Sales of houses continued to roar ahead last month with the number sold, 6,632, hitting a six-year high for a February.
The number was an increase of 34% on January and up 7.5% on the same month last year, the Real Estate Institute of New Zealand says.
The national median house price was up 7.6% compared with February 2012, while Auckland continued to be the real hot-spot with its median up 14.3%.
However; the national median house price is still NZ$7000 below the record set in December 2012.
The national median price rose was NZ$382,000 compared with the record NZ$389,000.
The continued heat in the housing market is again likely to be commented on by Reserve Bank Governor Graeme Wheeler when he makes the central bank's latest decision on interest rates on Thursday. The bank is universally expected to hold the Official Cash Rate steady at 2.5%, but economists are certain that the governor will again be concerned about the strength of the housing market and its potential to inflame inflation.
ASB senior economist Jane Turner says the latest REINZ figures suggest house price inflation is running well beyond the RBNZ’s December forecast of 5% per annum.
"Undersupply is the key factor contributing to strong house price increases over the past year. Over recent months, dwelling consent issuance has picked up and indicates an increase in new housing construction in Auckland and Christchurch. However, it will take some time before this modest lift in supply has a meaningful impact on alleviating housing market pressures. In the meantime we expect continued upward pressure on house prices," she says.
"...The RBNZ is likely to become concerned by the continued increase in house prices and the subsequent lift in credit demand, particularly given debt-to-income and house price-to-income ratios are already elevated. The OCR is the most effective tool for dampening housing demand. However, over the coming year the RBNZ has to weigh up increased pressure in the housing market against a high NZD, gradual economic recovery, drought impacts and subdued inflation pressures.
"We continue to expect the RBNZ will leave the OCR on hold at 2.5% until March 2014. The RBNZ has recently released a public consultation on macro-prudential tools. Should housing market and credit demand pressures intensify further, there is a possibility the RBNZ may look to use macro-prudential tools, such as loan-to-value ratios, over the next year."
REINZ chief executive Helen O’Sullivan, says while the residential real estate market remains active, the rate of growth in the number of transactions is slowing despite prices being near record levels.
“Supply shortages in Auckland and Christchurch are the main constraint, resulting in double digit price increases in those regions with the median days to sell from listing at around 33 days. Across the rest of the country activity is more modest which is reflected in smaller increases in regional median prices. “
“The continuing reduction in the number of days to sell between this year and last year is also indicative of more buyer pressure in markets across the country.”
The 6,632 unconditional residential sales in February, were increase of 464 sales (+7.5%) compared with the same time last year and an increase of 34.4% compared to January 2013.
O'Sullivan says, however, that the pace in the growth of the number of transactions appears to be slowing; the year on year increase in Feb 2012 over the Feb 2011 figure was 34.4%, while the increase in Feb 2013 over Feb 2012 is a far more modest 7.5%. "On a seasonally adjusted basis February’s sales were in line with what would be expected at this time of the year," she says.
All but two regions recorded increases in sales volume compared to February last year, with Northland recording an increase of 28.7%, followed by Auckland with 15.6% and Wellington with 11.7%. All regions recorded an increase in sales volume in February compared to January, with Central Otago Lakes recording an increase of 55.4%, followed by Southland with 51.2% and Wellington with 41.6%.
The number of transactions remains well below historic levels, with the number of transactions in February 2013 just 71% of the total recorded in Feb 2007 of 9357.
The time taken to sell, a key indicator of the heat or otherwise in the market, continued to come down.
Houses on average took two days fewer to sell in February 2013, following the usual seasonal pattern, compared to January 2013, improving from 41 days in January to 39 days in February.
Compared with February 2012, the number of days to sell improved by seven days.
O'Sullivan says all regions, with the exception of Northland, Nelson/Marlborough and Southland, saw an improvement in the number of days to sell between February 2012 and February 2013. For the month of February, Canterbury/Westland recorded the shortest days to sell at 30 days, followed by Otago with 32 days, and Auckland with 33 days. Northland recorded the longest number of days to sell at 86 days, followed by Waikato/Bay of Plenty with 63 days and Hawkes Bay with 57 days. Over the past 10 years the median days to sell for the month of February has averaged 43 days across New Zealand.
