Spring arrived two months late at the country's largest real estate agency this year, with the usual lift in sales not occurring until November.
Harcourts sold 2065 residential properties throughout the country in November, compared to 1688 in October and 1741 in September.
However November's sales were down 3.3% compared to November last year, while new listings in November were up 5.8% compared to November last year.
That suggests the market overall remains more restrained than it was last year, however there are important regional differences in Harcourts' results.
Most of the weakness in the market is coming from Auckland, while the markets in Christchurch and Wellington remain more robust.
In Auckland Harcourts' November sales were down 14.9% compared to November last year, while new listings were down 4.7%, but the total number of homes Harcourts had available for sale in Auckland was up 13.9%.
That suggests buyers in Auckland continue to enjoy a greater choice of properties, and vendors will need to be realistic in their price expectations to achieve a sale.
In Wellington November's sales were up 10% compared to last year, while the number of new listings was unchanged, and the total number of homes available for sale was up 8%, suggesting the increase in stock has almost matched the increase in sales.
In Christchurch sales were up 3.3% compared to last year while new listings were up 13%, but total stock on hand was down 6.4%.
"We really missed the usual spring market wake up in September/October this year, but it's great to see a lot more activity in the past month," Harcourts chief executive Chris Kennedy said.
"I think the Reserve Bank's slight easing of the LVR restrictions is enticing some buyers back into the market, and that is then encouraging people to list."
Here is Harcourts' full regional suimmary:
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118 Comments
"I think the Reserve Bank's slight easing of the LVR restrictions is enticing some buyers back into the market"
It sure is!
Who's ever watched someone try to pour "just a bit" of petrol from a full can on to a Bar-B that's died down.....The RBNZ 'pourer' might just get the same surprise...
BW
YVIL made a very pertinent point you’ve failed to answer yet ??
The claim you make is premature
At least you’re not angry
Merry Christmas
I enjoyed your modesty immensely
I grew up in beautiful homes myself but my education probably eclipses yours
I live in NY how about you ?
BW
If you wish to go down the “I’m better than you road “
Your citizenship in how many countries exactly .?
How many degrees and disciplines?
Are you old money or new money ?
Where have you lived the past 5 years ?
What is your net worth clear of all debts ?
See how juvenile it is when you start telling me you owned a house a NZ sportsman owns ?
Bye bye
You ask the wrong questions. I suggest you try these ones:
- When was the lowest period of home ownership in the last 50 years?
- How does NZ housing compare on a price-to-income, price-to-rent and housing expense-to GDP?
- How much money is the government having to spend on accommodation supplement and emergency housing costs and how has this varied over time?
- Which groups of buyers have been pushing up prices and how will the current and proposed changes affect these groups?
- What effect does ever-increasing housing costs have on the rest of the economy in the long run?
"That suggests buyers in Auckland continue to enjoy a greater choice of properties, and vendors will need to be realistic in their price expectations to achieve a sale."
Very realistic comment.. and wait till the kiwibuild kicks off... vendors will realise how expensive the existing stock is..
Greg, thanks for the report. Why do you only talk about number of sales and not a mention of values ? If I buy or sell a house, my number 1 question is, how much will it cost or sell for, not how many other houses have sold.
So here it is: YOY house price change:
National + 3%
Auckland +3%
Central North Island + 8%
Wellington +10%
Christchurch - 6%
Rest of South Island + 19%
Well that is no surprise. What do you expect? House prices to be down 10% in Auckland and 15% nationwide? We've been in the midst of a housing "bubble", so why would you expect house prices to be so volatile? However, yoy house price changes are also no indicator that a major house correction has begun. It could even be the rumblings of a crash. You just never know, particularly if you're the type that relies on media releases from real estate agents to keep informed.
Aucklands the country's biggest market and a leading indicator of where the rest of the country's property is heading. Nothing has changed, January onwards will reflect an ever growing inventory. As Auckland house equity declines, so will the little puff of steam in the provinces.
Cat is terminally ill, it will die and it will bounce many times yet depending on which report the besotted spruiker clings on too lol!
The fact that Auckland/ Tauranga/ Hamilton has had a housing bubble (I consider Queenstown to be it's own special market given other factors eg lifestyles of the rich and famous, and hard to value), may very well lock in low interest rates for the economy. The Harvard professors Reinhart and Rogoff who studied the history of bubbles around the world, found that asset bubbles in major asset classes suppress interest rates for at least 10 years post the end of the bubble. So the upper North Island may very well track differently from the rest of NZ.
