Residential auction rooms are back to operating with a full head of steam, with activity back up to the levels of mid-December, before the market went into hibernation for the Christmas/New Year break.
Interest.co.nz monitored 422 residential auctions around the country over the week of 8-14 February. Of those 162 sold under the hammer, giving an overall sales rate of 38%.
Where selling prices could be matched with rating valuations, 39% of selling prices were above or equal to their rating valuations.
Overall, the market appears very little changed from where it left off late last year, with the number of sales, the sales rate and price/rating valuation figures all very close to those being achieved in December.
That suggests the market is heading into 2025 on a relatively stable footing.
There has been no marked upturn in activity as some pundits have predicted but things haven't crashed either.
So steady as she goes seems to be the way things are heading at the moment.
Details of the individual properties offered at all of the auctions monitored by interest.co.nz, including the selling prices of those that sold, are available on the Residential Auction Results page.
The comment stream on this story is now closed.
146 Comments
Hi Greg, the percentage of successful auction sales over the years is often discussed here however we only go on vague memories about the actual figures. Do you have the statistics for auction results going back to before COVID? Perhaps a graph and analysis of the success rates. It would be interesting to see how it has trended over the years.
Warning. Read the below comments at your own risk. You will inevitably regret it and immediately become more stupid for it. IMO.
‼️⚠️⛔️☣️☢️
Instead of saying nobody’s comment is worth reading, could we get your thoughts on the auction results?
That’s fair.
My opinion on the auction results is they are relatively flat and consistent with recent results. My opinion is that the days of housing investment giving astronomical returns are more than likely behind us.
It is my view that as a country we need to focus on productivity and not be so fixated on housing. It is my view that our ability to provide affordable housing to everyone should be our benchmark for success as a country. We will need to get wealthier as a nation through investment, research, innovation and productivity to achieve this. IMO.
Warning. Read the above comment at your own risk. You will inevitably regret it and immediately become more stupid for it. IMO.
‼️⚠️⛔️☣️☢️
Jesus, Kraker…this dude is basically singing from your hymn sheet, & you still go burn him like that…ruthless 🧯😮
Yeah, I agree with some of it, but it was so boring I barely made it to the end.
It appears that Kraken and Retired-Poppy are the same person ……
There are a number of disturbing similarities.
TTP
There’s probably a 30 year gap between us, but I’m not retired poppy. I think he’s a good guy. See how easy it is to deny a false accusation, TTP?
I only really started commenting on this site when I saw the bond market rejecting the Fed cuts last September. That’s when I knew the property market was done.
If the US10Y yield breaks below and stays below 3.6%, I’ll swim back to my lair, 3000 feet under the sea.
NZ Court convicted fraudsters are probably more concerning then people being accused to having two account here?
An obvious similarity between IT GUY, Kraken and Retired-Poppy is their obsessive behaviour ……
Once they start posting they simply cannot stop. As well, they are repetitious and want the last say on everything.
Tiresome.
TTP
Thanks, TTP! I'm honoured to be grouped with IT GUY and Retired-Poppy.
👍 Yes, we are certainly separate people.
It's not hard to predict that Tim and a few other shallow minded Ponzi pushers will be gone come 01 March. Tim in particular will go for broke in the little time he has left here. Sadly, some who make worthwhile contributions might leave as well. Although I certainly hope not.
Sadly there will be some nonsense commenter's who will pay to stay also.
There is a big chance all the common sense commentators will actually leave. Why stay to be ridiculed by the same obsessive multiposter clowns and now and again even have your post totally removed due to censorship ? Are you really going to want to pay for that ?
Interest just won't survive without you two precious individuals 😂🤣
All the specucrowd must be so leveraged they cannot to pay 27c per day to peddle their angle. Otherwise why not support the site they spend so much time phmping the ponzi support natrative..?
Looks like ignoramuses are to still going to be calling real estate a "ponzi" after 1st of March...