The REINZ Stratified Housing Price Index, which adjusts for some of the variations in mix that can impact on the median price, is 8.1% higher than February 2012 and increased 1.6% compared with January. The Christchurch Stratified Housing Price Index is up 12.3% compared to February 2012, while the Auckland Stratified Housing price Index is up 11.6%.
O'Sullivan says that the Auckland market continues to lead the country "with an uplift in listings during February being almost entirely absorbed by sales during the month, with demand coming from all parts of the market".
Within the Auckland region there continue to be big differences. Auckland city prices sharply rebounded after slumping in January and were up some 18% on the previous month with a median price of NZ$596,500. Auckland city prices are up 13% compared with a year ago.
On an annual basis the biggest rise, of 20%, was recorded by Waitakere City, up to a median price of NZ$450,250, although that was actually down on January's figure. The most expensive houses are those in North Shore City, with the median hitting NZ$650,000, which is 14.6% higher than a year ago. Most affordable houses are those in outer Auckland, with a median price of NZ$440,000, which is up 7.3% on a year ago.
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89 Comments
And in related news, Len Brown admits his 15,000 ready to go sections are actually only 2,000 ready to go sections. Annual demand needed to meet Auckland's growth is 13,000. Plus another 100,000 to backfill the undersupply over the last 10 years.
Severely reduce supply then give people cheap, plentiful credit with which to bid up prices for the remaining stock and you've got yourself a big bubbly mess.
Len and David are like the evil twin; Len initially said we got 15000 sections ready to go, inline with David's statement that we can build decent 3br house for 300K - then both made a fool of themselves.. truth is never trust a politician regardless of red, blue or green..
They open the gates, turn the tap on knowing there will be a squeeze on supply. Who do they work for...definitely not me....why vote...bugger this...I’m off, somewhere....maybe to the bottom of the barrel...I guess that’s where I belong...at least there’s some shade down here.
They open the gates, turn the tap on knowing there will be a squeeze on supply. Who do they work for...definitely not me....why vote...bugger this...I’m off, somewhere....maybe to the bottom of the barrel...I guess that’s where I belong...at least there’s some shade down here.
As long as you realise that your profits and rental income are unearned. Do you ever ask youself where those profits come from? ie: is it a closed loop, so my profit is someone elses loss? Do you ever consider that your behaviour is antisocial, criminal in intent even? You make yourself rich, but at the same time make a the society you want to be rich in poorer?
One test of a mans character is what he does when it is pointed out his actions are detrimental to others. Some will of course try to defect attention by pointing out others are doing the same thing, but that doesn't minimise their guilt whatsoever.
But the real stupid thing about all this, is that in the winner takes all scenario everyone eventually loses.
Nope, like SK you don't get it either. A shame I had hope that you did for a moment. Unearned income is just as prolific in centralised economies, perhaps worse.
The best example I know of the principle actually comes from the bible at Isiah 65:21-22
21 And they shall build houses, and inhabit them; and they shall plant vineyards, and eat the fruit of them.
22 They shall not build, and another inhabit; they shall not plant, and another eat: for as the days of a tree are the days of my people, and mine elect shall long enjoy the work of their hands.
You're not the sharpest tool in the shed are you scarfie. Do you really think those words of Isiah were painstakingly preserved by priests and scribes because he was talking about real estate and viticulture.
I suppose you think that when Bob Dylan sang "Once I had mountains in the palm of my hand.........rivers I ran through every day....." he was talking about geography.
Not the sharpest one, but definately a tool.
Heck I was using that as an example of the principle highlighting the immorality of unearned income VF so I don't know what exactly you managed to get on your high horse over. Seem it might actually be you that is suffereing a cognitive deficiency, even your one dimensional mate SK that doesn't have a clue what this discussion is about.