For example Wellington, median prices up 50% over the last 10 years, so basically 4% per annum compounding return. This is not outrageous given interest rates have halved over the last 10 years and household incomes have risen. We may be in a scenario where any rise in mortgage rates curtails disposable income in Auckland severely, Auckland dips into recession (even though rest of NZ with less debt load trucks along). Reserve Bank cuts rates as major centre (Auckland) in recession and other NZ centres eg Wellington/ Christchurch/ Dunedin receive economic stimulus via lower mortgage rates. So this stimulus to these other centres via persistently low interest rates may very well cause asset price appreciation and stimulate regional economic growth. Auckland with Hamilton and Tauranga less so, may very well become the sick men of NZ, due to the high local debt load and subsequent poor regional economic performance, due to suppressed disposable income. Whereas, the rest of NZ below Waikato, goes on it's merry way with mortgage rates perennially in the 3-4% range
I think Tauranga will attract quite a few baby boomers in retirement and we'll see some serious money flow into that city. My late grandparents spent many happy years there. They'd lived in Auckland and Wellington but always planned to move to Tauranga for retirement. It's just got a nice combination of climate, sea, elevation, population, cafes, rich volcanic soil, no earthquake risk etc...
Sorry, having been buying rentals since 1996 and seeing the history of the RE cycles being as regular as clock work as long as you hold properties long term, you have nothing to fear.. Granted incomes are relatively low vs house prices but that has happened before, and the same things were said. Every 10 yrs prices double or thereabouts. The next cycle upwards maybe not as strong as this last cycle, but prices will go up from 2020 onward, or maybe even late 2019. The government has always promoted general inflation to around 1-2% so that deflation doesnt occur. deflation would wreck the economy. But that means our currency value is gradually being eroded. This with immigration/population growth pressure, means that house prices will always tend to go up, even though there might be blips down now and again in the short term. Buy and hold for long term, fix your mortgage. If you cant afford a house to live in, buy a cheap rental and let the rent pay for the outgoings. It not rocket science. Once you have gained some equity, then you have options to sell or not.
PKchew, how refreshing to read your comment, I bought my 1st investmenrt property in 1994 and I agree with every single point you make. I find it short-sighted to concentrate on how much the market has gone up or down in a few months or years. Also I do NOT count on the market lifting to make money, If I can't find a property that I can buy with an immediate gain of 20% I will just keep looking. The long-term inflation on properties is simply a great bonus
PKchew, Yvil, your comments confirm how much you have riding on this "houses are a one way bet" thing.
Say in a worse case scenario houses dropped 60%. Would you hang up on your Bank Manager if he rung to say "ELLOW"
Full blown deflation lies in wait on the other side of the next financial shock.
Yikes!
All property investors have their own unique set of financial circumstances. For example:
1) investment property portfolio with a high rental yield vs low rental yield vs no rental yield
2) investment property portfolio with positive cashflow vs investment property portfolio with negative cashflow
3) property investors financed with more P&I loans vs those financed with more interest only loans
4) property investors with high LVR's vs property investors who have lower LVR's vs property investors with zero LVR
5) property investors financed mainly by large Australian owned banks vs property investors financed mainly by smaller banks, and non bank lenders.
6) the absolute dollar amount of debt owed to lenders
Depending upon the above, under certain circumstances, a 60% property price fall may not impact a property investor's cashflow (as is PKChew's focus on passive income, with a 33% LVR investment property portfolio, and assuming they can continue to hold on to their investment properties in this scenario).
A 60% property price fall however will impact all property owner's equity value adversely (even if they are zero LVR).
Any owner-occupier who is:
1) expecting to sell their property in the next few years for whatever reason (upsizing, downsizing, retirement, etc) and hence needs their equity in the property, and
2) expects significant property price falls in their area
may wish to consider selling to maximise their equity. Otherwise their equity could be somewhat smaller when they sell in the future. This is based solely on financial considerations - non financial considerations may weigh more significantly on such owner occupiers.
Yvil, from your terse response I take it that full blown deflation is inconceivable? Um-no
I'm not interested in your business. I'm just posting comments that reflect my own opinion on a public forum. Those who are not blinded by their own leveraged situations can be forewarned and therefore forearmed.