Looks like ignoramuses are to still going to be calling real estate a "ponzi"
The term ponzi is not being used in context of the more commonly used phrase "ponzi scheme"
The term ponzi is being used in context of the phrase "ponzi financing" as defined by the economist Minsky.
There's really no such thing as "ponzi financing" as distinct from "ponzi scheme". It's not a term that shows up outside of Minsky's writing.
But I'll play your game. The vast majority of people entering, leaving or staying in the NZ property market are categorically not at the point where:
"Borrowers can only repay their debts by increasing their debt or selling borrowed assets at fire sale prices since many are in the same position and the market knows you must sell, giving you no bargaining position. Borrowers don't have enough cash coming in to cover either the principal or interest payments on their loans. They can now only rely on the appreciation of their assets or the willingness of lenders to provide additional funding."
So, you still cannot refer to the NZ real estate market as a ponzi even by this definition. It could happen but it's extremely unlikely.
"Borrowers don't have enough cash coming in to cover either the principal or interest payments on their loans."
For reference:
https://youtu.be/CTQUaowT1Ek?t=266
Note that the negative cashflow shown is cashflow per week. Multiply by 52 to arrive at the top up per year.
i) $200 / week x 52 = $10,400 per year
ii) $400 per week x 52 = $20,800 per year
Here's an real life example from a Property Investor group forum posted today (the bold emphasis is mine). Note $400 per week is $20,800 per year.
"Seeking feedback. Purchased townhouse in Auckland 2021 (fail, we know). $800k pp, rental income of $600 pw. Tenancy up April. Deciding if we cut our losses (topping up $400pw), possibly could sell for $700k.
1. Tenants want to stay on, so could either fix for 6 months, then sell (betting on market going up)
2. or sell in April taking a massive loss but ability to purchase better.
Help please!"
I do not consider paying 27c per day to advise people that property investment done well is better than any other investment is money well spent.
There are just too many on here that are not investors and never will be.
Unfortunately once the pro property people are no longer able to comment, all that will be left is a bunch of moaners,
Investors ? Are you suggesting more than one house ? Most of the moaners will not even get to own their own home. Its pointless paying to advise people on here that are not listening anyway. The people that think housing is a "Ponzi" are beyond help.
Most of the moaners will not even get to own their own home
Spoken like the true I've got mine so screw you boomer that you come across as.
It appears from most comments the so called moaners you refer to mostly own a house but we see the damage to NZ that you and like minded muppets keep cheering for.
"I do not consider paying 27c per day to advise people that property investment done well is better than any other investment is money well spent."
Would you consider the money well spent if you were able to comment and attempt to dispel any comments and concerns questioning the financial position and credit worthiness of Wolfbrook and Williams Corp?
Or $0.01 per hour.
I don't pay for anything I can get the same value by not paying.
You don't get rich giving money away
So same drama continues with disastrous sales results..
Release of the new lower CV's will put further downward pressure on prices..
All that lower CVs will do is increase the amount selling for CV or higher
Can you give me an example… like if an CV was $1.5M, dropped to $1.2M, then people would pay $1.7M? Something like that?
Are you hoping a drop in CV will put a floor on falling prices?
No, he means that in your example, if the house sells for say $1.35 M, then, after the release of the new CV, it will be classified as "selling above CV" whereas now it is classified as selling below CV.
Oh, so the price actually dropped instead of rising?
Sorry, but you're still not getting it. No one is saying that the price will change because of new, lower CVs. RI was simply saying that lower CVs will increase the number of houses "selling above CVs because the new threshold is lower. I hope you understand now ?
Lower CVs, higher prices. Higher CVs, lower prices. Something like that?
No. You still don't understand.
Well, for your sake, hopefully the rest of the market understands.
"You see, RVs going down is actually a good thing."
I get it, you think prices won’t drop even if RVs do. I just feel like property investors always find a silver lining, even in the worst news. Sentiment will shift once RVs are released. Everyone knows someone who bought above those RVs and got burnt. Auckland’s probably never seen RVs drop before.
It's just a statistics column. In reality it is meaningless.
