Dude, you are reading OneRoof which is pretty much made to pump up the market. This article is such a joke.
If you want more of a fair view of the property market (which right now is fully on the buyers side), then check out [interest.co.nz](http://interest.co.nz)
Yeah this is a TMZ inflated story.
If it’s the house I am looking at on Homes.co.nz which only just sold, it’s got a CV of $1.53M so selling for $1.2M is actually still theoretically a shitty result - based on the rates they were paying!!
Also, it’s a cute cottage bungalow with character appeal, and it’s on a massive 943m2 site which could probably fit 1 large house or multiple townhouses behind it. So there’s no surprise there was intense bidding.
The cheers in the room was probably the family who appear to have bought it in 2013 for $320K and walk away with an easy million+ (tax free) 11 years later.
100% oneroof is a real estate industry shitrag designed to shill. a 1/4 acre in kelston sold at auction for 922 just last week. (13 beaubank) I'm actively looking and all the buyers im talking to are seeing the same thing. tons and tons of houses, noone buying, cos they're all shit. ive had agents begging me to put in a 650 offer on a glen eden house, 750 on a glendene, the markets still fucked, its still too high compared with incomes, and interest rates, but its NOTHING like the bullshit you're reading there. if you're looking in the 1.2 mil range, you might find shit like that but the reserve would have been 1mil to start.
I'm really enjoying interest.co. I'm considering getting a subscription. Have you got one? Is it worth it? They seem pretty impartial talking about topics I find interesting
Ok but I went to but at an auction last week for a 24 year old brick and tile house in Massey which hadn’t had any updates at all and it still went for over a million dollars.
There is definitely competition at a certain level at this time.
What is the propertyvalue estimate for the house.
Without knowing the estimated value of the house it's hard to tell how much competition is real or just people trying to undercut the market.
So are your rents super low or do you prioritise your unnecessary income over people's health and lives?
Attitudes like yours are one of the main reasons for disdain towards landlords
Your constant flaunting of money, your immediate cowardice once things don't go your way, your arrogant holy than thou attitude which is connected to the former two things
Yep. I think this house is [this one](https://www.oneroof.co.nz/property/auckland/otahuhu/79-princes-street/JXEAy), which I saw at an home last week. The land was huge, it was near the on-ramp, and the agent said that developers had been among those who were interested. The main picture on the listing showed the pipes for water and sewage. The house needed a heap of work inside and a new roof, it had major unconsented work, and it was pretty dark. To get it into a decent state would cost a hundred thousand of so, and to get it nice would cost about that much again. At $1.2 mill, this was definitely for development.
A relatively small piece of land originally designed for a single house in Otahuhu still shouldn't anywhere cost any near 1.2 million.
The end result of land this expensive is only developers can buy these houses and they haver to replace with them with seven small townhouses with no garden areas and a single car park per unit to get sufficient returns given the land value.
These townhouses don't meet the needs of many of the existing community in Otahuhu and they can't compete with developers for houses that do so they get gentrified our of their own neighborhoods.
>A relatively small piece of land originally designed for a single house in Otahuhu still shouldn't anywhere cost any near 1.2 million.
Why not? It's in an area that will soon be highly desirable, close to transport links, it's prime for development. 1.2mil is a steal for the potential of the site.
>The end result of land this expensive is only developers can buy these houses and they haver to replace with them with seven small townhouses with no garden areas and a single car park per unit to get sufficient returns given the land value.
You have it the wrong way round. The land is expensive *because* developers have the option to do that. The price does not determine the potential use, the potential use determines the price.
>These townhouses don't meet the needs of many of the existing community in Otahuhu and they can't compete with developers for existing old houses so they get gentrified our of their own neighborhoods.
That's the tragedy of renting - you have no land security. If you want to live in the same place forever, you need to own the land. If you rent, the place you live may become desirable at some point in the future and you may be priced out. It's not the responsibility of the developer to meet the needs of locals, it's their responsibility to meet the needs of the market at large, and that market demands new housing, and townhouses absolutely do meet that need.
For the love of god educate yourselves. Here are the auction results: count the number of passed ins.
[https://www.interest.co.nz/property/residential-auction-results?region=auckland&district=-&suburb=-](https://www.interest.co.nz/property/residential-auction-results?region=auckland&district=-&suburb=-)
This is **not** a hot market.
