Average dwelling values declined for the second month in a row in May, with Auckland leading the drop, according to property data company CoreLogic.
According to the company's House Price Index, the national average dwelling value was $931,438 in May, down from $933,633 in in April and $934,806 in March.
However, the drop in average value was much greater in Auckland, falling to $1,279,454 in May, making a decline of $18,141 (-1.4%) over the last two months from $1,297,595 in March and $1,290,329 in April.
Average values in Wellington were down 0.6% in May, while values in Tauranga dropped 0.5%.
Going against the trend average values rose 0.5% in Christchurch and were up 0.8% in Hamilton and Dunedin.
"Home value growth in Aotearoa has completely petered out in the past two months, with values dipping by 0.2% in May, after a minor fall in April," CoreLogic's latest HPI report says.
CoreLogic Chief Property Economist Kelvin Davidson says although the national declines over April and May were small, the shift in the market is clear to see.
"In the past few weeks we've seen a raft of regulatory changes, including the abrupt scrapping of first home grants, the near term easing of the loan-to-value ratio rules and the introduction of debt-to-income caps," he says.
"But with mortgage rates tipped to remain high for a while yet, it's no surprise the market has lost a bit of the momentum we had been seeing through the early part of this year."
"Forthcoming tax relief for households is unlikely to change that," Davidson says.
And the high number of homes for sale will continue to weigh heavily on the market.
"An important factor still in play is the high stock of listings on the market and the associated shift in bargaining power towards buyers, which is subduing prices," Davidson says.
"We also estimate that the shortening of the Brightline Test from July 1 could see as many as 50,000 properties benefit to some degree from reduced risk of having to pay capital gains tax, which could see some more listings coming to market."
"Of course, only a portion of those properties will actually be put up for sale," he says.
Weakening job security could also flow through to lower house prices.
"Borrowers who have faced higher interest rates as their previous mortgage deals come to an end have coped pretty well with tight monetary policy so far, thanks largely to the strong labour market," Davidson says.
"Looking ahead, a little less job security could see housing activity and prices remain fairly subdued," he says.
| CoreLogic NZ House Price Index | |||
| May 2024 | |||
| Territorial authority | Average current value | 3 month change % | 12 month change % |
| Far North | $706,082 | 0.8% | 1.2% |
| Whangarei | $751,585 | 1.5% | 0.6% |
| Kaipara | $843,368 | 0.5% | 0.6% |
| Auckland - Rodney | $1,269,599 | 1.5% | 2.2% |
| Rodney - Hibiscus Coast | $1,193,365 | 2.1% | 3.7% |
| Rodney - North | $1,300,741 | -1.2% | -1.4% |
| Auckland - North Shore | $1,458,462 | -0.8% | 1.6% |
| North Shore - Coastal | $1,674,777 | 0.7% | 1.6% |
| North Shore - North Harbour | $1,432,209 | -1.5% | 4.2% |
| North Shore - Onewa | $1,160,214 | -1.9% | 0.2% |
| Auckland - Waitakere | $1,005,693 | -0.6% | -0.6% |
| Auckland - Central | $1,474,341 | -0.8% | -5.3% |
| Auckland City - Central suburbs | $1,270,684 | 0.7% | -3.6% |
| Auckland City - Gulf Islands | $1,570,346 | -0.2% | -6.3% |
| Auckland City - South | $1,316,701 | -1.8% | -8.1% |
| Auckland_City - East | $1,838,435 | -0.8% | -3.8% |
| Auckland - Manukau | $1,145,486 | -2.6% | 0.9% |
| Manukau - Central | $884,680 | -2.4% | 0.9% |
| Manukau - East | $1,430,752 | -3.3% | 1.2% |
| Manukau - North West | $1,003,947 | -1.7% | 1.3% |
| Auckland - Papakura | $907,951 | -2.4% | 2.6% |
| Auckland - Franklin | $904,088 | -1.3% | -5.4% |
| Thames Coromandel | $1,194,351 | 4.0% | 4.1% |
| Hauraki | $640,584 | -1.5% | -1.6% |
| Waikato | $753,286 | -1.1% | 2.1% |
| Matamata Piako | $695,004 | 0.5% | -0.6% |
| Hamilton | $817,041 | 1.0% | 1.5% |
| Hamilton - Central & North West | $762,581 | 0.8% | 2.0% |
| Hamilton - North East | $1,003,325 | 0.6% | 0.5% |
| Hamilton - South East | $756,270 | 0.9% | 2.4% |
| Hamilton - South West | $723,882 | 1.6% | 1.3% |
| Waipa | $872,064 | 0.0% | 1.0% |
| Otorohanga | $531,970 | 0.8% | 0.5% |
| South Waikato | $425,381 | 0.4% | -1.3% |
| Waitomo | $368,673 | 2.3% | -6.0% |
| Taupo | $850,080 | 1.0% | 1.9% |
| Western BOP | $1,006,049 | 0.2% | 4.5% |
| Tauranga | $1,031,394 | -0.8% | 0.8% |
| Rotorua | $666,678 | 4.2% | 3.2% |
| Whakatane | $730,859 | -1.2% | -0.4% |
| Kawerau | $385,907 | 5.5% | -1.6% |
| Opotiki | $515,300 | 4.0% | -0.8% |
| Gisborne | $604,031 | -0.8% | 0.8% |
| Wairoa | $431,513 | 1.4% | 13.1% |
| Hastings | $797,073 | 0.0% | 3.2% |
| Napier | $761,546 | 0.6% | 0.8% |
| Central Hawkes Bay | $585,990 | -1.1% | -1.2% |
| New Plymouth | $722,863 | 1.1% | 3.4% |
| Stratford | $484,814 | -3.4% | 2.0% |
| South Taranaki | $444,603 | 1.4% | 0.8% |
| Ruapehu | $363,991 | 1.8% | -2.5% |
| Whanganui | $519,458 | 1.9% | 2.1% |
| Rangitikei | $433,216 | 1.8% | 6.5% |
| Manawatu | $617,203 | 0.4% | 2.0% |
| Palmerston North | $651,898 | 0.3% | 2.5% |
| Tararua | $414,133 | -1.9% | 1.0% |
| Horowhenua | $567,509 | 0.4% | 1.3% |
| Kapiti Coast | $844,386 | 3.5% | 4.7% |
| Porirua | $837,999 | -0.4% | 4.7% |
| Upper Hutt | $773,078 | 2.8% | 7.6% |
| Lower Hutt | $797,297 | -0.3% | 2.5% |
| Wellington City | $1,037,878 | 0.8% | 1.8% |
| Wellington - Central & South | $988,329 | 0.5% | 2.3% |
| Wellington - East | $1,143,068 | 0.4% | 0.7% |
| Wellington - North | $989,007 | 1.1% | 2.0% |
| Wellington - West | $1,175,035 | 1.9% | 2.4% |
| Masterton | $577,757 | 2.4% | 1.2% |
| Carterton | $622,197 | -1.7% | 0.1% |
| South Wairarapa | $756,686 | 0.0% | -5.7% |
| Tasman | $812,523 | 3.2% | 3.3% |
| Nelson | $784,377 | 0.2% | -1.0% |
| Marlborough | $704,962 | 0.3% | 3.8% |
| Kaikoura | $745,105 | 5.5% | 16.3% |
| Buller | $367,901 | 8.5% | 12.6% |
| Grey | $406,548 | -0.5% | 13.4% |
| Westland | $435,034 | 6.7% | 10.8% |
| Hurunui | $645,828 | 2.2% | 4.4% |
| Waimakariri | $713,179 | 0.8% | 1.9% |
| Christchurch | $765,336 | 0.9% | 4.8% |
| Christchurch - Banks Peninsula | $843,788 | 2.8% | 8.6% |
| Christchurch - Central & North | $866,675 | 0.3% | 4.4% |
| Christchurch - East | $597,310 | 0.5% | 4.4% |
| Christchurch - Hills | $1,096,530 | 3.6% | 6.2% |
| Christchurch - Southwest | $728,235 | 1.0% | 5.5% |
| Selwyn | $840,282 | 0.5% | 3.4% |
| Ashburton | $549,513 | 2.0% | 2.4% |
