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What is up with the housing market?

What is up with the housing market?

Old Aug 9th 2007, 11:22 pm
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Default What is up with the housing market?

..............or is it just Wanganui?? We have been on the market since March and have accepted 2 contracts subject to sale.............and you've got it, they havent sold either.

We have reduced our price by $30,000 and still we sit here! Please tell me that Auckland is selling fine, because our most recent contract is with a lovely couple who have a $800,000, 35 acre farm just outside Auckland - fingers crossed that is hugely saleable!!

Anyone else finding it hard to sell a house???
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Old Aug 10th 2007, 1:08 am
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Default Re: What is up with the housing market?

The Christchurch market has dropped off a cliff too. Median prices are holding but sales volumes are way down, so people holding out for their asking price aren't getting offers. There are a lot of asking price reductions but they typically don't go far enough, e.g. dropping $10k on a $650k property. This could go on for some time.
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Old Aug 10th 2007, 2:43 am
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Default Re: What is up with the housing market?

Arses. This is ridiculous. If I had a $250,000 property I would have sold it 100 times over - to a developer who wanted it for the rental market. Beleive me, we have had interest, but again from developers who want to offer $100,000 less the asking price, remove the 5 bed villa from the section and chuck up 3 townhouses! Criminal if you ask me. I think there should be a little more respect for heritage homes personally and not allowing previously good areas for families to be eroded to banks of one bed flats that are both ugly and stick out in amongst other original properties.

Rant over! Anyone want a 5 bed, 3 reception villa with a turret?
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Old Aug 10th 2007, 5:37 am
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Default Re: What is up with the housing market?

Originally Posted by Poppy2 View Post
Arses. This is ridiculous. If I had a $250,000 property I would have sold it 100 times over - to a developer who wanted it for the rental market. Beleive me, we have had interest, but again from developers who want to offer $100,000 less the asking price, remove the 5 bed villa from the section and chuck up 3 townhouses! Criminal if you ask me. I think there should be a little more respect for heritage homes personally and not allowing previously good areas for families to be eroded to banks of one bed flats that are both ugly and stick out in amongst other original properties.

Rant over! Anyone want a 5 bed, 3 reception villa with a turret?
Just interested - where abouts in Wanganui is the house?

If it makes it any easier the market in the BOP is drying up fast. Hopefully interest rates will turn downwards soon which may help to inject some pace back into the market.
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Old Aug 10th 2007, 5:48 am
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Default Re: What is up with the housing market?

Sentiment seems mostly negative, there is a lot less denial than you would have seen even a few months ago. It could still pick up if nett immigration picks up again.
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Old Aug 10th 2007, 5:53 am
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Default Re: What is up with the housing market?

In the next couple of days we are about to put our US house on the market.

I don't see the market as awful. In fact, I saw it as bleedin' terrible a couple of years ago, but right now it's just adjusting itself.


Last edited by Maz; Aug 10th 2007 at 5:58 am. Reason: oopsie wrong emote ;)
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Old Aug 10th 2007, 6:38 am
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Default Re: What is up with the housing market?

Originally Posted by Paua Shell View Post
In the next couple of days we are about to put our US house on the market.

I don't see the market as awful. In fact, I saw it as bleedin' terrible a couple of years ago, but right now it's just adjusting itself.


Maz, why are you confusing me - the change of name. We all know MAZ.
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Old Aug 10th 2007, 9:07 am
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Default Re: What is up with the housing market?

http://www.century21.co.nz/frames/te...HNS_HILL__5001

Theres the link, its on St Johns Hill in Wanganui.

Paua shell - do you mean selling your house in the USA..........I mean purely local market, not globally. Everywhere there are doom sayers about the market and it always seems to buck up I think. But being in a very small area with a niche house with a limited niche market - this interest rate and current slump is a royal pain in the tuckas (?sp)
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Old Aug 10th 2007, 9:18 am
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Default Re: What is up with the housing market?

Nice kitchen, looks like we sold our house in Rangiora just in time.

Interest rate have just gone up over here but the housing market is still strong in Brisbane. Well so they (media) say.

At the end of the day our house is a home and not as much as an investment as our house in the UK, guess I'm settled at last

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Old Aug 10th 2007, 10:27 am
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Default Re: What is up with the housing market?

Looks nice Poppy2, get that listing spellchecked though! Maybe that's the problem.
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Old Aug 10th 2007, 11:52 am
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Default Re: What is up with the housing market?

Ahh yep know the area got friends living over in Shakespeare Road and now you said where I can see why it wont sell.

Simply put its out of the price range of many people who would be looking for a house. Wanganui is not exactly high wage earning area with just 48,000 people. Friends had theres on the market for 6 months before deciding that the market was to crazy to be able to buy the house they wanted. They watched the price of their place go up from $40,000 to $250,000 in 8 years shame wages didnt increase by the same.

The market in NZ went crazy as soon as people from overseas realised you could buy a property over here when the goverment relaxed the policy that you did not have to be resident. That plus the internet making the sales so much easier around the same time.

