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  1. #1941
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    Quote Originally Posted by POSSUM THE CAT View Post
    Fungus Pudding these same houses have been on the market at least six times in the last 2.5 years & they still think they will get close to QV. Nice Houses selling at around QV gives all the rubbish of the same size 7 locality a totally erroneous QV because they do not even look at the houses. If you go to look at house the real estate agent hands you a copy of the QV. I have even had a registered valuer. Value A property that I had a beneficial interest at $100000.00 over its worth because he did not do the required research of the building. I even asked the Public Trustee to ask the inept valuer to refund his exorbitant fee. As in my opinion he should not be allowed to value a matchbox. So a lot of the blame attaches to the Real Estate agents that in trying to get listing give Vendors an unrealistic idea that they will get close to QV. I can even go back over 35 years when in a provincial area where houses in Maori State & Private housing in mixed blocks were given exorbitant GVs as they were in those days as apolitical expediancy.
    As far as I can make out, you employed a valuer through the public trust, who valued a property which you owned or part owned, and you obviously tested the market by attemting to sell it.
    It failed to sell and the best offer is $100,000 below his figure. Is that it? If so, what percentage below his figure is the 100,000?

  2. #1942
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    Fungus Pudding To long ago to put actual figures on it But industrial land house built in 1905 of brick he valued the land plus so much from the sale of the house for removal. It is hard enough to shift a Brick Veneer house so even if it had been a Brick Veneer House his valuation would have been crazy. But since they did not build Brick Veneer houses in 1905 so he did not even have to visit the site to get his facts right. Spent some years in Australia & rather friendly with a Real Estate agent. who said valuers doing valuation for the banks used to Telephone them to ask what the house was like. Her Firm was very good to deal with because if they thought they could not get within 5% of the aking price they would not list it. Even when other agencies were taking listings as much as $80000.00 in some cases over their valuation & were still on the market 18months later. There were NO offers for the Public Trust Property as the whole town knew the price was ridiculous. I have been to property auctions where the property has been passed in after 5 vendors bids each higher than the last. So why make more than one vendors bid if nobody made a bid after the first
    Possum The Cat

  3. #1943
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    Quote Originally Posted by POSSUM THE CAT View Post
    Fungus Pudding To long ago to put actual figures on it But industrial land house built in 1905 of brick he valued the land plus so much from the sale of the house for removal. It is hard enough to shift a Brick Veneer house so even if it had been a Brick Veneer House his valuation would have been crazy. But since they did not build Brick Veneer houses in 1905 so he did not even have to visit the site to get his facts right. Spent some years in Australia & rather friendly with a Real Estate agent. who said valuers doing valuation for the banks used to Telephone them to ask what the house was like. Her Firm was very good to deal with because if they thought they could not get within 5% of the aking price they would not list it. Even when other agencies were taking listings as much as $80000.00 in some cases over their valuation & were still on the market 18months later. There were NO offers for the Public Trust Property as the whole town knew the price was ridiculous. I have been to property auctions where the property has been passed in after 5 vendors bids each higher than the last. So why make more than one vendors bid if nobody made a bid after the first
    It would take a better man than me to follow all that. But where is this where I can regularly buy houses at 100,000 under guotable valuation?

  4. #1944
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    Fungus Pudding What I am saying is people are asking QV and the buyers are not buying because the owners are dreaming about getting QV for their dilapidated houses. Those at realistic prices are selling some above QV. QV is not worth the paper it is written on. I did not say they were selling for $100000.00 below QV but that is all you would want to pay for them.
    Possum The Cat

  5. #1945
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    Quote Originally Posted by POSSUM THE CAT View Post
    Fungus Pudding What I am saying is people are asking QV and the buyers are not buying because the owners are dreaming about getting QV for their dilapidated houses. Those at realistic prices are selling some above QV. QV is not worth the paper it is written on. I did not say they were selling for $100000.00 below QV but that is all you would want to pay for them.
    I agree with what you are saying. The best place to get a realistic price is the mortgagee sale..

  6. #1946
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    This is what seems to be happening ie. quality, well-presented properties are selling. A few years ago crap would sell, we know because we couldn't find anything decent (early 2007) and this little 2 bedder needed a lot of work which I was able to do myself, now we love it and with flowers, gardens, trees, a great view, fairly private from neighbours, close to everything, we would be disappointed if it was valued below what we bought it for.

  7. #1947
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    Analysts were divided on housing market after the peak in2007. Some top investors are very cautious now.