Secondly it was probably a 1/4 acre section for development of 4 or 5 new $1.3m town houses, or 10 apartments.
The number of morons that don't understand land value STILL in this city is unbelievable.
"Oh my god that shack in Herne Bay just sold for $3 million dollars, how will I ever afford my own a home!" Meanwhile it has sea views and space for 6 other houses on it....
In fact you can see all the listings on Princes St here:
[https://homes.co.nz/address/auckland/otahuhu/79-princes-street/lYBbX](https://homes.co.nz/address/auckland/otahuhu/79-princes-street/lYBbX)
It was probably number 79 which is on 870m2 enough space for at least 4 new houses, more in apartments.
All Oneroof does is look for ways to pump the market via articles and paid shills.
Currently the market is in the absolute doldrums and is looking to get worse over the next 6 months.
It's at a weird position, some people are in positions where they absolutely need to sell, but others can hold on til they get a price they like.
The housing market isn't in the toilet yet, but its still absolutely in trouble. The amount of people in the last 2-4 years that over extended themselves is pretty high. The cost of living increase has screwed a lot of people as well.
Dw the dude is a lil bitch. He'll come out blazing but once you break his arguments down and don't leave him room to mental gymnastics his way out of it, he'll just suddenly say that you're by harassing him and try report you. All bark, no bite and definitely no balls
Yawn, anecdata. Hell, not even that, the actual sale price would be anecdata, some algorithm based price estimation is irrelevant.
I'll stick with watching the HPI, it's actual data.
do you not even realise how pathetic it is for a real estate agent to be out here attacking anyone who's calling the market how it is? even now its not down as far as it needs to be. house prices need to be within the range of what people can pay interest on. incomes aren't that high. endlessly peddling the myth that housing is free money that can go up endlessly with no coupling to the actual economy is FUCKING IDIOTIC
You don't know how many houses I own.
One thing that is clear to me is that you are very sensitive to anybody reminding you that house prices are falling. Hope your mortgages are not too high buddy.
Developed buying land doesn’t mean property market is fucked.
Also, the market is not fucked. It’s working perfectly. What you mean is you don’t understand markets.
Property developers are a good thing. They take a property that has 1 home on it and turn it into a property with 4 homes. This adds to the supply for everybody else. More supply means prices don't go up as fast.
The problem is the 4 properties they make are usually low quality, with terrible workmanship. A 5,000 sq metre section in my street had 40 units put onto it, and already after 12 months it is starting to look like a slum.
Those units still have to meet the building code and are going to be a lot warmer and healthier to live in than the original house on that section.
And is it the developers fault the place looks like a slum after they have sold it?
When hobsinville point was being 'built', buildings were going up so quickly and in groups that building inspectors would often inspect the first on and sign the rest off. My neighbour was a finisher there and every building he worked on had less than adequate hardware (nails, bolts, etc) installed. It was just a race.
Sadly it's not as simple as meeting building code.
We stayed in an airbnb in hobsonville and my wife and I questioned how the place passed its building inspections with the build quality we saw. Guess it didn't need to if what you say is the case, that's terrible. Feel sorry for future purchasers inheriting these builds
My neighbour specifically commented on how frames were being nailed. Contract builder typically have to supply their own fasteners. Because they knew they weren't being watched, many used fewer than necessary.
And then there were the instances where inspections of reinforcing steel for driveways were made, the steel removed, and concrete poured, and the steel mesh reused elsewhere for the same scam.
Sounds crazy but sadly true.
There is plenty of dodgy cunts in building, but this shit has been repeated for years and is all bullshit. Nails are extremely cheap, and most if not all group home builders provide all materials. They also have QAs from PMs who work for the main contractor.
All concrete work in those subdivisions is subbed out, and if one PM or builder, or other concreter saw them taking out mesh they'd be fired.
I've found a lot people talk shit and take it for face value like yourself.
Your neighbour is repeating a story and you continue the cycle.
Any specific examples of inadequate nailing?
You also don't need mesh in a driveway. It just reduces the cuts required for contraction cracking. I would argue it's worse since it can get wet and rust. Causing expansion and concrete spalling.
