The most overpriced apartments in the world
New Zealand is already said to have the most overvalued housing market of any country.
And now this new apartment complex in our neighbourhood is pushing things to a whole new level.
The big difference here is that although these apartments are being advertised all over the place, they don’t actually exist.
http://www.tommys.co.nz/head-office/property/T16161/36-tacy-street-kilbirnie
The open home this weekend should be interesting!
Apart from making a lot of pictures of the imaginary apartments, they haven’t actually done anything, as far as building them and stuff.
So the area where they are supposed to be is still just an empty car park and an old warehouse.
When it comes to inflating NZ house prices to make a quick profit, Tommy’s real estate are experts in this field, but even for them this is spectacular!
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http://www.tommys.co.nz/head-office/property/T16161/36-tacy-street-kilbirnie
Just in case any overseas readers are thinking the NZ$ must be pretty worthless – no, NZ$669,000 really is a shit load!
And what is the area like? – well if Kilbirnie had tracks, Tacy Street would be on the wrong side of them. An ugly wind-swept street full of warehouses and failing businesses. And it’s as far from the beach as it’s possible to get.
"New Zealand's housing market is the most over-valued among the G-10 economies, and there's a 40 percent chance it will go 'bust' in the next two years according to Goldman Sachs"
http://www.newshub.co.nz/home/new-zealand/2017/05/nz-housing-market-set-to-bust-goldman-sachs.html
“We know that photos can hardly do the real thing justice, so to give you the opportunity to see just what we have to offer, we have an on-site show-room for you to view by appointment...”
Very true, so I took some photos, it's a nice development, and the apartments do come with a free chair if you pay cash ...
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Hey there if you think new zeland has the most expensive apartment, you may check out hong kong as well, a place i really like but become very hard to survive because of high property price. A small 500 sq feet 2 rooms bedroom apartment can easily sell for 1m usd nowaday.
I'm sure Hong Kong is dearer than NZ, but I'm guessing the apartments there actually exist? - These ones don't...
Yes, please look at the pics in this news https://www.hk01.com/港聞/98460/AVA-61-次細-單位細過車位-超迷你廁所-的骰-洗手盤放企缸 about 150 sq feet and cost at least 400 thousand USD
Wow - we have cupboards bigger than that bathroom!
@sift666 Are those to be built in the Placemakers parking lot? Eeek! Definitely overpriced. I plan on seeing what happens in the coming years. No hurry to buy.
It's the old Airways carpark next to Placemakers, and they are supposed to be knocking down the Airways building too.
Totally crappy area, and don't think they will ever build them anyway - to tell the truth I think there is at least a 50% chance of a drop in house prices in the next year.
Are you in Wellington as well, then?
@kiwideb, I am, yes. An import who has been here nearly 20 years.
wow this price ) cannot buy )))
Get a deposit together - there are properties waiting for you!
I live in Queenstowns and the house prices are a rip off!!!!
They certainly are!
Queenstown is number three after Auckland and Wellington I think. But the thing about Queenstown prices is that they are not supported by higher average incomes.
Wellington has gone up the most of any NZ city in the past year (over 20%), but does at least have the highest wages.
Queenstown is very scenic though!
That's just Robbery. You know, all ever people want (us ordinary folk) is a fair deal, a win/win NOT to get fleeced. In saying that, why are people buying at these rates?
Well in this case they aren't, because there is nothing to buy - but usually because everybody thinks they are going to make big profits and the banks are handing out loans to anyone who asks
Just thought I would swing by and use my new upvote on your post - its great to see the post amount change :)
It's way cool isn't it? - I want a bit crazy yesterday and blew my wallet but am doing 10% votes today and even those are still worth 36 cents - two days ago my full power was only 14 cents
oh my god
seems like I can't buy any of them until I die
but I still can dream
You have to get in a queue to dream!
http://www.radionz.co.nz/news/national/329960/wellington%27s-house-prices-soar,-as-others-come-off-the-boil
Haha :D Reminds of my country (Bulgaria, that's in Eastern Europe). Twenty years ago, an apartment cost 7,000 Euro and now it's close to 80,000 Euro.
So is that $670k for an apartment or a separate house? What's the average price per square meter (or square foot)?
Well they are separate apartments but sharing outside walls with the ones next to them
Most NZ houses are free standing, and until very recently, anything over half a million $ would be considered quite expensive.
Not any more though, under half a million in Wellington is not going to get much.
This one round the corner from us sold for $300 000 and was supposed to be rebuilt as six apartments - it hasn't been though!
Hah :)
I decided to do some math and compare Bulgarian to New Zealand prices. I saw that the average price per square foot is NZD $190.
In my country, we use square meters. 1 sq.m. = 10.76 sq.ft. The average price for a square meter in my town is 650 Euros, so 60.41 Euro per sq.ft. At the current exchange rate, that's NZD $93.
Seems like it's twice as expensive on your side of the world. Then again, you should consider that the average paycheck in New Zealand, Wellington, is roughly NZD $70-80k, whereas the average paycheck in my city is NZD $4800.
So you are still ten times more likely to be able to afford a property, than anyone living here. That's a bit of a discrepancy :)
Holy cow, there is somewhere 10x more unaffordable than here?
In theory NZ is metric and we use sq m too, but feet sound more impressive so are loved by real estate con artists
You have blown my mind!
You should go to Cuba. With NZD $400 a month you will be treated like a king. If you marry a Cuban lady, you will also have access to their real estate market, which will most likely boom in the next 20 years.
Haha, the photos are great :)
This guy used to be our neighbour - he is the biggest buyer of Cuban coffee in NZ
He is a coffee millionaire now!
http://www.havana.co.nz/index.html
He know what he's doing! :)
Well today he made headlines for getting lost at sea!
http://www.stuff.co.nz/national/94000748/damaged-yacht-in-distress-sparks-air-force-search