[zardell]

I have just read this article in the NZ Herald and quite frankly, it makes my blood boil.

http://www.nzherald.co.nz/section/1/story.cfm?c_id=1&objectid=10451299

I remember an estate agent taking us to view a property which was advertised as 'Price Negotiable'. We asked for an indication of price and were told to look at the property first and then we'd talk prices.

Whilst we were having a look around the property, we overheard the estate agent telling the owner that as we were new to the country and didn't know the area or the market, that adding $100k to the price wouldn't come amiss, particularly as Poms are very trusting and unaccustomed to negotiating !!!

Maybe we aren't accustomed to negotiating, but we're damned good at smelling a rat.

We actually saw the property advertised in the local press a couple of weeks later priced at $150k less than we were told.

Now I'm not saying that all estate agents are snakes - far from it- but there are obviously a few out there still looking for the naive immigrant.

I think that this Minister should consider the element of greed before ALL blame is put onto the immigrant.

Shall I keep this Flak Jacket on ??

Julie

x

[CityBlue]

I remember an estate agent taking us to view a property which was advertised as 'Price Negotiable'. We asked for an indication of price and were told to look at the property first and then we'd talk prices.

Whilst we were having a look around the property, we overheard the estate agent telling the owner that as we were new to the country and didn't know the area or the market, that adding $100k to the price wouldn't come amiss, particularly as Poms are very trusting and unaccustomed to negotiating !!!


We actually saw the property advertised in the local press a couple of weeks later priced at $150k less than we were told.



Care to name names??

I'm always disgusted when this happens!!

[zardell]

Care to name names??

I'm always disgusted when this happens!!



Don't know if I'm allowed to name the actual agent, but if I don't name and shame the actual branch of L.J.HOOKERS I don't suppose it matters. They are all franchises anyway and each branch will operate in a different manner I suppose.

Truth is (and I have to say I find this absolutely amazing) the agents seem to work for one firm and then leave after a year or so and go and work for the competition.

I believe that they are self employed and that their income is commission based, so this will be relative to their moving property companies I suppose....

Julie

xx

[Ana&Steve]

OMG Julie I don't know what I would do if I overheard that conversation, sorry you had to go through it. What scumbags!
Not a very nice or factual article...just makes the accusation, states "the govt should do something", then leaves it to the people to riot or something Seems like they're just trying to make trouble.:confused:
Ana

[jubjub]

Julie, good job you heard that convo, eh? Grrrrr....

Not a particularly well written, informative article is it???

There was another one a while back that claimed the same thing, (again in the Herald, sure someone posted it) that was slightly better done, and a more balanced view.

To a certain extent, historically it may have an element of truth, from when the exchange rate was in immigrants favour and our equity could indeed buy a house outright. Nowadays its pretty far from the truth, immigrants and NZ'ers are in the same boat, no-one can afford houses anymore, certainly not on an average income, and even on a more than average income, with current interest rates its tough.

Immigrants are getting a lot of negative press lately, with the minister reducing numbers allowed in too in one of the efforts to help the dollar/inflation.

[xanctus]

Baahhhhhhh sickening article indeed, and yeah KEEP BLAMING the immigrants are not so nice either. Not all immigrants has the luxury of buying the house/property right away.

[Chiba]

In what other transaction is the price the fault of the buyer?

[martinp]

When we purchased our house in NZ, we were advised of a price that the agent felt the seller would accept.

Having been forewarned that most agents are on a commission only salary, they will of course try to hike the price as much as they can.

We offered what we thought was a fair price, a huge amount less than the advertised price, and a very considerable amount less than the agent advised, it was accepted by the seller. I might suggest that most NZ houses are advertised a lot higher than the seller expects to get.

I think this is also likely in most private sales of most things, it's an NZ thing. NZ'ers seem to be happy to sit on items until the buyer who offers the right price comes along.

[zardell]

In what other transaction is the price the fault of the buyer?



Spot on Chiba, spot on.

Julie

xx

[StevieD]

Indeed, and you don't see those Kiwi's shying away from taking those dollars either as you would expect.

But it is the exhorbitant pricing by agents advising people that they can get $X dollars that gives the industry a bad name. No wonder there are so many houses on the market that don't move. Maybe it is about time the government started to take notice of these sharks and how they operate. But saying that, the government is only interested in getting as much cash into NZ as possible - isn't it??

[StevieD]

And you know what? I'd certainly have told the agent what I thought and given him/her a piece of my mind, but knowing you Julie, I expect that is exactly what happened? :laugh

[constablechuck]

Of course immigrants contribute to the supply and demand factor but these shady agents seem to be the real sharks, also the infatuation with investment properties in NZ is a big part of the problem, I've said it before, people in NZ need to consider other sorts of investments besides property, I have nothing against anyone buying a home to live in, but as far as investment goes putting cash into stocks is a much better way to stimulate the economy.

