[backtonz]

Hi, we are returning to New Zealand after two years and struggling to figure out the realities of the property market. Appreciate any feedback from those on the ground in the Browns Bay to Mairangi Bay area.

After reading all about the "so called boom", we had basically decided that North Shore was not affordable (atleast not for the nice houses) and we have been looking at Christchurch. High School zones remain a top priority. But we are bit disillusioned with the price to quality of residential neighbourhoods around Burnside (either really sad houses in Burnside/Avonhead or very high prices in Fendalton) and are examining Auckland again.

I have been tracking "North Shore" listings for a while. It seems there are properties unsold for months (even 6 months?) and a flood of offers from speculative builders. The offers are at high prices, but there are many listings through multiple agents at lower and lower prices. I have even seen "GV 830K, vendor gone overseas, asking for high 600s !!!) This is still way outside budget, but....

My questions are as follows:
1) Is the property market now mostly offers at very high prices and very few buyers?
2) If the volume of transactions have died, does it make sense to go there and try our luck with really low ball bids. After all, we can offer immediate settlement.
3) Are you seeing or hearing of desperate sellers moaning about their house not seeing any bids at all ?

Or am I just dreaming ?

Appreciate any and all comments which helps me get a perspective of whats going on there.

:cheers

[Tia Maria]

Hi there,

Can't comment on Browns Bay, but we live in Devonport, and there are definitely buyers accepting offers a lot lower than the listed price. You're right many properties are staying on the market for ages, often having to lower prices, then going to auction/tender and also often changing agents. Some agents do seem to consistently over value!

But there is also a lack of decent properties and the ones with real potential seem to go quite quickly - tender seems to be one of the most successful methods of selling round here.

The one we bought had been on the market quite a while and had had 2 price drops before we even viewed it. However, I suspect it was just drastically overpriced, rather than we got a bargain, I guess we'll find out if we have to sell!

I think there is a definite potential for getting away with low bids, but on the down side, the amount of decent properties are few and far between, so you might have to wait a while.

Hope this helps, hopefully someone further up the coast will be able to give you some info also.

Cheers

Tia

[backtonz]

Thanks for your post Tia. It definitely confirmed my impressions.

Devonport is lovely and I hope you are enjoying your stay there. We need to stay further up the coast to be in Rangitoto zone and there doesn't seem to be a dearth of newish good quality properties. The issue is the first digit in the prices !!! :mad:

Are leaky buildings still an issue there ? Hopefully, I will hear a bit more from others who may have dealt with buying in North shore recently. We still haven't made up our minds about location, but hope to soon enough.

Have Fun

Partha

[lollypop]

Hi,
I've been in the Browns Bay area since Feb 06 so my experience is pretty limited but I have been watching the property market closely as we are currently renting. I certainly don't think prices are rising at the moment and as you say some properties seem to sit on the market for quite a while. I've only been to a couple of open homes after which the agent rang me and said the price had dropped by $44,000 so I think it just depends on how desperate the seller is and whether they have committed themselves to another purchase.

If you're looking for new property, the Pinehill area is a good bet, close to Browns Bay and in the Rangi zone.

[backtonz]

Hi,
as you say some properties seem to sit on the market for quite a while. I've only been to a couple of open homes after which the agent rang me and said the price had dropped by $44,000

Thanks.. Thats a relief. Atleast there seems to be a lot to choose from. I read elsewhere that you are looking to build. I would love to hear about your experiences and prices. I have looked at many designs from Jenian, Signature Homes, GJ Gardener etc - but I don't have an idea about costs. I think it is about 300K for a 200m2 house. Does the price go up if the section is on a slope?

Looking forward to your updates..

[Marie P]

HI Backtonz

We are in the process of having a house built ,we bought a section and GJ Gardner are building the house .
Yes it does make a difference if the house is to built on a sloping section [luckily ours is flat ].
We are paying $292,000 for our house [there is a thread somehere called we bought a section ,that has the sizes of house and section ].
Its getting exciting now as we have an appointment with our "colour consultant " at the weekend !!!

Marie x

[Singel]

We are paying $292,000 for our house [there is a thread somehere called we bought a section ,that has the sizes of house and section ].
Marie x
Here is the thread : http://www.emigratenz.org/forum/showthread.php?t=5785&highlight=bought+section

[backtonz]

Singel, Thanks for the link.

Marie & Singel ... Seems like you found paradise. Congratulations and Good Luck

[lollypop]

T I read elsewhere that you are looking to build. ...
I met MarieP at the weekend she got us interested in the idea (I see she's already replied to you) and we went to look at plots in the Northcross area, they cost £290,000 for 600 m2, we asked about building prices and the salesperson thought anything from $1,000 - $2,000 per sq.metre, depending on finishes etc. We haven't actually spoken to a builder yet though. I Don't think Northcross is in the Rangi zone so this is probably no help to you.