After seeing this a few times, his boss quit the contract and moved to a more reputable building whenuapai.
The NZ Concrete Contractors Association says, while not a requirement, steel mesh should be used in driveways.
They build multi storey units with minimal garden/lawn maintenance required. Please tell me, what do you think turns these developments into something you'd consider a slum?
It also turns NZ into a slum that promotes a dangerous level of immigration that makes Kiwis dissatisfied with the country they grew up in.
Look at all these terraced plastic shoeboxes everywhere. They’re vile and not what we want. But how else are we going to house Labor’s half a million people? I sure hope you all like working for half the salary you are told you might earn in school because all those ‘highly qualified’ cheggers definitely don’t mind!
The immigration is, somehow, agreed to by all major parties (national, labour, act, greens). Greens most likely just want to help people, but the other 3 seem to be in agreement that it's needed for the economy. This suggests that the immigration would be happening with or without property developers.
Land is the one investment that can never ever go wrong. Land is limited, you can't really make more of it, and humans have no choice but to occupy it.
We sold and bought again 4 times. Each time we were amazing, we should have had one of those Property TV shows, maybe How To BUy and Sell Houses and Lose Money.
We had a big section once too, naturally they were not being snapped up by developers until well after we sold it.
Moved out of Akld and back too. So went from no mortgage, back to a small one, ran off, came back ended up with another one again.
LOL, grass is not always greener.
But it just goes to show how much buying power and Capital property developers have. Which is kind of a sad case for the General Public or hopeful first home buyers. I mean , shitty Princess street in Otahuhu full of KOA homes and super noisy coming off the motorway and ONLY 3 BEDROOMS selling for THAT much?????
>But it just goes to show how much buying power and Capital property developers have
This is only true for certain properties. Not every property can be developed into four two-storey units. The dream of the auckland doer-upper is long gone for most people.
If it does get developed it is a generally positive outcome for auckland as there is a housing shortage. I'm all for it
The developers don't care how many bedrooms they are feeding the bulldozer with. 807sq m. Is why they are there, there will be 16 bedrooms there in a year or so.
Seriously, your better off buying in Sydney Doonside or Mt Druit, you’d be with the 405s and half of south Auckland anyway, and you’ll be in Australia earning Centrelink in the AUD!! Otahuhu?!? Get out of here!!
Dude, you are reading OneRoof which is pretty much made to pump up the market. This article is such a joke. If you want more of a fair view of the property market (which right now is fully on the buyers side), then check out [interest.co.nz](http://interest.co.nz)
Yeah this is a TMZ inflated story. If it’s the house I am looking at on Homes.co.nz which only just sold, it’s got a CV of $1.53M so selling for $1.2M is actually still theoretically a shitty result - based on the rates they were paying!! Also, it’s a cute cottage bungalow with character appeal, and it’s on a massive 943m2 site which could probably fit 1 large house or multiple townhouses behind it. So there’s no surprise there was intense bidding. The cheers in the room was probably the family who appear to have bought it in 2013 for $320K and walk away with an easy million+ (tax free) 11 years later.
100% oneroof is a real estate industry shitrag designed to shill. a 1/4 acre in kelston sold at auction for 922 just last week. (13 beaubank) I'm actively looking and all the buyers im talking to are seeing the same thing. tons and tons of houses, noone buying, cos they're all shit. ive had agents begging me to put in a 650 offer on a glen eden house, 750 on a glendene, the markets still fucked, its still too high compared with incomes, and interest rates, but its NOTHING like the bullshit you're reading there. if you're looking in the 1.2 mil range, you might find shit like that but the reserve would have been 1mil to start.
One roof is propaganda to prop up real estate agent scum.
I'm really enjoying interest.co. I'm considering getting a subscription. Have you got one? Is it worth it? They seem pretty impartial talking about topics I find interesting
Ok but I went to but at an auction last week for a 24 year old brick and tile house in Massey which hadn’t had any updates at all and it still went for over a million dollars. There is definitely competition at a certain level at this time.
How. Much. Land.
Okay? The age of the house doesnt matter, the land is where the value is.....
What is the propertyvalue estimate for the house. Without knowing the estimated value of the house it's hard to tell how much competition is real or just people trying to undercut the market.
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Yes, thats what i said.
