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  1. #1441
    Guru Dr_Who's Avatar
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    Quote Originally Posted by POSSUM THE CAT View Post
    TGGG You get good rental from a P house in this area

    Rubbish!

    I recall P houses being found in good areas like Paritai Drive, Orakei and PArnell.

    Manurewa and Papakura is a dying area. These two areas are getting worst. Some parts of Manurewa is very nice, esp near the botanical gardens.

    I wouldnt touch Otara. Wont even go in the area without locking the car.

    Parts of Manukau and PApatoetoe is very nice with good rental income. Close to motorways, trains, airport and shopping malls (Westfield manukau and sylvia park). The trains now are very good and modern. Alot of people catch the train these days due to traffic jams and parking costs. The govt have upgraded all the train stations.
    Last edited by Dr_Who; 24-02-2009 at 12:50 PM.
    Having got ourselves into a debt-induced economic crisis, the only permanent way out is to reduce the debt – either directly by abolishing large slabs of it, or indirectly by inflating it away.

  2. #1442
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    Interesting reading the latest credit and dept stats from Veda...

    If any one was in any doubt about the frozen property market, then Veda's numbers should change their minds, with a 20 per cent fall in mortgage inquiries during the last six months of 2008. Figures for January were little better, with applications at a five year low.

    "It remains to be seen what impact falling house prices and cuts to mortgage rates will have on the market, but the trends we are witnessing through the bureau suggest conditions may worsen further before we see any improvement," said Roberts.

    Consumer loan defaults are risings, said Roberts, with an 11 per cent jump compared with the first half of 2008. The older age groups, so-called "baby boomers" were up 20 per cent on defaults.

    "It is unusual to see such a dramatic rise in defaults amongst what is normally the most financially stable demographic. This may well be a result of Baby Boomers over-extending themselves during more economically healthy times. With payments on highly-geared mortgages, second homes and high-end goods such as boats and jet skis, they are really starting to feel the pinch."

  3. #1443
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    Quote Originally Posted by George View Post
    Well it looks as if we were a couple of years early buying our little house,
    2 br up the road in Glendene with a cv of 390k on sale for 309k. We have a 2 br
    for 312k in 2007 cv of 315k so wonder what value is now, although we have a better
    location. House over the road (Newington rd Henderson) sold for 305k (very quickly)
    with a cv of 360k, full site but big costs to subdivide so probably can't compare
    to ours. Our quiet street seems to be in demand with very close access to main hub of
    Henderson, so we will be able to sell easily if have to as long as price is realistic.
    But we are in for 10 yrs at least and jobs secure so far, if values stay
    down for a few years more, we may have the chance to buy another property with
    ours as security.
    Looks like the shrewd one's call was correct (to wait) but there must be a lot of
    first home buyers who thought they had missed out and now will be chomping at the bit
    with a bigger deposit and not wanting to miss out again which may put a floor under
    the market. I hope the bottom is not too far away and that the 'experts' strategies
    work because the alternative is a bit unsettling.
    George

    looks about right at k309...listing,chop another 10% for buying...and that makes 30%!
    \"death&taxes t.o.s.b\"

  4. #1444
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    Positive article about AK house prices because of housing shortage
    http://www.businessday.co.nz/personal_finance/4858682

  5. #1445
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    Default they..

    can attempt to talk it up all they like...if historical ave house prices are on a multiple of 3 re ave earnings...and they blew to 6-7...so now?...optimistic ...bottom 4x..so plenty of pain ahead.
    \"death&taxes t.o.s.b\"

  6. #1446
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    [QUOTE=The Great Gold Guru;244877]Anyone got any rentals in Papakura ??... been looking on the internet and some very smart houses ( 1960's ex-state bullet-proof and modernised ) on the market for the mid 200's. I reckon if you can rent that out for $325-$350/wk with a loan at 5.00-5.50% you will be cashflow positive with a 15-20% deposit ... and P&I over 25yrs. Don't know Papakura that well but with electrification of Auckland commuter rail over the next few years those places near a decent train service that are cheap will probably outperform.

    Love to get some feedback ... maybe also look at Manurewa, Manukau City, Otara, Papatoetoe ...

