Residential property values could not have been any flatter in September, with the national average dwelling value decreasing by just $20, according to property data company CoreLogic.
The national average dwelling value was $905,445 in September, compared to $905,466 in August, a difference of just $20 (after rounding the cents), which means that on average, residential property values declined by -0.002% in September, according to the CoreLogic House Price Index.
Over the previous three months the national average value declined by -0.6% and over the previous 12 months it declined by -7.3%.
As might be expected when the change in the national figure is so slight, movements in the average values of individual districts were very mixed, with some areas up compared to August and some coming in lower.
For example in the country's largest property market, Auckland, the average value across the region was up by $4346 in September, but average values declined for the North Shore, Waitakere and Franklin.
The decline in value was most widespread across the Waikato and Bay of Plenty districts and at the bottom of the North Island and Upper South Island.
There has also been an ongoing drop in average values in Queenstown-Lakes.
"This patchiness among the main centres may well continue in the coming months and is likely to be a feature elsewhere in NZ too," CoreLogic NZ Chief Property Economist Kelvin Davidson said.
"After all, while we have broadly reached a trough in the market, we're not expecting the next phase of growth to be swift or sudden either, given mortgage rates remain challenging for many households," he said.
The table below shows the average dwelling values in all urban districts throughout the country and their changes over one, three and 12 months.
The comment stream on this story is now closed.
| CoreLogic House Price Index | ||||
| September 2023 | ||||
| Territorial authority | Average current value | 3 month change % | 12 month change % | 1 month change $ |
| Far North | $682,988 | -2.1% | -4.4% | -$7,753 |
| Whangarei | $729,717 | -1.9% | -8.8% | -$6,906 |
| Kaipara | $802,994 | -7.1% | -8.9% | $7,071 |
| Auckland - Rodney | $1,231,078 | -0.9% | -9.1% | $8,783 |
| Rodney - Hibiscus Coast | $1,141,928 | -0.9% | -9.8% | $10,344 |
| Rodney - North | $1,300,591 | -1.1% | -9.0% | $6,499 |
| Auckland - North Shore | $1,425,395 | 0.8% | -7.6% | -$1,197 |
| North Shore - Coastal | $1,633,345 | 0.7% | -7.3% | $1,047 |
| North Shore - North Harbour | $1,390,473 | 1.7% | -6.8% | $4,908 |
| North Shore - Onewa | $1,134,409 | -0.6% | -8.7% | -$8,540 |
| Auckland - Waitakere | $987,925 | -0.6% | -10.4% | -$1,356 |
| Auckland - City | $1,445,666 | -2.1% | -9.7% | $5,821 |
| Auckland City - Central | $1,225,047 | -2.7% | -9.9% | $11,346 |
| Auckland City - Islands | $1,562,063 | -2.5% | -9.3% | $20,183 |
| Auckland City - South | $1,302,996 | -1.7% | -10.2% | $6,546 |
| Auckland_City - East | $1,807,784 | -1.6% | -9.1% | -$739 |
| Auckland - Manukau | $1,141,474 | 1.9% | -7.9% | $10,223 |
| Manukau - Central | $879,831 | 1.2% | -9.1% | $8,055 |
| Manukau - East | $1,432,821 | 3.4% | -6.5% | $19,136 |
| Manukau - North West | $993,385 | 0.6% | -8.4% | $2,870 |
| Auckland - Papakura | $913,032 | 4.2% | -10.9% | $9,177 |
| Auckland - Franklin | $905,200 | 1.0% | -8.9% | -$3,803 |
| Thames Coromandel | $1,103,574 | -6.3% | -12.3% | -$30,239 |
