Good news Stories

[minimoke]

Lets face, some are still a bit gloomy around housing lately. We've had leaky homes, govt ideas on taxing landlords, increase in mortgagee sales, debt collectors chasing unpaid dues. Who woudl want to get into property.

Strange as it may seem NZ'ers love affair contiues unabated. March 2010 sales created new records. Highest equal median at $360,000. Highest ever average at $429,000. Days on market down to 35 - thats less than the 36 days at the nov 07 "peak"

[fungus pudding]

Lets face, some are still a bit gloomy around housing lately. We've had leaky homes, govt ideas on taxing landlords, increase in mortgagee sales, debt collectors chasing unpaid dues. Who woudl want to get into property.

Strange as it may seem NZ'ers love affair contiues unabated. March 2010 sales created new records. Highest equal median at $360,000. Highest ever average at $429,000. Days on market down to 35 - thats less than the 36 days at the nov 07 "peak"

Days on market is meaningless as it takes no account of anything that's been on the market for a lengthy period and still unsold. Lkewise median price rise is simply a reflection of banks tougher lending policies to first home buyers or low equity buyers. The cheapies simply are not selling - hence the median rises. Many houses have dropped in value over the last year in spite of published statistics. Still a fair way to go though.

[duncan macgregor]

Days on market is meaningless as it takes no account of anything that's been on the market for a lengthy period and still unsold. Lkewise median price rise is simply a reflection of banks tougher lending policies to first home buyers or low equity buyers. The cheapies simply are not selling - hence the median rises. Many houses have dropped in value over the last year in spite of published statistics. Still a fair way to go though.

Houses have not dropped in value accross the board infact the value of the average house keeps going up. Perceived value in market fluctuations against real value, are two different things. The cost of replacement value is what real value is all about not panic market driven value which fluctuates for little good reason. The average person that invests in property in a conservative manner at any stage in the cycle always makes a killing. You cant say that about the sharemarket or the dodgy saving schemes where the swill at the trough dodgy brigade pray on the vulnerable. The price of property will double in the next ten years, has it has always done, regardless of what todays market is doing. Macdunk

[STRAT]

Days on market is meaningless as it takes no account of anything that's been on the market for a lengthy period and still unsold. Lkewise median price rise is simply a reflection of banks tougher lending policies to first home buyers or low equity buyers. The cheapies simply are not selling - hence the median rises. Many houses have dropped in value over the last year in spite of published statistics. Still a fair way to go though.

All good points Fungus. Thats why I tend to rely on local sale prices as a first estimate on where the value of my properties lay.While rises have been insignificant/moderate in the area that interest me. They havent fallen. Of course this will vary from area to area but overall I reckon Duncan is on the money.

How you been Macca. Youve been keeping a very low profile. I assume the fish are still biting

[Arbitrage]

Here are some anecdotes from my various sources which reflect the state of the market:
1. The chippy doing some work for me says the building suppliers (eg Carters etc) are quiet.
2. Houses/units under $450k (in Auckland) are either selling slowly or not at all
3. Villas in Auckland's fringe ( ie Ponsonby, Mt Eden etc. usually with valuations in excess of $600k) are selling quickly at or above 2007 valuations.

[loofa]

The price of property will double in the next ten years, has it has always done, regardless of what todays market is doing. Macdunk

So that means incomes will double to pay for the rents and mortgages. Hurrah!
Either that or house price v income will rise beyond the present 6x
Property rates will go up by three or more times to match their recent history of beating inflation by a few percent each year.
Landlords may even forsake their BMWs for private helicopters too.

[minimoke]

Here are some anecdotes from my various sources which reflect the state of the market:
1. The chippy doing some work for me says the building suppliers (eg Carters etc) are quiet.
2. Houses/units under $450k (in Auckland) are either selling slowly or not at all
3. Villas in Auckland's fringe ( ie Ponsonby, Mt Eden etc. usually with valuations in excess of $600k) are selling quickly at or above 2007 valuations.

OK some local anecdotes. My local carters are busy - not really busy but busy enough.
House just down the road door sold in 35 minutes (OK an exageration but less than 24 hours)(another one sold after four months and another is still on the market after six months - but lets not dwell on those since this is thee good news thread)
Looking for a building quote four weeks ago (around $200k of work) four tenders sent out - only one responce and thats not with a quote. Where are the builders?

[stanace]

Where are the builders? Fixing leaky homes, thats where!

[Kees]

or in australia building houses for 680 au per sq/m just spend 5 weeks in one and it was well build did not leak great value for money so when they come back if they do they might have learned a thing or two
and are able to build a decent home for a realistic price and if we can send the council twits over there to work or better still fire them and get back to reality our kids might be able to stay here and afford to live.

[George]

Or maybe setting themselves up as 'inspectors' at over $100 an hour but if they can't find access under house just tick that box with no feedback to customer and months later they find entire timber perimeter foundation rotted with house sagging into the bearers, as my sister found out to the cost of $12,000. I started this on another thread but still no decision from the tribunal (notice no builders replied to it, maybe they all follow the same 'procedure'). He was conveniently out of town and his side was heard via phone link for 2 hours while sis sits there with judge. She couldn't take support person as they told her at last moment that that had to be put in writing. Will relay decision when it arrives.