Housing In NZ
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| 1 | From the internet LACK OF PROPERTIES FOR SALE IS PUTTING PRESSURE ON HOUSE PRICES & SPEEDING UP SALES Reserve Bank to reimpose LVRs for first home buyers, property investors from 1 March RBNZ deputy governor Geoff Bascand said there was evidence of speculation and growth in heavily indebted people, which would threaten financial stability if there was a sharp housing downturn. The LVRs were suspended at the start of the pandemic to ease the pressure on banks. "Since then, in part due to the success of the health and economic policy responses, we have witnessed a rapid acceleration in the housing market, with new records being set for the national median price, and new mortgage lending continuing at a strong pace," Bascand said. "We are now concerned about the risk a sharp correction in the housing market poses for financial stability. There is evidence of a speculative dynamic emerging with many buyers becoming highly leveraged." Off-site building manufacturer Concision and house building company Versatile Pukekohe have announced they recently built a four bedroom, two bathroom house, in just 10 weeks from start to finish. The house was built from 43 prefabricated panels manufactured in Concision’s Rolleston factory over two days. They were then delivered to the Franklin site and installed in a single day. aklreels - 2021-02-16 08:21:00 |
| 2 | aklreels wrote: masturbidder - 2021-02-16 09:00:00 |
| 3 | aklreels wrote:
If people have been stupid enough to borrow money up to just before breaking point, that's their fault. And anyone who thinks the housing market doesn't go down sometimes is extremely naïve. Edited by loose.unit8 at 9:08 am, Tue 16 Feb loose.unit8 - 2021-02-16 09:08:00 |
| 4 | loose.unit8 wrote: When is "breaking point"? keys - 2021-02-16 09:11:00 |
| 5 | keys wrote:
One example : when any increase in interest rate means they can no longer afford to pay the mortgage loose.unit8 - 2021-02-16 09:23:00 |
| 6 | loose.unit8 wrote:
What if they passed the lender's stress test? artemis - 2021-02-16 09:40:00 |
| 7 | Read a Historic Places Trust pamphlet on State houses. Government leased 2 joinery factories to Fletcher Construction and internal fittings were built, with both factories operating 24 hours. There was a pool of labour as the Depression had caused many unemployed workers. amasser - 2021-02-16 10:24:00 |
| 8 | keys wrote:
snap jethrocat - 2021-02-16 16:52:00 |
| 9 | Still no action from the government..... Edited by lakeview3 at 5:06 pm, Tue 16 Feb lakeview3 - 2021-02-16 17:06:00 |
| 10 | lakeview3 wrote: Mmmm 3tomany - 2021-02-16 17:10:00 |
| 11 | artemis wrote: Probably lied on their application about their actual outgoings. sparkychap - 2021-02-16 17:36:00 |
| 12 | lakeview3 wrote: orphic1 - 2021-02-16 19:55:00 |
| 13 | orphic1 wrote: . Edited by lakeview3 at 8:17 pm, Tue 16 Feb lakeview3 - 2021-02-16 20:08:00 |
| 14 | Despite new properties being exempt from new lending restrictions, ASB Bank has stopped providing new build loans to investors above 60% LVR. Unintended consequences? Oh dear. Prices/rents going up some more. pcle - 2021-02-17 13:09:00 |
| 15 | keys wrote:
Title was " Point break " 2015 movie or break point the book by Matthew Ollerton smallwoods - 2021-02-17 17:36:00 |
| 16 | From the internet On Wednesday, mortgage brokers told NZ Herald that unless investors had at least 40 percent equity, ASB was declining home loan applications for new builds. Oh....investors will be able to buy new builds....the owner occupiers can buy the older houses..... aklreels - 2021-02-18 06:06:00 |
| 17 | lakeview3 wrote:
what action should, in your opinion, the government take ?? onl_148 - 2021-02-18 11:30:00 |
| 18 | onl_148 wrote: release more land, first home buyer subdivisions only with basic box houses funded by taxes gained from taxing people with multiple houses (more than 2). Empty homes tax. Keep immigration down to essential skiiled workers only. lakeview3 - 2021-02-18 19:38:00 |