Scarfie, I understand, it's better for our economy to start export based businesses, any profit from overseas is an injection into our economy. Whilst borrowed money from overseas (Aus) banks tied up in housing is unproductive and a withdrawl from our economy, yawn.
All the rest of you, I understand you too, Auckland housing is booming and it's gunna keep booming for years to come. There's a lot of money to be made and you can't personally do anything to stop the house price inflation so why not jump in.
Scarfie, your morals may just get you left behind.
It depends on what sort of society you want to be rich in Happy. The do it because everyone else is position isn't a sustainable long term solution and is morally indefensible. It is a wealth transfer and sooner or later it reverses, think about how that might happen.
PI's are just middle men anyway, it works for those at top to use them for now. They play a part in the wealth transfer and when they have outlived their usefulness they will be thrown to the wolves like everyone else. Where would that leave you Happy? When you have pissed off those you have extorted from but then big boys cut you loose and don't want anything to do with you anymore?
Hypertiger has a very good way of laying down the rules.
Amazing people think this way...
Property investors work hard to get a deposit, work hard to find the right property, work hard to find tenants, work hard to keep the property in good condition.
They provide a home to families who choose to rent.
They provide work for lawyers, accountants, buliders, lawnmowers, gardeners, painters, plumbers, electricians.
Being a property investor is not easy, it is a lot of hard work in the beginning, in the expectation that in the long term your hard work will provide an income and lifestyle in retirement that ensures you do not have to rely on state handouts to survive.
I am a property investor, I have worked extremely hard for decades to get where I am.
Any gains I make are certainly earned.
Kimy Congrats on 12 properties, thanks for providing homes and jobs for so many people.
Bollocks you earned it. Interest (your fictitious capital gain) always creates a redistribution of wealth, you are stealing off others so don't be deluded. The proceeds from interest are unearned income. Interest is always destructive. Interest is a claim on the future, can you be sure the future will deliver? It is actually your kids and grand kids you are stealing off.
Can you not see that money was meant to facilitate trade, not become a means of income in its own right? Aristotle first mentioned it in Book One Part X. Ancient wisdom my friend, from one of the western worlds founding fathers, are you going to deny him?
Like I say above, you take the riches but make society poorer.
No problem with you chastising the ill disciplined, greedy or covetous Stehpen. But how do you reconcile your comments when the money supply is debt. I am thinking back specifically to a year or so ago when I looked at M3 vs E3. Perhaps I am mistaken in my interpretation and would respect your opinion on that one. I worked out back then that 83% of that debt was against residential mortgages.
Edit: I don't have debt.
Not sure disussions with trolls are entirely time well spent ...
I spent years in business working up to 80 hours a week, and rather than spend on consumption, I 'traded' this money I made for property. I think I worked extremely hard, and 'earnt it'
I trade a fair amount of my tenants income, for a fair service, and am proud to provide accomodation for my tenants. Property Investment is my job, and I work hard at it. If you work hard at something, how can you not have earnt the result?
Off course my aim is to increase my and my families wealth. I want to be financially secure, and independant, and not rely on the state or anyone else to be burdened by my inadequacy to provide for myself in the future and retirement. I assume your aim to is reduce your financial situaation?
Must be challenging in your world where you must be morally bound to refuse to invest in anything that has any chance of appreciating in value. A great moral stance, but can't help but think you are the one punishing your kids and grandkids not me.
By your argument, noone can recieve any income for doing anything as anything you recieve would be denying someone else. You cant eat without denying someone else. Anything you do, have or will have will deny someone else in your closed model.
Not sure what relevance Aristotle has to your argument people who own property are criminals. Aristotle was in fact strongly in FAVOUR of private property.
"Aristotle wove together his economic and moral theories by providing the brilliant insight that only private property furnishes people with the opportunity to act morally, e.g. to practice the virtues of benevolence and philanthropy."
Despite Aristotle extolling the virtues of property ownership, the guy died 2300 years ago. Things have moved on. Maybe you should too.