To paraphrase "RVs don’t matter, they're just a guide." Use RVs on the way up, but ignore them on the way down.
To paraphrase "RVs don’t matter, they're just a guide." Use RVs on the way up, but ignore them on the way down.
You would be Public Enemy #1 at the property seminars where Dr Y types go to build on their wisdom.
Suspect too you might have a field day debating the mighty Ashley Church. Always thought that guy would unravel like a ball of wool when his steady patter of memes and urban myths were even slightly probed.
RVs are what the estimate selling price is at the time of the valuation and indicate the current selling price.
RVs don't have an impact on selling price, it's the other way around
So it'll act as a comfort mechanism for vendors.
Doesn't matter that you sold you property for a $500k loss, what's important is that $500k loss is $50k above 2025 CV.
If house sells for 1.2m and cv is 1.5m.
Cv drops to 1.2m. It's still gonna sell for 1.2m
So if cv falls from 100 to 80 and property sells for 81, yeah success? Is that your inference?
That suggests the market is heading into 2025 on a relatively stable footing.
There has been no marked upturn in activity as some pundits have predicted but things haven't crashed either.
So steady as she goes seems to be the way things are heading at the moment.
This seems a pretty reasonable and satisfactory summary from Greg Ninness.
So why are Kraken and DGM so bitter and scratchy?
A couple of oddballs if ever there were ........
TTP
Did an NZ court rule that you committed fraud, TTP?
Crass comment which adds nothing of value Kraken, especially when hiding behind an anonymous moniker. Firstly, you don't know who TTP is for sure, secondly, who knows what you have done in your lifetime ?
I have never seen TTP deny that he is the person convicted of fraud in the NZ Court system?
I have never seen TTP deny that he is the person convicted of fraud in the NZ Court system. [IT GUY - above]
Well, IT GUY, that's what happens when you can't see.
TTP
Guess that settles it then... 😬. Or was it settled in court? 🤷♂️
Hi Kraken,
I suggest you take heed of the time-honoured wisdom .....
"When you're in a hole, quit digging."
TTP
TTP, I have no idea who you are, but a link to a court ruling pops up almost every week and you don’t deny it. Maybe just start a new account and go by a different name.
Yet another statement on the level of Kraken's mentality ......
A change in CVs will have no impact on what people are selling their houses for.
It only reflects what houses are currently selling for.
It only reflects what houses are currently selling for.
So if a vendor is asking a price 10-20% above the new cv, you have to ask
A) Is the new CV wrong?
B) Is the seller delusional?
C) speculators are delusional
D) the numbers do not work, and they are delusional, see $1200 per week shortfall calc below if prices stay where they are and rates fall to 4% for a mortgage. (Rookies base case)
One group of property promoters show calculations that the property is cashflow negative for a period of time. They have also factored in lower mortgage rates and rising rents which forecast the property to be cashflow positive in the future.
They also assume house price growth of 5% - 6% p.a. (Some believe that house prices double every 10 years and may use that number in their calculations)
Capital gain oriented investors may still believe those rates of house price growth are achievable and buy.
Owner occupier buyers: CAVEAT EMPTOR
Do residential dwelling prices double every 10 years?
Here is where that comes from:
https://youtu.be/j4M67KcLdmk?t=221
A book written by Dolf de Roos, showed the historical residential dwelling growth rates from the period 1966 - 1995 (a 29 year period) for the following areas:
a) Auckland: 11.2% p.a.
b) Hamilton:10.2% p a.
c) Tauranga 10.2% p.a
d) Palmerston North:10.1% p.a
e) Wellington: 10.3% p.a
f) Christchurch: 10.8% p.a.
Beware that past returns is not indicative of future returns. However many people ignore that investment warning.
Also here is an interesting snippet from the above video - the property industry insider becomes a buyer at or near the peak.