| Hauraki | $629,159 | -2.7% | -6.3% | -$5,687 |
| Waikato | $719,948 | -1.3% | -8.8% | -$10,375 |
| Matamata Piako | $686,710 | -1.5% | -6.9% | -$16,273 |
| Hamilton | $787,616 | -2.0% | -8.1% | -$11,932 |
| Hamilton - Central & North West | $741,952 | -0.2% | -6.7% | -$16,022 |
| Hamilton - North East | $967,941 | -2.8% | -8.8% | -$12,961 |
| Hamilton - South East | $722,656 | -2.3% | -8.5% | -$14,792 |
| Hamilton - South West | $700,392 | -1.3% | -7.6% | -$4,885 |
| Waipa | $867,613 | -2.3% | -2.9% | $1,389 |
| Otorohanga | $527,875 | 1.5% | 2.3% | -$9,138 |
| South Waikato | $420,784 | -1.0% | -11.0% | -$5,161 |
| Waitomo | $378,901 | -1.6% | -7.8% | -$13,179 |
| Taupo | $825,364 | -1.1% | -6.1% | -$6,219 |
| Western BOP | $999,424 | 0.6% | -1.1% | $10,611 |
| Tauranga | $1,007,262 | -1.6% | -8.8% | -$11,813 |
| Rotorua | $634,972 | -2.3% | -8.3% | -$4,199 |
| Whakatane | $740,633 | 1.3% | -0.7% | $7,638 |
| Kawerau | $393,501 | 4.1% | -7.6% | -$8,926 |
| Opotiki | $505,120 | -2.2% | -13.0% | -$39,575 |
| Gisborne | $589,914 | -0.7% | -6.3% | $10,256 |
| Wairoa | $401,444 | -0.7% | 0.7% | -$3,340 |
| Hastings | $778,707 | 1.6% | -4.4% | $5,049 |
| Napier | $746,181 | -0.2% | -7.3% | $8,537 |
| Central Hawkes Bay | $590,932 | -0.5% | -4.5% | $12,793 |
| New Plymouth | $704,137 | -1.4% | -3.8% | -$6,305 |
| Stratford | $476,245 | 1.3% | -2.6% | -$3,065 |
| South Taranaki | $430,752 | -3.1% | -6.6% | $428 |
| Ruapehu | $364,571 | 1.1% | -7.3% | -$6,331 |
| Whanganui | $497,299 | -1.4% | -6.2% | $3,599 |
| Rangitikei | $421,858 | 3.7% | -9.6% | -$14,684 |
| Manawatu | $597,094 | -1.7% | -6.1% | -$7,767 |
| Palmerston North | $635,948 | -0.2% | -7.8% | -$1,066 |
| Tararua | $403,772 | -2.3% | -11.1% | $1,042 |
| Horowhenua | $556,260 | -0.1% | -8.5% | $1,200 |
| Kapiti Coast | $800,728 | -0.7% | -12.3% | -$9,448 |
| Porirua | $805,927 | 1.3% | -8.3% | $8,737 |
| Upper Hutt | $726,120 | 0.4% | -9.7% | -$1,315 |
| Lower Hutt | $755,260 | -1.7% | -11.0% | -$3,626 |
| Wellington City | $1,017,835 | 0.3% | -9.2% | -$729 |
| Wellington - Central & South | $971,436 | 0.3% | -9.6% | -$2,738 |
| Wellington - East | $1,127,305 | 1.2% | -8.7% | $15,269 |
| Wellington - North | $965,464 | 0.6% | -8.6% | $1,186 |
| Wellington - West | $1,153,955 | -1.1% | -9.5% | -$21,728 |
| Masterton | $554,489 | 0.2% | -10.0% | $480 |
| Carterton | $622,829 | -1.2% | -10.2% | -$14,777 |
| South Wairarapa | $751,965 | -5.6% | -12.9% | -$4,583 |
| Tasman | $766,957 | -1.7% | -6.9% | -$6,492 |
| Nelson | $773,219 | -1.7% | -4.9% | -$3,870 |
| Marlborough | $695,081 | 0.6% | -3.8% | $5,923 |
| Kaikoura | $666,154 | 3.5% | 2.3% | $36,256 |
| Buller | $327,511 | -4.4% | 0.0% | -$3,839 |
| Grey | $373,136 | 1.5% | 7.2% | $4,931 |
| Westland | $394,624 | 0.6% | 2.5% | -$1,013 |
| Hurunui | $609,070 | -3.3% | 0.4% | -$7,478 |
| Waimakariri | $693,083 | -0.9% | -3.7% | -$472 |
| Christchurch | $733,506 | 0.2% | -3.1% | $1,606 |
| Christchurch - Banks Peninsula | $779,316 | -1.4% | -2.6% | -$4,985 |
| Christchurch - Central & North | $831,239 | 0.0% | -4.1% | -$1,984 |
| Christchurch - East | $576,759 | 0.3% | -1.7% | $956 |
| Christchurch - Hills | $1,026,425 | -1.5% | -1.7% | $4,996 |
| Christchurch - Southwest | $697,351 | 0.9% | -3.3% | $4,541 |
| Selwyn | $810,480 | 0.6% | -4.7% | $7,933 |
| Ashburton | $532,398 | -0.7% | 0.5% | $1,212 |
