Hard News by Russell Brown

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Hard News: The Boom Crash

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  • Hilary Stace,

    There's a great website in Wellington called Watch My Street. It tells you about the value of your property, the highest and lowest value of your street and where your house fits in that scale. Nice aerial photos. I have a shabby, unrenovated house in a rather nice street. Mine is the 57th in value of the street which goes from $2.2 million to $150,000.

    But like most of the properties I checked, there has been no change in value since the last valuation in 2009. Come and live in Wellington.

    Wgtn • Since Jun 2008 • 3196 posts Report Reply

  • Chris Waugh, in reply to Hilary Stace,

    Watch My Street

    This one? Interesting explanation for why it only does Wellington. And only Wellington City proper - I just tried a Porirua address, nothing.

    Wellington • Since Jan 2007 • 2401 posts Report Reply

  • Hilary Stace, in reply to Chris Waugh,

    Hours of fun. You can look up all your friends and neighbours' properties. Found the lowest valued property in our street is actually a $140,000 section on the side of a cliff.

    Wgtn • Since Jun 2008 • 3196 posts Report Reply

  • Kumara Republic, in reply to Russell Brown,

    It may actually make sense for us to cash up and leave Auckland when the time comes.

    A long-time family friend of mine has lived in Massey for the last few years, and he said in a Skype conversation last week that he'd be back in Wellington in an instant were it not for his science-related job. In the meantime, he's holding his nose and putting up with the whole rat-race thing.

    The southernmost capital … • Since Nov 2006 • 5416 posts Report Reply

  • Sacha, in reply to Amanda Wreckonwith,

    you may have missed the reference to working the land

    Ak • Since May 2008 • 19683 posts Report Reply

  • Russell Brown, in reply to Kumara Republic,

    In the meantime, he’s holding his nose and putting up with the whole rat-race thing.

    Oh, I love where I live. It's just that it might make sense eventually to sell up and buy a much cheaper dwelling somewhere else and make use of our huge capital gain. But we're not exactly your property investor types.

    Otoh, I can see why someone who'd moved from Wellington to Massey would miss Wellington.

    Auckland • Since Nov 2006 • 22749 posts Report Reply

  • Sacha, in reply to Russell Brown,

    Probably applies no matter where they moved from. :)

    Ak • Since May 2008 • 19683 posts Report Reply

  • Lucy Telfar Barnard, in reply to Chris Waugh,

    Also, Watchmystreet is not up to date. It has the old 2009 valuation for our house, and says the valuation hasn't changed. We challenged our 2012 valuation, which meant the value went up for both the 2009 and 2012 valuations.

    Wellington • Since Nov 2006 • 580 posts Report Reply

  • steven crawford,

    Oh, I love where I live. It’s just that it might make sense eventually to sell up and buy a much cheaper dwelling somewhere else and make use of our huge capital gain. But we’re not exactly your property investor types.

    Thats the way to go, rather than heading off manically laughing to the bank, with new equity documents, and asking to borrow more money to spend on bling. Which will have the banks chuckling all the way to the…

    I just wonder how much longer my freands in Smale street are going to last. The rent there, hasn’t changed in years. And it’s hard to imagine these characters managing to pay what a modern mortgage there would cost.

    All QVs in out city, Porirua are down from the previous. And that includes the high end houses with sea views and easy access to central wellington.

    Atlantis • Since Nov 2006 • 4310 posts Report Reply

  • Tim Michie, in reply to Zach Bagnall,

    Actually, that's starting to look reasonable compared to Auckland...

    Auckward • Since Nov 2006 • 614 posts Report Reply

  • BenWilson, in reply to Russell Brown,

    Otoh, I can see why someone who’d moved from Wellington to Massey would miss Wellington.

    But Massey is the new Ponsonby!

    Auckland • Since Nov 2006 • 10633 posts Report Reply

  • Danielle, in reply to BenWilson,

    Giving shit to west Auckland is so 90s, you guys. ;)

    Charo World. Cuchi-cuchi!… • Since Nov 2006 • 3828 posts Report Reply

  • BenWilson,

    It's an interesting sign of how times have changed that it used to be that outer suburban homes were a gateway to moving further in. Now it's the other way around - locking in an inner suburban plot is your gateway to retiring into the country.

    Says something about how the earning dynamics have changed. The first option was indeed my plan ten years ago. But now that property has pretty much doubled whilst incomes have barely gone up at all, a move toward the center would be financially crippling.

