Buying or Selling....who's in?

Anyone in the current market either buying or trying to sell?

I'm looking to pick up bargins

Give it another 6 months and I will start looking through the property pages again...

Yes, I think 6mths out and the bite will really be on with bargins a plenty as is showing already.
Today is the 278 day I have been on the market to sell, and I've come back $50k on price.

I've been keeping an eye on the properties on the market in my area on the Shore. There has been a reasonable increase in the number of 'For Sale' signs staked out on property fronts, and oodles of Open Homes on the weekend. Occasionally a 'Sold' sign appears.

I go walking most evenings after work and cover the same 5 ks of my neighbourhood each day and it is interesting how much the landscape changes as far as properties being on the market is concerned.

It sure as hell beats wading through pages and pages of properties at this early stage as I'm really just trying to guage how the market is going. And I get some essential exercise as well...:D

You never know, I just might spot a bargain one day... ;)

YOTT

I live in Kerikeri, Northland & the property market has slowed down alot in the last six months but people are still asking top dollar at present.

Good properties are still selling. I have just recently listed my property & had a comfirmed offer within 7 days so there are still buyers out there.

I sold up and moved out of Queenstown and planing on waiting a winter or two to re-enter the market in Chch.

The feed back so far is there are a lot of empty open homes going on.

Collecting rent and pretty much ignoring the market at the moment

Me too Strat. Are you putting the rents up in the near future (or recent past)? If so by what %?

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Originally Posted by Arbitrage

Me too Strat. Are you putting the rents up in the near future (or recent past)? If so by what %?

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No, I have good tenants and they can be hard to come by.

One in the hand worth 2 in the bush and all that.

All good relationships need fairness from both sides. Of course if I was in a situation such as holding a large mortgage at the floating rate I would have to consider it. Comes down to the math at the end of the day eh?

Where are you based if you dont mind me asking?

" Collecting rent and pretty much ignoring the market at the moment "

me too.... had a tenant move out 10days ago after 3yrs,, and one advert
brought in 7 potential new tenants.. so still can be selective
also squeezed the rent up 4% ... in chch

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Originally Posted by STRAT

No, I have good tenants and they can be hard to come by.

Comes down to the math at the end of the day eh?

Where are you based if you dont mind me asking?

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Based in Auckland. I am going to raise the rents to around the median for two long term tenants. This will be a % of between 5 and 8.5%. First time in 2-3 years, and probably not as much as what the latest rentals are getting. Hopefully it won't motivate them to leave. It will still lag the increaesed costs related to rates, interest etc over that period.

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Originally Posted by Arbitrage

Based in Auckland. I am going to raise the rents to around the median for two long term tenants. This will be a % of between 5 and 8.5%. First time in 2-3 years, and probably not as much as what the latest rentals are getting. Hopefully it won't motivate them to leave. It will still lag the increaesed costs related to rates, interest etc over that period.

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It will do you know harm to talk to them before you do anything.

Usual bargaining rules apply. You know, come in at a higher price than you actually want, bleat on about additional costs etc. then come down 50% cause you love em so much. People treat each other and others property better if they dont feel they are being screwed. ;)

I know what you are thinking, and the answer is no :D

I just listed my 3 bedroom rental in Takapuna.

Was going to sell privately but it got to complicated cos I live in Sydney.

Been on the market for 10 days. No bites yet.

I wish u luck David H and anyone else out there in this weak market, but be prepared for the pssible long haul. Today is day 281 for me and during that time Barfoot's had it for some 10 weeks with open homes most weekends....viewers, or should I say 'wall kickers' could be counted on one hand!

So here is a blatant ramp for my property......

http://www.trademe.co.nz/Trade-Me-Pr....htm?key=34535

Well Ari it is obvious that it is still well overpriced

Yep, you can certainly say that in a buyers market, although the front house (same designer) sold for $760K and the 1 house site next door sold for $580K

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Originally Posted by Dr_Who

Please link your site listing?

