That’s the dream but probably not reality. We’ve noticed a lot of places being relisted after their auction dates so assume there’s a high volume being passed in.

Hopefully we’re a bit more realistic. The council was smoking something when they did the last RV and our minimum is about 25% lower than the valuation.

[–] Dave 4 points 9 months ago (1 children)

The council valuation doesn't mean much. They don't care if it's accurate, the idea is the make sure that the relative value compared to other houses is right. If everything is over or under valued, it doesn't matter for rates purposes.

Also, a year ago a very high proportion of auctions were closing without meeting reserve, and even without any bids at all. As a buyer, I don't like auctions and have never bought at one. I want to put in conditional offers so I don't waste my time.

I know auctions are more popular in Auckland but I avoid them when I see them.

[–] terraborra 2 points 9 months ago (1 children)

Fully agree that the CV doesn’t mean anything but a lot of people seem to cling to it. We know our place isn’t that great, was ok as a first home and that’s probably who it’ll go to assuming we get any offers.

We somehow managed to pick our place up at auction but it was a nightmare as we had to try and coordinate the KiwiSaver first home withdrawal and the home start grant from housing nz. We’re pretty much skipping anything that’s advertised for auction as you can burn through cash quickly trying to get building reports and valuations only to miss out on the day.

[–] Dave 1 points 9 months ago

Fully agree that the CV doesn’t mean anything but a lot of people seem to cling to it.

If I was looking at buying a house, I'd tell the agent "oh you're expecting that much! But the CV is only XXX", but when it came down to it, if the amount I was offering seemed too high then I'd just make a registered valuation a condition, it wouldn't put me off.

We somehow managed to pick our place up at auction but it was a nightmare as we had to try and coordinate the KiwiSaver first home withdrawal and the home start grant from housing nz. We’re pretty much skipping anything that’s advertised for auction as you can burn through cash quickly trying to get building reports and valuations only to miss out on the day.

Exactly! Was talking to a friend who owns zero houses but has been looking for a while, and they were saying they had a company they normally use for building reports. I was a bit surprised they had got so many reports and not bought any houses, I've never got a building report done on a house we were looking at buying until after a conditional offer had been accepted, otherwise it's an awful lot of money for nothing.

[–] liv 2 points 9 months ago

Good luck!