Invest in property, shares, manufacturing, retail, service, hospitality or don't. Work your ass off in a job till you are 70, or go on the dole, or don't.
I'm not telling you how to live your life, wonder what gives you the right to stigmatise propery owners.
Persecution against race = rasism.
Persecution against sex = sexism.
Persecution against property investors = you the man!
Aristotle wove together his economic and moral theories by providing the brilliant insight that only private property furnishes people with the opportunity to act morally, e.g. to practice the virtues of benevolence and philanthropy.
Yes you are so correct - the time when the majority of NZers owned their own family homes, a few decades back, afforded New Zealand with an egalitarian society that many are saddened no longer exists.
Reepr a troll is someone that constantly uses fallacious tactics to disrupt the flow of a thread, which is a category you diatribe falls directly into. Your arguments are unsupportable and don't stand up to critical analysis, which as an apparent linear thinking looks to be your distinct weakness.
For instance you take aristotle out of context, bastardise him in fact. He is talking about private property ownership, which by being a landlord you deprive your tennants the opportunity of. Destructive and antisocial behaviour as I highlighted before.
Define work? Generally with work you expect an output from the application of energy expended to do that work. What exactly do you produce with your property investment? Nothing at all. So unless you are actually producing something your are actually sponging of the back of people who do. How much energy do you consume on a daily basis vs how much you produce? Where does the energy you consume come from? A non renewable source such as oil by any chance? Stealing your kids future as I say. So when you really analyse it your net energy balance is negative, which means you don't acutally work at all.
You talk about appreciating value but don't seem to understand what exactly appreciating is. Appreciation is when you add something to make it better. Sitting back on your duff and relying on a capital gain is not adding value, it actually subtracts from it. So what exactly are your mythical capital gains, ever really thought about it? I bet not, you are just happy to sit back and take the profits with no real consideration of who the counterparty is, or who you might be harming by your actions.
In short Reepr, unless you make or grow something then you are a parasite on those that do.
hmmm... I have reread my posts, and not sure where I said I am sitting on my duff relying on a capital gain.
My argument is I have earnt my position in response to you saying property investors have not earnt their income.
I think I have posted maybe 3 times on interest.co.nz. Would not say that means I "constantly uses fallacious tactics to disrupt the flow of a thread".
You throw 2000 year old arguments around and talk in generalisations and persecute an entire sector of society who in general work hard, and provide service and jobs for many people.
If someone disagrees with you, you insult and quote irrelevancies.
Lol @ calling me the troll.
Quote "invest in anything that has any chance of appreciating in value"
Your entire post relied upon fallacies and you have done it again. 1. Denying the quote above. 2. Implying your minimal posts means you don't use fallcies. 3. Implying that because knowledge is 2000 years old that it is of no value. 4. Don't back up your arguments with evidence and belittle the evidence presented to you.
Two people have slammed your misrepresentation of aristotle, keep on trying to weasel out of that one eh?
Edit: Not sure where I insulted you apart from calling you a linear thinker. I take that back but would love for you to prove me wrong.
There is a difference in investing in something that has a chance of appreciating in value, and investing in something for its appreciating value.
I do not invest in property for its appreciating value. That does not stop it appreciating.
Just because something is 2000 years old does not mean it is of value.
My point with the aristotle quote is that you can make an argument out of anything.. does not make it a valid arguemnt.
I guess the insult was in saying I have not earnt my financial security.
I welcome robust discussion, but tarring everyone with the same brush does not seem constructive to me.
Believe it or not I enjoy differing points of view... an your point of saying capital gains is not productive is valid. That does not automatically imply however that because I get capital gains I am unproductive in society.
reepr... love your comments on this thread.
Well done investing into property. Any gains you make are earned and yours alone.
Stick with it and remember... the great majority of bloggers on this website are employees. They don't own their own busineses or much in the way of assets.
You have done better than they will ever do.
