# NZ Property - "Enquiry Over"?



## ferretpossum (Jul 12, 2014)

Hi - I'm looking at property for sale in NZ at the moment and wondered if anyone can give a rough guide to what "enquiry over" means in terms of price? 

Here in Scotland it would mean you'd offer about 20% above the price and have a reasonable chance of getting the property - is it similar in NZ?


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## sharbuck (Dec 10, 2013)

I believe it means that the seller will not look at any offers under the amount listed. These are often to be avoided as it is not usual practice. Often this comes in a sellers market or when a person is wanting to get more for their property than it's worth. 

The housing market here is changing and even the nosebleed prices for homes in Auckland are coming down. Property auction houses are seeing much of their stock going with no bids because the sellers have unrealistic expectations.


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## Rosieprimrose (May 9, 2014)

Yes agree with the above, we are looking at property in Hawkes Bay and things listed like that have been on the market for ages. 
Where are you looking to buy? In most places (thats the rest of NZ other than Auckland) ask for the RV or rateable value. For example, in Napier, where we are looking, it gives a very good indication on a fair price. If the home has outstanding gardens or very good extras of some kind, it will go for a bit over that price.
Personally, we have found New Zealand Real Estates agents to be VERY honest and upfront, one a few weeks back, actually told be NOT to look at a property as the neighbourhood was not 5*.
In NZ the RV takes into consideration home improvement, like new kitchens and even fruit trees in gardens.
Recent (brilliant in my opinion) regulations on home buying, making it harder for absent overseas investors to buy the NZ, have bought the prices down a bit, wish Australia would do the same, Sydney has a huge % of overseas landlords and the prices make Auckland look attractive.
One thing I would say and this comes from a friend who works as a real estate agent in NZ is that sometimes a property is a bit out of the ordinary for the area will be listed as "enquiry over* just because house hunters need an idea of price.
If you are over here with cash, then you have the box seat, look at the RV, offer around that if its in good condition and make any offer subject to building inspection, thats is costing us $450.in Napier and worth every cent!


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## ferretpossum (Jul 12, 2014)

Thanks to you both, that's really helpful!

We really have to move to Tauranga as that's where my wife's family is from. I think prices there are pretty high due to Aucklanders buying holiday flats in the Bay of Plenty.


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## escapedtonz (Apr 6, 2012)

ferretpossum said:


> Thanks to you both, that's really helpful! We really have to move to Tauranga as that's where my wife's family is from. I think prices there are pretty high due to Aucklanders buying holiday flats in the Bay of Plenty.


We're moving to Tauranga at the beginning of November and the property prices aren't as expensive as here in Wellington. You get way more for your money whether buying or renting in the BOP. We want to live and settle in Bethlehem which appears and feels like the nicest suburb of the whole area, however rental properties are limited.
The holiday lets you speak of are situated at Mount Maunganui and down the coast towards Papamoa. All part of Tauranga but majority tourist area especially in summer and prices reflect this. There are a lot more suburbs than these for decent areas to live in Tauranga unless of course you must be on the best beach.


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## Rosieprimrose (May 9, 2014)

Great part of the country, BOP appears of be good value I totally agree. escapedtonz, saw this brilliant house for sale yesterday for sale in Bethlehem, so much more realistic price than Napier, our house hunt there is at a standstill atm. 
Neighbours of ours, packed up last month and moved from Sydney to move back home to NZ and bought a home in Papamoa, really happy with the price and love it there. They bought a house that looks identical to their Sydney home (from the photos anyway)and had enough money left over to buy an investment home as well!


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## escapedtonz (Apr 6, 2012)

Rosieprimrose said:


> Great part of the country, BOP appears of be good value I totally agree. escapedtonz, saw this brilliant house for sale yesterday for sale in Bethlehem, so much more realistic price than Napier, our house hunt there is at a standstill atm. Neighbours of ours, packed up last month and moved from Sydney to move back home to NZ and bought a home in Papamoa, really happy with the price and love it there. They bought a house that looks identical to their Sydney home (from the photos anyway)and had enough money left over to buy an investment home as well!


Yeah we did have Papamoa on our shortlist, but after integrating into a couple of online groups centred around that area, lots of research and a few visits we've discounted it for a number of reasons.
Bethlehem has always been the suburb in our hearts, just wish it was closer to the beach but hey ho, have to compromise somewhere.
We have a good handful of properties that could work for us but a bit too soon to do anything yet. 3 months & counting!


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## anski (Aug 17, 2008)

Rosieprimrose said:


> Yes agree with the above, we are looking at property in Hawkes Bay and things listed like that have been on the market for ages.
> Where are you looking to buy? In most places (thats the rest of NZ other than Auckland) ask for the RV or rateable value. For example, in Napier, where we are looking, it gives a very good indication on a fair price. If the home has outstanding gardens or very good extras of some kind, it will go for a bit over that price.
> Personally, we have found New Zealand Real Estates agents to be VERY honest and upfront, one a few weeks back, actually told be NOT to look at a property as the neighbourhood was not 5*.
> In NZ the RV takes into consideration home improvement, like new kitchens and even fruit trees in gardens.
> ...


RV or CV is not always a reliable way of judging if a house is realistically priced. We paid 30% over RV for our house in Napier. We viewed lots of other houses selling for their RV in the area & it became very apparent , that our RV was too low taking into consideration the build quality & features. Most of the houses in our area were built in the 1940's & either original & in need of rejuvenation. Some had been "renovated" to a very poor standard. By that I mean a lick of paint, polished floorboards & cheap kitchen & bathroom refits, in my opinion does not equal "renovated" just tarted up & in many cases would be better left for new owners to make their own improvements.
On having our house valued I was informed if I was not intending to resell the house to leave the CV low, as it means cheaper rates.
You will find more houses come on the market in spring - summer. Many people put off selling houses in winter unless there is a pressing need.
The climate is wonderful here, having lived in 11 countries & Sydney & Qld, I love the seasons & the mild climate. PS Don't tell too many or they will all want to move here.


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## jawnbc (Apr 28, 2012)

We paid 30% over CV for our house in Auckland (New Windsor) and that was a bargain! Some places sold at auction for close to 2x CV. It's nuts!


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## Rosieprimrose (May 9, 2014)

Yes indeed, lets keep Napier secret!!!!!! I do hope some homes come on the market soon, its really depressing, they are either first homes or in the millions, not much picking in-between. Yes, you have had really good advice about not getting the CV updated, most only do that before they sell.
We are looking for something we can add value to, happy to strip out to the shell of the house if we have to, just want a HUGE garden and good parking and a old character home. We can get that in Hastings ATM but really don't won't to go there.
Really a bit grumpy about the way real estate is listed generally, we missed out on a perfect home, it was listed as Negotiation and I assumed incorrectly it was way over budget. Lesson learnt, assume nothing, it turns out it was one step away from a mortgagee sale, had been stripped out inside and went for $200.000 BELOW CV Grrrrr


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