| Timaru | $527,602 | 0.4% | 3.4% |
| MacKenzie | $751,582 | -3.8% | 13.0% |
| Waimate | $426,929 | -2.1% | -1.7% |
| Waitaki | $483,600 | 0.7% | 1.1% |
| Central Otago | $837,047 | 3.1% | 7.5% |
| Queenstown Lakes | $1,801,945 | 0.2% | 4.4% |
| Dunedin | $650,016 | 2.1% | 4.8% |
| Dunedin - Central & North | $665,284 | 3.0% | 6.0% |
| Dunedin - Peninsular & Coastal | $624,374 | 4.4% | 6.2% |
| Dunedin - South | $605,284 | 1.2% | 3.1% |
| Dunedin - Taieri | $684,035 | 1.0% | 4.5% |
| Clutha | $400,714 | -0.7% | 2.3% |
| Southland | $500,627 | -1.8% | 4.0% |
| Gore | $419,967 | 4.3% | 9.2% |
| Invercargill | $473,403 | 1.9% | 5.9% |
| Auckland Region | $1,279,454 | -1.0% | -1.9% |
| Wellington Region | $920,551 | 0.6% | 2.8% |
| Main Urban Areas | $1,024,922 | -0.4% | 0.2% |
| All of Aotearoa | $931,438 | 0.1% | 1.0% |
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221 Comments
"We also estimate that the shortening of the Brightline Test from July 1 could see as many as 50,000 properties benefit to some degree from reduced risk of having to pay capital gains tax, which could see some more listings coming to market."
"Of course, only a portion of those properties will actually be put up for sale," he says.
Going to be interesting to see how many will be put up for sale.
once a investment property up for sale, tenants are usually required to move out. hence, sales of investment properties will usually cause rental shortage.
I will be paying attention on rents too.
The house has to actually sell before the tenant has to leave..
In order to sell the house someone else has to buy the house... that someone will have moved from somewhere... so there Is no change in the total number of occupants houses and thus no reduction in the total number of available properties.. it will just be that more are owned and not rented.. which is good.
The issue for landlords is that they would have one less investment property. Which isn't a problem for anyone but the landlord. If it's a fhb.. who moved from a rental then the scenario is perfect.
Old school economics- your first statement is very wrong. Start getting familiar with legislation before you jump on here and spread nonsense.
They're both right. There might be a rental shortage in the short term as landlord's get tenants to move out to sell. One of three things will then happen
1 the house will either sell to homeowner, in which case one new homeowner = one less renter
2 the house will sell to another investor = goes back on market and filled with renters
3 or it will not sell and the landlord will take it off the market and get renters in again.
If this creates a rental shortage it will be very short lived.
Yes, could be a short term issue if a whole load of rental properties are sold at once, but I'd expect it to resolve before too long.
I can say in my previous experience as a tenant having a property sold from under me (happened a couple of times - very annoying), I got out as soon as I was able because who wants to live with that invasion of privacy and instability? Presumably the properties were vacant for at least a couple of months.
The house might sell to someone who is moving out of their parents place, or who have arrived from overseas, in which case there is one less rental house and no change in the number of renters requiring a house. It may also be bought as a holiday home or AirBnB which again reduces the number of rental properties and not the number of renters.
Nah
The number of homeowners has fallen while houses got more expensive. As prices fall more people will afford and buy houses to live in. There will be more home owners and less renters.
Renters become owner occupiers.
Thus less landlords is no issue at all. In fact is a good thing.
We're talking about all things being equal. There are also more people going to be moving abroad and there will be people dying, and people moving into retirement homes , and people moving back in with their parents due to redundancy, who will free up properties.
Lots of forces at play but the question here was whether someone putting a rental property on the market in and of itself would result in a rental shortage, I think it might but only in the very short term.
Brightline applies to not just properties purchased by investors, but also all the properties purchased by First Home Buyers using their Kiwisaver, Govt grants, and Kiwibuild but who only lived in the property long enough for it to qualify as a "first home" (6 months) and then moved out of it and rented it out. These properties won't appear in the official data.
When you put it like that, Brightline is basically a tax on people who get divorced in their first ten years of marriage.
or many FHB's who borrowed too much and are now looking to move to across the ditch and rent the house so they can pay the mortgage still.
Labour made no exception for people separating - if you move out of the family home, after twelve months you are liable for Brightline on your share of it, even if your partner has remained in the home.
"When you put it like that, Brightline is basically a tax on people who get divorced in their first ten years of marriage."
Seriously?
(And they didn't put it like that.)
Precisely why kiwis are so against CGT
It's because so many bought houses as investments in order to bank the capital gain.
Their error is in the long term thay selfish approach sscrews everyone including themselves.
Crowded trades are never profitable....
or
when everyone moves to one side of the boat.... bad things happen
The next leg down is well underway. Perceived job insecurity has only recently entered the mix of headwinds, but will be a major influence over the next 18+ months. Interest rate reductions, when they finally arrive, will be smaller than most expect; typical mortgage rates will stay above 5%. Many more “investors” will sell due to negative cashflow becoming unaffordable (or just unattractive), especially when they realise that further capital gain is unlikely for some time - ie when they accept their property is going to remain a liability rather than an asset for a couple more years at least.
Precisely, as the only way to change the value of a mortgage once taken out, is to pay it down or sell up and hope to pay it off entirely.
We are without doubt, in the biggest housing market CRASH in the history of NZ! Well surpassing the rate of fall seen in both the 1970s and post GFC resets.
It's the silver bullet to the heart of the Vampire Spruikers heart.
