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  1. #311
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    30% deposit is only ever going to cut out more first time buyers.. good luck saving $135,000 for a modest $450,000 property (Average price in Auckland is 550,000 btw)

    Plus your only targeting 1/3 of the market by doing this. Remember property investors can use capitol from their portfolio as security and foreigners will have access to cheaper credit

    (I've given up on Auckland.. Making plans to move to Wellington early next year)

  2. #312
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    I'm calling it. I think Auckland house prices have ht their peak and we will not see these prices for at least another 5 years. I think the Dec 15 average price will be less that today's.
    Reasons:
    -Foreign investors needing IRD numbers
    -LVR rules
    -Change of sentiment. Even my most bullish banking friend reckons house prices will just level out now

  3. #313
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    Quote Originally Posted by denis View Post
    I'm calling it. I think Auckland house prices have ht their peak and we will not see these prices for at least another 5 years. I think the Dec 15 average price will be less that today's.
    Reasons:
    -Foreign investors needing IRD numbers
    -LVR rules
    -Change of sentiment. Even my most bullish banking friend reckons house prices will just level out now
    i thought the same a year ago - so yes I agree with your sentiment Denis. Ring that bell.

  4. #314
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    Quote Originally Posted by NeverQuestion View Post
    30% deposit is only ever going to cut out more first time buyers..
    I may not have made it clear, I wondered whether NZ should apply a 30% deposit rule for investors.

    Basically, I think if you want to buy a holiday home or a property as an investment to rent out, you should have to provide a bigger deposit than someone buying their primary or only residence. In addition, I think there should be comprehensive restrictions on non-residents buying residential property.
    Last edited by Bjauck; 17-08-2015 at 07:33 AM.

  5. #315
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    We should see next stage of property cycle in the property market especially in overvalued Auckland housing market.

  6. #316
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    Quote Originally Posted by MARKETWINNER View Post
    We should see next stage of property cycle in the property market especially in overvalued Auckland housing market.
    A massive delay in increasing the housing supply is now leading to higher prices in the Auckland apartment space. - (Remember It took 15 months after the announcement to build a single house in the Auckland special housing areas )

    Hence first home buyers are now fighting each other over anything in the 250K - 400K

    With the OCR drop this situation is only going to get worse

    My prediction for the next year is that we will see a massive jump in the average house price in Auckland due to the following

    1. Home owners will continue to purchase more houses for their retirements plans (Cheaper loans leads to refinancing and more funds issued by banks for purchasing additional property)

    2. First Home Buyers will see they can now get bigger loans for their low deposits which in turn leads to bidding wars that push the price higher.

    3. More delays in Special housing areas as building companies start going under and the prices increase above and beyond affordable ( Building companies are struggling to keep the prices down and debt levels of these companies is becoming a concern )

    4. Delays in building in and out of the special housing areas will make it more profitable for building companies (Slowing down production leads to bigger profits.. Do you honestly think they care about the shortage? If you do then you must also think National are trying everything they can to fix this issue )
    Last edited by NeverQuestion; 18-09-2015 at 02:16 PM.

  7. #317
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    Quote Originally Posted by KW View Post
    Looks like it might be over already.
    http://www.interest.co.nz/property/7...towards-summer
    You could be right actually

    This was posted on the National Business review today

    http://www.nbr.co.nz/article/propert...rket-nr-180007

    So If this whole situation is being caused by an influx of money from China then it will be pretty obviously in a few months

    Interestingly I went to a few Auctions this week... there was a lot of desperate people if body language is anything to go by.

    We watched in disappointment at one house listed in the 400 K search range that had a reserve of 600 K... unsurprisingly no bids!

    To make matters worse when the place didn't sell and the Auctioneer was pretty condescending about it... I feel sorry for those who's dreams had been crushed
    Last edited by NeverQuestion; 13-10-2015 at 08:10 PM.

  8. #318
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    Quote Originally Posted by NeverQuestion View Post
    You could be right actually

    This was posted on the National Business review today

    http://www.nbr.co.nz/article/propert...rket-nr-180007

    So If this whole situation is being caused by an influx of money from China then it will be pretty obviously in a few months

    Interestingly I went to a few Auctions this week... there was a lot of desperate people if body language is anything to go by.

    We watched in disappointment at one house listed in the 400 K search range that had a reserve of 600 K... unsurprisingly no bids!

    To make matters worse when the place didn't sell and the Auctioneer was pretty condescending about it... I feel sorry for those who's dreams had been crushed
    Looks like this starting to become an issue across other Auctions too

    http://www.nzherald.co.nz/property/n...ectid=11528636

  9. #319
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    Quote Originally Posted by NeverQuestion View Post
    ...We watched in disappointment at one house listed in the 400 K search range that had a reserve of 600 K... unsurprisingly no bids!

    To make matters worse when the place didn't sell and the Auctioneer was pretty condescending about it... I feel sorry for those who's dreams had been crushed
    Some years ago I missed out on a property despite placing the highest bid in a range that the real estate agent had assured me would be acceptable to the vendor and which was about 15% above the professional market valuation I had been naive to get prior to the auction. That house was sold over a year later so the vendors had basically been just "testing the water". One of the reasons why Auctions can be bad for both vendor and prospective purchaser. It is unethical for an agent, who should have an idea as to what price range the vendor wants for a property, to market the property in a price range that is too low for the vendors. It is a waste of time for prospective serious bidders who will need to undertake due diligence prior to bidding. Auctions should be reserved for the unusual or very expensive properties imo.

  10. #320
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    An Australian development that may have relevance for NZ.

    http://www.theage.com.au/business/in...14-gk8n3d.html

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