    We know property prices plummeted in USA, Some Europeancountries and DUBAI.

    Fortunately both New Zealand and Australia escaped from residential housing market crash.

    In New Zealand some Finance companies went intoreceiverships due to investment in overheated real estate markets by propertydevelopers.

    I had to forget my first investment in stocks in a financialcompany in New Zealand.

    Do you think is it safe to buy first home now or wait until 2012? I have some sort of worry about housing market in New Zealand andAustralia.

    Even IMF said New Zealand residential market is over valuedcompare with income level.

    Thanks.

    http://www.stuff.co.nz/business/money/4984743/New-Zealand-property-market-over-valued

    New Zealand property market 'over-valued'

    Last updated 15:22 10/05/2011

    New Zealand's house prices are over-valued by around 15 to 25 per centcompared to the average over the past 20 years, according to the InternationalMonetary Fund.
    In its latest country report on New Zealand the IMF said there was someuncertainty though around the estimate which was based on the OECD's house priceto income ratio as at September last year.

    That uses a combination of simple metrics and models and fails to take intoaccount Statistics New Zealand's recent upward revision to household income.
    Under the OECD model real house prices rose by 150 per cent in the 15 yearsto 2007, the report said, making it one of the strongest increases amongadvanced countries.
    Since then though, house prices have fallen by more than 10 per cent.

    Alternative models show varying rates of over-valuation but in the sameballpark as that of the OECD.

    A new model developed recently that takes account of income, demographicsand interest rates, suggests house prices here are over-valued by 20 to 25 percent, the IMF said.

    Yet another alternative model that includes demographics, mortgage interestrates and the terms of trade instead of future income, indicates house pricesare overvalued by 15 to 20 per cent.
    That model is sensitive though to terms of trade and interest ratemovements, for example, a 10 per cent fall in the terms of trade could resultin an 8 per cent fall in houses prices over the medium term.

    When it comes to residential rents, the OECD's price-to-rent ratio shows amuch higher over-valuation of 43 per cent relative to the past 20 years.


    ''However, the measures includes government subsidised rents which haspushed up the ratio over time as subsidised rents decreased, most noticeably in2001''.

    If you take subsidised housing out of the picture, the rent overvaluationdrops to about 15 to 27 per cent when compared to the historical averages.

    http://www.bloomberg.com/news/2010-1...ket-gains.html



    IMF Sees Risk in `Mild Overvaluation' ofAustralian Housing Market Gains

    By Michael Heath -
    Oct 7, 2010 1:06 AM GMT+1300Wed Oct 0612:06:49 GMT 2010

    The International Monetary Fund cautioned that housing inAustralia may be overvalued and a reversal in pricescould hurt consumers in one of the few advanced economies to skirt last year’sglobal recession. “Given assessed mild overvaluation, a potential correction inhouse” prices “could hit household wealth and consumerconfidence,” the Washington-based IMF said today in its World EconomicOutlook. Housing in many other parts of the world remains a “drag on growth”and a risk to lenders, the fund said.

    Myopinions are not intended as financial advice. Any hyper-links are not anendorsement & no responsibility is taken for their content. Please do yourown homework.

    Last edited by HIDDENGEM; 16-10-2011 at 09:16 PM. Reason: To add one more sentence on hyper link

  8. #1948
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    HIDDENGEM you pays your money & takes your choice have a look at the 1991 property slump. Bought a nice house on the north shore of Auckland at what was owed onit plus a reduced land agents fee to allow the owners out without a debt burden. Paid $112000.00 rented it out for $250.00 per week so shop carefully
    Possum The Cat

  9. #1949
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    Thanks POSUM THE CAT

  10. #1950
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    Quote Originally Posted by rmbbrave View Post
    Doubles in price every 10 years? ie about 7% per year

    Thats a new one Duncan. It used to be 10% a year - ie doubles in price every 7 years.

    Do you still reckon propert has doubled every 10 years from 1066 to 2006 and will do so from 2006 to 2056?

    Year average house price
    2006....400k
    2016....800k
    2026....1.6 m
    2036....3.2 m
    2046....6.4m
    2056....12.8m

    A house is considered expensive if it is 7 times the average wage.

    What are the chances of the average wage being $229,000 (1.6m/7 = 229k) in 2026?

    Pretty slim I'd say.

    If house prices keep doubling every 10 years no one will be able to afford to buy them.
    Looks like your preduction is spot on and even a little under the actualy amount now as far as Auckland is concerned

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