for regardless of where that may be.
Sep 29th 2013, 12:28 pm
#47
Forum Regular
Joined: Jun 2006
Posts: 90
Re: Proof Kiwi rip-off housing!
Seeing as though I was not able to respond to bellasmum's comments on the other thread, I shall do it here as that was blatantly a statement of intent.
I agree with the comment about my comment on driving, that was meant as a wind-up.
However...
She said:
"By the way you were given some sound advice about good areas more in your price range, have you given them any thought?
I suspect not."
For your information, today I spent 3-4 hours down in Pukekohe. I also visited Patumahoe and Waikuku. I will completely admit that I was pleasantly surprised - I could live there. I hope now you have gone and eaten your own words and realised how stupid your comment was.
It took approximately 45 minutes to get there from the central city (which is ok for me). However.... the claims that the new houses are affordable there... again, highly debatable. You live quite a way out of the city and in Patumahoe, the houses there start from $585,000 (even though they advertise them starting from $429,000). That is clearly way above first home buyer territory.
Waiuku however did have a couple under 500K, but you are quite a way from the city there and you've had to live with an hour commute each way in good commute times (let alone rush hour).
There are other 3-bed properties though for sale around the 400K mark that tempt me, but it is quite a commute out. As I said above, if and when the train service gets better - it would be a good option.
After seeing a good majority of the houses there, it makes me realise how stupid people are for paying such money for generally inferior houses (wood and tin rooves) on the shore, out west and the central city.
MarbleP - looking forward to your PM and again, thanks for the recommendations.
I agree with the comment about my comment on driving, that was meant as a wind-up.
However...
She said:
"By the way you were given some sound advice about good areas more in your price range, have you given them any thought?
I suspect not."
For your information, today I spent 3-4 hours down in Pukekohe. I also visited Patumahoe and Waikuku. I will completely admit that I was pleasantly surprised - I could live there. I hope now you have gone and eaten your own words and realised how stupid your comment was.
It took approximately 45 minutes to get there from the central city (which is ok for me). However.... the claims that the new houses are affordable there... again, highly debatable. You live quite a way out of the city and in Patumahoe, the houses there start from $585,000 (even though they advertise them starting from $429,000). That is clearly way above first home buyer territory.
Waiuku however did have a couple under 500K, but you are quite a way from the city there and you've had to live with an hour commute each way in good commute times (let alone rush hour).
There are other 3-bed properties though for sale around the 400K mark that tempt me, but it is quite a commute out. As I said above, if and when the train service gets better - it would be a good option.
After seeing a good majority of the houses there, it makes me realise how stupid people are for paying such money for generally inferior houses (wood and tin rooves) on the shore, out west and the central city.
MarbleP - looking forward to your PM and again, thanks for the recommendations.
. My parents and sister live in Waiuku I recently visited the area and stayed for about 5 weeks. The area is a great place for families I was very surprised by the amount of sporting facilities in the area, even has a yatch club.
Yes it is a far from town you would need to drive to the train station or drive all the way in which some people do. I believe most be in the area work at the steel mill but talked to a few who drive into town. I believe the motorway widening project has been brought forward.
Next time I am in town Marblep should have a beer in the Kentish and talk about whinging brits
Last edited by westie1234; Sep 29th 2013 at 12:41 pm.
Sep 29th 2013, 1:43 pm
#48
BE Forum Addict
Joined: Apr 2012
Posts: 1,603
Re: Proof Kiwi rip-off housing!
My line of work is in IT, specifically infrastructure, planning and design. Thus, 99% of the job opportunities in my field, especially here in NZ are in central Auckland or Wellington. Heck - a lot of the IT jobs that were on the N. Shore have gone south of the bridge now are are in the central city.
I don't think I am being unrealistic
I don't think I am being unrealistic
Have you looked at what's coming in Whangarei and Albany?
Sep 30th 2013, 8:47 pm
#49
Account Closed
Joined: Mar 2013
Posts: 184
Re: Proof Kiwi rip-off housing!
Don't worry davros1984 you are not going mad, I agree with you wholeheartedly. You have to live where the jobs are and Auckland is the only large city in nz and is where the majority of the jobs are.
Take for example trendy Ponsonsby which I really like - there is a street off Ponsonby road which has these little cottages, all close together, street facing, iron roofs, I would not mind living in one myself as they are very cute and about 15 years ago they were worth approx $220-300k , but they've got no land and you can see right into the neighbours windows, no privacy; yet it cracks me up no end when one recently sold for $2.7 million and as I walked past it on friday night while walking to my car, there were a whole bunch of students partying up a storm next door! I mean come on, really? How can that price be justified in the house buyers head?
But people will pay that to get into the ponsonby area.
