Monday, 15 April 2013

dull alert: of interest only to aucklanders currently active in the residential property market. the rest of you have been warned.

I do not yet know what my housing situation will be post-7 May 2013, when the extension to our current lease runs out.  Yes, that is an indirect way of saying we failed yet again at auction over the weekend. 

You must be thinking either:

(a) they have a warped perception of what properties they're looking at are worth; or
(b) they're hopeless at auction technique.

I'll admit that a couple of our offers have been of the cheeky 'can't hurt' variety.  Also in our defence, I think the market growth is rapidly outstripping some of the valuations we've obtained (case in point - the weekend's auction involved a house that sold for $136,000 more than valuation obtained a matter of days beforehand - auctioneer told us afterwards that he'd had some difficulty in keeping a straight face during the latter, obscene stages of the auction.  There were certainly audible snorts from disaffected members of the public attending the auction, though the lady over the fence was stoked).  I'd like to think our auction technique is pretty shit hot though - we've played the occasional sniper move to good effect (but yet, we are still Losers, note the Capital L). 

Basically, I think we need to retrench.  Keep it between you, me and the rest of the internet, but we think our options are:

(a) Give it up for now and hope the alleged 'bubble' bursts.  This is a gamble, of course.  Interest rates are good now and it would be good to lock a decent rate down.  Also, the rate at which Auckland is growing population wise is far outstripping building rates, so long term, investment in the 09 is sensible.  Plus, I just want to.  So there's that.

(b) Look for something further away from the city.  Major issue with this: you need to go a fair way in order to get cheaper prices.  I know from experience that I don't handle commuting well.  P might be OK with it, but he loves the urban lifestyle.  When we drew up our list of 'wants', being close to work was numero uno on the list. 

(c) Throw a bit more money at it.  Scares the bejesus out of me, but there it is.  Don't think I'm talking squillions extra here, but if we'd stretched a further $20k or so at previous auctions, I think we'd be home owners already. (RBATWAFD and SNWACK houses, I'm looking at you; in both cases an extra $5k probably woulda done it, speculation until the cows come home, etc).

(d) Look at something smaller.  Problem being, we're basically looking at the tiniest already.

OK, so this is basically a massive affluent person whinge and you're all entitled to scream "CHAMPAGNE PROBLEMS, BITCH" at me.  Here is the defensive part: my diary (public consumption or no), my deal.  See also: mo' money, mo' problems.  We think the answer is a bit of a combo of (c) and (d).  I really don't like losing, so on we go. 

Advise me, o wise and venerable internets: strangers, this is basically the biggest invitation for ass-vice ever.  What would you do, were you me?

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