| Timaru | $507,360 | -0.5% | -1.4% | $3,916 |
| MacKenzie | $764,909 | 16.0% | 6.4% | -$704 |
| Waimate | $430,700 | -2.3% | 1.6% | -$7,363 |
| Waitaki | $472,180 | 0.2% | -2.7% | $6,258 |
| Central Otago | $791,570 | 1.6% | 1.8% | $3,379 |
| Queenstown Lakes | $1,669,277 | -2.8% | -0.7% | -$6,185 |
| Dunedin | $610,715 | -1.2% | -5.4% | $948 |
| Dunedin - Central & North | $621,954 | 0.5% | -6.4% | $6,746 |
| Dunedin - Peninsular & Coastal | $571,089 | -5.3% | -3.6% | -$14,541 |
| Dunedin - South | $577,625 | -2.4% | -5.7% | -$4,602 |
| Dunedin - Taieri | $642,708 | -0.8% | -4.8% | $2,574 |
| Clutha | $374,950 | -6.3% | -6.2% | -$16,427 |
| Southland | $494,962 | -0.5% | 1.9% | -$4,200 |
| Gore | $381,423 | -8.9% | -4.7% | -$3,484 |
| Invercargill | $462,588 | 1.5% | 0.1% | $3,946 |
| Auckland Region | $1,259,296 | -0.5% | -9.3% | $4,346 |
| Wellington Region | $890,429 | 0.0% | -9.6% | -$281 |
| Main Urban Areas | $1,000,288 | -0.4% | -8.1% | $1,057 |
| All of Aotearoa | $905,445 | -0.6% | -7.3% | -$20 |
- You can have articles like this delivered directly to your inbox via our free Property Newsletter. We send it out 3-5 times a week with all of our property-related news, including auction results, interest rate movements and market commentary and analysis. To start receiving them, register here (it's free) and when approved you can select any of our free email newsletters.
116 Comments
Well, that’s not going to please the DGMs or the Ponzi Pushers.
Indeed. Is it the bottom or is it the dead cat bounce pause before resumption of free fall?
Roll the dice...
Hey, not bothered at all as we know the end result..
It's was a suckers rally for a couple of months and that will reverse, given HFL is here to stay
You may be right about the suckers rally. I'm going to keep an open mind and look to buy the best house I can afford, sometime.
Wait to next year when it drops a further 20% then they will really be unhappy.
I think they thought they could spruiker it up by telling lies.
Its all control by the bank cartel guys it will keep falling until the interest rates drop.
And it needs to for all young Kiwis the last thing they need is the National party to restart the Ponzi and sell them out again
There isn't much Gnats can do, the rout in bonds and real estate is global, there is no fresh cavalry capital coming in to save REs ass.
They'll certainly be trying to raid younger generations' retirement KiwiSavers for a second time, for the benefit of property speculators. Rental bonds, this time.
20% drop?? 😂😂😂 Dreams are free.
Im with you on this. Itll be at least a 30% drop
I can’t see it happening, and just because you think it should doesn’t mean it will. Be interesting to recall these comments in second quarter 24 to see. Plenty on here were saying mid 23 would be deep recession and house price capitulation and that hasn’t quite happened. Things can turn pretty quickly though so let’s see
Matt - the group on here are anti investors - so I’ve come to expect their sentiment and dreams of this massive crash. The sun is shining on them for now, so we’ve got to let them have their little moment. In all seriousness, there may me further minor falls, but the tightening of credit will not last forever. And when it ends, along with a National Govenrmenr (which I know they are scared of) things will be on the up again.
