Yesterday the challenge was offered to me by the NZ Herald – to participate in a live chat on the wide ranging subject of property.
Sixty three minutes later I had managed to answer 28 of the 114 questions that were posed by the online contributors. I hope the answers I gave were helpful, relevant and legible (I once got a spelling shield at school when I was 6, since then I have have long relied on spell-checker).
The experience was rewarding, but at times daunting, I was sat in front of a laptop with a steady stream of questions being posted. The challenge was which one to answer and how to provide answers that are not too long to type, yet provide some meaningful answer. I like the technology and can see the appeal. We might do one on this site or on Realestate.co.nz in the future.
As I stated I only got to answer 28 of the questions that were asked – barely a quarter of those posted. I may well take a few and answer those in a future post. In the meantime I thought I would share a small survey I have done on the topics of the questions posed, so here are the top 10 questions by topic:
1. Investment – 20 questions were asked about investment property – yield, market etc
2. Timing – is this right to buy, right time to sell
3. Apartments – this was surprising just how many people were asking about buying apartments
4. Mortgage rates – likely future trend, plus a number asking is fixed or floating best
5. General health of the property market – is it going to be good for future purchase
6. New builds – is there a shortage of new builds and what impact this may have on the supply side of the market
7. Capital Gains Tax – given the timing I thought this would be the most active topic
8. Overseas market comparisons – clearly there is a sense of concern that NZ will shadow the US and UK property markets
9. Will prices rise? – expected question but not as much as I would have thought
10. First time home buyers – looking for advice including questions on investment property rather than buying to live in
The overwhelming majority of questions seem to come from Auckland with a lot wanting to know which suburb was best to buy in! I was also pleased to get questions from the Hutt Valley and the Waikato.