NZ 1st homebuyers are ScReWeD...

[Serpie]

Good work Lakedaemonian,

We've sold 2 (we hope) in the last couple of months.

First one sold at the asking price within 10 days, and we also got a back-up offer at the asking price. Has confirmed.

Second one was under offer within 7 days by the first person that looked at it. Within 2% of asking price. To be confirmed soon (again, we hope).

Both due to settle before the end of January.

I've got another couple that we didn't price as aggressively (because I'm not bothered of we sell them or not at this stage) and they're still sitting there.

If people really want to sell they can sell most standard houses quite easily I believe. Stuff that's a bit out of the ordinary may take longer, because it's a specialised market, but other than that it just comes down to motivation.

[lakedaemonian]

Good work Lakedaemonian,

We've sold 2 (we hope) in the last couple of months.

First one sold at the asking price within 10 days, and we also got a back-up offer at the asking price. Has confirmed.

Second one was under offer within 7 days by the first person that looked at it. Within 2% of asking price. To be confirmed soon (again, we hope).

Both due to settle before the end of January.

I've got another couple that we didn't price as aggressively (because I'm not bothered of we sell them or not at this stage) and they're still sitting there.

If people really want to sell they can sell most standard houses quite easily I believe. Stuff that's a bit out of the ordinary may take longer, because it's a specialised market, but other than that it just comes down to motivation.

While I am the eternal optomist(which you sound like yourself), I can't help but note CLEAR indications of a dramatic shift in the RE market in Christchurch in the past year......most definitely in our suburb.

Commercial Real Estate has nearly frozen as well.........our last commercial property that we have been marketing for the better part of this year(blue chip, recently refurbished retail) has gone from reasonable-ISH offers, to cheeky offers, to insane lowball offers.

VACANT commercial RE inventory is PILING up very quickly in Christchurch.

I'm now receiving about 4-5 unsolicited commercial real estate offers a week.....as well as unsolicited angel funding "opportunities".

Keep your eye on Pegasus Town Village just north of Christchurch.

[arco]

Interesting area by area.

We are on the Hibiscus coast and I've noticed in Orewa prices don't seem to have dropped that much. A basic older 3 bed bungalow without sea view but within walking distance of town is still in the high 300's/early 400's. (one I recently viewed sold at $406k and was probably about 30 years old). A friend in Napier has just bought a similar house for $163k, and is getting $280 pw rent. One he sold in late 2006 for $325k has been on recently at $249k.

I've noticed a few of the outer areas in Whangaparaoa peninsular falling a little. A 3 bed I spotted this morning 3k's from Orewa at $269. Thats the cheapest I've seen - looked quite a nice house.

[Serpie]

Keep your eye on Pegasus Town Village just north of Christchurch.

Mmmm - why Pegasus Town?

Personally I think Pegasus Town will take 5 years or more to bounce back into life. There may be some bargains out there over the next 12 months, but do you want to sit on empty sections for years?
Do you see some opportunities out that way in the nearer term?

Agree with you regarding the commercial side of things. although that's also had a great run over the last few years. From a casual observer's point of view I've noted that retail occupancy is dropping noticeably, especially in the suburbs outside of the main malls.

[arco]

Residential sections often fall further than expected in my experience,
but they have been good over a long term if you can hold.

Napier 1996 section $27000, sold 2006 $187k.


House prices - how far will they fall?

Tuesday Jan 06, 2009


By Anne Gibson


http://www.nzherald.co.nz/business/n...0550607&pnum=0