We aren’t anti investors (many property investors are speculators) we simply understand the social ramifications that stem from unaffordable housing and that wishing for house prices to continue their upward trajectory is pure greed.
You do realise that most investors are not flipping/speculators and hold for decades, and most have 1-3 rentals. There's nothing wrong with that. If that triggers you mate, that's on you. There are the odd greedy ones though.
There's zero social benefit when someone who already owns a dwelling decides: "lemme take this money and grab a house from the existing stock so I can extract rent from a productive member of the society; that's definitely much better than infusing the same capital into a business". It's called 'rentier behaviour'
Also, I don't expect you to understand this: "understanding something proves difficult when your paycheck depends on you not understanding it"
That’s cute mate - however the world does not work like that (news flash) nor is that the mentality of a property investor. Hope that’s not too hard to understand. I’d explain further, but you’ve shown your level of intelligence and that doesn’t warrant me to waste my energy defending my position. But just look around the world, I guess you’ve got an issue with all those people that decide to invest in property for the long term.
I've got an issue with people that get someone to pay their mortgage but then keep title for themselves.
Why should the landlord receive ownership of a property not paid for by someone else - all possible due to poor taxation and associated regulations.
These rules of course all possible due to the huge political donations being paid by the landlording classes - and of course landlordng politicians.
The system is corrupt, any wonder the mob is getting angry and venting at any cause of the moment?.
Ah yep. So free rent is what you’re after. Seems logical.
No...have never said that. An opportunity for home ownership - as a result of a fair system is all that we ask.
I don’t know what you income and personal circumstances are so can’t comment. But there are still FHBs buying homes….
"An opportunity for home ownership - as a result of a fair system is all that we ask."
The phasing out of interest deductibility has stopped buying in the existing house market from some highly leveraged non owner occupied property buyers who rent out in the long term rental market. This has reduced buying competition for owner occupier buyers
Also there have been reports of non owner occupied property owners selling. Some property promoters have commented that they are selling some of their properties. One such example is a non owner occupied property owner who had up to 62 non owner occupied properties at one time. Due to the phasing out of interest deductibility, they sold their entire property portfolio.
Another residential property owner who owns 100 properties, stated that he would sell down his property portfolio if the phasing out of interest deductibility continues after the election.
Renting is certainly cheaper than paying a mortgage on the same property. The owner picks up the delta. That’s kinda free rent.
Disclaimer: I’m not a property investor just a simple recent FHB who used the fair system (work, saving and patience) to buy a house for my family.
As did I mate, as did I.
But when, when house prices were 150K and average income was $50K or when average income was $70K and house prices are $905K. That statement is all about context, not a hidden agenda.
Nope, started just over 10 years ago. Worked a job plus many side hustles to get onto the ladder. No hidden agendas here.
To be fair there is risk associated with taking out a mortgage (often 100% purchase price), risk of tenants trashing the place or not paying rent.
It's been far too easy to obtain lending for additional rentals though. A DTI for new lending would have worked better than removing interest deductibility.
Assume $200k household, $3m house w/ $800k mort & 1 rental $600k with $360k mort. Rent @ $30k p.a. DTI of 5. Buy another rental for $600k / $30k. Can only borrow $140k as they hit the DTI of 5 ($260k x 5 = $1.3m) minus $1.16m exist loans.
I'm certainly not anti-investor - NZ needs huge investments to get to where we want to be. It's just upsetting to see so much spare capital that could be used productively tied up in housing as if that can possibly make our country better or richer.
I don't even feel angry at property investors who are just following incentives like a dog searching for a treat - I just feel a little depressed at the collective lack of imagination and the corruption of power that has resulted.
There is def a level of hate, as much as you try and sugar coat it - you just have to read the comments on here daily. A lot also feel it's an "NZ only" problem. Just look across the ditch and other countries - it's the same. There will always be investors and always be people who want to rent.
You're not wrong, but it's not something I share. There are a few commenters out there at the more rabid end of the spectrum, both here and elsewhere. I guess it is understandable for those who have been shut out of the market and latched on to property investors as the reason their life is on hold.
It's not entirely investors faults, but high property prices have caused a lot of suffering. When one group does too well at the expense of other group, it causes discontent.
