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@snowy said in Housing hornets' nest:
@reprobate said in Housing hornets' nest:
@snowy said in Housing hornets' nest:
Agree with the political whinge bit and obviously not fixing supply. I listen to it because I have to vote for one of them and prefer to know what I am voting for. So not a waste of time in my view. A lot (not you) don't seem to, they just vote for a party because they, or their family always have voted one way. It actually makes it quite difficult being informed because some policies from both sides I will agree with and others not.
https://www.interest.co.nz/charts/real-estate/median-rents-nz
Data is from Dept building and housing. Quite a spike there. Median, not average of course. Only goes back 4 years and having a bigger data set would be good, but does show that it is out of the norm for increases.
The data on that page goes back to 2002 if you move the slider below the graph (not on mobile). The big spike you're referring to is well before the government announcements so is not related to them - we may yet see one, but that's not it - if you slide to a shorter period you can see the months.
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@toddy said in Housing hornets' nest:
I wonder if any banks have considered increasing their bank fees and lowering their interest rates for residential mortgages? I'm not sure if they could and it could end up being some sort of avoidance/evasion but may be an interesting exercise. I think Muslims don't have 'interest' on their loans.
They won’t consider it because it’s not possible. The CCCFA requires all fees to be reasonable. That means lenders can only charge what covers their costs with no profit. There was a 2019 court case brought by the Commerce Commission that reinforced this.
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Latest Economic Quarterly from Akl Council includes some analysis on zoning implications
It also references this report https://www.aucklandcouncil.govt.nz/about-auckland-council/business-in-auckland/Reports/does-the-rub-impose-a-price-premium-on-land-inside-it-20-Feb-2020.pdf
which determines that the Rural Urban Boundary is not raising land values within the boundary
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@voodoo and yet still plenty of property owners will argue that nothing is wrong and how dare the government intervene. Ignoring that central and local government / reserve bank policies are the major cause.
Just a shame everyone in parliament owns plenty of property, or we might have seen some action taken 10 years+ ago. -
@reprobate said in Housing hornets' nest:
@voodoo and yet still plenty of property owners will argue that nothing is wrong and how dare the government intervene. Ignoring that central and local government / reserve bank policies are the major cause.
Just a shame everyone in parliament owns plenty of property, or we might have seen some action taken 10 years+ ago.how do you fix it though?
You can't just arbitrarily devalue everyone's property, then you end up with a mortgage higher than the value of the house, and the bank comes knocking
Increasing interest rates only hurts people trying to get in to the market in the first place. and smashes the poor.
Maybe getting rid of interest only, but will that do much except probably increase rents? Especially if there is a shortage of supply? -
Anecdotally, I'm seeing a few people move out of Sydney because their workplace has indicated WFH is the new normal.
I'm stuck here at least until the MIL dies and the kids leave school, but I keep an eye on prices.
This place is not far from me - it is a 3 bed with a slightly odd layout due to being a corner block. People have officially lost touch.
https://www.realestate.com.au/sold/property-house-nsw-the+ponds-136734386
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@nta said in Housing hornets' nest:
Anecdotally, I'm seeing a few people move out of Sydney because their workplace has indicated WFH is the new normal.
I'm stuck here at least until the MIL dies and the kids leave school, but I keep an eye on prices.
This place is not far from me - it is a 3 bed with a slightly odd layout due to being a corner block. People have officially lost touch.
https://www.realestate.com.au/sold/property-house-nsw-the+ponds-136734386
fuuuuuck
i just got my place valued. It is somewhat bigger and nicer than that
for that price you could buy mine and have an enormous wedge left over. In fact, you could buy a decent apartment in town as well.
And my place isn't a days drive from the centre of the city
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@antipodean said in Housing hornets' nest:
@voodoo What is it about Auckland that has everyone trying to buy there? Don't you have good internet these days in other localities?
I dunno, I've spent all of 7 nights in Auckland in my entire life!
