Property

Picky buyers sit tight

Returning Kiwis may need strong persuasion to spend their yen and pounds on real estate. GILL SOUTH reports.

Monday, November 01st 2004

If you are planning to sell your house in the pre-Christmas season, you should know about a hard-to-please group of buyers out there. Be warned, they will wait patiently - up to 12 months - for vendors to get really desperate before making an offer, and they are looking for bargains.

This recalcitrant bunch can be separated into three groups:

People returning from overseas with their foreign currency;

Baby boomers looking for investment properties for their retirement, who do not expect to buy until the next property cycle;

Independent thinkers who want to avoid the enormous mortgages which they think have restricted their friends' lives.

Would-be buyers who arrived within the last year with British pounds, US dollars or another foreign currency are not happy. When they got here the dollar was higher than they expected so they didn't convert their money, expecting the dollar to fall.

But, instead of going down, the NZ dollar is rising, hitting a historic high this week of US71.51 cents, and there is no end in sight.

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Unity First Home Buyer special 4.15
SBS FirstHome Combo 4.29
ICBC 4.49
Kainga Ora 4.59
SBS Bank Special 4.69
Co-operative Bank - First Home Special 4.74
AIA - Go Home Loans 4.75
Unity Special 4.80
Co-operative Bank - Owner Occ 4.84
China Construction Bank 4.85
Kiwibank Special 4.95
Kainga Ora 4.95
China Construction Bank 4.95
ICBC 4.99
AIA - Go Home Loans 5.25
Unity Special 5.29
Co-operative Bank - First Home Special 5.29
SBS Bank Special 5.29
Co-operative Bank - Owner Occ 5.39
Kiwibank Special 5.39
ASB Bank 5.45
Westpac Special 5.45
SBS Bank Special 5.49
BNZ - Std 5.49
Westpac Special 5.49
ASB Bank 5.59
AIA - Go Home Loans 5.59
ICBC 5.65
Kiwibank Special 5.69
Kainga Ora 5.69
Co-operative Bank - First Home Special 5.89
Co-operative Bank - Owner Occ 5.99
TSB Special 5.99
SBS FirstHome Combo 3.29
AIA - Back My Build 3.34
SBS Construction lending for FHB 3.74
CFML 321 Loans 4.20
Co-operative Bank - Standard 5.34
Co-operative Bank - Owner Occ 5.34
ICBC 5.39
Kainga Ora 5.79
Heartland Bank - Online 5.80
SBS Bank 5.84
Pepper Money Prime 5.99

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