"A record low number of properties for sale is being blamed for the country's continually high house prices."

Not too long ago it was "returning kiwis".

"Mike Jones is a senior economist at ASB and he said that new houses are being built.

"Residential construction is booming particularly in Auckland, but what we do know is it takes some time for that supply pipeline to work its way through into the real estate market."

Hey, I know that threre are new builds in Kamo, Whangarei.

aklreels - 2021-01-15 16:40:00

Also a bit of misinformation about maybe for FHB. I have a young colleague who believes they can only use their full KS drawn down for an existing property so hasn't even looked at new builds, which are everywhere ATM.

hers.nz - 2021-01-15 17:45:00

aklreels wrote:

"Residential construction is booming particularly in Auckland, but what we do know is it takes some time for that supply pipeline to work its way through into the real estate market."

Hey, I know that threre are new builds in Kamo, Whangarei.

Yep and plenty where I am as well, but the developers release is small batches to ensure they don't over supply, thus keeping prices high and maximising profits. Developers have no interest in pushing prices down.

sparkychap - 2021-01-15 18:49:00

aklreels wrote:

"A record low number of properties for sale is being blamed for the country's continually high house prices."

Not too long ago it was "returning kiwis".

"Mike Jones is a senior economist at ASB and he said that new houses are being built.

"Residential construction is booming particularly in Auckland, but what we do know is it takes some time for that supply pipeline to work its way through into the real estate market."

Hey, I know that threre are new builds in Kamo, Whangarei.

Fake news? It does not appear to have originated from the REA.

johnston - 2021-01-15 22:08:00

sparkychap wrote:

Yep and plenty where I am as well, but the developers release is small batches to ensure they don't over supply, thus keeping prices high and maximising profits. Developers have no interest in pushing prices down.

Is there a cartel organising this?
Tell me the contacts so I can join!

masturbidder - 2021-01-15 22:24:00

hers.nz wrote:

Also a bit of misinformation about maybe for FHB. I have a young colleague who believes they can only use their full KS drawn down for an existing property so hasn't even looked at new builds, which are everywhere ATM.

Some also confuse the FHB grant with a simple Kiwisaver withdrawal. The grant has conditions, the Kiwisaver withdrawal just needs to be your first property.

sw20 - 2021-01-15 23:50:00

masturbidder wrote:

Is there a cartel organising this?
Tell me the contacts so I can join!

First rule of Housing Cartels is you do not talk about Housing Cartels.

sparkychap - 2021-01-16 08:33:00

aklreels wrote:

"A record low number of properties for sale is being blamed for the country's continually high house prices."

Not too long ago it was "returning kiwis".

"Mike Jones is a senior economist at ASB and he said that new houses are being built.

"Residential construction is booming particularly in Auckland, but what we do know is it takes some time for that supply pipeline to work its way through into the real estate market."

Hey, I know that threre are new builds in Kamo, Whangarei.

but I thought it was all due to John Key(s) letting all those "horrible" Asians into the country - you know during the "nine years of neglect".
Cindy fixed all that tho with her 10,000 new "affordable" every year - didn't she?

neell - 2021-01-16 09:10:00

Cindi or Bindy?

funkydunky - 2021-01-16 09:25:00

funkydunky wrote:

Cindi or Bindy?

Nah, property investors now refer to her as Saint Jacinda!

ian1990 - 2021-01-16 12:42:00

Jacinda or any govt can't control the market, Jacinda especially is "hands off and just see what happens"she will do nothing as she knows the govt can't fix this, she will just use sound bites and buzz words to fool the dummies.This year is going to be another year of hyper house inflation I can assure you of that.In fact its simple if you want to slow this thing all that needs to happen is one thing-Interest rates to edge up that will stop it in its tracks,until then this this govt will will go down as the worst ever for house price inflation they are gonna make all those people that were bleating about how bad National were start wetting themselves!

210sback - 2021-01-16 21:02:00

The government really needs to think about consequences before they implement these things. FHB grant - all that did was inflate those first homes by 50k. Using kiwisaver - kiwisaver has been around for almost 15 years so now everyone that has been in kiwisaver for over 5 years has a deposit and want to buy at the same time. Now theyre looking at letting people buy out of their district so the locals in those cheap areas will have to compete with people earning twice what they do. What they really need to do is say you can have one rental one bach and anything else capital gains tax comes in. No interest only loans. Make it easier/faster to access kiwisaver funds and FHB grant so youre not losing out to investers because of long settlement times. Drop the 6 month must live in period never understood that one.

rossy29 - 2021-01-17 18:18:00

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gunna-1 - 2021-01-19 12:08:00

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gunna-1 - 2021-01-19 12:09:00

Of the 52 settlements I've done for Kiwis overseas since April only 8 are here now, the rest are staying overseas and buying here as investment. Fact not fiction!

jeffqv - 2021-01-19 13:06:00

The member deleted this message.

gunna-1 - 2021-01-19 13:11:00

gunna-1 wrote:

They can buy newzealand properties while not residing here? someone told me recently they couldn't.