    Practically every person I know who lives closer to the city has made more paper money than their actual income in that period. Why even have a job under these circumstances?

    Auckland • Since Nov 2006 • 10633 posts Report Reply

  • BenWilson, in reply to Danielle,

    Giving shit to west Auckland is so 90s, you guys. ;)

    I think I'm entitled, having lived here since I was born. In fact I'm I third generation westie.

    Auckland • Since Nov 2006 • 10633 posts Report Reply

  • Dastardly Bounder, in reply to BenWilson,

    But Massey is the new Ponsonby!

    Yeah... We established that last week didnt we?

    Auckland • Since Dec 2012 • 61 posts Report Reply

  • BenWilson, in reply to Dastardly Bounder,

    We established that last week didnt we?

    It's just something real estate agents have been telling me since I first got serious about buying property. Every suburb is the new Ponsonby. Which has, going on the meteoric growth, actually been true in every case. And since estate agents only concern is the value of property, from their point of view it's true.

    Auckland • Since Nov 2006 • 10633 posts Report Reply

  • Sofie Bribiesca, in reply to Cassandra,

    Going to object via the official process, just for the fun of it.

    It's not a bad idea at all. My Dad did that once in Remuera. He objected to it's increase in value for the sake of increase in rates. He had it's value decreased and to this day his rates have not climbed like ours has in 3 Kings. People are now more so asset rich ,cash poor and the rates will climb unless you are lucky enough to know the McMansion you paid top dollar for 5 years ago is now worth less. As long as you plan to stay, Council value, shmell you. Even if you sell, the market will put you back in the bracket of all those who didn't object. So, not a bad idea to object methinks.

    here and there. • Since Nov 2007 • 6796 posts Report Reply

  • Sacha, in reply to Danielle,

    Only Massey. Interesting old tvnz doco on it being one of the worst designed residential areas in the world.

    Ak • Since May 2008 • 19683 posts Report Reply

  • Lucy Telfar Barnard,

    For those interested in learnings from research on intentional communities, there's also this:
    http://researchcommons.waikato.ac.nz/bitstream/handle/10289/5962/thesis.pdf?sequence=3
    Skip to page 225 if you just want the findings. Similar stuff to what Larisa Webb found, as far as I can recall.

    Wellington • Since Nov 2006 • 580 posts Report Reply

  • Craig Ranapia, in reply to Russell Brown,

    Oh, I love where I live. It’s just that it might make sense eventually to sell up and buy a much cheaper dwelling somewhere else and make use of our huge capital gain. But we’re not exactly your property investor types.

    Looks like what we’re almost certainly going to be doing – around Waikanae isn’t exactly hipster heaven, but a manageable place with good bones would leave us with enough that you could afford to redo a “tired” bathroom and/or kitchen and splash some paint around without taking out a second mortgage on the immortal soul of our improbable first-born. (Though one does have to draw the line somewhere - mine is Levin.)

    North Shore, Auckland • Since Nov 2006 • 12370 posts Report Reply

  • Gareth Ward,

    Thing is, a (presuming here) 3/4 bedroom standalone home on 630sqm ~5km from the CBD and within some-hundred-meters of quite a nice beach should be AT LEAST a $1m property in any reasonably attractive international city. It's the lack of medium density alternatives (and the insane demand-induced pricing that forces onto the outer suburbs) that is the problem here in Auckland.

    Auckland, NZ • Since Mar 2007 • 1727 posts Report Reply

  • Bruce Grey, in reply to Lucy Telfar Barnard,

    Auckland • Since Oct 2007 • 28 posts Report Reply

  • Lucy Telfar Barnard, in reply to Bruce Grey,

    Blurgh for typos (trust me, I loathe “learnings” as much as the next writer’s daughter) and short edit windows. That was meant to say “learning”.

    Wellington • Since Nov 2006 • 580 posts Report Reply

  • Glenn Pearce, in reply to Sofie Bribiesca,

    The people of Christchurch who's Red Zone payouts were based on their CV might disagree. Actually reasonably important that the CV has some resemblance to reality, esp. when they are recent CV's.

    Auckland • Since Feb 2007 • 499 posts Report Reply

  • Sacha, in reply to Gareth Ward,

    the insane demand-induced pricing

    so govt says let's focus on supply! #duh

    Ak • Since May 2008 • 19683 posts Report Reply

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