Spruikers forced liquidation of the hoarded houses, will be a sweet, sweet thing.
Landbwankers also be skewered:)
We are only halfway into this and fully expect a much lower bottom in 2026/2027.
These types of crashes, take 6 years on world average, to play out.
Buyers are best to wait and save deposits much higher. Rentals are only half the price of buying currently.
In the end, NZ will be a much easier place to live and many of our Nation's ills will be solved by this once in lifetime poisoning, of the dangerous NZ housing PONZI.
Take a breath mate, you sound extremely triggered to say the least….
Note even slightly Iman:)
With this downwards pricing news, set to get even better in the future......Rejoice and dance in the streets!
Just say it, there are some borderline nut jobs on here.
@Zwifter, rats need to feed too right?
Look guys, there’s no need to put yourselves down like that.
Chin up.
The new Radio Pacific talkback on here 😊
"Rats need to feed"
Wow, who is it that is triggered again?
It is a bit different to most crashes though. This crash is so far just a partial reversal of two crazy years of increases, so not many people are genuinely affected.
There is an abnormal crash occurring at the same time as a normal one. The post pandemic crash is happening at the same time as a bog standard recession-based one caused by high inflation and rising unemployment. And while the causes might be different, the outcome will be the same.
It was a double peaked boom. We were already at a peak ... then there pandemic hit and we printed a ton of money and dropped rates even more.
So... the bust will be a similar depth and length to the total height and duration of the two booms combined....
We're way below 2 years ago prices dude, some are already on 5 years ago prices and we're still crashing.
I meant that the boom lasted about 2 years. Only people that bought nearer the top of that boom and the bust straight after have lost any significant money so far. I suspect it will get worse though.
Yes, probably. What we’ve seen so far was the first phase - Covid froth being blown away. But prices started decoupling from sustainable reality around 2012. The second phase of correction is now well underway and will hopefully take us back to terra firma - probably something like 2012-14 plus inflation adjustment. Short term pain obviously, but far better long term (as long as RBNZ tightens DTIs when prices find a reasonable level)
You are thus talking about a 60% price decrease from the peak Oct 2021.
many of our Nation's ills will be solved by this once in lifetime poisoning, of the dangerous NZ housing PONZI.
Yes, but I'd caveat that by saying that as house prices reduce, rent prices (so far) are still increasing. And of course if that trend remains, rent yields increase as well.
Just did a yield calculation for a Mount Maunganui townhouse - used midpoint sale price (which is above current GV) and midpoint of the rental appraisal - and it's nearly a 6% yield. Most of TGA properties took a decrease on their GVs from 2021 to revaluation in 2023 - this particular property went from GV 2021, $865,000 to GV 2023, $690,000.
So, although house prices are going well down from peak - rent prices are increasing.
It's a very sad situation/outlook for the future in that regard. This government will (my guess) get a whole lot of pressure put on them by the NGO-sector to increase accommodation supplements.
Rental inventory has gone through the roof in the last couple of months - and the laws of demand and supply say this will reduce rents. Whilst many opponents of the NACTNZ Govt will have to eat their words, it is good news for renters. Once next years changes come into effect as well, then the need for Kainga Ora to build brand new million dollar homes for gang members will be much reduced.
I fear the laws of supply and demand might not work in this environment as the government will come to the party. Landlords will hold out (they aren't reducing expectations that I can see yet) - and they too are likely to put pressure on government to increase the A/S as the state homes waitlist grows and the government starts spending more on short-term/emergency housing.
Whereas the motel industry received the 'boom' benefit of our housing crisis in the past - for sure that will transfer to the spec-build townhouse industry next. Empty townhouses are a much more suitable emergency housing type than motels ever were.
how does increasing asup increase supply?
You might have misunderstood me. Increasing the accommodation supplement does not increase the supply of dwellings, it simply keeps landlords in business. Rents are so unaffordable already that it is only the government (via transfers) that can afford to pay - hence they'll increase supplements in order to keep people from becoming homeless. And as there is an over-supply of new-build townhouses in many areas, the government will likely also start using them as emergency accommodation (as opposed to motels).
How does it prevent homelessness?
It is such a wide spread payment that tenants would not loose their homes - as there will be no one else out there who could pay the increases.
It's a landlord subsidy - an increase in rent increases the subsidy and thus the payment to landlord. No tenant benefit at all.
It's only keeping landlords in business because they borrowed to much/paid too much - middle NZ's tax gets funnelled to them.
A rise in the accommodation supplement will prevent homelessness as so many renting presently are also going under per se. This is evident in the massive increases in withdrawals from Kiwisaver for emergency reasons - in this case, unable to pay the rent increases that are being asked for those tenancies due for review. Landlords are have to increase rents at rates higher than inflation given many of their fixed cost increases (such as rates and insurance) are higher than inflation.
Disagree. The accommodation supplements and income related rents are so widespread they are holding up the rental market. If it is removed the ability to pay will affect so many that rents will need to adjust downwards.
Landlords don't have to increase rents. They need to sell at a loss, new landlord can rent out at a lower price.
Middle NZ is subsidising landlords.
I agree - that subsidy ($2 billion per annum and rising) has become a noose around NZ's neck. I've recommended to the last Parliament, a way to regulate the rental market as a means to get out of it and am now in touch with the new Minister's office on same;
https://www.interest.co.nz/property/119377/katharine-moody-takes-look-r…
But what I'm saying is that politicians/officials are a bit gutless. They don't seem to be looking for a solution - rather I got a whole bunch of excuses from officials in response to my presentation to the Select Committee last term.
My guess (given the rent affordability crisis is getting worse), they will cave in to both landlords and the NGO sector who are asking for rent supplements/subsidies to increase.
Or they won't increase it as the amount of benefits is already on the rise and they need to stem the flow of money in this direction, and thus there may be some temporary homelessness increase, and increase in number of people to a dwelling, until the market readjusts to lower demand and higher supply which will force rents downwards. Short term pain for some, long term gain for renters. Speaking objectively here of course, as we all appreciate nobody should, nor wants to be homeless.
Yes, don't disagree that the market will have to re-adjust.... sometime. But in the meantime, I just can't see this government NOT increasing subsidies once tents start popping up everywhere. I know the US folks are becoming immune to that but kiwis will be up in arms - just as we saw when the number of people living in cars ticked up some years ago. And the government response was emergency housing becoming a 'staple' in the 'kit bag' of solving the housing affordability crisis. That crisis of affordability has got worse, not better.
"I know the US folks are becoming immune to that but kiwis will be up in arms ..."
Alas - I don't have any such confidence about that.
Nah, we'll never take to the acceptance of tent cities they way the US have. I recall media getting right on top of the sleeping in cars epidemic here (must be well over a decade ago now). Families piled into those same car parks: kids, pets and all - for a mass sleepover. It worked a charm and government did something about it.