Scarfie isnt a troll, he's pointing out the emperor has no clothes to the little lemmings who dont want to hear it in case they fill their underwear or it scares the mugs they want to sell to away. Its simple, selling a house at a value beyond what it returns except for a capital gain or tax dodge is gambling there is a bigger fool out there to palm it off to. The other negative is the likes of scarfie and myself as tax payers get to pay for teh mess when it implodes aka Ireland...thats p*ssing us off.
Hopefully those with a more balanced attitude will note that there is real risk of a large neg impact on this property gambling. Think tulips or southsea shipping or US property market to 2007.
regards
Very easy to refinance based on the capital gain value to realise the gain before the property is sold. Also very dangerous to refinance and spend on consumption, tv's and cars as you rightly point out, the gain only paper until the property is sold.
One of the main problems I faced in business is it is VERY hard to borrow to invest in the business, so I actually started in property to have an asset the bank would lend against to grow the business.
Very few people in business would not also invest in property I suspect. No data to back up that assumption.
Not strictly true all you are doing is trying to split a gain into arguable components and then dismiss deposits because its doesnt have your arbitary one. By the same token, gold is therefore a fantastic buy.
If the interest / return is above inflation then that reflects a gain on your investment capital thats it really.
NB A term deposit is about the closest thing to a zero risk return.
Managed funds are also IMHO huge gambles of an ever incraesing market run by what I call wide boys, ie the same cowboys and ponzi marketeers who were in finance companies not that long ago.
regards
Get over it Steven. Try buying a couple of houses and seeing how it goes. It doesn't matter if the gain you make is capital gain or steady income. You will find you will really work for it. Hard bloody yakka at all levels. Intellectual and Physical. And in the end you might make no gain - capital or steady income. Part of that work for potentially nothing will include waking at night with a cold clamp of worry.
There are people making money because they have decided to wear the pain to get the gain. Fair enough in my view. But many more who don't see the pain is worth it. And fair enough also.
If you want to toss the word 'parasite' about -- how about talking about those Housing Corporation tenants who create tens of thousands of Intentional damage. And who have no liability for it. And commonly are repeat offenders. Far more deserving of your scorn.
Not for me to get over. My point was and is that there is a difference between working at being a professional PI and seeing a positive income and if you improve the property a return on that v speculation on the price rising no matter what you do or dont and claiming it as a tax loss. I see nothing wrong with working for any and seeing a gain, which is my point.
I fail to see that bad HC tenants are anything to do with this discusion.
regards
Reading what you say what you actually mean is what would be best for you, not for the local economy. It is all about your retirement and your consumption, totally self centred so don't give us your crap about being good for New Zealand. Nothing you have outlined would help the local economy at all, nothing to help something be manufactured or grown that that it could be traded for an imported good. Your plans is actually to be a parasite on other New Zealanders who do actually produce something tradeable.
So worried about high interest rates, (high being 5, 6 or 7% I presume) but you fail to note high land prices, - you need land to establish premises, if this is forced into bubble pricing and rents, how competitive do you think your business will be?
This is all part of the folly.
Also you are assuming a future passive income stream, however have you factored in that rent must be funded out of income, unlike property prices that can be financed by debt. Eventually for a given property price the rental yield will fall but one factor that won't be falling as a percentage of property price, council rates.
I suspect the truck that delivered the water ran on fossil fuels... disgraceful. Destroying the planet for his kids and grandkids.
Surely if scarfie is trucking in water he is leaving less for the rest of us.
Shameful to steal the essentials off the kids, elderly and primary producers of NZ.
Aristotle once said never use trucks to take a common resource for ones own good. Or words to that effect.
The bible also mentions water somewhere.
Does he not understand the atacama desert has seen no water for over 100 years?
Don't know how resource leeches like him live with themselves. Does he not realise he is stealing from society.
p.s.
Greenland is losing ice mass... Scarfie is trucking in water...coincidence. You decide.
Ah, the property bubble.
Let's play the broken record yet again.William Rees-Mogg (former editor of the Times) had this to say about a similar bubbular situation in the UK, in 2007.
