Such ugly looking buildings, lease is renewed every 3yrs, people struggling to give them away.
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Maybe so in Singapore but we don't live there. The cosy duopoly supply most of the "super cheap" building products here, you think that might have an impact on construction costs. The other thing is even at $750K for a small piece of FBU's "architectural masterpiece" FBU's B&I division are making "so much money" their tradies are going on strike lol. It'll be interesting to see what latest wizardry the new CEO tries to bestow on the problem child division but with so many staff that don't understand the fundamental's, (not just tradies, I'm talking about the hundreds of middle management on hundreds of thousands of dollars each) its hard to see any merit in riding on that heavily handicapped horse.
Yup - I know of an overseas buyer who bought a 2 bedroom for $600,000 off the plans and sold it a few years later for $240,000.
Now you can buy the same freaking apartment for less than $200k because the body corporate cost has gone from zero to over $15k p.a!
Point is that NZ government has had a completely hands off approach towards housing and it's been a screw up of monumental proportion.
New government can do better and there are companies which will benefit from government intervention.
https://www.bayleys.co.nz/1650730
$139,000 and it's yours, along with $16k (and rising every 3 years) of annual body corporate costs, leasehold rent and rates!
What a freaking disaster!
Thanks for the listing link, very interesting. Sure is a complete unmitigated disaster for the original investors but on the other hand now, for a young couple starting out who both work in the city and who want nice northeast sunny views and access to the facilities and who can walk to work it might be the perfect start ! People who claim they cannot get on the property ladder need to think outside the square box it could legitimately be said. Staggers me though for that body corporate the gym membership isn't included in the price...
Agree those costs only go one way and it isn't down but for a couple of twenty somethings earning reasonable bucks its quite possibly a good opportunity as their wages will increase as their careers develop. Not too shabby north east facing sunny views, you'd have to concede that and its cheep cheep like a budgie :) Disc: The hound isn't tempted by the "so called" 10% net return because when, (not if), you get a lengthy period of property vacancy the body corp and other costs mean your real return over the years is considerably lower than that.
I am curious, if this isn't the bottom for that sort of apartment where do you think this bottom's out mate ? $100K ?
" A full-scale review into retail power pricing"
Sounds exciting for those of us invested in the gentailers.