Williams Corporation has tens of recently completed houses being used as Airbnb until they can sell them and get them off their books. Cash crunch 🙈
"Yes, but I'd caveat that by saying that as house prices reduce, rent prices (so far) are still increasing. And of course if that trend remains, rent yields increase as well."
Kate,
You're only looking at house prices on the cost side of yields, but that is only one of the costs, insurance and rates are increasing. Not only that they are about to increase exponentially as:
- the climate change impacts get factored into insurance premiums
- rates have to increase to keep pace with the increasing renewal costs of our ageing infrastructure.
So house prices can decrease and rental yields can stay stagnant or also decrease if other holding costs are rising.
Rents have limits and that limit is what someone is able to pay. If the rents everywhere crank so high that many can't afford to pay, then landlords will need to learn there is limits to the depth off the renters pockets and understand there were risks in their investments.
But there is no limit (in their minds) to the depths of the government's pockets.
Check out the largest NGO for property investors and what they are telling the government needs to do to fix the rental crisis;
https://www.nzpif.org.nz/news/view/61761
In particular, have a look at the summery document.
Yikes they really want the lot don’t they!
Insurance and rates are all a part of the yield calculation if you own a rental - and rents being re-set/reviewed recently are rising accordingly.
Rent yields will not decrease (in my guess) particularly as the halcyon days of accepting negative yields due to the tax free capital gains are a thing of the past (the capital gains, that is are a thing of the past).
At least that's how I read it.
Yields have to increase, but it's the 'how' that is important.
And the reason they have to increase is, that if the Govt. holds true to their housing policy word, then capital growth will be a lot less, if not neutral with general inflation going forward.
There are only two ways to increase yield, and permutations thereof, namely increase rents, or accept your property is worth a lot less.
At a guess I would say yields will have to be closer to 8% Gross so to work your way back from that then you can see what house prices would have to fall to to achieve this, and/or rent prices to go up.
Prices have a greater ability to fall than rents to go up, without Govt. interference, but as you say Govt. can intervene with the Accommodation Supplement increases which they may do to cushion a too-hard house price crash.
Average values have increased 0.1% in the quarter and increased 1% in the year. Biggest crash in history indeed.
"Average values have increased 0.1% in the quarter and increased 1% in the year. Biggest crash in history indeed."
What do others see that you do not see? Others have connected the dots to get the big picture. Hint: not all the dots are in the above article.
I wouldn't be surprised if we don't get prices back to 2021 levels until 2030. A lot of first home buyers will now have negative equity because of this mess. There has been little mention in the NZ mainstream media about a NZ housing crash even though it is mentioned overseas.
"There has been little mention in the NZ mainstream media about a NZ housing crash even though it is mentioned overseas"
Got to keep the local population uninformed.
If we listen to the NZ property REA captured and centric media .....WE ARE JUST PLAINLY MISINFORMED.
Think for yourselves NZ and avoid the likes of the 7 infested plaques of the nefarious SpruikerVision, that rules the media here.
Tens of thousands have been fleeced of their life savings over the last 3 years. Ok they may see if slowly return over the next twenty or so years.....but the current and future HIGH and SUSTAINED INFLATION, will have destroyed its value.
Auntie Herald clearly decided this is not News Worth Knowing. In fact it’s news they don’t want you to know….
Bit over the top comment there NZ Gecko!
Home value growth in Aotearoa has completely petered out in the past two months, with values dipping by 0.2% in May
What will you say when house values drop by a whole 1% ???
Can anyone explain to me why hpi for Wellington looks stable? I understood that this was the place with the biggest declines ATM
when you fall from that height you hit the mat and don't get up?
I think it has more to give up yet, Auckland will be down by 10% by xmas...
Are you calling the floor for Wellington?
It's interesting data because other than Auckland nothing looks too bad. Auckland is interesting data because it's so patchy. My suburb is up 2.1% in 3 months. I don't think I believe it.
Data can be skewed for many reasons. Take Tasman district for example, with a large area to spready the data across and a lot of larger properties, and newer, bigger houses with sea views around the region also. Data isn't always reliable there as those with capital already can still afford to buy the larger properties, making the stats look better for the REA's, but the reality being that any are selling below RV.
Cashbacks and Rent promises from the Large devolopers also skews the data. I saw some now offering 10k cashback deals to first home buyers and 5 years rent.
Before the Irish crash they were giving away boats with new home purchases. This is normally a signal they are running into trouble.
Would be normal to expect contagion from Auckland to the regions.
This data is ~3mo behind. If you want more up to date data, wait for REINZ HPI
Just go too the auction rooms only way to understand current market.
Been there, done that. It's either no bid or passed in with what I'd consider fair offers in the current market (10 to 15% below CV). What are your conclusions?
I suspect it's because Wellington has had a lower turnover/sales rate than AKL. So, a greater percentage (on a population basis) are actually selling in AKL. But just a guess - as I haven't looked at the data comparisons.
How can house prices be falling again when the One Roof Auckland property cheerleading squad told everyone last year it was the bottom of the market?
Because their business model relies on rumour-mongering to the sheeple.
Don't be one of the sheep.
The sheep don't realise they're 🐑, isn't that right TL ? 😅
The lies of the vested. Lots of RE advertising to protect.
Ah, so much gloom! Prices to rise 10% in 2025!
ITS A REAL POSITIVE!!
Housing moving to a -50% to -60% discount from the peak!
Housing becoming affordable soon, after the last 20 years of being unaffordable, is good for NZ.
Rejoice and dance in the streets NZ!
Exactly. Totally positive for the future. Why wish to pay a $1m over paying $1/2m I have never understood the logic of price rises are good. Unless you own a bank of course, then you can lend exponentially more on the same property.
Didn't you say 10% in 2024?
by Harvey W | 11th Oct 23, 12:05pm
Like it or not, house prices have already started rising, and will continue to do so gradually. Buy now.
One of these years we'll be right- like a stopped clock. Note the data showing a little up over the last 12 months.
Lol. Not accounting for massive inflation and devaluing of the $kiwi. It's a massive drop in real terms and still falling.
Sigh. Yes obviously everyone's house values are decreasing in inflation adjusted real terms. As are their mortgages. As are the cash deposits of FHBs waiting to enter the market. Obviously we are talking in nominal terms. And in nominal terms, average house values are up over the quarter.
Despite how much you want a crash, or how good a crash might be perceived, this isn't it.
The rates on those mortgages are definitely adjusted. As are the incomes of those FHBs. Housing is going backwards.
Well he's not wrong as of yet is he? The article states values are up in the quarter and year.
Only Auckland townhouses are collapsing according to the corelogic report. To be expected.
Davidson is one of the more reserved cheerleaders. He’s sounding a bit glum.
Of all the pro property platforms, I’ve found them to be in the limited few who accept and willingly discuss the possibility of a decline in prices and how the market would look. A good barometer for sentiment at the very least.
