Buying or Selling....who's in?

[David Hardman]

I wish u luck David H and anyone else out there in this weak market, but be prepared for the pssible long haul. Today is day 281 for me and during that time Barfoot's had it for some 10 weeks with open homes most weekends....viewers, or should I say 'wall kickers' could be counted on one hand!

So here is a blatant ramp for my property......

http://www.trademe.co.nz/Trade-Me-Pr....htm?key=34535

Ari

My Grandmother just sold her house in Forrest Hill (Lyttleton Ave)

Was on the market for 2 weeks.. She had three contracts out within a week.

Was a big bit of land.. around 700sqm.. Developers probably picked it up.

[shane_m]

no offense, but for 710k (in northshore) you can buy a house in ellerslie close to city without needing to cross the bridge to get in and out of the city.

[shane_m]

Here in Sydney house repossession are at an all time high. It is a good time to be a solicitor in Sydney. Although that is the case there are 30,000 people needing new houses here. There is no space in the city to build new houses. Everyone wants to live close to city to avoid traffic etc. Eastern suburbs are likely to hold their house prices.

Western suburbs in Sydney are getting hit at a higher rate of repossession. Not only people have to deal with higher interest rates, they have to put up with high cost to get to city to work etc.

So I think with housing down turn, outer suburbs will get affected most.

[ari]

"no offense, but for 710k (in northshore) you can buy a house in ellerslie close to city without needing to cross the bridge to get in and out of the city."

What an amazing comparison.......you could also buy 2 > 3 houses for that money in Kimbolton and not even come any where near Auckland!

[remy]

710k in forrest hill is pushing it imo, you could probably get much the same house in mairangi / murrays / rothesay bay with a decent sea view.. have to say the deck kitchen and bathroom look very nice though..

good luck with selling your house

[ari]

remy.....B4 you make comment you need to know your facts......

I am a little up to play with Forrest Hill values. B4 I did this project I sold previous property in Forrest Hill which was the highest price ever at that time in F/hill. And the house in front of this house, which I also built, with veiws over the gulf, Rangitoto and Lake Pupuke set yet another benchmark 3 years ago, selling for $760k
A one house site next door sold 6 months ago for $580k. And 2 houses of very similar design less the 100m away which were built just B4 mine have QV's (Sept 05) of $920k & $780K.
Forrest Hill is just like any other suburb, just because the average is say $500 > $600 does not mean that is the value of all properties, you will find crap & you will find gooduns!

[George]

To buy or sell - that is the question.
Median price in Aus up 12% for yr to 473,000 from 450k in last
quarter.
Here in Henderson, Ak there seems to be heaps of building activity,
double tracking proceeding, new town at Waimauku almost finished,
BUT interest rates rising, petrol high, dairy products and other
staples more expensive.
Could everything just stop overnight if crunch hits, could
things like double track overcome high petrol costs from outer
suburbs?
Takes me 15 min with no traffic to get from Henderson town to
Sky City via motorway, while this area is considered an outer suburb
it may be close enough to city to still be attractive to buyers,
esp. with improved rail network.
To buy or sell is a hard one, as long as employment stays good
there may be enough people waiting for chance to get their own
home, that it could put a floor under current prices.
But look at the sharemarket, could that be an indicator of future events
in the economy and property prices ie. no support?

[lakedaemonian]

My guess:

Brisbane/Gold Coast, Perth, and smaller coastal communities within striking distance of the Oz commodity largesse will continue to do well, but with decreasing capital gain returns.

Outside of dairy properties and residential/commercial property adjacent to growing oil/gas industry in NZ I think the news for the next 5+ years is negative.

My suburb has gone from a near nationwide low in average days on market to only 2 sales this entire summer......not good for a beachside suburb.......has completely ground to a halt....lisings average 3-ish months now, most pulled from market or flip to another agency.

things seemed to slip from seller to buyer's market about September/October

Owners have yet to meet the new market here.

I'm meeting with a couple of agents to consider listing my commercial properties as the commercial market is still quite frothy for now.