1) https://youtu.be/j4M67KcLdmk?t=605 - bought due to fear of missing out (FOMO)
2) https://youtu.be/j4M67KcLdmk?t=867 - is she in negative equity (that would mean a 100% drop in her equity due to leverage used to finance her purchase)
The buyer is unaware of the difference in future financial outcomes of Peaker vs Buyer Today as illustrated previously. She doesn't know what she doesn't know.
A buyer in Nov 2024 (i.e rent for 3 years from Nov 2021 and buy in Nov 2024), of a median house price in Auckland, is better off by an estimated $827,000 over the lifetime of the 30 year mortgage by paying less for the residential dwelling, and taking on a smaller mortgage compared to Peaker.
NO one will be buying here unless they can put in hundreds a week.... maybe thousands.
The Bullshite FOMO by Spruikers collapses into total BS if you put current numbers into a spreadsheet
as shown in this thread
Its over rover. no bag holders can get out now
"Its over rover."
Former prime minister Sir Bill English is optimistic that New Zealand’s house prices are going to trend downwards, in real terms at least.
“Our housing is too expensive,” English told delegates to the INFINZ (Institute of Finance Professionals New Zealand Inc) conference at Auckland’s Cordis Hotel on Monday.
“If we successfully deal with housing affordability, your house prices are not going to go up for the next 15 years, much.”
https://www.waikatotimes.co.nz/business/350451961/get-used-it-sir-bill-…
There's a big "if" in his statement.
A concept/question I’ve been asking on here in regards to peoples faith wrt CV’s is/was :
’we’re house prices in Ireland 50% overvalued before their market crash or 100% after - or neither of the above’.
And:
’if valuations can be incorrect by as much as 50-100%, what value do they really have?’
Eg in Wellington were CV’s 30% out of touch with reality in 2021 or are by the same amount now? (Ie around 30-40% undervalued if the peak was the real correct valuation for these homes)
And why would we put any emphasis on a product that within 12-18momths can be up to 30% wrong?
ie I think my house is worth X amount but in reality it might be worth (X - 0.3)
It's just for determining the rates bill.
Lol - imagine telling Wellington council that their rates income is going down 20-30% due to the average drop in latest CV’s.
If RVs went down by an average of 20-30% it would have no impact on rates income whatsoever.
Your rates would only go down if it was just your RV that went down and everyone else's stayed the same. Sometimes people will challenge their RV because it is out of step with other houses around them of similar value and this can lead to a rates reduction if the council agrees.
If all RVs go down or up it makes no difference. The total rates take stays pretty much the same, it's just divvied up by RV value of houses. If the average RV went down by 99% you would still have to pay the same rates.
Yes understood - I was being facetious
Haha, Poe's Law! I should have known you wouldn't have this misconception..
And why would we put any emphasis on a product that within 12-18momths can be up to 30% wrong?
Yep. If you applied that to any other asset class, expect much scoffing at the BBQ.
However, it's something unique to property in that you have many kinds of artificial valuations (constructs).
in Wellington were CV’s 30% out of touch with reality in 2021
Yes
And why would we put any emphasis on a product that within 12-18momths can be up to 30% wrong?
For Wellington I suspect it'll be within a 5% range of being wrong, in either direction. But an RV is simply a snapshot of a property's estimated value at a certain date. The only number that matters is the one on the unconditional sale agreement.
Buyers will most certainly be anchored by the new RVs though.
"Buyers will most certainly be anchored by the new RVs though"
Exactly. CV may influence some buyer expectations.
Whereas a real estate agent's current market appraisal strongly influences the vendor’s price expectations (and the buyer doesn't get to see this number)
Hence different price expectations between vendor and buyer.
The selling price doesn't change with the CV/RV. The house will sell for what its worth, the RV was low on mine at the time but I paid what it was "Worth to me" at the time. I went $50K over the last bidder to meet the reserve, it was irrelevant I was going to buy the house as its my dream home.
Pray tell guruinvestor what All that lower CVs will do is increase the amount selling for CV or higher is going to do for the psyche of those selling houses and/or your precious house prices rises you so desperately pray for?