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Here you go

Been on the market a few weeks. In no hurry to sell.

http://www.harcourts.co.nz/listing/d...code&id=411756

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Originally Posted by ari

I wish u luck David H and anyone else out there in this weak market, but be prepared for the pssible long haul. Today is day 281 for me and during that time Barfoot's had it for some 10 weeks with open homes most weekends....viewers, or should I say 'wall kickers' could be counted on one hand!

So here is a blatant ramp for my property......

http://www.trademe.co.nz/Trade-Me-Pr....htm?key=34535

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Ari

My Grandmother just sold her house in Forrest Hill (Lyttleton Ave)

Was on the market for 2 weeks.. She had three contracts out within a week.

Was a big bit of land.. around 700sqm.. Developers probably picked it up.

no offense, but for 710k (in northshore) you can buy a house in ellerslie close to city without needing to cross the bridge to get in and out of the city.

Here in Sydney house repossession are at an all time high. It is a good time to be a solicitor in Sydney. Although that is the case there are 30,000 people needing new houses here. There is no space in the city to build new houses. Everyone wants to live close to city to avoid traffic etc. Eastern suburbs are likely to hold their house prices.

Western suburbs in Sydney are getting hit at a higher rate of repossession. Not only people have to deal with higher interest rates, they have to put up with high cost to get to city to work etc.

So I think with housing down turn, outer suburbs will get affected most.

"no offense, but for 710k (in northshore) you can buy a house in ellerslie close to city without needing to cross the bridge to get in and out of the city."

What an amazing comparison.......you could also buy 2 > 3 houses for that money in Kimbolton and not even come any where near Auckland!

710k in forrest hill is pushing it imo, you could probably get much the same house in mairangi / murrays / rothesay bay with a decent sea view.. have to say the deck kitchen and bathroom look very nice though..

good luck with selling your house

remy.....B4 you make comment you need to know your facts......

I am a little up to play with Forrest Hill values. B4 I did this project I sold previous property in Forrest Hill which was the highest price ever at that time in F/hill. And the house in front of this house, which I also built, with veiws over the gulf, Rangitoto and Lake Pupuke set yet another benchmark 3 years ago, selling for $760k
A one house site next door sold 6 months ago for $580k. And 2 houses of very similar design less the 100m away which were built just B4 mine have QV's (Sept 05) of $920k & $780K.
Forrest Hill is just like any other suburb, just because the average is say $500 > $600 does not mean that is the value of all properties, you will find crap & you will find gooduns!

To buy or sell - that is the question.
Median price in Aus up 12% for yr to 473,000 from 450k in last
quarter.
Here in Henderson, Ak there seems to be heaps of building activity,
double tracking proceeding, new town at Waimauku almost finished,
BUT interest rates rising, petrol high, dairy products and other
staples more expensive.
Could everything just stop overnight if crunch hits, could
things like double track overcome high petrol costs from outer
suburbs?
Takes me 15 min with no traffic to get from Henderson town to
Sky City via motorway, while this area is considered an outer suburb
it may be close enough to city to still be attractive to buyers,
esp. with improved rail network.
To buy or sell is a hard one, as long as employment stays good
there may be enough people waiting for chance to get their own
home, that it could put a floor under current prices.
But look at the sharemarket, could that be an indicator of future events
in the economy and property prices ie. no support?

My guess:

Brisbane/Gold Coast, Perth, and smaller coastal communities within striking distance of the Oz commodity largesse will continue to do well, but with decreasing capital gain returns.

Outside of dairy properties and residential/commercial property adjacent to growing oil/gas industry in NZ I think the news for the next 5+ years is negative.

My suburb has gone from a near nationwide low in average days on market to only 2 sales this entire summer......not good for a beachside suburb.......has completely ground to a halt....lisings average 3-ish months now, most pulled from market or flip to another agency.

things seemed to slip from seller to buyer's market about September/October

Owners have yet to meet the new market here.