"1. license housebuilding, so that no one could build a new house without a licence, or even rebuild an old house or a redundant barn.
2. encourage developers to maintain large land banks in order to benefit from rising prices.
3. leak out new permissions only after long periods of delay.
4. combine this with an unlimited flow of mortgage credit and relatively low rates of interest.
If you restrict supply below the market clearing level and increase funding, you will inevitably create a bubble and you will lock people out of the market."
#1 - LBP's up the wazoo, check.
#2 - no CG on the MUL Multiple, and plenty of land banking. Check.
#3 - if the Clueless (Christchurch) City Council guide to new housing is anything to go by, then ya needs a Pre-Consent-meeting series (for a Modest Fee, naturally) just to make sure you're using the right coloured pen for each section, and have a team of experienced engineers, architects, quantity surveyors, building detailers and water diviners handy, to answer the CCC's endless string of stoopid questions. I may be wrong about the architects. And as for resource consents - think decades, not years. Check.
#4 Check
We appear to have the trifecta. Or a Straight Flush.
And we are mistaking this bubble for Wealth Enhancement????
If this board could be taken as a snapshot for the rest of NZ, then you would have to admit there is simmering rage. Maybe somebody can identify how this can be good for a supposedly egalitarian and harmonious country.
Do we want to end up with a society of 1% living inside their guarded compounds versus the angry lynch mob? Doesn't sound very nice to me.
What the more 'in-your-face' PI types who frequent this board seem not to understand is that they come across as selfish pricks.
Quite simply, they are taxing the rest of us.
As mentioned in a comment yesterday, their 'game' is not unlike young girls laughing because they cynically have multiple kids to different partners, in order to qualify for govt largess. OK, it is not illegal. But it is also not right, and so could be regarded as loathesome.
PS: There is a space for sale in Takapuna which has been retail death for ALL who have tried their luck. A naive eastern european immigrant signed personal guarantee for 40k/year as rent to owner year or so back. She has sublet to some Asians, who are also now trying to get out. This will go on and on. Using a 5% yield, it is being offered for sale at 800K. As a local who has watched this space I would suggest it is intrinsically worth about 300-350, screaming tops. Nobody who knows the place in their right mind would pay 800k. My point here is; AKL houses are being sold at or around the same 5% yield valuation currently...
Scarfie & idlebumski,
Just because it's not illegal, doesn’t mean you should do it. I bought all the books, went to all the seminars, and had plenty of opportunities and the capital to invest in property. In the end though, I didn't go that route. Why?
Stepping on other people to get wealthy myself? Just not the way I was brought up. And it's not just me - a large number of my friends feel the same way.
Read some of the comments from the PI's on this site - it's a real education - the more people they can screw over the better.
As soon as I hear someone is a PI, it's very hard for me to consider them as a person that I want to be associated with.
Call it PI'ism if you like..
Been there to Notch, when I was young and stupid enough not to question. Something didn't quite seem right so I am glad I never followed through. Not to say I haven't been a landlord though, I have been on a modest scale that was sort of neutral because I in turn rented.
I agree with your sentiments though and morality is certainly in a big vacuum on this site. There are a few proponents but we lost one of the greats a week ago with the late and great Walter Kunst.
Maybe the problem is that there are people out in virtually all aspects in life that ARE out to step on people and screw over others for personal gain.
In 20 years of owning my own business I have come across many of these type of people. Many more than I have ever come across in the PI industry.
Perhaps PI are villified not because there are more of this personality in the industry... but that these people are more highly portrayed in the media.
There certainly are PI who are in it just for the money. Certainly some of the more high profile investors push their own agenda relentlessly.
I charge below market rents for families and ensure they have a HOME to live in. I install heat pumps, insulate and attend to reapirs quickly and efficiently. My tenants are wonderful and constantly tell me they love living in my properties.
If I see a tenant with a need I fill it if at all possible. I have seen tenants with no heaters... so have gone down to the warehouse and bought them one. ( and given them it... not increased the rent etc.)