Every 10 yrs prices double or thereabouts. The next cycle upwards maybe not as strong as this last cycle, but prices will go up from 2020 onward, or maybe even late 2019.
Why? Because Ashley Church and the guy at the seminar said so? The sheeple have been led to believe that the current monetary system is infallible (an Anglo Saxon invention naturally) and guarantees that asset prices rise in a predictable fashion. And the same flock believes it when they're shown a graph of asset prices (particularly houses) correlated with inflation and think that it actually means something. Statistically, it does in a descriptive sense only.
As for the people who close their eyes and move their hand in a circular motion and start mumbling about 2019 and 2020, sorry to say you're nothing but a 3rd-rate cult leader wannabe or an internet troll.
Kiwimm,
They do understand mean reversion. The bulls and bears are both using mean reversion. The difference between the two groups is that they are taking the mean of different sets of numbers. Depending on which set of numbers you look at gives you a different expectation of future property prices.
1) Bulls - they are taking the historical average historical price rises for the past 50 years (this is the geometric mean)...
2) Bears - they are taking the historical average of house price to income ratios, or rental yields, or some other valuation metric
Those mean / average of both those above give entirely opposing expectations of future property prices.
Financial historians will know which one of the above approaches is more reliable than the other. Those who fail to learn the lessons of history are doomed to repeat it.
Those mean / average of both those above give entirely opposing expectations of future property prices. Financial historians will know which one of the above is more reliable than the other.
Regardless, extrapolating future growth based on the past is not "scientific", nor is it really "forecasting". Any old high school student can do that.
Yes, well put CN.
Yvil - an experiment for you. Take a graph of a country that had a property price crash and cover up the crash part. The remaining left-side graph will look like the geometric mean that the perma-bulls believe in (i.e. similar to NZ's trajectory). At all points on the left hand side, people believed it would continue. What happened next?
There is a reason why fundamentals are called thus.
kiwimm,
I have no idea what covering a chart is going to tell you..?? I certainly wouldn't call that "fundamentals".
My own research tells me that a real Estate "crash" is preceded by a Credit Boom....An extreme credit boom , in that particular mkt that then implodes because people cant service their debt..
In real estate it very quickly spills over into wider economic problems..ie. recession
I just don't see this in NZ , at this time..??
The RBNZ has mitigated the excessive credit growth with the LVR rules.
Household debt servicing ratios are at a much better levels than they were leading up to the GFC..
https://www.rbnz.govt.nz/statistics/key-graphs/key-graph-household-debt
So far, to me, this looks like a soft , consolidating mkt..
For me, it would take some kind of external shock , for a crash to unfold.
The big unkown, is how demand will respond to lower prices.... You might be surprised to see sales volumes increase, as prices soften.. ( which does not happen in a crash , as there are very few credit worthy buyers).
I call this price discovery... and its the hardest thing to determine... ie.. how demand responds to lower prices.
http://www.investinganswers.com/financial-dictionary/economics/price-di…
With low unemployment, cheap money, healthy- ish economy , reasonable credit growth.... my expectation would be for demand to increase as prices soften..
I'm not arguing about affordability, or that prices are too high.. just that I don't see a "crash" happening anytime soon.. ( unless there is a black swan event )
just my view..
CN... great comments..
My view is that both expectations ( 1/bulls and 2./bears ) rely on assumptions that dont necessarily hold true in an evolving economic world.
eg.. that house prices are grossly overvalued because house price to income ratio is 9 or 10 , when , historically it should be 3...etc...etc.
I'm assuming by financial historian , you are talking about hindsight..??
Roelof,
A financial historian looks at financial history to learn lessons.
There are lots of lessons littered throughout history if you look. For example, in terms of significant property price falls, there are lessons to be learnt from:
1) 1990's UK property price fall,
2) 1990's Swedish property price fall,
3) 1990's Norwegian property price fall,
4) 1980's Finland property price fall
5) 1990's Japanese property price fall
6) 1990's central Auckland property price fall
7) 1990's Australia property price fall
8) 1989- 1990's property price fall in Toronto
9) 1980- 1990's US
10) 2005-2006 US
11) 2010 - Ireland
12) 2010 - Spain
13) 2010 - other European countries
14) 1998 - Hong Kong
15) 1998 - Singapore
16) 1998 - Indonesia
17) 1997 - Thailand
They may not be exactly the same, but there are some common elements.