[mossum]

The sellers ultimately set the price for their property - not the agent, if you are concerned DO NOT look at no price marketing property !!!Estate agents generally set a pretty wide margin of what a buyer would be prepared to pay - the vendor sets the price . This is in no way indicative of a VALUATION ! get a valuation done if you wish .

I'm afraid we're all guilty of greed - as buyers we want to pay as little as possible & as sellers we want as much cash in our hot little hands as possible . I find it funny that people can't actually work out why they can't sell their uk property - they want too much !!!! The whole UK propery market is over inflated .

I'l be the 1st to point the finger at me - yes I'm in real estate !! boo hiss I hear LOL ! but everyone can't be tarred with the same brush . I work hard , very hard 7 days a week , my phone gets turned on at 7 am & off at 10pm . I dont have 2 hour lunches & 40 minute latte breaks , I drive a shed on wheels ,I shop at millers pak n save & the warehouse , I have scruples -oodles of them . It does'nt always serve me well in business ,but I sleep soundly in my bed .

not intended to flame or aggravate in any way - just my 2p !

vic

[zardell]

I'l be the 1st to point the finger at me - yes I'm in real estate !! boo hiss I hear LOL ! but everyone can't be tarred with the same brush .

I have scruples -oodles of them . It does'nt always serve me well in business ,but I sleep soundly in my bed .

not intended to flame or aggravate in any way - just my 2p !

vic



Well said Vic.....:clap

I know how hard you and others in your business work and my post was in no way aimed at the innocent person out there trying to earn an honest living.

Julie

xx

[zardell]

not intended to flame or aggravate in any way - just my 2p !

vic



2c possum, 2c.......:laugh

:exit

Julie

xx

[mossum]

whoops !

I still forget after 11 months !!!

I miss UK money as well as hot radiators :laugh

vic x

[katandbob]

I have just read this article in the NZ Herald and quite frankly, it makes my blood boil.

http://www.nzherald.co.nz/section/1/story.cfm?c_id=1&objectid=10451299

Now I'm not saying that all estate agents are snakes - far from it- but there are obviously a few out there still looking for the naive immigrant.

I think that this Minister should consider the element of greed before ALL blame is put onto the immigrant.

Shall I keep this Flak Jacket on ??

Julie

x

Yes I agree with you, and my Jackets on too - there are more devious Old School Kiwi agents than UK Nice ones! (Vic I agree with you and don't tar everyone with the same brush - but unfortunately there are a fair few doggy ones out there)

AS TO THE GOVERNMENT! I just wrote an email to Agenda TV on the same subject - as it annoyed me them blaming us for the hyke in the housing market!

Of course immigrants contribute to the supply and demand factor but these shady agents seem to be the real sharks, also the infatuation with investment properties in NZ is a big part of the problem, I've said it before, people in NZ need to consider other sorts of investments besides property, I have nothing against anyone buying a home to live in, but as far as investment goes putting cash into stocks is a much better way to stimulate the economy.

As to Putting your money into Shares - Don't you watch the news?
some share company collapsed recently - and were still advertising in the Herald for investors on the day!

I'll keep my money (when I get some:roll ) in a safe bank account thanks!

Or pay some of my Mortgage off!

This is what I wrote to the programme - Oh and as to the migrant subject – you need more skilled labour, so we come here, and then you blame us for buying houses and putting up your interest rates??????

What do you expect us to do – live in cardboard boxes? And not all of us are rich – and able to buy mansions with outright cash – no we move to where the houses are cheaper, get mortgages and then find that NZ wages are so poor that we have a struggle to just pay the mortgage and feed ourselves and pay the bills.



The Government send prospective migrants literature 4 years out of date - we got a pack when we arrived and the information was printed in 2003! It arrived too late to help us and we have never heard from them since, even though I sent them an email updating them where we were living now.

A lot of Migrants are returning to their home country, after the frustration of not being able to live comfortably and missing family and for some not in CBD areas, not having a decent broadband connection to webcam with them. The government should think about why you have such a skill drain – its because people can live better elsewhere – you can find mountains, beaches everywhere in the world…don’t get me wrong – I like it here, but it is a big struggle, and we don’t get any help. Having to work a year before getting sick pay or holidays is barbaric, and migrants get burned out fast, as this is a hard process to go through, and you don’t have any support from the government, so stop saying its our fault (its not us setting the price of the house you know???) and start thinking about how all these tv & newspaper articles, make us migrants feel unwanted and maybe consider going elsewhere!



Oh and i mentioned my frustration with Telecom spending shed loads advertising products that half of NZ can't buy because they cant get broadband - :laugh :laugh

Kat

[zardell]

Go girl - tell it like it is..........