I have never sold a house, and so have never realised any capital gain.
I love the fact I provide a home to my tenants.
I give to multiple charities, and help those less fortunate to myself.
I am generous to my friends and family.
I am generous of my time in helping others.
But still I am an evil PI who doesn't deserve to be your friend.
Sorry you feel that way.
There is a I think a huge difference between a professional PI who is in the game for an (lifetime) income and those who gamble that house prices will continue to rise and they'll profit for little work....that latter to me is all but parasitic. Imean somewhere else ther has to be a profit made for that capital gain to be realised. The parasites are IMHO going to damage the professional PI, PAYEs and our economy, alike...
regards
Reepr - beautifully written.
The pity about this site is that people get bagged by others when they know nothing about the morals and ethics of the people they are bagging.
PI do offer a fantastic service on the whole and as I have pointed out on this site previously Chch would have been in terrible strife if it had not been for PI as there simply would not have been available housing.
PI fill a very important need in the market.
600k to you in a year... Think of all our pensioners who's income is evaporating. Same for savers. Think of all the added pressure we suffer due to higher than necessary costs, translating ultimately to children going hungry, cold, dental neglect, etc.
Typically when there is shortage in civilised society, hoarding is frowned upon, or outright illegal. Why? Because it hurts people.
That this is encouraged, is just off.
Until it changes though you can do it and are entitled to seek profit.
All I would sugest is that you not rub it in other people's faces unless deep down you want out.
"Tough shit" huh?
Is that what you would say to any farmer in the North Island right now? If you were farmer and I was hoarding water, for profit, maybe even a non-taxable profit, and I was rubbing it in your face while declaring I provide a sevice to the economy, would you be interested in high-fiving me? Doubtful.
It is frowned upon by those who it hurts, quite naturally.
Wow 2000 sites. Multiply by average persons per household (2 point something I think), that is sufficient for maybe 6000 people/year. Or maybe Len wants Auckland to do it Samoan ghetto style (10 people per household) that will be enough for 20000 people.
Even Samoan ghetto style this is barely catering for 1% population growth based on AKL population of what, 1.5 million people. Although obviously subdividing/intensification allows for some additional increase etc
Still, time to go to the scrapyard get some shitty caravans, park them round town-Lens front lawn and get the cities homeless to live in them. Watch the vibrancy of the city flow ...
Either Len Brown is a Gold Medal Liar or just PLAIN GOLD MEDAL STUPID.
(but with 6 media handlers, he still makes stupid statements...is it him or his PR handlers?)
Pity his South Auckland Samoan supporters....which form his voter base.....
Samoan Ghetto is a luxury soon it will be more like plywood-plastic sheeting housing for South Aucklanders...much like Motherland Samoa post typhoon....
There was NEVER 15000 lots ready for building...there are 15000 lots APPLICATION for building....somehow the difference does not compute. Given that it takes an average of 18months for approval and consent.....
Wonder where David Shearer is going to build his 10000 units of 3BR houses when he comes to power in 2014.......(And they both belongs to the Labour party.....Twiddledee and Twiddledum.....or should they be called Twiddler and Dummer???)
Guys admire all your passion and enthusiasm but lets direct it in a positive way this is giving me a headache reading all this. I don’t think it is worth wasting time on the small stuff like the humble investor having a go looking at the bigger picture would be more constructive. Lets use this form to make a difference on the players that are causing these numbers who are the players with both feet in the trough.
- The bankers (w) these guys would have to be the slowest learners that have ever had breath put into them. It was only a short 5 years ago that they where on their knees when the global markets crashed all coursed by greed and giving money out to people they should never have done. Now it is all happening again. They are fuelling the fire and not with your genuine kiwi who pays their mortgage on time every time. But with the internationals who come here with their underlying current of corruption and are doing no good for NZ or the people that care about this great country. This is where the opportunity for all you Kiwis who want to get in the markets will come over the next two years. As this mess unravels. Here is one for you Kimy, I am all for lower interest rates and it should be easy for them to achieve with the profit these bankers show every 6-month. We are getting stitched.
