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What is up with the housing market?

What is up with the housing market?

Old Aug 11th 2007, 12:32 am
  #16  
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Default Re: What is up with the housing market?

I appreciate the effort you have taken in your reply, but I think your views heavily reflect where you are, your previous, but limited knowledge of Wanganui and your own housing.

There are many well paid Wanganuvians - hence a very well attended St Georges and Collegiate (?sp) private schools and the cars that roll up to collect from said schools. There are many well paid jobs here - a hospital (beleive it or not, there are Drs working there, contrary to press talk), a large Police Department, Solicitors, Dentists, Real Estate companies etc. There are people here, as in anywhere that has a population that considers itself to be a city, that earn far more than me. I dont see the need to share what I bought this house for because its not relevant as we bought this house derelict - but thanks to our very hard work and the increase in the local market we will have doubled our buying price.

But is the price rise locally unexepected or out of turn - no, Wanganui is simply catching up with the rest of the North Island.

And is my house the most highly priced property in Wanganui? No, there are houses all around me on the market for between $350,000 and $700,000.

What you need to appreciate is that WE bought wisely. We bought the worst house, on what could be considered the best street/area. I dont need to be put down for having a house at that value, we have worked damned hard on it and also have 3 small children and jobs in healthcare that are neither glamourous or well paid. And beleive it or not, when we didnt want to sell it, then we had people every few months asking us to!

And if it makes you feel better, there is a small ex-rental next door to us. Its a 3 bed box, the whole house and section could fit into our house itself. It is a 1950's bunglalow that was renovated poorly, not rewired and still has the unavoidable feel of an ex-rental - it sold for $365,000. So stack that up against my $435,000 for 5 beds, 3 receptions and a large section and I think you will find we are well priced. The simple fact is that people want that stucco box, far more than they want a villa with its maintainence.

We have got a contract and are just waiting for that to go unconditional when they sell their Auckland property. But it doesnt mean that 6 months on the market being sized up by developers hasnt been very tough indeed. Open homes are no fun, neither are Open Homes when 26 parties have come through, and it turns out all are mostly neighbours and Kindi mums wanting to see how you live. Not nice.

Is it the time of year - out of my hands, but I doubt it. The winter has been mild this year and there have been good attendances at the Open Homes. The issue is the limited amount of people able to afford the property locally and have the finances to do extra jobs to make it complete for their tastes. I have asked many Real Estate people this very question, they dont see real difference in the stats, though it makes complete sense to me that there should be a difference.
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Old Aug 11th 2007, 12:55 am
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Default Re: What is up with the housing market?

I appreciate the effort you have taken in your reply, but I think your views heavily reflect where you are, your previous, but limited knowledge of Wanganui and your own housing.

There are many well paid Wanganuvians - hence a very well attended St Georges and Collegiate (?sp) private schools and the cars that roll up to collect from said schools. There are many well paid jobs here - a hospital (beleive it or not, there are Drs working there, contrary to press talk), a large Police Department, Solicitors, Dentists, Real Estate companies etc. There are people here, as in anywhere that has a population that considers itself to be a city, that earn far more than me. I dont see the need to share what I bought this house for because its not relevant as we bought this house derelict - but thanks to our very hard work and the increase in the local market we will have doubled our buying price.
Believe it or not I do have a lot of contact with Wanganui since it happens to be the nearest shopping area to where we live, Our Doctors falls under Wanganui district Health (otherwise we would have Hamilton to far) the training centre for NZ Fire Service western Region is based in Wanganui, the Police dept thats area covers from Wanganui to Taumaranui. The Wanganui river flows flow around us on its Journey from mountain to Sea.
There is also a lot of low income earners and unemployed and dare I say Gang problems in Wanganui dare I say the majority earn less than $20 per hour?
Our location has the unique distinction of being covered by Waikato but also Wanganui in many of its services.

Well good luck with the house sale I am sure it will sell eventually lets hope that New Zealand is not developing a class system with the house market.
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Old Aug 11th 2007, 1:44 am
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Default Re: What is up with the housing market?

Originally Posted by Boopy View Post
Maz, why are you confusing me - the change of name. We all know MAZ.
I'm sorry

Maz is my teenage nickname, courtesy of my elder brother. He's the only person who calls me Maz in real life His name is Alan, and I started calling him "Az" after he started calling me "Maz". I called a truce (he even loathes "Al" - cannot abide it) and kept my word... but he didn't.