You also raise an interesting point - many people are focusing on asset prices, and high asset valuations and pointing out that is the reason that property prices must fall back to 3x or whatever average level.
Let's take 2 extreme hypothetical scenarios:
1) House price to income ratio is 9-10x, and there is no debt borrowed by households
2) House price to income ratio is 3x, yet every household is heavily overleveraged, with debt service consuming a large percentage of their annual annual incomes. In this scenario, there is little ability to absorb an unexpected financial shock.
In which scenario is there a higher likelihood of a property price fall?
High valuations by themselves don't suggest a property price fall. It is more likely the high levels of leverage that cause property price falls due to the nature of debt contracts and their underlying contractual commitments. A number of people on this forum have alluded to this.
Having said that, household debt levels in NZ have risen to record levels. And this is what makes property prices potentially vulnerable - if there is some sort of unexpected external shock (which is unpredictable by nature), then this could put some highly leveraged households under financial pressure. The high household debt levels have very likely driven property valuations to the 9-10x house price to income level in Auckland, and the initial higher LVR restrictions in Auckland have pushed Auckland investors out to the regions when they had lower LVR's by the RBNZ. Now Auckland investors have moved out into the regions due to lower price point levels for houses. This has potential for seemingly invisible property portfolio faultlines in the event of an unexpected financial shock - for example some overleveraged investor is forced to sell down in the regions (especially in small markets) which then impacts the comparable valuations of properties nearby. The banks then use these distressed transaction property prices to value all properties in the area and the potential knock on valuation effects of that for other large property investors in the area.
The low debt service to income ratio as you show above from the RBNZ does provide some financial head room for borrowers.
There are some other structural issues with the debt that could also put pressure on indebted households. BW has alluded to it ...
Not to mention other financial / economic crises
Stock market crash - 87
Junk bond crash – 89
Asian financial crisis
UK leaving the exchange rate mechanism
Russian financial crisis
Dotcom bubble
GFC
Long Term Capital Management
CN,
I have yet to digest what you have written..
Here is a thought for you..
That... in todays world we can no longer use averages to get a true sense of things.
The bottom 60% are struggling with low wage growth while the top 40% are doing much better.
There is a growing division of wealth, ....using "averages" gives one a distorted view of economic reality.
If we separate things into those 2 groups, we would have more useful information, in my view.
Ray Dalio puts it better than me.
https://www.institutionalinvestor.com/article/b159kpn2gkyrn0/ray-dalio-…
J.C., ooooowh those property seminars have a lot to answer for. Ron Hoy Fong, now he's my favourite lol! These are about as much worth as a 1.15am infomercial. Home improvement shows are a close second.
It's all about to change and for some, not in a good way.
I reckon the next season of "The Block" will be the last - YAY!
Christchurch market is more Robust!
Who would have guessed this Gordon?
Chch is always going to be popular with its lifestyle and new business coming into the city.
As I keep saying if you don’t buy in Chch then you will be missing the boat.
Was in town 2 days ago and things are progressing a lot faster now!
Always worth reading the full report - as Yvil reports above, Chch average sales price down 6% YOY. Agree that Chch is a great city to live in, partly because of the now friendly rental market (loads of properties available with reducing rents). I'm not feeling like I'm about to miss out on a huge house price rise, quite happy to rent for now.
THE MAN 2 says if you don't buy in Christchurch then you will be missing the boat.
When I think of boats, I think of water, tides and fish. What you say sounds rather (fishy), and being that the (tide) is about to go out I prefer not to even own a (boat) let alone a house built on (water) sand and silt to put it in.
Christchurch is in the same country as the biggest and sickliest market of all, Auckland - right? Don't forget the country could be on the cusp of another record breaking drought - Canterbury is looking especially dry. These events on their own are known to cause recessions when they come to town.
Don’t laugh, that could be your future. Woken up by the cop sirens at 3:00am (reminding you why people pay more to live elsewhere). Can’t get back to sleep so have a cup of tea hoping for a bowel movement soon after. Read the Herald on line at 5:00 am. Get the physical paper at 6:30. Read the hatch/match and dispatch section looking for anyone one you know (usually the dispatch section!). Put the funeral date in the calendar because there’s sure to be a free feed. Another cup of tea hoping it will trigger a Bowel movement. Check the length of time to serve on the ban from the Men’s Club/Probus and local bowling club. Open the Interest.co.nz forum, rewrite the same thing you’ve posted 20 times that week, hope for a bite, have a cup of tea and hope for a bowel motion at some point in the day. Repeat ad nauseum until someone will talk to you in person. If you can’t find someone, go the the bank and annoy the nice lady down there, because she has to talk to you.