'Higher for Longer baby!'
10% by 2023 Christmas guaranteed you lot promised?
Who is you lot? One guy said that, subsequently banned. I recall the general consensus was prices would be flat or falling. There were still some spruikers calling rises, were you in that camp?
Bring back HawkesBay, we need some comedy
Nope. My feeling was prolonged flat period with some dips. Mate anyone smart enough would not predict another boom straight after the one we’ve just had.
What gives you confidence on it being prolonged flat with some dips as apposed to a continual decline further? Genuine question.
What gives you confidence of a continual decline? How good is your economics?
Questioning their claims is usually where they fall apart - they'll either:
- Answer your question with a question (and no information to the original question)
- Use historical data from a low interest rate environment
- Proceed to character assassination tactics
They think they're being smart, but the only people they're fooling is themselves.
Time Lord - imagine being relaxed and trying to justify your beliefs to some numpty on the internet.
Iceman, you opted in by posting your prediction.
It’s quite reasonable to expect people to question it, and it’s a valid question.
People can question it as much as they won’t, it’s not worth my time and effort to try explaining what I believe to a group that are only programmed one way.
Iceman, I will quantify my reasoning. Current high interest rates reducing borrowing power. Employment looking shaky in some sectors, eg big losses in Govt, construction consents declining. DTI’s being implemented. Higher insurance costs. Infrastructure deficits. Continued government borrowing. Declining GDP per capita. YOY immigration beginning to reverse. Thus, I believe it’s possible it could continue to drop further rather than flatten out.
Given their unwillingness to outline their line of reasoning and without understanding their line of reasoning to assess whether their perspective has any merit, it is probably best to discard their perspective altogether.
Yes Iceman! Someone coming back with 10% guarantees. Deja Vu
Simply put: Why high house prices in NZ are bad for the economy.
1. Large mortgages and rent reduce discretionary spend for other sectors of the Economy. Happening now in NZ - Job lay-offs and foreclosures as products and services are not moving.
2. Pressures the government to fund more social housing and accommodation benefits, reducing tax funds for other sectors in the economy. Happening now in NZ.
3. Encourages young productive taxpayers to seek greener pastures as economic deterioration envelopes the country. Happening now in NZ.
In the long run: Declining House prices in NZ are good for the economy.
Well put.
Around me 1) is the preponderant effect. When people put all their money in RE they have to cut on upgrading cars, eating out, clothing, holidays...
More importantly is that most investmen funds channel into property... and NOT productive tech businesses. So when the crash happens we have nothing left to grow our economy from.
Vs Europe and US and China who have bundles of real businesses that export competitive stuff.
Great points x3. Also of note is that housing touches every single person in NZ, which is why its so destructive to the social fabric of society.
But what about boomer retirements? It's felt for a long time that's the most important thing to protect.
No one rings a bell at the top Jesse....
Few here sold in Nov 21
I cannot remember any fine print that any Gov would or could underwrite any gains. It is very messy, pooperty being most peoples biggest asset going into retirement. This property collapse is going to have so many societal impacts, because of over exposure. Can you remember the 1987 share crash...... this will be way way way worse.
A paper loss makes people feel poor and reduce spending.
I can remember the crash. I was a kid and my Dad was in a lot of trouble with my Mum. Unlike most in NZ he stayed a stocks guy rather than turn into a property guy and it paid off well overtime.
Sadly I agree and it makes me nervous. Everything this government has done so far will worsen the effect of the correction. A correction that was inevitable no matter who got in. I don't think they (the new lot) are at all prepared, nor capable with respect to what's coming. Panic will set in where the coalition is concerned and we might well see an early election called.
I think they are walking a very fine line and don't quite realise it. Still early days for the coalition but decisions like reinstating landlord perks to the tune of 3 billion, but dropping the election promise of supplying 13 new cancer drugs paid for by a reintroduction of the $5 presciption fee (which has been done) is going to hurt them more than they realise. Yes they are back peddling now, but damage has been done.
And judging by current performance and future intentions, they'll keep shooting themselves in the foot.
kate it concerns me that you think the NZ govt is running things.
is this really your thinking?
the banks have got control of the business lobby groups and speak on behalf
the national government do what the banks want and business nz says
you don't honestly think an intern from fonterra is managing our finances?
I don't know.
Surely economic instability is bad for banks, no?
But I could be wrong!
"No one rings a bell at the top"
The insider was telling people.
Reminder of the warnings given by the RBNZ governor on the elevated house price risks:
1) Feb 2021: https://www.stuff.co.nz/national/politics/300238808/reserve-bank-govern…
2) March 2021: https://www.stuff.co.nz/business/124430525/adrian-orr-frets-over-soarin…
3) Nov 2021: https://www.rbnz.govt.nz/hub/publications/speech/2021/speech2021-11-02
4) Nov 2021: https://www.1news.co.nz/2021/11/24/first-home-buyers-encouraged-to-wait…
In light of subsequent house price changes, these warnings now may have a different interpretation by readers.
These warnings were similar to warnings by Civil Defense of a high risk natural disaster (e.g tsunami, earthquake, volcanic eruption, flooding, high winds, landslip, etc). People who chose to ignore those warnings potentially face the consequences of their choice.
People are free to choose, however people are not free to choose the consequences of their choice.
Some good news at last.
That prices continue to fall? Or that they are stabilizing based on wage rises relative to 2018?
Right on cue, house prices are indeed falling. Along side deteriorating conditions, 01-July is also looming on the radar. Opportunities certainly lie ahead for the patient and well informed. In progress is the reset of we need to have as a nation. Those who bought into last years still foolish expectations (Suckers Market) are now facing embarrassing reality check number two.
There is no harm in making lowball offers from about now and there is no hurry. At this point I think we are a ways from a sustainable floor.
Another edit required; cue, right on cue.
I think they're referring to the que of vendors crushing the exit door.
How about, "Right on cue, the vendors are crushed as they queue at the exit door".
"que of vendors crushing the exit door."
1) Is the real estate market wobbling?:
2) Please remember to remain calm:
"Queue", as in "tail" in french, to describe a long line of people.
Thank you Zachary :) Knowing how much spelling mistakes irritate you. I will try even harder in future - just for you.
Does this article irritate you too?
Even if I lose everything, I will be content with having known and loved the English language.
🤣😆 Sure Zachary.....
I'm about to blow your brain Zachary, the English language, vocabulary, spelling and grammar is not static, it is in constant flux. Being a grammar/spelling pedant only serves the pendants superiority complex and does not facilitate communication (which is the purpose of language). The exception is when a spelling error causes the reader confusion (which in this case it obviously doesn't).
Av a nise dai.
It's important to distinguish between cue and queue, as they are currently entirely different words with different meanings, like pedant and pendant.
Zachary, this is more likened to a classic and timely sideshow than anything remotely productive.