Agree 80%. In saying that - I also know a lot of FHB that just have unrealistic expectations and won’t consider apartments, townhouses, houses that are not centrally located for a first home. Can’t get everything. And then you have a lot that have coninuously held off buying because they think “prices are too high” and the market goes further out of reach. People have ALWAYS felt that prices are too high, even boomers back in their day.
A lot of potential FHB, having been priced out of the market for years, are now older and have or want kids and pets. This changes what is 'suitable' - sure, a townhouse may be great for DINKs, but the shoeboxes that have gone up en masse over the last few years simply aren't suitable for growing families - which we should be encouraging as much as we can, for future taxation requirements.
Funnily enough though, they are great for empty nesters downsizing.
"Aren't suitable for growing families" Have you seen how the rest of the world lives? That's exactly what I meant about expectations....
I live in an area surrounded by septuagenarians in 4-8 bedroom houses. Yet, 2-3 bedroom shoeboxes are somehow suitable for families?
NZ is low population density, by world standards. There's no need to cram anyone in the way they do overseas. Shoe boxes here are about maximizing the profit for developers who have speculated on the land, not about providing suitable housing.
Why would I, who rents a large house on a decent section, have any desire to move into a shoebox just to 'own' it? 10 years ago, I absolutely would of - but post-children? Zero interest.
Low density, yes when you think about the country as a whole. The main cities are def not low density, if they were you'd have even more urban sprawl. Nothing stopping you from buying in a small town where you can have a massive section. So yes, there is a need to cram in our main cities due to housing demand and population growth as they do overseas. No one is crammed in the Nevada desert either. The dream of a quarter acre section in Mount Albert is long gone, but that's the price we pay for living in a big city ( or move further out into the burbs)
I guess it's hard to accept that dream was achievable on a single income 20 years ago. It's a nonsense to compare household incomes from 30/40 years ago as it was mostly dads working, moms staying home. Now with two incomes you can only afford something further from city centres, smaller and in worse suburbs...
On top of that the newer generations are asked to save the planet from mistakes of the past, be prepared not to have any public pension, etc.
They are the biggest losers.
True, but all a global problem - not just NZ.
Yes, people worldwide are priced out of a lifestyle their forebears enjoyed, Though NZ is in a worse bubble than most places worldwide. People now having to rent rather than buy, and they understand that the worse the housing situation gets for everyone, the better it is for the landlords.
Ticket scalpers, people who hoarded sanitiser to sell for a profit during a pandemic. People understand what they are doing and why, but people don't generally like them.
Yep I am anti-property investment for sure, and especially the grotesque incentives that have been directed towards it.
"the grotesque incentives that have been directed towards it. "
In the existing house market, owner occupier buyers are at a disadvantage to non owner occupier buyers due to the tax advantages that non owner occupiers receive. (non owner occupier buyers have an advantage over owner occupier buyers)
In order to get a fair and level playing field between owner occupier buyers and non owner occupier buyers, the tax advantages for non owner occupier buyers were being phased out. Non owner occupier buyers want to reinstate those tax advantages over owner occupier buyers in the existing house market.
The potential reinstatement of interest deductibility will increase the advantage of non owner occupier buyers over owner occupier buyers. This will put owner occupiers at a disadvantage to another set of buyers in the existing house market.
Do NZ residents want a level playing field in the existing house market? or would they prefer that one group of buyers has an advantage?
Iceman has as much credibility as the Easter bunny 🤣
Seppy - based on your productive comment, in going to stay away from saying anything condescending to you.
Wrong again Iceman
I do very well out of Property investment and have been full time at it for 15 years mainly commercial now.
I have also seen the deterioration in this country sense the GFC and know first hand what went on.
All my opinions are based on experience over the last 15 years.
So have I mate, close to 15. Except - I’ve seen the same deterioration in Sydney, Melbourne and Brisbane. So not sure what “ I’m wrong” about wise one
Iceman
Matt - the group on here are anti investors - so I’ve come to expect their sentiment and dreams of this massive crash.
Just responding to this comment.
You don't seem to be a iceman at the moment.
What I said is fact. Most people on here are exactly that and preach exactly that. I’m cool - just don’t know what you’re on about, I hope you do.