| 19 | aklreels wrote: I asked Versatile about this building. They said the build cost was more than a standard house, but faster. I would expect a shorter build time probably saves some money in other ways, but not sure what the net difference would be in cost between their prefab and a standard build once speed and cost were both accounted for. luteba - 2021-02-18 21:35:00 |
| 20 | orphic1 wrote:
That's the joke of the century - crash in the property market catwoman1974 - 2021-02-19 01:58:00 |
| 21 | lakeview3 wrote: pcle - 2021-02-19 07:55:00 |
| 22 | lakeview3 wrote: apollo11 - 2021-02-19 08:39:00 |
| 23 | Was there a "housing crisis" before National increased taxes on rental properties? pcle - 2021-02-19 09:12:00 |
| 24 | lakeview3 wrote: The one up side of the above proposed housing problem solution would be it will create jobs.. a make work scheme for lawyers & accountants etc who will, for a fee, help you to arrange your affairs so that you will be exempt from the 3+ house or empty house tax !! I'm all for the government release land for el-cheapo housing developments, but of course there would be no suitable land near my house,,, perhaps in a different suburb or even city !! onl_148 - 2021-02-19 09:53:00 |
| 25 | "Nappy Valley" sparkychap - 2021-02-19 10:02:00 |
| 26 | We can fix ANYTHING with moar Socialism lol.. If you have to use the word 'government' in your plans to fix housing issues, you've already failed. apollo11 - 2021-02-19 11:25:00 |
| 27 | apollo11 wrote:
Never a truer word spoken.... the closest the government should get to it is to write a few cheques, if required, and tweak a few laws / regulation. onl_148 - 2021-02-19 11:57:00 |
| 28 | If you are looking at stabilizing house prices...there's no point increasing house supply if you still allow foreign buyers. There is not enough land in NZ to satisfy global demand. Too many governments have focused on Supply, without putting any control measures on Demand. There's 2 sides to price, supply and demand, but governments only think there is one side: supply. mone - 2021-02-22 20:31:00 |
| 29 | mone wrote: they did that in August 2018. Edited by sparkychap at 9:10 pm, Mon 22 Feb sparkychap - 2021-02-22 21:09:00 |
| 30 | Most of the "grand plans" to do something about the housing problem are based on putting restrictions / limits on buyers... perhaps another approach would be to put some restrictions etc on sellers. Sell to an foreigner / investor all the capital gains are taxable. Sell to a first home buyer, get your legal fees and / or real estate commission refunded. onl_148 - 2021-02-23 10:38:00 |
| 31 | onl_148 wrote: Yeah more taxes and more bureaucracy. Such a great idea. How's that working so far? pcle - 2021-02-24 07:55:00 |
| 32 | pcle wrote:
Quite so. Suspect folk have forgotten the 'brain drain' of net migration, when many skilled New Zealanders headed over the ditch and further afield. Like just a few years ago. In exchange thousands of overseas students came here and did their permitted 20 hours a week of work (yeah right) in low wage jobs. It can and will happen again. Meantime I don't suppose France has forgotten the crackdown on wealthy citizens who said no thanks and moved countries. Because they could. That law didn't last long. New Zealand could take note. artemis - 2021-02-24 08:34:00 |
| 33 | apollo11 wrote:
Yes, the market is so much better at solving crises. committed - 2021-02-24 08:39:00 |
| 34 | committed wrote: pcle - 2021-02-24 08:55:00 |
| 35 | Kiwibuild - 12 families helped into a house. pcle - 2021-02-24 11:28:00 |
| 36 | pcle wrote:
Not Kiwibuild. A shared equity scheme announced with fanfare. artemis - 2021-02-24 13:22:00 |