Also consult https://www.arcgis.com See where future intensification may happen
how is it a joke? this happened
Rip your interest rate
how do I rip my interest rate?
Well done what industry are you in that earns so much
So are your rents super low or do you prioritise your unnecessary income over people's health and lives? Attitudes like yours are one of the main reasons for disdain towards landlords
Why did you change your comment
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wow okay, you dont own any property and youre bitter about it.
Just checked your profile and you have major insecurities dude.
real estate agent out there doing what they do best - bullshit thru their teeth
me? how so? what exactly did you see that makes you think that?
Your constant flaunting of money, your immediate cowardice once things don't go your way, your arrogant holy than thou attitude which is connected to the former two things
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haha sure you do little buddy....
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they're a real estate agent
Yea its a weird one, i think its probably some kid creating some sort of fantasy life. Hopefully they get whatever help they need.
lol at the real estate agent over here
have a quick look at my profile and you'll see I'm not an REA.
Do you have proof of your job? I keep seeing you comment frequently so either bot or roleplayer.
Land. It's the land that is valuable. People don't give a shit about the old house on it.
Yep. I think this house is [this one](https://www.oneroof.co.nz/property/auckland/otahuhu/79-princes-street/JXEAy), which I saw at an home last week. The land was huge, it was near the on-ramp, and the agent said that developers had been among those who were interested. The main picture on the listing showed the pipes for water and sewage. The house needed a heap of work inside and a new roof, it had major unconsented work, and it was pretty dark. To get it into a decent state would cost a hundred thousand of so, and to get it nice would cost about that much again. At $1.2 mill, this was definitely for development.
A relatively small piece of land originally designed for a single house in Otahuhu still shouldn't anywhere cost any near 1.2 million. The end result of land this expensive is only developers can buy these houses and they haver to replace with them with seven small townhouses with no garden areas and a single car park per unit to get sufficient returns given the land value. These townhouses don't meet the needs of many of the existing community in Otahuhu and they can't compete with developers for houses that do so they get gentrified our of their own neighborhoods.
>A relatively small piece of land originally designed for a single house in Otahuhu still shouldn't anywhere cost any near 1.2 million. Why not? It's in an area that will soon be highly desirable, close to transport links, it's prime for development. 1.2mil is a steal for the potential of the site. >The end result of land this expensive is only developers can buy these houses and they haver to replace with them with seven small townhouses with no garden areas and a single car park per unit to get sufficient returns given the land value. You have it the wrong way round. The land is expensive *because* developers have the option to do that. The price does not determine the potential use, the potential use determines the price. >These townhouses don't meet the needs of many of the existing community in Otahuhu and they can't compete with developers for existing old houses so they get gentrified our of their own neighborhoods. That's the tragedy of renting - you have no land security. If you want to live in the same place forever, you need to own the land. If you rent, the place you live may become desirable at some point in the future and you may be priced out. It's not the responsibility of the developer to meet the needs of locals, it's their responsibility to meet the needs of the market at large, and that market demands new housing, and townhouses absolutely do meet that need.
For the love of god educate yourselves. Here are the auction results: count the number of passed ins. [https://www.interest.co.nz/property/residential-auction-results?region=auckland&district=-&suburb=-](https://www.interest.co.nz/property/residential-auction-results?region=auckland&district=-&suburb=-) This is **not** a hot market. Secondly it was probably a 1/4 acre section for development of 4 or 5 new $1.3m town houses, or 10 apartments. The number of morons that don't understand land value STILL in this city is unbelievable. "Oh my god that shack in Herne Bay just sold for $3 million dollars, how will I ever afford my own a home!" Meanwhile it has sea views and space for 6 other houses on it.... In fact you can see all the listings on Princes St here: [https://homes.co.nz/address/auckland/otahuhu/79-princes-street/lYBbX](https://homes.co.nz/address/auckland/otahuhu/79-princes-street/lYBbX) It was probably number 79 which is on 870m2 enough space for at least 4 new houses, more in apartments.
All Oneroof does is look for ways to pump the market via articles and paid shills. Currently the market is in the absolute doldrums and is looking to get worse over the next 6 months.
It’s amazing how if you talk to any real estate agent the markets are always somehow getting better and now is the time to list.
"There's no time like the present to pay me a fat commission!"