The CV just serves as a reference marker. It's only of some limited use when trying to determine if house prices are rising. For example if in February 40% of sales sell over the CV and then in December 60% of sales are over CV then it may indicate something fairly general. For individual sales it is almost meaningless and shouldn't be used to determine the price as it is just a council rating tool.
What Rookieinvestor is saying is that the reference level will change and the trend starts again from that point.
Since when have you become a psychologist? Or are you rookieinvestor?
Its a reference and often way out. I paid another $100K over the CV on my place in 2020. Since then its gone up another $100K over what I paid for it. The latest CV is close, but still under what it worth.
They are not 100% for special cases, I can subdivide and make a mil, but the cv does not take that into account and the vendor had not done their homework.
Not applicable for fully devloped sites ...
Correct Rookie. Tauranga has had the new CV's for a while now and all the properties sold are now selling above the RV. Our new RV's were delayed about 6 months, its a bad idea to delay them just release them.
All that lower CVs will do is increase the amount selling for CV or higher
Correct which is why it's really important to know that going forward, unless 100% are selling over CV the property market is still crashing.
Some big fat zeros in areas that were once red hot. Isn't February supposed to be peak season for real estate price growth? What’s the rest of the year going to look like? "Survive to 2025." I’m not seeing a recovery.
Exist til 2026 is the latest catchphrase. What rhymes with 7?
2027 will be heaven.
Heaven in '27
AC/DC Hells Bells (a old vid, young group)
Play it loud... nothing like a decent air con cab in a big tractor with AC/DC Playlist on....
off to cut firewood...
"2027 will be heaven."
Death of the housing market?
Recession til 27
JimboJones, I just want to say thank you for the opportunity to discuss something other than property yesterday evening!
Have a good weekend all 🫡
ITS ALL PROPERTY LEMONS, TILL 27.
But more likely, it's financially less dangerious to:
SAVE YOUR BAIT, TILL 28.
Or for the more conservative:
DIP YOUR LINES IN 29.
It will be fixed by 26
House prices to stay in the 💩 in 26.
If you plan to buy in 29, you will be a bit late - prices will be up 20% by then, and a certain group who listened to a certain group will be again be left feeling disappointed.
And you just wasted another $200K in rent to get there.
Just as a certain group who listened to a certain group of cheerleaders in 2021 now find themselves down 15-30% (depending upon region) and in many cases in negative equity in a weak economy.
It goes both ways.
For sure, it goes both ways.
Damnit Gecko, reading this & now I want to play...
DGMs “prices to crash-dive in ‘25”
Spruikers “property to thrive in ‘25”
Neutrals “these dicks are gonna argue to ‘26”
I still think its a 🚴🏻, but maybe it isn't, who knows...🤷🏻♂️
Regardless, I do love the rich tapestry of your comments though NZG!
I think it is enough for me to finally pay my subs come March 👌
These dicks will argue to 26 is a good one. Made me laugh.
’DGM this…DGM that..’
’Spruiker this….spruiker that…’
In most cases each arguing for their own financial interest (some from a moral or ethic stand point) and attempting to belittle or gaslight their opponent into thinking their thinking is crazy. It’s such a 2024 way of operating …so last year.
I’m a bit tired of all the endless name calling which really isn’t beneficial in any respect.
(what is wrong with property investor or bull or property bear - instead of spruiker or doom gloom merchant. It reflects the other person’s position without insinuating they are a fool or a bad person for taking that position).
I_O fair call, I agree the labelling is tiresome, in this instance I couldn’t help myself but it was tongue in cheek & nothing more.
The fools, who plonked their entire wad on the property roulette "wheel of unfortune" - over the last 5 years will be strung out in the dry desert, by paying over 4xDTI.
They will learn a lesson in the perils of financial speculation, that will last their lifetime.
It's a lesson that requires a hell of a hangover!!
Buyers today, should only offer and pay, within the 2015 to 2018 valuation range.
As seen in recent years, NEGATIVE EQUITY is a biatch!