The internet is a wonderful thing except its also probably One the many causes of the house price boom.

You will probably sell but not as fast as you hope, not quite investment material as a rental at that price either.

Sorry to sound so blunt but realistically above $150,000 chances of a quick sale are slim.
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Old Aug 10th 2007, 8:17 pm
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Default Re: What is up with the housing market?

OK - deep breaths before I reply to that!

I think I am well aware of the local issues, THANKS for that. I have lived here for 4 years and been on the market for 6 months. And where the heck can you buy much in NZ for $150,000?? In Wanganui we still enjoy the lowest house prices in the North Island, but that is not to say there arent people here with properties that are far higher priced. I know well what is holding my house sale back, though there is a contract on it, it is the fact that there is no garage and it needs a new bathroom - all reflected in the price. But at that price people are going to need to think twice if they can afford the house, to then think can they also afford to do work in doing those things? We have done this house up from a shell, had doors custom made, installed a $30,000 kitchen, rewired, installed chandeliers and top quality finishes. With a Garage, a new kitchen and a swimming pool if it takes their fancy, this house would be worth $550,000+ and would sell because it was finished.

Yes the market is limited at that price level - but this time last year it wasnt so bad. It doesnt mean my house isnt worth that, and that is a great price by comparison to the far higher house prices in our neighbour city of Palmerston North.

I just love it when people start on about us Foreign Nationals pushing up house prices - who are you Tariana Turia, our local pot stirrer?? Funny how she doesnt much mind us when we care for her whanau when they come in to the hospital and are just as rude and offensive in person.

If I have pushed the house prices up and effected the market, then there are a chain of kiwis that have benefited along the way - how conveniently that is forgotten?

Well - may none of you know the personal hell of waiting on the market like this. We arent just wanting to move into a better house in the same area, we are waiting to start a new life with our kids in another country and this is the lowest I have felt about life in a long time. So thanks for the input and the *knowing why my house isnt going to sell*. :curse:
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Old Aug 10th 2007, 8:38 pm
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Default Re: What is up with the housing market?

Possibly should have known better than to post at all. Why is it that when you seek support or info, you get smug respondants that are a country mile away from a similar situation, or people that know so much better than you. Is this what people live their lives for, to be condescending and self-righteous?

Thanks to those who have actually contributed to this thread, I dont wish to appear rude, but this is stressful enough without being told our house wont sell as it costs more than $150,000....................it just serves to remind me that if anyone has a serious issue, dont post unless you want feelings trampled on for no apparent reason.
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Old Aug 10th 2007, 9:34 pm
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Default Re: What is up with the housing market?

Sorry I did not say your house was not worth it I just pointed out that the market for that kind of price is not around like I said friend of us who live just over the ridge from you have got the same problem selling there house.

What I qouted is what he has said and they are New Zealanders and they own there house out right along with last count 5 rental properties as a result of moving out of Auckland 15 years ago. Should add the rent of these houses are paying off the homeloans, things get tight they just sell a house which is what they have done of late.

I lived in Wanganui in fact rented one of our friends house for a summer in castlecliffe, they are hanging onto that house because its price has gone thru the roof in the 3 years they owned it from $50,000 to last check $250,000. Like he has said if he looked at that house today he would not buy it at that price.

Look facts are that majority of people rent houses in New Zealand and this number is increasing becuae of the high interest and property values compared to the wages. You started this thread with the question "What is up with the housing market?"

And where the heck can you buy much in NZ for $150,000??
Asked me 6 months ago and I could have named a place easily but now I see that our local paper the price is nearer the $200,000 mark which is crazy. I was going to say Taumaranui, Raetihi and probably still can Ohura. I cant wait for our new rates bill to see what the rateable value is on our property compared to 12 months ago and since we paid under $150,000.

Crazy that in Ohakune a house that was on the market for $80,000 in 2004 is now onsale again as a subdivided section for $300,000

Taking a deep breath here and think how is a young family saving for there first house able to get on that rapidly moving house market with the wages like they are?
I count myself lucky that we were able to get on that runaway market ladder although I severly doubt we would have the ability to climb that ladder from where we are.
A young couple coming from england with $30,000 in there pocket which I see we have a few here like that are going to find it very difficult to buy houses now as well.

I bet you wont say how much you paid for your property 4 years ago? That aside do you think you could find a house in the same price range as what your selling?

The market is slow the cheaper properties are going first house a house in our village is going for $175,000 and still has not sold after 6 months.

Noticed no one who has sold up a mortagaged house in the UK and rents a place in Auckland has spoken up on how hard it is to buy a place outright in NZ now days? Whats the work possibilities like in Wanganui to be able to afford a homeloan?

What makes me laugh is whilst I live din Wanganui I voted for Micheal Laws for mayor maybe you should ask him his views on the housing market
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Old Aug 10th 2007, 11:22 pm
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Default Re: What is up with the housing market?

Maybe the time of year is affecting property sales together with the market being more tenuous. Spring/early summer may be a better time to sell, just as it tends to be in the UK. Good luck anyway.
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