- The Real-estate industry (the Circus with the performing clowns). I come from a sale back I have worked out it takes 25 hours to sell a property by auction. Now if you work out how much commission you have to pay the clowns it works out at $908.52 per hour. Then on top of that they ask you to pay the marketing of their average company’s and them self’s in their “look at me” magazine the property press. Now why are we letting them get away with this? Some of the best lawyers and doctors in the world that have studies and worked hard for years don’t earn this amount.
- The media (The Dick Heads) favourite saying from the breakers. These are the guys that report all this out of date info at lest 2 months behind in a very poor way and pump up this feeding frenzy for the above two. Take no notice of what they report they are also spending too much time in cafes to get out and see what’s really happening. This forum info and the Internet are way ahead of them and they will soon be dinosaurs
ALL YOU GREAT KIWI LETS TAKE ACTION
The signpost is there with the drought this is the game changer. This can all be sorted in 4 short weeks. There is a very easy way for the buyers to take back control back of the market.
STOP BIDDING AND BUYING AT AUCTION.
Why as buyers are we allowing Real-estate clowns to dictate to the buyer how we purchase? Lets make them start doing their jobs and working for their money and show some sort of interest in purchasers.
Stop BIDDING AND BUYING by auction and the market will even out very quickly. If it keeps going like it is and shares also keep going up we are heading for a 1987 crash.
It is about time Bernard Hickey had ago at the Real-estate industry like he did with interest rates and bankers these guys are away with the fairies and need to come back to earth and reality.
'STOP BIDDING AND BUYING AT AUCTION" Not so long ago, there was similar campaign to ask everyone to stop buying petrol, in effect of forcing the petrol price to go lower. It's a noble idea but the demands will kill it..
Set up a Facbook group if you feel the urge..
Looks like Olly's prediction 6 months ago is coming true:
“House prices to double over next few years”
As the end of the year draws near, now is a good time to review the past 10 to 11 months and look into the foreseeable future.
Let’s look at a number of influences and influencers on the property market in general.
I’ll also look at the suggestions being made to ‘help’ first time home buyers into the market, as they get further and further left behind.
Read the rest here:
This not just about exploding residential house prices and re-alignment of home ownership
Auckland based local property developers are being out-priced in their own game by outlanders
A South African flies in and buys 6 properties off the plan, yet to be built
Because he had a had-to-have imperative to find a repository for his $1.5 million residency entry fee
Auckland is being sucked into into a whirlpool of social re-engineering
article NZ Herald
Grey Power official's complaints about immigration have been labelled uninformed, but the group's central Auckland president says they reflect the feeling of many elderly in the area. "at all the seniors meetings there are seniors raising concerns about ... getting to know neighbours when they are now surrounded by so many who don't speak English and with whom they have little natural opportunity to mix." "how much change can people cope with, in a short space of time, before culture shock becomes the new norm, especially for those whose reference points are being removed, or discarded?"
http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10870638
Nothing has changed in 3 years
Amanda Morral 3 February 2011
Migration policy linked to inflated housing prices
http://www.interest.co.nz/node/52140/kiwisaver
worth reading the whole article and thread - nothing has changed much
extract
iconoclast | 03 Feb 2011, 9:45pm
DC - read the words Wolly used carefully - he is absolutely correct - revise his time period down to 30 years ago - you are comparing Auckland to other places .. Wolly is not - he is comparing Auckland today to Auckland 30 or 50 years ago. The people who grew up there and were there 30 years ago are getting out or being pushed out. If Auckland today is better than those other places, take our word for it, Auckland was even better 30 years ago. And you missed it?
Chairman Moa
This has a little bit more substance than paying $20 too much for a tank of Petrol.
We are talking $440000. Over the term of a 20-year mortgage ever tried saving $440000.This is where the mortgagee sales will come over the next 2 years as interest rates move up. All the people that are paying too much at present.
Be positive and take action before we create a 1987 again.
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