Property

Students next door bad for your wealth

Having students as neighbours could devalue a property by up to 10%, according to new research by real estate website, allrealestate.co.nz.

Tuesday, April 15th 2008

With their residential reputations preceding them – ‘doof doof’ parties, long lie-ins and dirty dishes piled around the sink – 59% of New Zealanders claim students to be the worst neighbours, second only to squatters. Third on the list were residents in share houses, and ranking fourth were families with teenage children.

Shaun Di Gregorio, allrealestate general manager, says “With the average Kiwi home now priced $337,500, the financial price of living next door to a neighbour from hell could have dire consequences to not only lifestyle, but also a home’s value.”

One in 10 potential homebuyers believe that squatters next door devalue properties by up to 15%, while almost a quarter believe students could wipe off 10%, or $33,750 from the average house price.

Conventional residents could also slash thousands of dollars off the value of a property. Slamming doors, arguments and musical instrument practice put families with teenagers in the top five neighbours from hell.

Di Gregorio believes many households and homeowners worry about what effect their neighbours have on the value of their property.

“Our neighbours have a significant influence on our quality of life, especially in suburban areas and increasingly, house hunters are prepared to pay a premium for a quiet, trouble-free life.”

On the flipside, childless couples, retires and singles were voted the perfect neighbours.

SBS FirstHome Combo 6.74
Heartland Bank - Online 6.89
Wairarapa Building Society 6.95
Unity 6.99
Co-operative Bank - First Home Special 7.04
ICBC 7.05
China Construction Bank 7.09
BNZ - Classic 7.24
ASB Bank 7.24
ANZ Special 7.24
TSB Special 7.24
Unity First Home Buyer special 6.45
Heartland Bank - Online 6.55
SBS Bank Special 6.69
TSB Special 6.75
Westpac Special 6.75
China Construction Bank 6.75
ICBC 6.75
AIA - Go Home Loans 6.75
ASB Bank 6.75
Unity 6.79
Co-operative Bank - Owner Occ 6.79
SBS Bank Special 6.19
ASB Bank 6.39
Westpac Special 6.39
AIA - Go Home Loans 6.39
China Construction Bank 6.40
ICBC 6.49
Kiwibank Special 6.55
BNZ - Classic 6.55
Co-operative Bank - Owner Occ 6.55
TSB Special 6.59
SBS Bank 6.79
SBS FirstHome Combo 6.19
AIA - Back My Build 6.19
ANZ Blueprint to Build 7.39
Credit Union Auckland 7.70
ICBC 7.85
Heartland Bank - Online 7.99
Pepper Money Essential 8.29
Co-operative Bank - Owner Occ 8.40
Co-operative Bank - Standard 8.40
First Credit Union Standard 8.50
Kiwibank 8.50

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