What time is this programme aired and on what channel ?

I want to see you on the telly .......LOL

Julie

xx

[Super_BQ]

The issue of rising real estate pricing in NZ has been discussed in other threads:

http://www.emigratenz.org/forum/showthread.php?t=11474
http://www.emigratenz.org/forum/showthread.php?t=10590
http://www.emigratenz.org/forum/showthread.php?t=10938

As mentioned before, local NZ residents need to look at alternative ways of investing instead of just plain real estate. Some years ago I heard the average kiwi moves house every 6 years which certainly makes those real estate agents wealthy :no

Recent introduction of Kiwi Saver won't help either as the funding goes into specific pools rather than a the individuals investing into their own interest by purchasing shares they like.

NZ has had tremendous exposure world wide (through such movies as LOTR, World's Fastest Indian, etc. You just have to ask yourself why is it such celebrities like Shania Twain have bought up property in NZ? With NZ's population of around 4 million, it doesn't take many of these wealthy immigrants to push prices higher (ie. like the start of nuclear fission). Compounded with the sneaky tactics that real estate agents do, yes i'm not surprised one bit that the current generation will have wealth then their parent's do.

We need capital gains tax in NZ specifically targettings those that own several properties. A way to discourage buying multiple properties so the unforutante can AFFORD to have a roof over their head. As we speak now, it's the average working class person that can't afford accomodation - thus requiring dual income per household.

As to Putting your money into Shares - Don't you watch the news?
some share company collapsed recently - and were still advertising in the Herald for investors on the day!

Then this would create a buying opportunity. The last major opportunity was when Air NZ crashed post 911. No investment of dirt in NZ produced the same gains as what AirNZ did post 911. Despte this fact, kiwis still continue to look at land at the table discussions. All are quick to say the negatives about buying stocks with no mention of how other countries depend on it. 330 million people in N. America, All of Europe, Asia, depend on equity markets for pensions from gov't to individuals. Without the stock market, there would be no big corporations and with no big corporations, we will have no cars to drive, airplanes to travel, even The Warehouse wouldn't exist.

Please don't take any of my posts personally. I don't intend to ridicule anyone here. :exit

[swissmissdesigner]

Kat: You are a HERO.
Excellent letter and is so true..

Good on you!

Cheers:

Anna

[vande23]

This is all very disheartening. In my heart of hearts, I always thought that eventually having an open real estate market to the world would back fire in the long run, I had no idea that the NZ govt would go to the extreme of blaming immigrants. Its the last place in the world with this kind of real estate and people should have been able to figure this out a long time ago. Look at the real estate rates in La Jolla, CA (near San Diego). Any place that is beautiful is going to have issues with out of control real estate. The world is shrinking, this is the way it is.

[Nick88]

Vande23, it isn't having an open market that has pushed up prices, it is councils restricting the supply of land for development. Even when they do deign to grant permission to Kiwis to do what they want with their own property they slap exorbitant "development levies" on the sites. These taxes on new housing can push up the price of a block of bare land by $40 000! This in turn, pushes up prices for all other housing, the people that lose out are first time buyers. The aussie govt has now started to force local govts to ease the restrictions on development so that prices can come down and more people can afford a home of their own. It is simple supply and demand.

[KD17]

Julie

Your words are ringing in our ears.

We recently looked at a beautiful property which the estate agent was exceedingly good at finding the (almost) perfect place for us. However, when we asked what the asking price was she looked quite coy and was not at all confident with her reply and gave a range of 50k.

I knew there was something in her response, but didn't quite put it down to what you said about us Poms not negotiating and being niave, but it makes sense.

We have learned our lesson about being niave and being taken for a ride, and will not let that happen again, even if it means missing out on our perfect house.

I did lots of research before we went to view it and knew when the current people moved in, what type of renovations they had done, the RV value and the last valuation for the assessment of rates. We also spoke to a neighbour prior to looking round (who we'd never met) to get more background info, so we were well armed.

This is a site for Wellington, Upper Hutt properties for rates etc., The general info is free but if you find a house you really want to buy, would recommend buying a report.
http://www.wellington.govt.nz/services/rates/search/search.html

This is a Wellington/Upper Hutt forum where you can find out what crimes have been committed in certain streets - very handy !!!
http://www.riverstonelounge.co.nz/forums/

I'm sure there are similar sites for other areas, I just searched on "rateable value" + "region" or similar variations.

Knowledge is power eh???


Keith & Debby

[Charlesw25]

Where the hell do they get the idea that we Poms are naive and don't negotiate. I won't buy anything until I've haggled as much as possible - I still wish we had a barter economy as I don't like prices in the supermarkets! We invented haggling and spotting a bargain. I'm from Yorkshire so it's in my blood...