I really dont care much about the housing market, I was fishing and they are biting today. My eggs are all in my business, we have seen a 15% drop ytd which is a lot better than I expected, but the writing on the wall for the next 12 - 18 months looks ominous to me. Anyone picking ups is deluded in my opinion. In the words of Karen Carpenter - We've only just begun...
The last time the DGM predicted a plunge in property values, prices soared……
Accordingly, the DGM were left with egg all over their faces. In fact, Retired-Poppy scarpered and wasn’t heard from for 2/3 years, such was the extent of his personal humiliation and embarrassment. So much for his integrity and accountability......
Let’s be frank: what the DGM needs even more than houses is education. ✅ That’s obvious from their appalling literacy and numeracy standards - so evident here. If they were better educated, they’d be less naive, less bigoted/biased, and start making sensible comments - and decisions.
Until they get themselves educated and better-informed, we’re best to ignore their “contributions” here.
TTP
TTP, given "higher for longer" borrowing rates, you're hereby excused for coming across as increasingly desperate. Remember this?
by tothepoint - d… | 24th Feb 17, 10:00am
"A fall of a mere 12% over the next 3-4 years would be a soft-landing, given the spectacular gains of the recent past. So, hardly a forecast to get too uptight about. But the fall could be more pronounced than that - shouldn't rule that out. Auckland property prices are in decline now. Unless there's a compelling personal reason, why would one buy a house in Auckland at this juncture?"
Egg on own face.
That comment, Retired-Poppy, was made in February - 8 months ago! ........ Getting angry and using bold typeface can't hide the reality, Retired-Poppy, that the housing market has moved on since then.
The record shows that Auckland house prices have increased over the last couple of months or so...... That's precisely what I predicted - in numerous posts here.
All of your posts here, Retired-Poppy, exhibit one thing in common: the general stench of ineptitude.
TTP
Unless I'm reading that wrong, it was 6 years, 8 months ago.
Hi Market Interest,
If Poppy is referring to something written that long ago, then it's about as historic as he's out-of-touch.
Hard to fathom what goes on in Poppy's head. 🤯
TTP
TTP, if you fabricate historic falsehoods about me and others who threaten your livelihood, I think it's fair that you can expect to be confronted with the many skeletons you refuse to own on here.
It's notable you're now ramping up your rhetoric the higher borrowing rates go. You've every reason to feel threatened with rates Higher for Longer. Things must be quiet.
Have you wiped the egg from your face yet?
dp
imagine keeping records of comments people make from years ago. That is dedication to the cause. The National Party should hire Retired Poppy to do the social media screening of prospective candidates.
@Iceman - Check the "contributions" from 'property investors' like TTP - and it might become obvious why there could be some anti-investor feelings.
Yes - and I can equally point to “contributions” from the antis. There is a whole load of garbage from them too. Just because they can’t do something, they bang on others for being able to.
Shot Tim! Spoken like someone who has been pinged by ComCom for Anti-competitive conduct
https://comcom.govt.nz/case-register/case-register-entries/property-bro…
TTP
Another greedy real estate agent in denial.
Thankfully we have interest.co.nz were the real story can be told.
Vendors are collectively pulling an 'OPEC'; artificially restricting supply to prop up prices. If listings pick up post-election, watch that floor disappear.
Not if there is incentive to buy again - removed interest deductability, brightline reduction and eventially loosening of credit.
Hold on a moment, Greg! $20.00 isn't to be sneezed at......
It gets you a Double Cheeseburger, Filet-O-Fish, 10pk Chicken McBites, Small Fries and Hot Fudge Sundae at Golden Arches.
TTP
Early posting 12.01am... Will Yvil come in lauding the overnight posting of data, then launch a stinging attack
The $-20 obscures some pretty large swings.... depending on where you are its either a falling or rising market
I'm hoping he'll throw in a set of steak knives with his next sales pitch.
Thought you guys were Meta friends.. deal gone bad?
This dead cat won't even bounce! 🙀
Flat as a pancake - roadkill
The initial pick up was due to spruikers stating interest rates were starting to fall and a few suckers fell for it..
Now that HFL is reinforced, the slide will continue...
What does HFL mean please?