Take for example trendy Ponsonsby which I really like - there is a street off Ponsonby road which has these little cottages, all close together, street facing, iron roofs, I would not mind living in one myself as they are very cute and about 15 years ago they were worth approx $220-300k , but they've got no land and you can see right into the neighbours windows, no privacy; yet it cracks me up no end when one recently sold for $2.7 million and as I walked past it on friday night while walking to my car, there were a whole bunch of students partying up a storm next door! I mean come on, really? How can that price be justified in the house buyers head?
But people will pay that to get into the ponsonby area.
Last edited by shocked kiwi; Sep 30th 2013 at 9:20 pm.
Sep 30th 2013, 11:21 pm
#50
BE Enthusiast
Thread Starter
Joined: Nov 2010
Location: Was Auckland-NZ, Now Wales
Posts: 685
Re: Proof Kiwi rip-off housing!
I have been doing some number crunching. We have built up a deposit of just over $30,000. Until October 1st, we would have been able to buy a house somewhere in the region of 450-500K.
With the new requirement - 20% deposit to buy a house for 500K, it will take us until at least April-May 2015 to be able to have a deposit for a house of that value. If the house was 400K it would take us until at least November 2014 to get the required deposit.
Based on that, and the idea of renting for another 1-2 years, and spending $24,000 a year on rent as it is... we have had it. We don't qualify for the government's scheme here as between us we bring in a combined salary above the threshold.
Whereas in the UK - a £15,000 deposit will now allow us to buy a house upto £600K - not that I ever want a mortgage that big. My limit on a house is 200K GBP or 400K NZD.
Whereas I can buy a lovely first time house for 140K like this:
http://www.rightmove.co.uk/property-...-25804704.html
or 200K:
http://www.rightmove.co.uk/property-...-40737218.html
or: http://www.rightmove.co.uk/property-...-38308354.html
Thank you to everyone for your help, advice and strong words over the past few weeks.
bellasmum - I only gave the strong response as you had assumed that I wouldn't have acted on useful information I was given.
Last edited by davros1984; Sep 30th 2013 at 11:24 pm.
Sep 30th 2013, 11:46 pm
#51
BE Enthusiast
Thread Starter
Joined: Nov 2010
Location: Was Auckland-NZ, Now Wales
Posts: 685
Re: Proof Kiwi rip-off housing!
Most IT stuff on the shore (with the exception of rivera) have moved their stuff back into the central city.
The firm I work for now, it is their policy to only recruit in Auckland as they wish to close their Hamilton and CHCH offices down. They will probably keep an element in WLG though. It seems that the skilled people are in Auckland thus companies are generally moving here so that they can select from a larger pool of people and thus not have to pay as much!
I can work from home occasionally, but the 2 firms I have worked for so far in NZ (2 well known IT names) they generally want you to be seen and heard in the office.
Oct 1st 2013, 1:51 am
#52
BE Enthusiast
Joined: Nov 2009
Location: Auckland
Posts: 617
Re: Proof Kiwi rip-off housing!
There is no new requirement that you MUST have a 20% deposit, the banks have been told to reduce their high LVR loans but not to get rid of them completely. Its true you probably wont get 95% loans anymore but 90% loans are most definitely still being offered.
Oct 1st 2013, 3:37 am
#53
Account Closed
Joined: Nov 2011
Posts: 755
Re: Proof Kiwi rip-off housing!
ANZ are keeping the lowest at 10% but with tough conditions
Westpac haven't it seems but the interest rates seem a lot higher than if at 20%
He can't qualify for the welcome home loan (know that feeling
)
Oct 1st 2013, 4:12 am
#54
BE Forum Addict
Joined: Apr 2012
Posts: 1,603
Re: Proof Kiwi rip-off housing!
Oct 1st 2013, 4:14 am
#55
BE Forum Addict
Joined: Apr 2012
Posts: 1,603
Re: Proof Kiwi rip-off housing!
I will be over in (Akld) December if you are around and want to catch up for a coffee.
Oct 1st 2013, 4:42 am
#56
BE Enthusiast
Joined: Nov 2009
Location: Auckland
Posts: 617
Re: Proof Kiwi rip-off housing!
http://www.welcomehomeloan.co.nz/
Interest rates have routinely been higher for loans over 80% so that's nothing new, there's also always been a Low Equity Payment fee for the same type of loans, the higher the percentage loaned the higher the fee.
There are several lenders still giving out 90% loans, ASB weren't offering anything over 90% 6 months ago (so before the new recommendations) so I'm not surprised they've gotten even stricter now.
Interest rates have routinely been higher for loans over 80% so that's nothing new, there's also always been a Low Equity Payment fee for the same type of loans, the higher the percentage loaned the higher the fee.
There are several lenders still giving out 90% loans, ASB weren't offering anything over 90% 6 months ago (so before the new recommendations) so I'm not surprised they've gotten even stricter now.
Oct 1st 2013, 4:53 am
#57
BE Forum Addict
Joined: Jul 2007
Posts: 1,008
Re: Proof Kiwi rip-off housing!