I'm meeting with a couple of agents to consider listing my commercial properties as the commercial market is still quite frothy for now.

just met with some commercial RE agents.....one in particular impressed me with strong market data, enthusiasm, and professionalism.

the yield/cap rate numbers he was talking for my properties was high 6, low 7% range....I'm stunned actually...considering current mortgage % rates and market/economic direction.

He may be blowing smoke up my rear, but he was making the right noises thus far.

No need to sell, but I'm thinking freehold commercial property will be cheaper for some time during the next 5-ish years....so maybe best to put the money to work elsewhere.

But the more RE softens in the next few years the more likely I am to listen to my wife's desire to upgrade to a bigger house for our growing clan....will probably start having a closer look at residential property in a year or so when the volume of mortgage stress and mortgagee sales increases a good bit further.

Have a read of lead BNZ economist Tony Alexander's current report on the state of economy (particularly housing):

http://www.bnz.co.nz/About_Us/1,1184...HPUL4Economics

He suggests many interesting things such as:

"Come Spring the buyers will emerge assisted by interest rates declining, tax cuts, high job security continuing and wage rises.

This return of buyers may sound quite early in the downward cycle. But the difference this time around is the continuing tight labour market which is leaving the queue of buyers in place."

Also,

"last week we noted that for the first time since data collection started in 1945 Americans now
owe more on their houses than they own. The debt to equity ratio is therefore over 50%. We have nothing
like that in New Zealand. As at September last year mortgage debt stood at about $151bn while the housing
stock was valued at about $622b. The debt to equity ratio for us is around 24%. In the United States dwelling"

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Originally Posted by lakedaemonian

....will probably start having a closer look at residential property in a year or so when the volume of mortgage stress and mortgagee sales increases a good bit further.

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If it is like the previous dip in the late 90's, there will be a good 3year window to snap up some bargains when the market goes nowhere and those who have to sell, sell...

I'm holding property in QLD. Thought of selling one house and cash in a nice profit but have decided to continue holding it & definitely scope for me to crank up the rent.

I'm investigating turning one of my residential rentals into commercial and doubling the rent to what I'm getting currently. May even be able to sell signage space as well because of the location its in.

Sitting on cash as well, hoping property prices fall to yields that make sense to buy at.

I bought properties back in 2002-2004 and mainly been in shares since. Keen to pick up more property and starting to look around. Even though I've made some good coin out of shares, I've done much better in property.

I'll look to buy more when the RB drops rates at least 100 points. At that stage rents will also have increased. My guess is this is about 12-18 months away... my fav speccie should have multi-bagged into a great big deposit by then also :)

Good luck! don't share your optimism

The ex-pats are currently not getting in...

Returning Kiwis avoid property
Kiwis coming home are refusing to put their hard-earned British pounds into the local housing market, says a leading international recruitment agency working with top executives coming back from the UK.

"Returnees are no longer rushing into a house purchase, and are happy to wait for the market to find a new level and the kiwi to weaken," says Richard Manthel, local managing director of finance and management recruitment firm Robert Walters.

Yes by not getting into the property market the ex pats are pushing up rents. A mate rented his one bedroom partment in mt eden a few weeks ago to some incoming from the UK. Didn't even blink at the rent even though it had gone through the roof.

So hope they all come home and help bring those rental yields up to where they should be.

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Originally Posted by malcolm

hey what beach suberb are your commercial property in or beach house ive just been advised northland and corromandle ,whangamata etc is in deep sh--ps if smoke going straight through you are being sucked

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Southshore, Christchurch...residential...if I sold it would only be to move into a bigger house same suburb, but still waiting for better bargains down the road.....I'm not smelling enough fear or seeing enough pain in the long listed properties yet...but the market has slowed considerably

Central City Christchurch...commercial.....in the process of listing...already quite good interest...wind to my back at the moment.....but concerned it may not last....hoping to have things wrapped up in 6 weeks....will see