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  1. #1721
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    Went to an auction Saturday in our street, close to Henderson so
    good location, ok house, 3 bed, lockwood but right below another house
    and very little privacy. CV 295k and only 1 bid at 230k, no one interested
    at 240k. Must say was surprised, and disappointed a little as we own a
    little villa up the road and wonder what the state of the market really is.
    Based on the previous post even at 240k and 320 a week rent it's only
    a yield of 6.93%. Perhaps no investors around at the moment but you
    would think a first home buyer could be enticed at 55k under CV.
    George

  2. #1722
    Guru Dr_Who's Avatar
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    Housing movement usually starts in the good and/or trendy areas with so called good schools. Price movements in good areas usually have a flow on effect to the other areas abit later down the track.
    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.

  3. #1723
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    George Went to an auction in better part of Ranui, Land Agents would call either Western Heights or Henderson Heights. A fairly new 5 bedroom home of roughly 150sq meters, living areas were only big enough for a family of Sardines. backed onto a Nudist Colony. House in below average condition, substantial water damage in both bathrooms & an absolute abortion of a plan with the laundry in the middle of the house. Auctioneer could not get any bids as he was making no indication of price. So decided to start it with an auctioneers bid of $430000.00 as he said you would not buy it for that. Working on QV for a five bedroom house in that area that they have never seen. Everybody walked out in disgust. My valuation = Land Value less cost of removing the abortion of a house. Yield more like 4% after you take rates and insurance off the rent let allone any maintenace, letting fees, etc to be viable investment in my opinion you would need to rent for $480.00 per week
    Last edited by POSSUM THE CAT; 01-09-2009 at 10:29 AM. Reason: add to post
    Possum The Cat

  4. #1724
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    An agent for 'whatpriceyrhouse.com' came around and felt she
    could ask 349k for our 2 bed villa which I have done up nicely.
    With a cv of 315k which we bought 2 yrs ago for 312k (should have
    offered 290), thought the market was holding up but am not so sure now.
    She may have been just trying to get our business, as another 2 bed
    up the road, newer but needs bath/kitchen upgrade, was for sale at
    279k with a cv of 300k. No one is going to buy ours for anywhere near
    350k when a 3 bed up the road can't get a bid for 240k.
    We do have a great view though and very private for a cross lease.

  5. #1725
    Legend minimoke's Avatar
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    Christchurch, New Zealand.
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    Quote Originally Posted by George View Post
    .
    With a cv of 315k
    George - Don't get hung up on the CV Values - the only purpose they have is to set local body rates. Just to clarify - you've given 3 CV's a 3 bedroom lockwood for $295k, a 2 bedroom villa for $315 and another 2 bedroom vila for $300k. Its impossible to tell if there is any relativity between these figures because these properties aren't individually valued for CV purposes. Arguably a lockwood in a suburb of villas is going to be out of place and worth less - and perhaps therein lies why its not selling.

    Where CV values is of some advantage is to try to buy a house with a low CV and save a bit on your rates.

    As for agents coming around, I always get three to pop around. No point relying on one - in fact you can hardly rely on any of them. You then pick a figure that you reckon best suits your local market conditions. Bear in mind it appears you bought at the top of the property cycle and values have gone back from there - but on their way up again. Taking even a 5% drop in value over the past couple of years I'd have thought you'd be looking at a value of around $300 not $350.

  6. #1726
    Legend minimoke's Avatar
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    Quote Originally Posted by POSSUM THE CAT View Post
    A fairly new 5 bedroom home of roughly 150sq meters,
    150 sqm!!! Holy F#*& someones brain wasn't engaged when that was designed. A person would have to be mad to even look at buying 5 bedrooms at that size - unless some major renovations could be done to convert it to a three bedroom.

  7. #1727
    Guru Dr_Who's Avatar
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    Quote Originally Posted by minimoke View Post
    150 sqm!!! Holy F#*& someones brain wasn't engaged when that was designed. A person would have to be mad to even look at buying 5 bedrooms at that size - unless some major renovations could be done to convert it to a three bedroom.
    Hey, how did you know it wasn't originally designed for a Japanese family?
    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.

  8. #1728
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    Quote Originally Posted by Dr_Who View Post
    Hey, how did you know it wasn't originally designed for a Japanese family?
    Couldn't be. It's too big.

  9. #1729
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    Minimoke yes you are right bedrooms are good size but living areas were for sardines kitchen not even 3meters square combined dining room lounge about 6m x3.5m the only realistic alteration would be to knock out wall between lounge and garage as house steps down in two stages to bedrooms. Demolition would be best answer
    Possum The Cat

  10. #1730
    Senior Member
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    Design is everything...I'm about to build new 3 bedroom 60m2 house, and most of you wouldn't be able to tell
    Disclaimer: Do not take my posts seriously. They are only opinions.

    AMR has sold all shares and is pursuing property.

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