Crucial distinction if I want to know whether it's worth going to the snooker club tonight.
And yet you weren't confused, you confidently knew which one was the correct one from context, confident enough in fact to make a point of correcting him. As I said, serves the pendants superiority complex primarily.
No, I suspected that Retired-Poppy and others genuinely have a queue in their minds, not appreciating that cue has a richer meaning. It's a very common error. I seek only to edify. What's wrong with having high writing standards on a splendid site like Interest.co?
To paraphrase Pessoa, "I’m highly nationalistic. My nation is the English language".
Are you deliberately writing pedants as pendants?
"Nest or invest" anyone???
Fantastic we need to head to the bottom for the wellbeing of the country.
Everyone needs a goal or dream of home ownership.
That has been our down fall sense the GFC
I agree, although it should be approached in two directions with people being paid more and house prices coming down. Relative wages over the years haven't kept up and income gaps have only grown wider. The younger generations see house prices moving further away and wages slipping which must be doubly depressing.
So many townhouses for sale in North Shore, what did you expect?! Free hold houses still way above RV
Commonly known as shit boxes
Good article on newshub about this effect and how it has skewed the corelogic data particularly in Auckland. Despite the headline and the hysteria in the comments section, the data shows flat to incremental increases in most of the country in the last quarter. The only places where there are notable declines are in the suburbs of auckland with a ubiquity of townhouses. I notice that in my suburb of hibiscus coast, that has next to no townhouses, the quarterly rise was 2.1%.
The townhouses were crazily overpriced in 2021 and these are dropping quickly. Everything else seems fine.
Dont worry the vendors in Millwater , Milldale ,Orewa will be getting a dose of reality coming soon .A big backlog of inventory sitting on the market in those suburbs .
Wouldn't bank on it, its an upward area. New motorway overbridge going in to cope with expansion straight into Mitre 10 and across the road from that sounds like a whole new mall with a New World supermarket. Its just another Albany spreading North. Property prices there will continue to rise.
It's Whangaparāoa which is the one to watch. Once the pen link is complete it will be 20min closer to the CBD.
Milldale heading down the most I suspect. Way over priced 400m sections with spec houses and streets as thin as a strand of hair. Heading south. Millwater less impacted I would suggest as bigger sections and more seasoned.
When are the updated RV's due to come out? Does anyone have detail on the regions/cities first in line? Surely this is going to have a big impact putting further downward pressure on house prices?
Already happened a few months ago in Tauranga. RV's dropped from between 4 to 11 % down here. The major cities in NZ will get a bit of a shock, they had the highest gains and will have the highest falls and you need to factor in post Covid people moved to the regions. We have great fibre internet down here so its easy to work from home than trudge into the office if all you do is sit at a desk all day.
Zwifter, feel free to post your long overdue admission that August to October 2023 was not the last opportunity to buy.
FOMO was for fools then, FOMO is for fools now.
Prices have still not returned to the August-October levels so your gloating might be a tad immature. Try again next month.
Just got a Coro one, up 12%.
On the '21 RV? Wow, bucking the trend. I just noticed Tauranga/Mount Maunganui's were updated May '23 from their '21 values and most took a haircut of 10-18%
And still falling.
Without pulling the paperwork nobody took an 18% cut, the highest was 11.8% in Papamoa from memory. There may have been exceptions, maybe townhouses or apartments for example. As far as I know the whole process is pretty automated so if you took a massive cut, I would question it.
You seem to be a bit of a mine of misinformation or disinformation Zwifter, hopefully the former. The suburb of Bethlehem had the lowest fall in RVs at 1.48% so your area in the 4's wasn't the least effected in the whole of Tauranga. The biggest drop was 12.26% in Otumoetai, the information is here for anyone interested https://www.tauranga.govt.nz/living/property-and-rates/property-valuations/revaluation-2023.
Kate was correct in that the RVs were done at 2 years and not 3 (2015, 2018, 2021 and then 2023).
So was August - October 2023 the time to buy in Tauranga given the new RVs? Perhaps not.
(edited for clarity, my bad)
by Zwifter | 25th May 24, 9:28am
I see the recent drop in the BOP council RV's now has every property down here selling over the new RV.
by Kate | 25th May 24, 1:38pm
Do you mean Tauranga District? I saw that - they revalued after 2, not 3 years (3 being the norm). From the earlier July 2021 valuation to a revaluation in May 2023. And of course, there were some massive drops.
I wonder why they did that?
by Zwifter | 25th May 24, 5:49pm
It was done at 3 years, their excuse it was delayed by Covid. Wouldn't say massive drops just 4% in my area, was the least affected in the whole of Tauranga. Valuations still above RV so not surprised its 100% and probably only the better houses that are worth the money are actually selling.
I'm also wondering, last update was Sep 2021 for Hamilton, means it's due soon, still no communication about it on the council website.
Is it me or there's a kind of resistance to tell thousands of people their house is now worth 15/20% less than 3 years ago? Pretty sure CVs will only drop 5/10% anyway, not reflecting the market at all.
Nelson should be later this year. Tasman district was done last year
Someone posted this link before. It’s important to look at the data and not just narratives when forming opinions.
At least real inflation adjusted values are dropping with nominal values standing still.
average house price / average household income = $931,438 / $132,800 = 7.0
Ideally it would be measured as median house price / median household income, but the figures aren't at hand.
7.0 is still in the land of insanity.
Reality is its way over 7.0
Interest rates HFL, lots of supply (especially townhouses hitting the market) = lower prices. In about 1 - 2 years, interest rates will have dropped, supply of new houses will be much lower and prices will rise again. It's the property cycle, it's not the first one, nor the last one.
This bs cycle rubbish is so post 2021.
The cycle bs is done, not coming back, sorry spruikers.
I know I'm pisstting on some people's entire life belief systems in "PROPERTY CYCLES" (esp: TA and AC), but it's over. Get over it!
Worst time in NZs history, to be a property hoarder.
The bigger the party, the bigger the hangover.
You're showing your inexperience blatantly NZG
The Tony and Ashley churchlot of doubling every 10 years is finito!
We are in the new deglobalisation time, of property halving (or less 60%) every 6 years !
Wakeup buttercup.
There maybe deglobalisation but we also have robots coming to do a lot of the work for very low cost which will be deflationary.
Why get humans to build a house when you can get humanoid robots to build 24/7 at speed with perfect craftsmanship?
We already have plenty of robots in factories. They aren't cheap, and likely never will be.
The idea of making a cheap humanoid robot that can easily be told to do any task you can think of is laughable to my mind. The sort of idea that unscrupulous people promise as part of stock market pump and dump schemes.
A humanoid robot doesn't have to be cheap to quickly be a better worker and they can build them in huge quantities unlike the large custom ones in factories now.
Let's say one costs $100,000 and can do the work of four human builders - you'll have paid it off in no time with wage savings. I think the technology with AI is becoming too powerful for this not to happen.
