Stocks will benefit / suffer from a Labour government?

[tipsy]

Agreed - complete and utter disgrace that the apartments were built and allowed to be built.

Go over to Scene 1, 2 and 3 apartment blocks on Quay St in Auckland observe the leasehold apartments deteriorating into slums month by month as owners/landlords get hit by ever increasing corporate management fees and leasehold ground rent. Initial buyers lost over 50% of their monies so far.

Such ugly looking buildings, lease is renewed every 3yrs, people struggling to give them away.

[Beagle]

Yup - just come to Auckland's Stonefields suburb built by Fletcher Residential and stand in awe of the rectangular block apartments (no architectural merit whatsoever) selling for over $750k for a 2 bedroom.

Compare that with a place like Singapore which has to import everything (except land) and a 5 room ultra modern apartment with all the modern conveniences is built and sold to its citizens for less than $500k.

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.

[Balance]

Such ugly looking buildings, lease is renewed every 3yrs, people struggling to give them away.

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.

[Snow Leopard]

...Compare that with a place like Singapore which has to import everything (except land)...

You sure about that?

Look at a land reclamation map of Singapore and then ask them where it all came from.

Beach Road is now more than 1km from the 'beach', and that is the least of it.

[Balance]

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!

[Beagle]

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...

[Balance]

You sure about that?

Look at a land reclamation map of Singapore and then ask them where it all came from.

Beach Road is now more than 1km from the 'beach', and that is the least of it.

You mean like Auckland's reclaimed container port, Beach Rd & Quay St?

I assume you mean Singapore imports the sand and dirt from neighboring countries - I thought they level all the hills in Singapore and dredge sand from the seabed for most of the fill?

[Balance]

Sure is for the original investors but on the other hand for a young couple starting out who both work in the city and who want nice northeast sunny views and access to the facilities... 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...

And watch the body corporate and ground rent costs increase relentlessly every 3 years, negating any capital gains potential and in some leasehold situations (eg.Cornwall Park), bankrupting the unfortunate property owners?

No thanks!

[Beagle]

And watch the body corporate and ground rent costs increase relentlessly every 3 years, negating any capital gains potential and in some leasehold situations (eg.Cornwall Park), bankrupting the unfortunate property owners?

No thanks!

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 ?

[Zaphod]

" A full-scale review into retail power pricing"

Sounds exciting for those of us invested in the gentailers.