Do you have any stats on how many have negative equity?
https://www.trademe.co.nz/a/property/residential/rent/wellington/wellin…
Student flat within walking distance of Vic Uni available for rent at $800 per week. Down from $940 per week in 2020.
RV in 2021 $1.78M
RV in 2025 $1.25M
Homes.co.nz sale price estimate $1.12M
Estimated mortgage cost at 5.49% (80% LVR) is $1,270 per week. Rates $8,626 pa.
Dont all rush out now.
"Be quick!", I’ve seen some "investors" try to catch falling knives in Wellington last year before the new RVs. I’m holding off until IT Guy calls the bottom. No rush.
Yeah IT Guys timing was pretty impeccable at the top - luck or a market visionary.
Are you going to tell us when you buy again IT Guy or are you like Buffett and we have to wait until after the fact to know your back in the market?
20.7% of the rent is required to cover the rates, then there is insurance.... (as rates are increasing faster then rents... one assumes this situation will get worse for a few years...). Rates are bad in Auckland, but seem worse in ChCh and WGTN. Anyone believe WGTN is being well run right now?
how much you guys reckon for insurance?
At least its well maintained and well modernized... chortle chortle, no photos of the iron roof, probably because its rooted.
That owner should have got out at the top...
On a yield basis as an investment you would need to get this between 500-600k to make it worth buying, right now the owner is having capital pains.
Not only that, but its sitting vacant due to Labour's removal of the ability to terminate leases at the end of the fixed term. This would normally have been advertised at the end of last year, so students can be organised and have somewhere to move in to when they arrive for the start of the 2025 term. Now it cant be advertised until after the old students give their 28 days notice - resulting in the landlord missing the incoming student tenant pool entirely.
So you can knock off $800 income for every week it sits vacant.
lets say you bought this for 600k
Your loan Loan amount $480,000
Your ongoing repayments $2,633 per month on 18 months fixed rate of 5.19% p.a. ASB Cal 30 year term
you get 800 per week 41,600 less rates 8640 and insurance 2000 (luckily its well maintained...)
this gives you 30960 to pay mortgage ie 2,580 to pay the mortgage each month a
SHORTFALL OF $53 a week!
This shows you how out of whack things have become.
current home valuation would need to fall by almost 50% to make this house cashflow neutral
"SHORTFALL OF $53 a week!"
Capital gain oriented investors may be willing to pay that. ($53 / week shortfall assumes P&I). This is $2,750 per year. Some capital gain oriented buyers were topping up by over $10,000 per year ($200 / week)
"Your ongoing repayments $2,633 per month on 18 months fixed rate of 5.19% p.a. ASB Cal 30 year term"
Remember non owner occupier buyers are using interest only loans. On a $480,000 mortgage at 5.19% p.a, the payment is $24,912 per year ($2,076 per month, $479 per week)
That is a difference of $6,992 per year ($582 per month, $134 per week). The property is cashflow positive on interest only financing terms.
That is why non owner occupier buyers are outbidding owner occupier buyers.
those numbers are based on a 600k purchase current cv is 1.2 ish..
But still, your figures showed a positive return. You can't really include principal as a cost.
at current rates AND 600k purchase 20% down its not cashflow positive.
I suppose you're hung up on the term "cash flow"? You usually have to wait a few years to enjoy that if you consider there to be no cash flow because you have to top up the principal payment.
"I suppose you're hung up on the term "cash flow"?"
People are free to choose to focus on "profit" or choose to focus on "cash flow"
Some who focused on "profit" are now in cashflow stress - or may have faced receivership, liquidation or bankruptcy of both the company and personally. If you want specific examples, look at the businesses who have been put into receivership, or liquidated by liquidators in the past few years. There are many who focused on "profit" who are now in the financial graveyard.
It would be very rare to find a property that you would buy for 20% deposit that would pay all the costs plus interest and principal and have some cash left over.
It would likewise be rare to find anyone actually paying a 20% deposit for an investment - they're all leveraging equity (and they need 30% by LVR?) making it effectively 100% financed.
