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  1. #1511
    Legend
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    Quote Originally Posted by Stranger_Danger View Post
    I still don't get NZ's obsession with home ownership.

    I pay less than $300 a week to rent a house with a QV of 550k.

    I could write out a cheque to buy it freehold, but what would possibly make me want to do that?

    I think you mean unencumbered or mortgage free. Freehold refers to tenure.
    Almost all houses in NZ are freehold (as opposed to leasehold) whether they are mortgaged or not. I don't wish to be pedantic, as its a common error in street-talk, but doesn't belong in a forum such as this.
    You're certainly right about an obsession with home ownership. I gave up being a residential landlord years ago and wouldn't wish it on my worst enemy. Commercial and industrial is so much easier and profitable.

  2. #1512
    FEAR n GREED JBmurc's Avatar
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    Quote Originally Posted by Stranger_Danger View Post
    I still don't get NZ's obsession with home ownership.

    I pay less than $300 a week to rent a house with a QV of 550k.

    I could write out a cheque to buy it freehold, but what would possibly make me want to do that?

    I guess I understand some of the arguments about security, pride, ownership and warm fuzzies but, frankly, economic crimes don't tend to make me feel proud or give me the warm fuzzies.
    thats cheap here in Qtown we pay 450pw-500pw 4 a 500k-550k home
    "With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu

  3. #1513
    slow learner
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    Quote Originally Posted by JBmurc View Post
    thats cheap here in Qtown we pay 450pw-500pw 4 a 500k-550k home
    But wasn't that a 700k house 6 months ago?

  4. #1514
    FEAR n GREED JBmurc's Avatar
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    Quote Originally Posted by Financially dependant View Post
    But wasn't that a 700k house 6 months ago?
    Thats exactly why going to forced auction's of under valued freehold property here are such good buying why pay 25,000 per yr in rent when you can buy thousand's under C.V an upwards of many 100,000 under cost in time the limited buildable land in Qtown will increase the value many $$$ above current prices
    "With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu

  5. #1515
    Legend minimoke's Avatar
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    Quote Originally Posted by JBmurc View Post
    ... upwards of many 100,000 under cost in time the limited buildable land in Qtown will increase the value many $$$ above current prices
    Until such time as Queenstown implodes on its own self inflated view of grandeur. There are many beautifully scenic high country lake areas that could be exploited once the price of Queenstown gets to high – Wanaka might be just one example.

  6. #1516
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    Hey JBmurc,

    What do you reckon to the Pounamu complex. First looked at it back in 2002 I think , the apartments were around $650,000 off the plan when Q'town property was booming Thankfully decided against it and I see quite a few are for sale for around $440,000 at the moment. You gotta think an offer in the high $300's might steal you one. The view is awesome , they look well built , the road noise is an issue as it just keeps getting busier. I guess there is no hurry ... What a horrendous investment if you bought one of those 7 years ago ... OUCH !!!!

    I see some of the chalets at the foot of Cardrona are up for mortgagee auction as well ... great location for a holiday home if your a ski junky.

  7. #1517
    Legend minimoke's Avatar
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    Oh dear Shrewdy – median price back up to your Jan 07 level of $330,000 so as at today you’d be break even on price but a whole lot better off on mortgage repayments but still stuffed on deposit ratios. Perhaps the tide is turning and those that weren’t on the boat have missed it.
    Last edited by minimoke; 11-03-2009 at 11:03 AM.

  8. #1518
    Senior Member upside_umop's Avatar
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    Quote Originally Posted by minimoke View Post
    Oh dear Shrewdy – median price back up to your Jan 06 level of $330,000 so as at today you’d be break even on price but a whole lot better off on mortgage repayments but still stuffed on deposit ratios. Perhaps the tide is turning and those that weren’t on the boat have missed it.
    I take it your reading into the article that then goes on to say this....

    The median price as measured by REINZ in February was just 2.2 per cent lower than for the same month a year earlier. However, economists have placed greater weight on the figures by QV - which measures sales after full completion as opposed to REINZ's measurement of a sale as it is reported by an agent.

    "Median house prices are not the best measure of house prices over time, as it is not adjusted for changes in the composition of sales," ASB's Turner said.

    "However, QV housing data is adjusted and shows that house prices are down 8.9 per cent for the three months to February compared to year-ago levels."

    The latest housing figures are not expected to make much difference to Reserve Bank Governor Alan Bollard's decision on interest rates, with his next announcement out tomorrow.

    Official rates are currently 3.5 per cent, down from 8.25 per cent last July. Economists are split on their views of what Bollard will decide. Most expect a reduction of somewhere between half and one percentage point.
    I did read on another article however, that the best opportunities are likely to come up mid this year...will be interesting to see how the prices react to the balancing act of unemployment/low interest rates...

    I might start a thread on commercial property in the next few days, as I have heard a few saying its got much greater rewards financially.
    By the way - it's upside_down, not upside_umop

  9. #1519
    Legend minimoke's Avatar
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    Quote Originally Posted by upside_umop View Post
    I take it your reading into the article that then goes on to say this....
    The difficulty we have is reliable data with some going for median, others going for averages, others just manipulating whatever they can get their hands on. We even have people who don’t even bother with data but prefer anecdotal observations (Bernard Hickey and a few posters here included).

    I’ve tended to stick to the Median for one main reason – this is the value Shrewdy used at the beginning of the thread. I can’t see the point in comparing “averages” when Shrewdy used a Median – it just confuses things. Also for its faults the REINZ does at least publish years worth of data. Whereas QV (who are a corporate entity and no doubt have their own business agenda) publish snapshots with a story woven into it. As for relying on economists – their word is about as reliable as a real estate agents if their posturing over the past few years is anything to go by.

    Our bench mark was set by Shrewdy and is $330,000 in January 07 (which will be based on Dec ’06 sales). Floating interest rates were 9.5% - again Shrewdy prefers floating rates rater than fixed (my prefence being a mix of flaoting / fixed). And even though you could get a 100% mortgage back then he went for the 10% depoist. You’ll see my posts refer back to that benchmark– not some other arbitrary figure people like to toss in to make their case.
    Last edited by minimoke; 11-03-2009 at 10:57 AM.

  10. #1520
    Senior Member Serpie's Avatar
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    Default No hurry

    Quote Originally Posted by minimoke View Post
    Perhaps the tide is turning and those that weren’t on the boat have missed it.
    I think that with property at current prices, and interests rates at current levels (and expected to be even lower by weeks end) that there is still plenty of time. And with winter nearly upon us, plenty of opportunities in the next 6 months.

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