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  1. #2011
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    Quote Originally Posted by peat View Post
    ANZ today becoming the first bank to change its deposit rules on apartments of less than 45 square metres from 50% to 20% equity.
    wow thats a major change ... will certainly help FHB... as buying an actually home+land is long gone in many locations sub 600K .. generally these apartments are more suited to young FHB anyway ..close to CBD's etc
    "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

  2. #2012
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    Quote Originally Posted by JBmurc View Post
    wow thats a major change ... will certainly help FHB... as buying an actually home+land is long gone in many locations sub 600K .. generally these apartments are more suited to young FHB anyway ..close to CBD's etc
    Gee less than 45m2 dwelling? Just right for the Kiwi family with 2 children to live in.

    Bernard Hickey has something to say in his article here about the banks adverse lending behaviour on apartments, describing it as a market failure:

    https://thespinoff.co.nz/business/18...cold-and-mould

    Banks love discrete parcels of land with simple structures that are already built, that already have a certificate of code compliance and a residential resource consent embedded in the value of this ever-appreciating asset. It is money for jam with a very, very low capital requirement and an even lower risk of default.
    Most banks loathe medium density housing developments with a cold, hard passion that has turned into to the phrase “bank-friendly” in the real estate ads for the exceptional apartment or townhouse that has slipped through the cracks into the mortgage book.

  3. #2013
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    Quote Originally Posted by SBQ View Post
    Gee less than 45m2 dwelling? Just right for the Kiwi family with 2 children to live in.

    Bernard Hickey has something to say in his article here about the banks adverse lending behaviour on apartments, describing it as a market failure:

    https://thespinoff.co.nz/business/18...cold-and-mould
    Anything else we need Bernard Hickey's opinion on?

    This is great change. There's more than ever single people due to progressive destruction of family in our current society. There was a need for singles to be able to buy property and studio apartment is ideal for just 1 person.
    Last edited by peetter; 01-07-2021 at 10:53 PM.

  4. #2014
    FEAR n GREED JBmurc's Avatar
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    Quote Originally Posted by peetter View Post
    Anything else we need Bernard Hickey's opinion on?

    This is great change. There's more than ever single people due to progressive destruction of family in our current society. There was a need for singles to be able to buy property and studio apartment is ideal for just 1 person.
    exactly not a property fix for all .. but helps those singles or couples , investors that what to buy entry level shelter ...would be good if Govt would back this up with laws around Quality and lease increase limiteds etc .... as I've come across a few in Auckland with stupidly high land lease rates...

    If kiwis want to live in new shoe box apartments then they should at least have protection against these predator developers poor construction methods + lease rates that skyrocket after only a few years ..land lease rates shouldn't be allowed to increase higher than the CPI
    "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. #2015
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    Quote Originally Posted by JBmurc View Post
    ..land lease rates shouldn't be allowed to increase higher than the CPI
    No different than house price rises, and buyers know what they are getting in to in a general way at least. Plus they buy in more cheaply than a freehold property.

    Leasehold places may be even more favoured for rentals now, with smaller borrowing and ground lease payments still deductible for tax. The latter has always been the case for rentals and tends to make the sums look pretty good. Until the next ground rent review anyway!

  6. #2016
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    Doubled post
    Last edited by Bjauck; 04-07-2021 at 01:48 PM.

  7. #2017
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    Quote Originally Posted by JBmurc View Post

    If kiwis want to live in new shoe box apartments then they should at least have protection against these predator developers poor construction methods + lease rates that skyrocket after only a few years ..land lease rates shouldn't be allowed to increase higher than the CPI
    I remember some 5 years ago a baby boomer commentator saying that FHBs should not expect to buy the type of property their parents bought as a first home. They should settle for a small flat. The trouble is that these days FHBs are older and often with families. So yep they often do have to settle for a small flat while the grandparents remain in their house and garden….

    I would be very cautious taking on a high proportion loan buying into a market in which interest rates are possibly at their lowest point.

    Ground rent increases merely reflect the increase in residential land values. In a period of rocketing house prices, it is the land component that is inflating far faster than the improvements.

  8. #2018
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    FHB absolutely in general think that the first home should be what our parents would have considered 2nd or 3rd homes. Image is everything and there’s no common sense. A lot of the FHB I’m selling to don’t have kids but still want 3-4 beds not two beds. It’s great news about the apartments now needing only 20% because now the sensible ones will atleast have more choice.

    The market is still massively under supplied. Multi offers are still happening 80% of the time and auctions are still getting brought forward. The only change I’ve noticed is that we are getting asked the question now about the market slowing which was never happening but this is quickly rebutted when we have 10 groups looking at the house per day in the weekend and end up presenting multiple offers by the Tuesday.

  9. #2019
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    Quote Originally Posted by Topagent View Post
    FHB absolutely in general think that the first home should be what our parents would have considered 2nd or 3rd homes. Image is everything and there’s no common sense. A lot of the FHB I’m selling to don’t have kids but still want 3-4 beds not two beds. It’s great news about the apartments now needing only 20% because now the sensible ones will atleast have more choice.

    The market is still massively under supplied. Multi offers are still happening 80% of the time and auctions are still getting brought forward. The only change I’ve noticed is that we are getting asked the question now about the market slowing which was never happening but this is quickly rebutted when we have 10 groups looking at the house per day in the weekend and end up presenting multiple offers by the Tuesday.
    Whether it is a good time to buy a flat with only a 20% deposit when interests are at their lowest point for years and after so much price growth, remains to be seen.

    Is NZ a low wage, low productivity economy where housing is a commodity for investors?
    https://www.stuff.co.nz/national/pol...is-a-commodity

  10. #2020
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    Quote Originally Posted by Topagent View Post
    FHB absolutely in general think that the first home should be what our parents would have considered 2nd or 3rd homes. Image is everything and there’s no common sense. A lot of the FHB I’m selling to don’t have kids but still want 3-4 beds not two beds. It’s great news about the apartments now needing only 20% because now the sensible ones will atleast have more choice.
    Whether it is a good time to buy a flat with only a 20% deposit when interests are at their lowest point for years and after so much price growth, remains to be seen.

    Is NZ a low wage, low productivity economy where housing is a commodity for investors?
    https://www.stuff.co.nz/national/pol...is-a-commodity

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