You usually have to wait
how would you propose to put this onto the spreadsheet, I do not normally have these type of fields in my plans
asking for the bank, who are now wanting a business plan
You could just enter a "shit I hope" capital gains kick in hear fields, have you needed to supply this data before?
bloody banks
The banks look at all your income and not just the property in isolation. If your salary or other income can cover the shortfall it's all good with them.
Plus your calculation does not allow for a return on the deposit
this is indeed true... but I would be more worried about the return of my deposit right now...
The market was flat in 2024, and it will remain flat in 2025. Every week there will be stats from B&T showing clearance rates of around 40%, and every month stats showing the values in each region going up or down nought point something per cent. Doom and Gladness Merchants will say their piece, and the Spruikers will retort as per usual.
NO DROPS SHORTFALL OF $1240 a WEEK current holders of BAG WEEP HERE
you would need a before tax income of $97k to pay this... assuming you used 100% of it on that allocation....
lets say rates get to 4% (Rockie don't wet yourself) $2,292 on your floating rate of 4.00% p.a. 30 year term and 600k purchase ! you have left over $288 a week yeehaa, but thats if you get it for 600, you guys say no drops so lets say 1mill purchase at 4%
800k mortgage 200k deposit Your ongoing repayments $3,820 a month on your floating rate of 4.00% p.a. 30 year term shortfall is $1240 a WEEK
I call BS on your prediction that prices go up 20% as it would require
$4,775 on your floating rate of 4.00% p.a. you have run out of greater fools guys
TA is not kidding when he says the numbers do not work yet (he forgets to mention the 40-50% from here falls required to make them work)
Is this a reply to my comment that house prices will remain flat?
yes According to my Calcs it will not be investors bidding houses up if they have to put in a shortfall of 1200 a week.
who is going to chase prices up?
I agree with you that house prices won't be chased up. That's why I'm saying prices will be flat.
Everything up in the air needs fuel to stay there.... its the bid that defines every market worldwide.
ouch ouch ouch
The fuel is loans from ANZ, ASB, Westpac, BNZ, Kiwibank, SBS, TSB, Co-operative Bank, plus many non-bank lenders to the tune of $6-7 Billion every month. But you knew that.
"The fuel is loans from ANZ, ASB, Westpac, BNZ, Kiwibank, SBS, TSB, Co-operative Bank, plus many non-bank lenders to the tune of $6-7 Billion every month."
How much is:
1) refinancing an existing mortgage? (e.g move mortgage from ASB to ANZ - that would be a new mortgage for ANZ)
2) new mortgage to be used in business financing
3) new lending for new purchases of residential property?
$4.9 billion is for the purchase of residential property, as per RBNZ.
Refinancing with a bank switch is $2billion, and $900million for top ups of existing loans.
First home buyers are being loaned $1.0-1.3 billion each month.
In your sweet dreams. house prices this year 5-10% UP
Developers offering non cash incentives to buyers rather than lower prices.
https://www.rnz.co.nz/national/programmes/checkpoint/audio/2018974922/p…
https://www.rnz.co.nz/news/business/541881/why-developers-are-offering-…
Note lowering sales prices by developers lowers the most recent comparable transaction on the developer's remaining unsold inventory. And price expectations from future buyers.
Would not want to selling in Rodney .It seems to be down the toilet every time they release these stats
Franklin too however auctions aren't the only way houses sell.
Too much diversity, ie LSB or Milldale or Coastville etc. the LSB etc is high value nothing that high gets auctioned now, buyers to savy to bid against each other.
FYI,
Total number of listings for sale on Trademe.co.nz
A) 15 Feb 2024: 41,402
B) 15 Feb 2025: 47,246 (increase of 14% compared to 2024)
North shore 50% above RV, nice
You can expect that to go to 100% 6 months after the new RV's come out. Tauranga was down at 40% from memory now its at 100%.
Correct. They will still be selling 20% under peak though.
50% of properties sold at auction on the Shore selling for over 2021 RV, pretty impressive
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