It’s all downhill from where you are. Euthanasia might be a relief.
Or you could continue working and only stop till you are past 85, or was that just the navy boys that had exposure to nuclear testing and got superhuman strength out of the deal. Often if not the vices it can be the lack of work and stimulus which gets people (and the mind) in the end. Life is pain, anyone who tells you different is lying or trying to sell you something. While some jobs have fixed physical wearing end dates others can take any ability (even in governance). I have seen too many who retired and had dementia steal their minds while unguarded. You do not want that. For one it would limit the amount of tea (and whiskey) drinking.
General Inflation is set to go up with this extra spending by the new govt possibly more money in the system. This means increases in wages in the medium term (driven by decreasing immigration workers), which means increases in sales of houses (more people can afford them) , which means the housing market will carry on. If they dont relax the rules to provide new green field areas to build, this will keep pushing prices upwards. Council fees and regs will also increase costs. This all puts pressure on house prices. Prices are not going to pull back long term.
Retired Poppy, these buildings haven't cost me a cent! I loaned 100% and I have just kept them up to scratch, working on fences, painting etc myself, getting the odd plumber/ellectrician in when needed. They are delivering $50K per year positive cashflow currently and this is very handy money as Im not earning as much as I was in the corporate scene. Im ok if interest rates go up or banks start wanting more of the principle back. This will easily develop into 75K as rents go up. It just an investment!!
Chch prices are holding up extremely well.
There are still a hell of a lot of As is where is property being so.d and plenty of money to be made in this market.
The reality is that people that talk about all the negatives in doing something are always the procrastinators and they are just wired that way.
They are not great investors and will never end up being financially stable, just the way it is!
If you are prepared to listen and receive advice from people that are financially stable and multi millionaires then you will be on the way to financial freedom.
However if you are happy to just sit on the fence waiting for things to get better for yourself then you will never get off that fence!
There are people in this world who want to bet ahead and do things and the. There are the others who do nothing and they get by and that is all!
Holding up, perhaps, about to explode and leave me behind? I don't think so. Quite happy with my alternative investment options, share market has done rather better than Chch property lately and my portfolio has done rather better than the general market (probably more luck than judgement), but I'm not exactly struggling. Property is already over represented in my net worth, just none is in Christchurch. Renting works out great for me at the moment.
Please refrain from assuming that not being desperate to throw all my eggs into a single property basket means I am unable to succeed.
Your latest missive sounds like it came from a property investment seminar. You know the one's where if you listen to us and use our services all will be well ( just ticket clipping in disguise).
While I agree people should invest - there are more investment options than just property.
Retired-Poppy, Im not worried at all. Prices can do what they like, as long as rents stay up, then all is OK in my world. As I said it isn't rocket science. As I did buy 11 yrs ago all my 7 properties have increased, more than doubled, so very happy. I wont be selling anytime soon. I had to actually take a risk and do something ie take action, and people were saying I was mad to be getting into debt by $1.3M but it has paid off and the same thing will happen over the next 10 years.
RP-No luck about it Retired-Poppy. Careful planning and the motivation to carry it out has paid off. The next ten years will be similar. You look at worst case scenarios and see if you can minimise the risk. I was at a stage that I didn't have a "retirement fund" and decided to invest in property. The labour govt at the time (Clark) had made it easy to do so, with depreciation write off to balance the budget. They were panicking that the birth rate was so low, that the future population/tax take wouldn't support the govt spending in the future so they opened up the gates of immigration. It was another "no-brainer" for me although other people including my own family were dead against it because it looked so risky. But I felt that, after doing all the math, and looking at historical prices/rents that this would work. And so it has so far.
Yvil, it takes courage? Why? Those property seminars you attended say houses are a one way bet as are the rents from them.
This is amusing. You're saying that by borrowing to buy extra houses using paper equity from the first, simply because you can't wait, is courageous? I have other words to describe it.
Again, little skill is required. It's just betting on something always rising in value using another's money.