Besides, I have quite the awful obsession with paua shells.
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Old Aug 11th 2007, 5:19 am
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Default Re: What is up with the housing market?

Gorgeous house and although I'm not familiar with your local market, seems a bargain to me Only a matter of time before it sells, surely.

I would second whoever mentioned getting the blurb on it spell checked ...it doesn't make a very good first impression to have upwards of 6 typos, 4 spelling errors, 4 grammatical errors (that's how many I noted before I got bored of noting, iyswim) and such a 'clunky', hard to read blurb. I'd be having stern words with the agent :curse:

I know how stressful it can be when your whole life is waiting on a house sell, really hope the contract goes unconditional for you
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Old Aug 11th 2007, 5:32 am
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Default Re: What is up with the housing market?

Wanganui is that not where that drive by shooting happened witht he Mongrel Mob members.
I think the strong NZ$ is slowing down the export market and Tourism coming into the country, people in New Zealand are being cautious on what they can afford on the low wages but the overseas buyers are not detered because the prices are still cheap to them.
Working this out my wife and I would be working 40 hours a week just to pay off a 30 year homeloan. I dont think that is a risk I want to take especially in Wanganui unless I had a real secure job.
Its very stressful trying to sell a house but more stressful when you can not afford one either.
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Old Aug 11th 2007, 6:32 am
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Default Re: What is up with the housing market?

Thanks bourbon-biscuit, I havent even read the blurb!! I have to laugh, because I have had it read to me over the phone, and because the real estate agent is a friend I darent say anything!! I will have to go back and read it. Thanks for the good wishes, we need them!

Southerncomforts - yep, thats us! And dont forget the lack of Drs and the unsafe maternity services, not to mention the many failed tubal ligation proceedures...............................Wanganui is known for all the good stuff!! And you have hit the nail on the head about the current NZ$ climate. Thanks.
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Old Aug 11th 2007, 7:10 am
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Default Re: What is up with the housing market?

Originally Posted by Poppy2 View Post
Thanks bourbon-biscuit, I havent even read the blurb!! I have to laugh, because I have had it read to me over the phone, and because the real estate agent is a friend I darent say anything!! I will have to go back and read it. Thanks for the good wishes, we need them!

Southerncomforts - yep, thats us! And dont forget the lack of Drs and the unsafe maternity services, not to mention the many failed tubal ligation proceedures...............................Wanganui is known for all the good stuff!! And you have hit the nail on the head about the current NZ$ climate. Thanks.
How come you know so much about doctors salaries and unsafe maternity services?
Oh hang on your in the medical profession, hope a doctor buys your house then bring up the standards a bit if its as bad as you claim. Bit of a worry since we are living in Waverley at the moment.
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Old Aug 11th 2007, 8:28 am
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Default Re: What is up with the housing market?

No, no, no - it is just those things that have been in the headlines recently, and things have improved. It was simply that we had a bit of a Dr shortage in general and then we lost our full time Obstetric Consultant which meant we had to transfer women out to other centres if they needed specialist care. Surfice to say we hit the papers for a while with lots of hype about it all. Since then we have more Drs on board and new Consultants in Obstetrics. I cant speak highly enough about having a baby at Good Health Wanganui - as I had one and I am a midwife! So please dont be remotely worried, I was refering to the tabloid headlines.
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Old Aug 11th 2007, 11:55 am
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Default Re: What is up with the housing market?

For what its worth, Poppy2, I think your house is fantastic and would definitely have been knocking on your door for a closer look had I got the job I last went for in Palmy. I'm, expecting to settle in Welly though - hope there's similar out there! My for sale sign went up a couple of days ago so I'm waiting for interest so I can move out to my new life too. All the best for your sale.
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Old Aug 11th 2007, 2:31 pm
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Default Re: What is up with the housing market?

Originally Posted by sol133 View Post
For what its worth, Poppy2, I think your house is fantastic and would definitely have been knocking on your door for a closer look had I got the job I last went for in Palmy.
I think it's really lovely too. You've done a great renovating job. Good luck with the sale.

As a forward thought, I really really really hope someone doesn't ruin it by selling off the chunk of garden at the front as a sub division. Looks a really good size section compared to the surrounding houses.
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Old Aug 11th 2007, 8:18 pm
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Default Re: What is up with the housing market?

Thank you sol133 and uk+kiwi!