    Have you seen your banker lately?
    I was talking with a ASB rep the other day and was told that a minimum deposit of 30% was now required on investment properties in most circumstances and 20% for general home ownership.That takes an awful lot of ordinary folk out of the equation.
    As for your location, myself i stick clear of some of those suburbs you suggested...maybe take a look at Mt Wgtn or Panmure. From past visits..they did seem rather handy to the city, shopping & transport.

  7. #1447
    Legend minimoke's Avatar
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    Quote Originally Posted by cliff View Post
    I was talking with a ASB rep the other day and was told that a minimum deposit of 30% was now required on investment properties in most circumstances and 20% for general home ownership.
    Oh dear – then that makes Shrewdys original contention even more awry. Back when he originally posted some of us felt then was a good time to buy. Rather than now enjoying significantly lower interest costs and a drop in value of only 6% from the November 2007 highs buyers are now looking at not being able to get into the market – and if they do they then will have to budget for significantly higher interest rates looking forward. Banks are obviously tightening their lending criteria. With the spectre of higher unemployment the chance of increased earnings thresholds must be there and I bet they will be flogging their income protection insurances which create an even bigger drain on the household cashflow.

  8. #1448
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    Quote Originally Posted by The Doctor View Post
    can attempt to talk it up all they like...if historical ave house prices are on a multiple of 3 re ave earnings...and they blew to 6-7...so now?...optimistic ...bottom 4x..so plenty of pain ahead.
    Yep.
    Ditto.
    Agreed.
    'Zactly.

  9. #1449
    Guru Crypto Crude's Avatar
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    minimoke-ANZ customers have reported that they were told the investments were "as safe as the bank". Now I reckon you think they were talking about Bonus Bonds. Nope – that was ING they were talking about. There ain’t nothing that’s “guaranteed”!

    foodee-Shrewd C,
    I don't believe BBonds are guaranteed.
    In fact if there is a run on it, will the bank cope?
    bonus bonds have the highest possible credit rating...
    In this crazy crazy world, if things were to start falling around us, then Bonus Bonds would be one of the last standing investment classes...

    banks would cope, as we have seen in the UK example (rock)... the Government would step in and pump liquidity...

    Minimoke-Oh dear – then that makes Shrewdys original contention even more awry. Back when he originally posted some of us felt then was a good time to buy. Rather than now enjoying significantly lower interest costs and a drop in value of only 6% from the November 2007 highs buyers are now looking at not being able to get into the market – and if they do they then will have to budget for significantly higher interest rates looking forward. Banks are obviously tightening their lending criteria. With the spectre of higher unemployment the chance of increased earnings thresholds must be there and I bet they will be flogging their income protection insurances which create an even bigger drain on the household cashflow.
    Mini,
    Have alittle forsight mate... lets think about this.... The banks are increasing requirements because they are fearful that house price falls/expected price falls/continuing price falls will put pressure on the banks if homeowners become negatively geared in housing...IE the loan taker owes more on the house than they own.... So for example if someone lost their job, the bank could repossess the house, and dump it on the market for 70% of the price (taking into a/c) the deposit already paid and not lose any money...rather than run the risk that the house price would fall more than the lower deposit...

    You see mate... its to protect the bank... its bloody good mate...
    It will reduce new entrants, making the house price fall swing further...

    Higher highs bring lower lows... now we have adding factors... yeah harrghhhh...

    If Cliffs post is true then it is yet another signal of this investment sector getting much much worse...


    Big time popa fall to come...

    Mackdunks most important rule he told me...

    1) DONT LOSE MONEY...

    we are in love with housing....

    dont let your heart blurr what your brain is telling you...

    Its a double whammy with the current poor market situation, financial collapse adding to a housing downturn...

    there are fireworks in the air...

    Never buy in a downtrending sector... no matter what... never average down....
    hahahahaha...

    Minimoke, when the housing market turns around in prob half a decade then the banks will reduce our deposit requirements....

    .^sc
    Nakamoto means of Central origin ...

  10. #1450
    Guru Crypto Crude's Avatar
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    hey upside down...
    which option would you prefer mate...

    1)a 350k house... 9% fixed loan....10% deposit -> 35k deposit...

    2)the same house when this is over for 200k....
    fixed at 4% for a decade... with 25% deposit -> 50k deposit...

    not a whole lot of difference between deposit rates.... eah dude...

    what do others think...
    option A or option B...

    ???

    .^sc
    Nakamoto means of Central origin ...

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