Courage = not deterred by danger or pain; brave.
mfd I didn't assume anything. Shares/stocks are good too, glad for you that all is working for you there, as it is for me, but diversify with some property. What I am trying to say is if you are considering property, Chch is a very good bet because although rents are lower generally, the city is being rebuilt and will attract more people as time goes on. Prices and rents will increase as demand grows.
No offense meant, my comment was aimed more at the lecture from The Man. Much as I like Chch, I'm not expecting property prices to rise too much in the near future, there still seem to be plenty of nice new houses coming online, rebuild workers leaving, and rents are still coming down. Happy to sit this out for now.
Looking at the numbers sold for the year to end of Nov compared to last year
Auckland
2016 = 26109 Sales
2017 = 20005 Sales (down 23.4%)
NZ
2016 = 75914 Sales
2017 = 62326 Sales (down 17.9%)
Clearly Auckland is quietening down
If you look at barfoots property report and check out the averages prices for 3 bedroom homes, YOY all areas are down from Nov 16 to Nov 17 with the exception of Rodney and Howick/Pakuranga.
https://www.barfoot.co.nz/market-reports/2017/november/residential-sales...
https://www.barfoot.co.nz/market-reports/2016/november/residential-sales...
now thats apples with apples
Fact - Sales down
Fact - prices are dropping
Fact - We can all try to predict the future but no one knows for sure
I know what my money is on
YES it is a fact (in Auckland anyway)
I cant understand why some cant accept that this current cycle of booming Auckland house prices has come to an end for now and is heading down for the time being.
Medians and averages dont mean much when the lower end of the market is not selling unless you look at like for like.
It is you who should read my comment properly
Exactly, the report also says that the average national was up 3% over same time in 2016, and Up 6.75% over last month .... funny that this part was the only important paragraph that was dropped from this report in the article above --- a mistake perhaps ?? ... or selectivity !!
Banging on the negatives will never bring prices down while the fundamentals are so strong .... simple !!
Mfd, prices in Chch will consistently rise which is far better than a bubble.
When you buy right and have positively geared property in sufficient numbers then property is the investment of choice.Havent heard that the rebuild workers are leaving Chch I have been advised that most have stated on and that is only one of the reasons why Chch population continues to climb.
Yes there have been too many new houses built as well as the Asia properties being rented out.
Reality is that if you want to become a a full time landlord and not Anne to answer to anyone for the rest of your life, you can.
Yes many rents have decreased for part time landlords but overall on average our rents are up on last year due to having a commercial property rent increase.
Personally think you would be dumb to be renting in Chch at the moment if you could afford to buy!! !
The Govt. In The new year will Bring in an initiative to enable first home buyers to buy a home and that will definitely increase prices in Chch.
The lifestyle in Chch is also second to none but then some will disagree which is their perogative.
Hello all and PKchew. I've been in the market in Auckland since 1983 and have lived through 4 property cycles. Everything said on this site has been said before good things and bad things of the future of property. I know this - Never listen to commentary of the dreamers and the envious. Auckland is a growing city buy a piece of it, it will be Sydney size one day ! By ignoring rubbish and acting on good choices I am in a very sweet spot. Mark it in your diaries as PKchew says the market will start rising again in 2020 through to 2025/2026 I put my stamp on that and we can all look back and see who was correct Merry Xmas
I'll bet people in Detroit in 1983 said something similar to "Hey. One day Detroit will be the size of New York! Buy a piece of it ". No one knows what Auckland will look like in 2020, let alone 2050 for one reason -"The Past is no Guarantee of the Future". It could be exactly as you suggest, or Rangitoto may have started to rumble next Easter or One Tree Hill. Virtually no one in Christchurch saw 2010/11 happening. And did all The Other Countries that have had devastating property collapses see them coming? No. And even those that suspected it, couldn't stop a Correction happening. Will it happen here? Who knows. But what we do know is wages are stagnant; the economy is reliant upon very few drivers of growth; immigration patterns are changing by law; building codes and areas of development are expanding; banks are changing their lending habits; the Government is changing taxation priorities...and the list of what we know goes on. So what will the future hold? Add up all of what we know and what we don't and...make a guess! Because all of it, the sum totoal of what we know and what we guess will happen...is built into today's property prices. All of it...
THE MAN 2, lol! I must admit deep down I do like Christchurch, especially upper Cashmere! Just cannot bring myself to agree with you on Christchurch house prices going it alone whilst the rest of the country trends down.
Do people live forever and pay no tax in Christchurch?
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