Thank you shockedkiwi, I do not believe I've gone that mad and still feel I am keeping a sensible head in a very overheated market. I also know that I am in a very fortunate position in terms of being able to save cash.
I have been doing some number crunching. We have built up a deposit of just over $30,000. Until October 1st, we would have been able to buy a house somewhere in the region of 450-500K.
With the new requirement - 20% deposit to buy a house for 500K, it will take us until at least April-May 2015 to be able to have a deposit for a house of that value. If the house was 400K it would take us until at least November 2014 to get the required deposit.
Based on that, and the idea of renting for another 1-2 years, and spending $24,000 a year on rent as it is... we have had it. We don't qualify for the government's scheme here as between us we bring in a combined salary above the threshold.
Whereas in the UK - a £15,000 deposit will now allow us to buy a house upto £600K - not that I ever want a mortgage that big. My limit on a house is 200K GBP or 400K NZD.
Whereas I can buy a lovely first time house for 140K like this:
http://www.rightmove.co.uk/property-...-25804704.html
or 200K:
http://www.rightmove.co.uk/property-...-40737218.html
or: http://www.rightmove.co.uk/property-...-38308354.html
Thank you to everyone for your help, advice and strong words over the past few weeks.
bellasmum - I only gave the strong response as you had assumed that I wouldn't have acted on useful information I was given.
I have been doing some number crunching. We have built up a deposit of just over $30,000. Until October 1st, we would have been able to buy a house somewhere in the region of 450-500K.
With the new requirement - 20% deposit to buy a house for 500K, it will take us until at least April-May 2015 to be able to have a deposit for a house of that value. If the house was 400K it would take us until at least November 2014 to get the required deposit.
Based on that, and the idea of renting for another 1-2 years, and spending $24,000 a year on rent as it is... we have had it. We don't qualify for the government's scheme here as between us we bring in a combined salary above the threshold.
Whereas in the UK - a £15,000 deposit will now allow us to buy a house upto £600K - not that I ever want a mortgage that big. My limit on a house is 200K GBP or 400K NZD.
Whereas I can buy a lovely first time house for 140K like this:
http://www.rightmove.co.uk/property-...-25804704.html
or 200K:
http://www.rightmove.co.uk/property-...-40737218.html
or: http://www.rightmove.co.uk/property-...-38308354.html
Thank you to everyone for your help, advice and strong words over the past few weeks.
bellasmum - I only gave the strong response as you had assumed that I wouldn't have acted on useful information I was given.
Oct 1st 2013, 6:24 am
#58
Forum Regular
Joined: Jun 2006
Posts: 90
Re: Proof Kiwi rip-off housing!
http://www.welcomehomeloan.co.nz/
Interest rates have routinely been higher for loans over 80% so that's nothing new, there's also always been a Low Equity Payment fee for the same type of loans, the higher the percentage loaned the higher the fee.
There are several lenders still giving out 90% loans, ASB weren't offering anything over 90% 6 months ago (so before the new recommendations) so I'm not surprised they've gotten even stricter now.
Interest rates have routinely been higher for loans over 80% so that's nothing new, there's also always been a Low Equity Payment fee for the same type of loans, the higher the percentage loaned the higher the fee.
There are several lenders still giving out 90% loans, ASB weren't offering anything over 90% 6 months ago (so before the new recommendations) so I'm not surprised they've gotten even stricter now.
Oct 1st 2013, 6:33 am
#59
BE Enthusiast
Thread Starter
Joined: Nov 2010
Location: Was Auckland-NZ, Now Wales
Posts: 685
Re: Proof Kiwi rip-off housing!
They also said that even if we did somehow get the nod for 90%, that we would be penalised with higher rates.
Maybe I need to look at other banks, but even so, with prices the way they are - it doesn't seem realistic.
Bellasmum - all good and all forgiven, sorry for my earlier outburst.
To me it is clear, NZ only want you here if you are stinking rich i.e. an investor. There is no incentive to get younger familes, successful people etc (especially doctors) onto the housing ladder.
My partner is a nurse and she's had conversations with the doctors at work. Most of those doctors who don't have property here are already planning their move overseas. Secondly, the doctors who have houses have made it clear that they couldn't buy a house in today's market (as subjective as that is).
RedDragon - message me when you're here, a coffee or beer, as well as a bitch about the current state of things! Otherwise all is good, I hope I've made it clear that I do actually really like NZ. I will miss my trips to Waikato stadium.
Last edited by davros1984; Oct 1st 2013 at 6:38 am.
Oct 1st 2013, 7:56 am
#60
Forum Regular
Joined: Jun 2006
Posts: 90
Re: Proof Kiwi rip-off housing!
I do agree with you about the inner AKL housing market being ridiculous I wouldn't consider buying a house now around central AKL. I am looking around Waiuku. I do hope that Labour get in and make the necessary changes they are talking about.
Last edited by westie1234; Oct 1st 2013 at 7:58 am.