| 37 | News from the internet Finance Minister Grant Robertson has decided to change the remit of the Reserve Bank’s (RBNZ) Monetary Policy Committee, requiring it to assess the effect of its actions on the Government’s housing policy. “The Committee retains autonomy over whether and how its decisions take account of potential housing consequences, but it will need to explain regularly how it has sought to assess the impacts on housing outcomes,” Robertson said. In the exact words of the remit, in pursuing its inflation and employment targets, the Monetary Policy Committee has to “assess the effect of its monetary policy decisions on the Government’s policy”. The remit stipulates the "Government's policy" is to "support more sustainable house prices, including by dampening investor demand for existing housing stock, which would improve affordability for first-home buyers”. The new remit will take effect on March 1. Government vs Housing Market aklreels - 2021-02-25 10:45:00 |
| 38 | pcle wrote: supernova2 - 2021-02-25 11:11:00 |
| 39 | Also time for Minister Robertson to assess the impact his own government's housing policies continue to have on the stated policy outcomes. artemis - 2021-02-25 11:12:00 |
| 40 | supernova2 wrote: ? Ring fence losses. Remove depreciation. Special business laws that apply only to residential rentals. Increased compliance costs. Have you missed all that? pcle - 2021-02-25 12:50:00 |
| 41 | The new builds in Forrest Hill/Sunnynook. Owner converts a double garage to a single bed home, in Auckland for $200,000. Bank won't lend with a 20% deposit for a apartment less than 45 sq m. “My pick is that we will see the FOMO in the market ease off a bit after the March quarter, although a lot depends on what the Government announces in this regard and the response to that,” Alexander said. “But if I am wrong about FOMO starting to ease from March and the market shows continued exuberance, I wouldn’t rule out the introduction of a 50 per cent LVR in the second half of the year.” In the year ended January 2021, the actual number of new dwellings consented was 39,881, up 5.8 percent from the January 2020 year. Edited by aklreels at 8:40 pm, Thu 11 Mar aklreels - 2021-03-11 20:40:00 |
| 42 | 25% of all the currency in the world was created in the last year. pcle - 2021-03-12 08:10:00 |
| 43 | lakeview3 wrote: catbrat - 2021-03-12 11:52:00 |
| 44 | "not in any governments or councils interest =to fix the issue" aklreels - 2021-03-12 15:50:00 |
| 45 | This message was deleted. kittycatkin - 2021-03-12 16:10:00 |
| 46 | This message was deleted. kittycatkin - 2021-03-12 16:15:00 |
| 47 | IMF had some good things to say about NZ economy, on housing Additionally, the report noted the surging housing market could trigger a "pronounced correction", which needed to be tackled with specific measures to dampen speculative demand and unlock supply. "Mitigating near-term housing demand, particularly from investors, would help moderate price pressures," it said. "Introduction of stamp duties or an expansion of capital gains taxation could reduce the attractiveness of residential property investment." aklreels - 2021-03-12 17:42:00 |
| 48 | aklreels wrote: I wonder if you should revisit your definition of "good".... sparkychap - 2021-03-12 17:48:00 |
| 49 | kittycatkin wrote: Edited by orphic1 at 6:19 pm, Fri 12 Mar orphic1 - 2021-03-12 18:16:00 |
| 50 | pcle wrote:
if money printing was an Olympic sport, no doubt Princess Toothy would be in the running for a Gold Medal! Jokes aside, current increases aren't good for NZ. I feel so sorry for FHB's in the current market, but the ten year bonds rates are indicating caution to anyone jumping in. I actually bought with early inheritance between the first and second lockdown. The house I bought is already out of my budget for what I'm willing to pay. I had being looking for over a year, but with Covid19 I was allowed to work from home, I instantly expanded my search and snapped up a nice 3 bedroom with 750 square meters section on the outskirts of Auckland near a new commercial center. I attended a weekend open home of failed Auction in June, 3 days later I had exclusive conditional offer and never looked back. At the time, a few properties (proper houses on full sections) still had asking price which were excellent FHB buys. The house I bought had investor interest (I sore them at the open home) and hence I felt the need to act fast and not let it go to multi offer and lose out. Edited by ian1990 at 7:29 pm, Fri 12 Mar ian1990 - 2021-03-12 19:28:00 |