I once told a senior equity analyst in 2008 that the internet was going to totally disrupt SkyTV and he didn't believe me. He said "I'm not going to download movies to watch on my computer". The technology was too powerful for the disruption to not happen.
"property halving (or less 60%) every 6 years !"
You actually really believe that, don't you NZG ?
I can smell the stinky Leverage coming from your breath !
Mabe the next six years, we have a good healthy 8% gain?
Why are you so bitter and desperate ? Focus on making your own life better, instead of searching and hoping for misery, in other people's life.
Rejoice and dancing happily in the streets now Yver!!
-------------------------------------------------------------------------
Auckland crash now down well over -40% in REAL Terms. Plus plus plus - we are only halfway down this slope! Good times.
How you like them CRASH apples Spruikers??
Poor you.
Can you smell it... paper equity becoming vapor. Hope the ponzi continues to catch fire.
⛽️ + 🍿 = 🔥
Is that the same paper equity you were saying is "not real" when it was increasing?
Short sighted or perhaps ill informed some of you! Property markets will go up and down, I would hope some of you would have a longer view of things rather than a short sighted mindset and constant knee jerk reactions to the daily articles. If prices come back further then they won't be there long. After the low lows will come growth and a new peak at some point. When? It's anyone's guess, but it sure as hell is not going to go backwards to the level some hope and stay there for long (you may be on the sideline permanently if you are trying "time" markets). Yes, it's been sluggish and winter will cool things in this economic environment further. But you need to consider that rates have been pushed up to a level not seen in years.
We are at a tipping point over the next 3-6 months. Canada has been the first G7 central bank to cut rates, the ECB is next (today). The Fed has indicated rate cuts later this year and so has Mr Orr. Unemployment may weigh on rates cuts to be harder and faster when they do start to happen. Could change, but that is the uncertainty of markets, hard to predict and most get it wrong!
Building consents have slowed, construction is slowing and we still have a net positive gain of people coming into the country, who once they have permanent residency in a few years will be looking for homes to purchase. The cycle begins again, lack of housing to buy/rent, lower interest rates, more residents etc and around and around we go!
"But you need to consider that rates have been pushed up to a level not seen in years"
Most people are unaware or forgotten this. The last time mortgage interest rates were at current levels were 14 years ago. Many recent highly leveraged borrowers have never experienced mortgage interest rates at these levels.
Borrowers have benefited from 2010 - 2021 at the expense of savers.
Now savers are benefitting from higher interest rates.
If history is anything to go by it is possible we don’t see the post GFC interest rate settings again in our lifetime (unless of course you are under 20.
The last similar period was 1930s - 1940s following the 80 year cycle (also known as the long cycle)
You are correct there are cycles. We are at the end of a twenty year cycle upwards propelled by lower than normal interest rates. Rates are not high at the moment, they are at normal levels. Global economy's are very different in scale and complexity to little of NZ. If and when the US drops take notice.
Otherwise keep smoking the hopium.
In my opinion we are at the end of a 40 year downward cycle in rates, which has allowed house prices to double every 10 years. Ie early 1980’s - 2020’s rates dropped from 20% to 2%.
This is an extremely rare situation if you study the history of interest rates over the past few thousand years. But it has caused severe distortion in what people believe to be ‘reality’ - when in fact this reality is an extreme anomaly.
Here is a riddle for interest.co.nz readers:
How is it possible for house prices to double every 10 years (that is an annual 7% gain) if the cash flows that justify the fundamental pricing of the asset should only rise at the general rate of inflation (ie rents/wages at 1-3%)??
The asset rises at 7% annually but the cash flows only rise 1-3%. In the world of asset pricing and discounted cash flows, how do you make 1+1 = 5?
(hint - you drop the discount rate for the associated cash flows for 40 years and trick people into thinking that this is how this asset always behaves)
"How is it possible for house prices to double every 10 years (that is an annual 7% gain) if the cash flows that justify the fundamental pricing of the asset should only rise at the general rate of inflation (ie rents/wages at 1-3%)??"
Mass speculation for tax free capital gains using high levels of leverage underpinned by a belief of
1. extrapolation of historical house price growth rates
2. house prices don't fall by much
Until house prices reach unsustainable levels.
"How is it possible ..."
1. Kiwis are very bad at maths?
2. Kiwis do not study economic history?
3. Kiwis assume what happened for the past 20 years is bound to happen for the next 20 years?
4. Kiwis know little about urban design & property development (outside of building a family home on a large site)?
5. They get 'investment advice' from sources with vested interests?
House prices doubled every 10 years because cashflows per household increased dramatically over the last 40 years - women entered the workforce and households became double income households, older people are in better health than previous generations and so are still working beyond retirement age, couples chose to have less or no children and therefore have greater disposable income, and welfare payments increased.
Now while its possible that more major demographic and social changes will happen in the next 40 years to drive house prices up, its far more likely that there may be such changes that drive house prices down - like a rise in single income households as young people fail to couple up, declining fertility rates, increasing transgender and same sex couples that mean fewer children being born, increased unemployment and poverty as robots and AI replace human workers, reduction in welfare as economies dependent on agriculture and tourism decline due to climate change, third world countries developing faster and thus reducing immigation levels, increased levels of disability/death amongst older people due to [insert you know what here] .....
Point is, past performance is no guarantee of future performance. Things change.
I agree - but now that houses are priced under the conditions of both parents working full time, if interest rates remained flat the next 10 years, then wages/rents will need to consistently rise at 7% (for house prices to double in theory using a discounted cash flows model) which would be something the RBNZ wouldn’t tolerate - our domestic inflation would be far too high for their liking.
"now that houses are priced under the conditions of both parents working full time"
In Auckland it is now beyond both working parents for those without access to the bank of mum and dad. It also now also requires the income of the adult child and potentially their spouse to support the debt levels - there is multi-generational co-ownership in a residential dwelling.
Saw another report where 4 single adult siblings combined their incomes to buy one house in Auckland.
Most single people without access to the bank of mum and dad in Auckland are unable to buy due to lack of affordability.
I hope they timed and bought that well. Debt slavery isn't so appealing in a partner
Stop that. You’re just using logic and numbers to try and trick us.
We will decide 2% inflation is an unattainable target, change it to ~4% "for a while", debt will become cheaper, people will start pouring money into houses again, which will lower CPI (because money isn't going into CPI-measured things, it's going into houses), inflation will be lower, everyone will be happy. And then in 10 years time we will be dealing with a problem that is 10x worse. But that's okay because it's 10 years away.
"And then in 10 years time we will be dealing with a problem that is 10x worse. But that's okay because it's 10 years away."
And it will be someone else's problem as the current group of political leaders in cabinet may be long gone, leaving the problem for someone else to deal with, while the general public suffers.
This is the result of the short termism of the political leaders who mainly focus on getting elected in each election cycle.