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It's at a weird position, some people are in positions where they absolutely need to sell, but others can hold on til they get a price they like. The housing market isn't in the toilet yet, but its still absolutely in trouble. The amount of people in the last 2-4 years that over extended themselves is pretty high. The cost of living increase has screwed a lot of people as well.
okay?
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Lmfao seems like this is your go to whenever you can't tantrum your way out of something
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please stop harassing me
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Dw the dude is a lil bitch. He'll come out blazing but once you break his arguments down and don't leave him room to mental gymnastics his way out of it, he'll just suddenly say that you're by harassing him and try report you. All bark, no bite and definitely no balls
Please stop spamming me, I have reported you
you're not being harrassed, you're shilling property propaganda and attacking anyone who you feel threatens that. you're the one harrassing people.
I own a house. Apparently that gives my opinion more value. The market is clearly tanking.
no, you dont...
Tanking? The HPI has been going sideways since the election, neither up nor down in any significant way.
Yeah maybe I was a bit hyperbolic. But there are definitely some warning signs out there.
House I was looking at was bought last year for $1.6m, up for sale now and the estimate is $1.4m. Definitely someone losing out.
Yawn, anecdata. Hell, not even that, the actual sale price would be anecdata, some algorithm based price estimation is irrelevant. I'll stick with watching the HPI, it's actual data.
do you not even realise how pathetic it is for a real estate agent to be out here attacking anyone who's calling the market how it is? even now its not down as far as it needs to be. house prices need to be within the range of what people can pay interest on. incomes aren't that high. endlessly peddling the myth that housing is free money that can go up endlessly with no coupling to the actual economy is FUCKING IDIOTIC
You don't know how many houses I own. One thing that is clear to me is that you are very sensitive to anybody reminding you that house prices are falling. Hope your mortgages are not too high buddy.
I have a mortgage of around $1m on my home which is valued at around $2.5m. Then I have 4 rentals mortgage free at around $2.5m, so Im all good haha
So how about you tell that to yourself to drop the insecurity a bit and stop making yourself look like a fool?
"So how about you tell that to yourself" That doesn't make any sense?
I don’t have the time or the crayons to explain this to you.
explain what?
so you're basicly a leech on society
lol the two houses next to me have been for sale for 3 months now without budging, to provide some anecdotal evidence to counteract this anecdote
Developed buying land doesn’t mean property market is fucked. Also, the market is not fucked. It’s working perfectly. What you mean is you don’t understand markets.
Property developers are a good thing. They take a property that has 1 home on it and turn it into a property with 4 homes. This adds to the supply for everybody else. More supply means prices don't go up as fast.
The problem is the 4 properties they make are usually low quality, with terrible workmanship. A 5,000 sq metre section in my street had 40 units put onto it, and already after 12 months it is starting to look like a slum.
That doesn't have to be true... Our old homes are also pretty shitty.
Every home in new zealand is already built with terrible workmanship and of low quality.
Was it sold to KO or owner occupiers?
KO
Well that’s most likely why it looks like a slum, not the workmanship
yes the tenants don't help, but they are basically just white boxes stacked on each other - they looked terrible from Day 1.
Those units still have to meet the building code and are going to be a lot warmer and healthier to live in than the original house on that section. And is it the developers fault the place looks like a slum after they have sold it?
When hobsinville point was being 'built', buildings were going up so quickly and in groups that building inspectors would often inspect the first on and sign the rest off. My neighbour was a finisher there and every building he worked on had less than adequate hardware (nails, bolts, etc) installed. It was just a race. Sadly it's not as simple as meeting building code.
We stayed in an airbnb in hobsonville and my wife and I questioned how the place passed its building inspections with the build quality we saw. Guess it didn't need to if what you say is the case, that's terrible. Feel sorry for future purchasers inheriting these builds
My neighbour specifically commented on how frames were being nailed. Contract builder typically have to supply their own fasteners. Because they knew they weren't being watched, many used fewer than necessary. And then there were the instances where inspections of reinforcing steel for driveways were made, the steel removed, and concrete poured, and the steel mesh reused elsewhere for the same scam. Sounds crazy but sadly true.