Yes, I was so despondant that everyone who could afford to buy it locally, though at far less than the asking price, were all developers who wanted to move the existing house to an acre section somewhere and throw up lots of single flats or townhouses. Just now we have a contract with a lovely retired couple who adore the house and someone else with a large family who are coming for a second viewing. So all going well, we will sell to people who have fallen in love with it as we did.

Thanks and good luck with the Sale sol133!
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Old Aug 11th 2007, 9:08 pm
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Default Re: What is up with the housing market?

I think house prices are too high...where we are in Northland it's around $100 grand cheaper to have a house built for you than buy an existing property...hence that is what we are doing. We shopped around for months to find a house that was already built but looking for a 4 bed, in fact at the time we would of settled for a 3 bed, there are plenty but you are talking around the $450k mark then they don't look like they have been decorated since they were built in the 60's, need new kitchen, new bathroom and only have the 1 bathroom at that.

We are having a 5 bed, 2 bath bungalow built, 2 mins walk from the beach on a fabulous gated community, Tennis Courts, Golf Course etc... total price $399. People up here will not budge on price and when you add in got to put in new Kitch and Bath it's no wonder people think sod that I'll have one built.

The market has definitely slowed up here, when we came a year ago houses were snapped up before you got round to view now they are on the market for months and not selling.
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Old Aug 11th 2007, 11:20 pm
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Default Re: What is up with the housing market?

Definately a thinker. I would build too if I knew that was really the total cost - seen too many UK housing programmes where people massively go over budget (though clearly not the same at all). And the great thing is you have the house you want from every last detail.

I hear lots of conflicting things - it has slowed everywhere or no it hasnt. I think people are far less cavalier about what they are buying and they want for that asking price everything to be done, even seemingly when the asking price reflects the issues that need addressing. It has to be the house prices, but also the low incomes that the majority pf people have. I know we couldnt buy our house now, but then that was the logic in the first place of buying something so derelict that we could only ever improve on it.

Also, dare I say it as it has been said to me, there arent many kiwis that would buy a 5 bed rambling villa and its heating costs and maintainence. Though that isnt our experience as it happens, all the people who have made offers or are waiting to sell before doing so are kiwis.

Good luck with the build, I am sure it will be great!
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Old Aug 12th 2007, 12:05 am
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Default Re: What is up with the housing market?

Thanks...and good luck with your sale and yes most of the people we know that buy the bigger houses tend to be Kiwis!

I think the increase in interest rates is a big put off as well we have just had our rate increased to 10.20% with the National Bank, but it isn't putting us off buying, would rather buy than pay rent.
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Old Aug 12th 2007, 12:32 am
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Default Re: What is up with the housing market?

I will not say our house is buckingham palace its a roof over our head so to speak and given the choice been renting and help paying for someones retirement we take solice from the fact the house is ours well we actually joke the Bank owns the house we own the land.

Bit like when we first moved over we rented a car but also looked at buying a car compared to renting one. You rent you get nothing back you buy you get a return. Which makes me smile to think that the car we still have was originally just for 6 months tops but 4 years down the line we still have it and works out like $0.50 per day rental Joking aside I think our first car is probably the best investment we actually have owned in NZ.

Phils thinking makes more sense and well thats another noticeable thing over the last few years and that is how land values have increased. Probably would make more sense for us to sell and have removed this old 1930s house and plonk a new purpose built house in its place? Just looking around you can see the amount of new houses springing up on sections. A builder said to me that NZ houses were originally built for a 50 year lifespan, economically makes more sense to rebuild.

Maybe thats why the market is so conflicting? Are the houses that are selling New or over 30 years old?

Like you said developers have shown interest which in reality they know they can make a quick buck on that land, which in turn drives the market prices up. Two for one deals so to speak its a sad reality that the traditional kiwi lifestyle of acre of land is slowly being eroded by us immigrants who have had small gardens in suburbia maybe not so much us poms but those from countries with a denser spread of population.

I do agree you house looks nice and one that would intrigue us to buy but the stark reality is that like Phil has said most likely it would be removed and the section rebuilt on unless you can find a buyer willing to pay the higher priices of todays markets.
My parents were very closely suckered into buying a house in Castlecliffe which although now may have been a good investment, it was certainly overpriced at the time. The eagerness of the seller to sign them up without the knowledge we had thru friends of how long it had been on the market sent warning bells.

Thinking like a developer your property has potential unlike the house my folks looked at, and one that would be a good investment but sadly not as it stands. But that does not say someone will not like its ellegance and charm.
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