You're funny, Upside. You talk about cycles as if every one is the same. Sorry. News for you. They are not.
One of the biggest drivers of house price appreciation between 2000 and 2020 was the NIMBY rules almost all Councils put around density (zoning rules). This seriously limited the number of dwellings per sqm kilometer. Come 2016 and Auckland Council moved to free up these rules to allow greater densities. Then Labour and the Nats did likewise. And the Labour, with cross party support, updated the National Policy Statement / Urban Development to push the density rules even further.
End result? The supply dynamics have complete changed. Totally and utterly.
My view is that property prices will likely flatline in real terms for 20-30 years or longer. (Much like it did back in the 70s when Councils likewise changed the zoning rules.)
So Upside - It's extremely difficult to take what you say as anywhere near as 'likely' when you don't address these changes in supply dynamics.
You are so right. The intensification here in the Hutt is a joy to see. And how amazing all those new dwellings built without the need to sprawl. This is how planning/development would have been much, much earlier had it not been for the NIMBYs. Funny thing is - from all of my travels overseas, the more congested and compact a city is, the more I like it - provided there is excellent and accessible public transport and good infrastructure for active transport (cycling and walking).
We've been poisoned by those housing fairy tales for far too long. This housing winter will be an extra long one with recession is still at play and the thousands of redundancies in the pipe lines. There will be more to come!
Even across the ditch, they are now talking about recession!
Best of luck to TTP fanclub!
Yeah. Our economy was way to focused on houses and related industries.
Not sure what a lot of people will do when that's gone.
Interesting that in Australia prices are still increasing, and they never seemed to have any drop like NZ
Yup, someone from work bought a 2br apartment inner city for $620K in May last year. They are now moving into a proper home and sold it for $730K, not bad for one year
in other news
Up to 60 per cent of new apartments in Australia are riddled with construction flaws including cracked foundations, water leaks, balcony defects and flammable cladding. Research by campaigners Australian Apartment Advocacy warned that shoddy workmanship in apartments had sparked a groundswell of special levies.19 May 2024 - the age
You need to read up a bit more.
https://www.investorsedge.com.au/wp-content/uploads/2019/12/Slide5.jpg
Australia has got some serious problems.
Perhaps when house prices reach the bottom of the cycle institutional investors will swoop in and buy up large.
Indeed that is exactly what happened in the US after the GFC and during the mass evictions of people from their homes by the banks. And it still carries on today;
https://slate.com/business/2021/06/blackrock-invitation-houses-investme…
So what that means is FEWER people will own MORE.
That is a restriction in the market, hence prices increase if supply is not allowed to meet demand.
Thus in already restricted markets, it gets worse, and in less restricted markets it has little effect.
The advantage the US has is that people have an easier choice of 50 states in which they can move to find affordability, whereas we are limited to mainly Aussie and that is now getting less affordable.
HPI double digit growth expected by 2026.
When I read all the bearish comments here about the great NZ housing crash, I definitely know I'm on the right track taking a punt on the edge of Auckland City.
'Buy in gloom, sell in boom'.
I was driving into the city yesterday, and outside those new boxes built at Westgate was a whole heap of graffiti. Not exactly a great advertisement for townhouse living.
The lights have just dimmed a little. The Gloom is still to come. You have shot your bolt much too early!
The media are still hiding the unfolding and deep housing market crash, that's only just half way done......
Glad to hear you winging it, with the landbankng
I got a $500,000 discount on the land so I'm not exactly sweating.
Always trying to impress us. I imagine you are short and have an inferiority complex. You paid what it was worth when you bought it.
No I didn't. You're quite wrong there. The land was subdivided into 6 lots, my neighbour paid $500,000 more than me....fact! And I've got a better view, North facing. The developer needed a lifeline.
The notion that there's some colossal crash going to happen is a cock and bull story, promulgated by those that sit on the sidelines and hope.
Don't knock the guy down, we are impressed.
He's likely come on here because nobody listens or cares in the real world. I'd like to think we're better than that and should congratulate him, regardless of how far fetched his claims may be.
The greed of us boomers has created the need for our children to either live in townhouses in Auckland or go to Australia like your children to try and get ahead.
That's what enlightened political and central banking leadership was supposed to be for. Instead we got the worst mix of incompetence and short-termism through the 2000s right up to today.
You mean Comrade Arden and her bunch of incompetent clowns were better? They squandered billions on worthless projects and were in the process of dismantling the very businesses that this country relies on for its prosperity. All in the name of the dopey global warming nonsense.
Your views and anger belie your great age. Everyone is out to get you. Everyone is wrong. I cannot even trust my children with gifted money as they will squander it. There was no pandemic. There is no global warming. The WHO and governments are out to get us. Journalists are all liars. It must be difficult to have ones mind dominated by such terrible and negative thoughts. Try being positive and kind to those who you live with and meet in life. Do some charitable work and give some money to charity. It will make the last few years of your life happier than what you have experienced so far.
I'm a contrarian, unlike you I don't believe everything I've been told.
Gullibility is a serious problem in NZ, you see it every day in the news. My life is extraordinarily happy, so happy in fact I'm off back to Aussie in a few days for another tour around, while you sit on interest.co.nz wasting your time and promoting your socialist philosophy.
Maybe you could take a punt or two and make a dollar? Oh, that's right, it's just not fair taking risks, building houses and doing things that are exciting and useful.
On the subject of global warming, can you tell me what happened to running out of oil by the year 2,000, acid rain destroying all crops, the ozone layer gone in 10 years and the ice caps melting? Remember all those? Suckers got very excited.
You would be surprised to know what risks I have taken. I retired at 58 after 30 years of hard work. I never have to work again. I can help my kids which helps my grandkids. We give money to the children of friends and family members also. You should try it. It feels great seeing them get ahead. You obviously do no have enough to retire on.
I don't have enough to retire on? I'm building a new house on a very expensive section while living in my current house. No mortgage or debt is required. I guess posting on internet forums is a gripping enough pastime for you.
There was no pandemic. There is no global warming. The WHO and governments are out to get us. Journalists are all liars.
Talk to anyone who lived through the 1960s and 1970s in countries like South Africa, East Germany or China and they will tell you how much and how comfortably governments can outright lie to their citizens, especially about important issues. And don't think it doesn't happen here. Three years ago big social media corporations would ban your account for daring to suggest that COVID had deliberate man-made laboratory origins and that both politicians and top scientists (as well as the media and tech giants) were running a big cover up of the fact. Now everyone knows that bioweapons "gain of function" research on coronaviruses had been happening for years and that the USA had used Chinese researchers to do the kind of work which Obama had banned in the 2010s.
Property promoter's property being listed for mortgagee sale.
https://www.oneroof.co.nz/news/mortgagee-sale-of-2m-apartment-linked-to…
No housing price crisis in Gore. Up 9% over the last twelve months.
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