Houses For Leverage - seems odd dgms keep using it here
In your case it's Hoping For Love
Please don't project your issues on me DGM.
Higher for Longer!
Are we living an 80s repeat? Will the "Cash Rate" soon be referred to as the "Crash Rate"?
Highly Flammable Liquid.
Highly Flammable LOANS
Huge F**ken Losses
Housing Football League. For every winner there's a loser, although this month it appears it's a tie.
Thanks for asking, Sam. Was in the same boat.
Housing's "Herpes for Life"
Did anyone just watch Ryan Bridge interview a Barfoot real estate agent? We’ve hit the bottom, the green shoots have shot up and Spring is in the air. Auction rooms are full!
The NZ Herald hard copy has front page,massive font.."House prices powered up"...but you have to go five pages in to find an article about analysts warning interest rates could rise with National tax cuts...
These real estate agents are just liars and very greedy.
The sooner this industry is disrupted the better for us all.
They are paid about $1500. an hour better than all lawyers in this country how has it ever got to this.
Time everyone pushed back they would still be over paid at a 2% Commission.
1500 per hour doesn't sound right after the agency takes their cut. Then there's the time dealing with vendor and solicitors and dumbass DD questions
Divide your last house sale commission by 25 hours that will give you there hourly rate and your cost.
I know I gave up using real Estate agents some years ago and sold 10 house myself I saved about $300k.
I use an excellent company called Homesell run by a very capable NZ guy.
Homesell doesn't seem to have traction yet. FB Marketplace getting popular and then there's trade me. Any advice from your experiences selling BW?
Rastus
Have a look at the Homesell web site they can do all your marketing for you and put it on trade which is all you need.
Pay for the Trademe upgrades
Homesell is a very good brand that's been around for over 20 years.
Good on you. As a disinterested outsider, the marketplace seems so dysfunctional with far too many agents meaning they spend half their time competing for listings. It seems we'd all be better off with half the agents, selling twice as many houses each, for half the commission each time but I don't know how we get there.
In the meantime, voting with your feet seems the best option.
"Did anyone just watch Ryan Bridge interview a Barfoot real estate agent? We’ve hit the bottom, the green shoots have shot up and Spring is in the air. Auction rooms are full!"
Owner occupier buyers - remember there will ALWAYS be someone telling people that now is the best time to buy.
Why?
Because these people need to earn income to put food on the table to feed their families, pay for the roof over their heads (either rent or mortgage). More property transaction volume and transaction values financially benefit the following groups of people:
1) real estate agents
2) mortgage brokers
3) property mentors
4) property developers
There are others.
Positive marketing spin leads to increased confidence to persuade people to buy.
Always remember the vested financial self serving interests involved.
Averages are not he best way to measure a market
'The heat is on' (Glenn Frey)
https://www.stuff.co.nz/business/money/300981181/higher-mortgage-arrear….
Mixed bag in there - I see Optiki had the biggest fall in prices - which is interesting given yesterday that was the region declared to have the highest mortgage stress. Given its location and the weather events this year - it is somewhat understandable that prices are declining.
I believe the lines in italics denote a low sale count, so stats may be misleading.
Didn't it also feature (either in a comment or story, can't remember which) - where a significant portion of the town was owned by a single couple?
Auckland numbers are interesting.
North shore and South recovering. A sign of investor activity or aligned to immigration? (North and South are popular with immigrants)
Be careful which way you drive around that roundabout.
Kiwis careful at a roundabout?! 🤣
Those little orange flashy things on the side of their cars are a mystery to most
Many drive on the wrong side of the road already...
Looks like the house price crash will continue like I have said many times. Average wage earners are the key if a huge amount of the population cannot afford to purchase a home prices will continue to fall. With rates staying around this level or higher and inflation way off target levels of 2% average home is way out of there reach in most areas. I am expecting the next phase of the housing price crash to happen much faster than the last 20% as investors and people who are over leveraged have to refinance on much higher rates, unfortunately many did not see this downturn and thought rates would stay low for much longer but rates will now stay around this level or higher for a number of years if any central bank started lowering rates again their currency will become hugely devalued.