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after a very quick search
you can spend $1.5M on a 3-bed basic house in the middle of nowhere
or
https://www.realestate.com.au/property-house-qld-trinity+park-136400098
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@mariner4life said in Housing hornets' nest:
@nta said in Housing hornets' nest:
Anecdotally, I'm seeing a few people move out of Sydney because their workplace has indicated WFH is the new normal.
I'm stuck here at least until the MIL dies and the kids leave school, but I keep an eye on prices.
This place is not far from me - it is a 3 bed with a slightly odd layout due to being a corner block. People have officially lost touch.
https://www.realestate.com.au/sold/property-house-nsw-the+ponds-136734386
fuuuuuck
i just got my place valued. It is somewhat bigger and nicer than that
for that price you could buy mine and have an enormous wedge left over. In fact, you could buy a decent apartment in town as well.
The real estate agent who we used to sell the in-law's houses - and is a top bloke I might add - said my dream of moving out of Sydney is not as easy as it sounds in property terms.
Like fuck it isn't - could drop $30K on renovations and walk away with enough to buy outright pretty much anywhere else in the state. Fuck Sydney. Fuck big cities in general. When I downsize it'll be with or without the wife.
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@mariner4life people are doing that here, leave Auckland move up here (and south obviously) and have no mortgage, but our prices are now getting up there, so people have to head further north (Kawa Kawa, Kaikohe) or across to Dargaville for cheaper stuff, but even then, there are 3 bed houses in Dargaville going for >$600k.
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@taniwharugby said in Housing hornets' nest:
@mariner4life people are doing that here, leave Auckland move up here (and south obviously) and have no mortgage, but our prices are now getting up there, so people have to head further north (Kawa Kawa, Kaikohe) or across to Dargaville for cheaper stuff, but even then, there are 3 bed houses in Dargaville going for >$600k.
Mate if there is any kind of half-arsed internet I could move there. They need rugby refs with funny accents?
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@taniwharugby said in Housing hornets' nest:
@mariner4life people are doing that here, leave Auckland move up here (and south obviously) and have no mortgage, but our prices are now getting up there, so people have to head further north (Kawa Kawa, Kaikohe) or across to Dargaville for cheaper stuff, but even then, there are 3 bed houses in Dargaville going for >$600k.
you would have to pay me $600k to move to Dargaville. What a shithole
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@nta ha, yep always posts on the local refs social media page wanting them, even Aussies
Was one French guy that started several years back, so if we take French refs...
@mariner4life I'd go to Dargaville before Kaikohe...but ideally I'd buy a large plot of land pretty much anywhere in Northland, and plonk a house in the middle and wife and I can hide away!
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@taniwharugby said in Housing hornets' nest:
ideally I'd buy a large plot of land pretty much anywhere in Northland, and plonk a house in the middle and wife and I can hide away!
Bingo. Lifestyle block - get solar and an off-grid battery and wire the whole joint for 12V.
I imagine water harvesting isn't a problem, so a couple of 40,000L rainwater tanks and you're set like a jelly.
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@mariner4life said in Housing hornets' nest:
Maybe getting rid of interest only, but will that do much except probably increase rents? Especially if there is a shortage of supply?
Getting rid of interest only might help a bit but it does seem to be a tool used by speculators rather than investors (by that I mean capital gains v landlords).
There is no way rent increases can keep up with property values at the moment so it is a lose lose for everybody. Landlords, government, tenants. Absolute mess.
ROI is shit for a residential landlord so they sell, government is buying properties to keep families in homes at inflated prices, or tenants are getting kicked out because landlord is selling as the rent can't keep up the the capital gain. The government is also losing with increased WINZ rent payments as landlords try to achieve a ROI as much as they can.
Yes to rental shortage of supply and will get worse. It's pretty sad. I have kept some really good tenants on, even though the rent is way too low. Not completely altruistic because the property value is climbing in an area of growth with a motorway going in, so I may get some reward eventually, but it is a bit of a gamble when I could cash in now.
Housing hornets' nest