You hang around more informed people.

johnston - 2021-01-19 13:27:00

gunna-1 wrote:

They can buy newzealand properties while not residing here? someone told me recently they couldn't.

They certainly can and do. Kiwis, Ozzies and Singaporeans overseas buying here. Just need NZ bank account and IRD number.

jeffqv - 2021-01-19 13:37:00

Another issue for FHB who want to use KS and/or FHG is they have to apply to different entities with multiples lots of info and different time frames. Why make it so hard for them? Why is it not handled by one entity rather than Kaianga Ora and IRD and whomever else is in the mix? Hard enough negotiating banks for the first time, even with the help of a broker.

Edited by hers.nz at 5:17 pm, Tue 19 Jan

hers.nz - 2021-01-19 17:17:00

hers.nz wrote:

Another issue for FHB who want to use KS and/or FHG is they have to apply to different entities with multiples lots of info and different time frames. Why make it so hard for them? Why is it not handled by one entity rather than Kaianga Ora and IRD and whomever else is in the mix? Hard enough negotiating banks for the first time, even with the help of a broker.

Yeah its ridiculous why cant you just get approved by the bank, make an offer and your solicitor deals with the rest.
Agents are useless and their hands are tied, solicitor's can be the same and usually arrogant, the last one I used couldnt even read a builders report and sat on a contract for a week, It was interesting signing documents after I sacked him ????
Getting a broker, good agent and I think a younger female solicitor who understands you dont know what youre doing and genuinely wants to help could be good for a FHB, cheaper too.

rossy29 - 2021-01-19 19:29:00

New houses are worth more than old ones, so more new ones will mean higher priced properties.

bitsnpieces2020 - 2021-01-19 20:02:00

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kittycatkin - 2021-01-19 20:14:00

bitsnpieces2020 wrote:

New houses are worth more than old ones, so more new ones will mean higher priced properties.

Nonsense.

johnston - 2021-01-20 08:16:00

kittycatkin wrote:

REA
Has this to say:
You are a poet
And you did not know it.

It wasn't even the REA who said it.

johnston - 2021-01-20 08:17:00

aklreels wrote:

"A record low number of properties for sale is being blamed for the country's continually high house prices."

Not too long ago it was "returning kiwis".

It is possible for both of these things to be true at the same time.
If there are not many properties for sale, but also not many people looking for houses to buy, then property prices won't change or could even go down.
If there are not many properties for sale, but plenty of people looking (eg including returning kiwis) then prices will go/stay up.

luteba - 2021-01-20 11:27:00

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gunna-1 - 2021-01-20 12:38:00

gunna-1 wrote:

I doubt it, its a massive supply problem, over investment in property, and obviously some other serious issues, if they built alot of new houses the price of older ones would drop, we need to crack down on people owning empty houses who arnt in the country its ridiculous the rule book needs a dusting of...

The spelling books could do with a dusting off too.

apollo11 - 2021-01-20 13:52:00

I don't see the point in punishing individuals for what is essentially, a problem caused by the actions or in-actions of successive governments.

apollo11 - 2021-01-20 13:55:00

The member deleted this message.

gunna-1 - 2021-01-20 14:07:00

gunna-1 wrote:

Funny thats the main issue during a crisis.

OK, Chicken Little.

apollo11 - 2021-01-20 14:48:00

johnston wrote:

Nonsense.

who in their right mind would pay as much for a 20 year old house as a new one? of comparable dimensions.

bitsnpieces2020 - 2021-01-20 22:51:00

bitsnpieces2020 wrote:

who in their right mind would pay as much for a 20 year old house as a new one? of comparable dimensions.

Location, character and location.

sparkychap - 2021-01-21 06:46:00

bitsnpieces2020 wrote:

who in their right mind would pay as much for a 20 year old house as a new one? of comparable dimensions.

I agree. None of that shitty rimu, matai and totara for me, give me some quality custom wood and finger jointed pine any day.

apollo11 - 2021-01-21 08:34:00

apollo11 wrote:

I agree. None of that shitty rimu, matai and totara for me, give me some quality custom wood and finger jointed pine any day.

..????????????????...

theguyz1 - 2021-01-21 08:38:00

bitsnpieces2020 wrote:

who in their right mind would pay as much for a 20 year old house as a new one? of comparable dimensions.

Anyone with a brain who realised much of value is in the underlying land. Where I live properties are often purchased for several million dollars and demolished. The purchasers could have gone 5 or 6 km away and purchased new for a fraction of the price. It's the land dummy.

johnston - 2021-01-21 09:26:00

johnston wrote:

Anyone with a brain who realised much of value is in the underlying land. Where I live properties are often purchased for several million dollars and demolished. The purchasers could have gone 5 or 6 km away and purchased new for a fraction of the price. It's the land dummy.

Likewise, the person who pays $$$ for a 1920s Villa in Ponsonby, because it's Ponsonby Character, or the 1960s crumbling crosslease unit on Gillis Ave because its in AGS zone...

sparkychap - 2021-01-21 11:19:00