"With inflation that's actually a material decrease, so SEEEEEEE property is dead and anyone that brought a house is an idiot" - all the DGMs out there, probably....
*bought
Whoops thanks
We looked at this house back in 2021. They lost $200k in a couple of years.
https://homes.co.nz/address/auckland/new-windsor/30b-batkin-road/MoGbe
"They lost $200k in a couple of years"
How many of these comments have owner-occupier buyers been told?
1) you can never lose with property
2) you never go wrong with bricks and mortar
3) house prices always go up / never go down
4) rent is dead money
5) people should always own their own home over renting
6) everyone needs somewhere to live so property will always be in demand and property prices will rise
7) there is an underlying housing shortage so property prices will not go down by much
I used to live around the corner at Blockhouse Bay.. It's a shxtty area in terms of traffic!
Does anyone know what has happened with that guy, NZ Property Reality Check, who has the blog where he posts recent sales data? He hasn't updated it in about 2.5 weeks now.
For me... this shows the effects of the surge in immigration....
Impacts on rents, house prices ...etc.....
In the current climate, massive immigration becomes an upward demand on prices...which becomes another inflationary force.
Shows how bereft Govt is , in regards to intelligent policy... with all sorts of conflicting policy. eg.. cost of living crisis ....so we allow record immigration..... ( short term fixes that help create longer term problems )
just my view...
I suspect that is driven by lack of volume. Volumes are very low atm.
That, and the second coming of the messiah luxon is going to save house collectors. The rest of you are sinners and will burn.
Yee haa !! says the Crazy Horse, having just returned from a 6 week sojourn away ...ending with a 14 day road trip across the good ol' USA , driving Route 66 from Chicago to LA ! Loved it, but what an eye opener !
Things are buzzing along there, but their prices for everything have rocketed up ...saw gas at USD 7.99 a gallon in Needles, CA (admittedly the most expensive, especially when you can drive a short distance to Arizona and save on that price !) but in NZ dollar terms their gas at say USD $6.00 a gallon, so NZD 10.15 - @ NZD @ 3.785 litres per gallon, that's NZD 2.68 a litre. ....however back east, in the more rural areas, it was cheaper.
From a NZ property investor and buyer point of view, we all know the prices of NZ property really depends on interest rates, as the higher they go, the less demand. So I got a thinkin'...... for all you property investors out there, the Fed and NZ's own, Mr Adrian Orr (who correct me if I am wrong, worked in the US during the GFC) are very unlikely to lower interest rates - if anything, if things get over heated in the market, they will continue to raise rates.
The idea of these higher rates is to reduce demand for finance, while keeping cash flows for the retail banks ticking over ....nothing else, as I have said all along, it's all about the banks, and they are "controlling" the markets, especially the property market.
So put ya thinking caps on and give us all, at least 3 valid reasons, why some of you think out there, think that they will LOWER rates ???
So put ya thinking caps on and give us all, at least 3 valid reasons, why some of you think out there, think that they will LOWER rates ???
The obvious reason is that, in the last four decades, every time economic headwinds developed into a storm, rates have been slashed. We currently have developing storms on multiple fronts...hence it would be a logical conclusion that rates will be slashed sometime soon.
Is it different this time? Maybe, and for many reasons. But for the duration of most of our lifetimes cutting rates hard and fast *has* been the reaction, so perfectly reasonable to conclude that it will continue.
...so ya want a recession that affects EVERYONE just so your interest rates can come down ??? How myopically selfish of you
Anyway the BANKS will decide ...while you have only given 1 reason...
That certainly would be myopically selfish. I was, however, only commenting on the "why some people think rates will be coming down" bit.
Does anyone have a link to long term historical rental yields (or price to rent ratios) for different geographical locations?
Gosh, ignoring the exchange rate but taking salary and jobs prospect into account; Average house price in Sydney is at 1.33 mil and Melbourne 930K vs Auckland City at 1.44 mil.
I know what the younger generation is thinking!
That might be the average but house prices in Sydney where you would want to live are multi million. Anyone watching those love it or list it TV programs are simply horrified at the house prices in Sydney, you need like 2.5 Million and its not even great at that price.
I live in Sydney for 18 months recently.. Anyhow, you saw it on TV, it must be true!
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.