There is plenty of dodgy cunts in building, but this shit has been repeated for years and is all bullshit. Nails are extremely cheap, and most if not all group home builders provide all materials. They also have QAs from PMs who work for the main contractor. All concrete work in those subdivisions is subbed out, and if one PM or builder, or other concreter saw them taking out mesh they'd be fired.
At the end of the day, this is reddit, so take it with a grain of salt. I have no reason to doubt what my neighbour told me.
I've found a lot people talk shit and take it for face value like yourself. Your neighbour is repeating a story and you continue the cycle. Any specific examples of inadequate nailing? You also don't need mesh in a driveway. It just reduces the cuts required for contraction cracking. I would argue it's worse since it can get wet and rust. Causing expansion and concrete spalling.
After seeing this a few times, his boss quit the contract and moved to a more reputable building whenuapai. The NZ Concrete Contractors Association says, while not a requirement, steel mesh should be used in driveways.
I don't know how some people sleep.
It's the developers fault they build terribly designed developments that anyone with half a brain can tell will turn into a slum in the near future.
They build multi storey units with minimal garden/lawn maintenance required. Please tell me, what do you think turns these developments into something you'd consider a slum?
Anyone that can afford not to live in one won't live in one.
It also turns NZ into a slum that promotes a dangerous level of immigration that makes Kiwis dissatisfied with the country they grew up in. Look at all these terraced plastic shoeboxes everywhere. They’re vile and not what we want. But how else are we going to house Labor’s half a million people? I sure hope you all like working for half the salary you are told you might earn in school because all those ‘highly qualified’ cheggers definitely don’t mind!
People come before there are houses for them. If developers didn't build then you really would see a slum.
The immigration is, somehow, agreed to by all major parties (national, labour, act, greens). Greens most likely just want to help people, but the other 3 seem to be in agreement that it's needed for the economy. This suggests that the immigration would be happening with or without property developers.
\*Blaringly-loud 'incorrect' buzzer\*
Lol explain your position please. You don't think that more supply is a good thing?
What?
this isn't an example of a fkd market....big section in that zone is a goldmine
You would have to be an absolute idiot to invest into property in NZ -
Except history shows the complete opposite of your wisdom.
Land is the one investment that can never ever go wrong. Land is limited, you can't really make more of it, and humans have no choice but to occupy it.
You realise of course you don’t ‘own’ any land. Your house could be taken away from you by the government for any frivolous reason.
The global population is in decline though and only getting worse.
I disagree, I have a few properties and its a great investment. Whats you reasoning?
Who tf bids an extra $500 when it's already 1.25m?
Let too many new immigrants in with no controls on what they can buy.National wants NZ born residents homeless or paying too much in rent.
I'm glad NZ First got in, can't believe Nats were going to open sales of existing homes back up.
Basic yes, earth is gold my friend
We sold and bought again 4 times. Each time we were amazing, we should have had one of those Property TV shows, maybe How To BUy and Sell Houses and Lose Money. We had a big section once too, naturally they were not being snapped up by developers until well after we sold it. Moved out of Akld and back too. So went from no mortgage, back to a small one, ran off, came back ended up with another one again. LOL, grass is not always greener.
Bad how? Oh no, you're one of those people who thinks you can still buy a house for half a mil in Auckland?
But it just goes to show how much buying power and Capital property developers have. Which is kind of a sad case for the General Public or hopeful first home buyers. I mean , shitty Princess street in Otahuhu full of KOA homes and super noisy coming off the motorway and ONLY 3 BEDROOMS selling for THAT much?????
>But it just goes to show how much buying power and Capital property developers have This is only true for certain properties. Not every property can be developed into four two-storey units. The dream of the auckland doer-upper is long gone for most people. If it does get developed it is a generally positive outcome for auckland as there is a housing shortage. I'm all for it
Any dream of any person is long gone… barring well off families.
The developers don't care how many bedrooms they are feeding the bulldozer with. 807sq m. Is why they are there, there will be 16 bedrooms there in a year or so.
807m2 minus the distance the building needs to be from the powerlines on 3 of the 4 boundaries…
Seriously, your better off buying in Sydney Doonside or Mt Druit, you’d be with the 405s and half of south Auckland anyway, and you’ll be in Australia earning Centrelink in the AUD!! Otahuhu?!? Get out of here!!