There were major ups and downs at the latest auctions conducted by Barfoot & Thompson.
The number of properties coming to auction is well down as many buyers and sellers go into hibernation mode for winter. Barfoots marketed 93 properties for auction last week and achieved sales on 29 of them, giving an overall sales clearance rate of 31%.
But there were big differences in the sales rates between individual auctions.
One of the biggest surprises was at the Manukau auction where 16 properties from south and east Auckland suburbs such as Papatoetoe, Manurewa, Flat Bush and Pakuranga were on the Order of Sale. Two sales were postponed just before the auction, and the rest all passed in for sale by negotiation and conditional offers received on another four post-auction.
None sold under the hammer.
It was a completely different story at the Shortland Street auction on 18 July, where 17 properties were on the Order of Sale, mostly from central suburbs such as Remuera, Mt Roskill and Mt Albert, with one being withdrawn from sale just prior to the auction, another three were sold prior to the auction and another seven were either sold under the hammer or immediately after the auction.
That gave an overall sales clearance rate of 59%.
At the main North Shore auction the sales clearance rate was 29% (see table below for the clearance rates at all of Barfoot's auctions last week).
Details of all the properties offered and the prices achieved on most of those that sold are available on or Residential Auction Results page.
| Date | Venue | Sold | Not sold | Total | % Sold |
| 16-22 July | On site | 5 | 3 | 8 | 63% |
| 17 July | Manukau | 0 | 16 | 16 | 0 |
| 17 July | Shortland St, CBD. | 1 | 4 | 5 | 20% |
| 18 July | Shortland St, CBD. | 10 | 7 | 17 | 59% |
| 18 July | Pukekohe | 2 | 3 | 5 | 40% |
| 19 July | Shortland St, CBD. | 0 | 7 | 7 | 0 |
| 19 July | North Shore | 7 | 17 | 24 | 29% |
| 20 July | Shortland St, CBD. | 4 | 7 | 11 | 36% |
| Total | All venues | 29 | 64 | 93 | 31% |
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123 Comments
Hi MTP,
I merely commented on what Greg Niness highlighted in his text/headline above. In any case, the Auckland transport/traffic effect, is something I’ve mentioned on numerous past occasions. It’s a valid and important observation.
Chessmaster, above, happens to agree with me - and so do many others.
What’s your problem, MTP?
TTP
TTP, what I find most astounding is your willingness to completely discredit yourself. When proven wrong (which is a daily occurrence), rather than admit your clueless, you then use a scattergun approach on highly respected commentators. Do you not value self respect?
Hi Retired-Poppy,
As you well know, you're the biggest PLONKER here.
Just last week, you forgot to take yield into account when assessing a housing investment...... (Thus, your conclusions were highly misleading and deceptive.)
Worse still, it was the second time you made that mistake this year! (You were pulled up both times.) But you don't learn from your own mistakes!
And a few weeks back, you said properties in Auckland were only selling above their RV if they were "rare or exceptional"........ In the same thread, robust evidence of recent Auckland sales was produced showing that the majority, in fact, sold for above their RV.
Retired-Poppy - you can't erase your botch-ups. There have been many of them - real howlers - and people like me have long memories.
When assessing the (appalling) quality of your contributions here, I never know whether to laugh or cry.
In fact, your ignorance is exceeded only by your anger, bitterness and tantrums (all of which are frequent occurrences here).
TTP
Ha-ha-ha :) nope, definitely not married to this complete clown. His circus left town ages ago and left him stranded on this forum! Hes noticeably become quite angry and "frustrated" as of late. It might have been articles appearing that support term deposit returns over that of property - hmmmmm. Much like Mauldens articles on the fast approaching debt train, TTP never saw that one coming. Now he's highly embarrassed.
Still in the Committee of the whole House stage. Been there for a couple of weeks now.
https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/docu…
Auckland eruption could bring fast-moving hot surge
An Auckland eruption could force the evacuation of more than 400,000 people - but the biggest risk to life would come with a fast-rolling, bomb-like surge of hot rock and gas.
That's according to a researcher who has begun a new Earthquake Commission-funded study modelling what impacts a big blow in the city-wide Auckland Volcanic Field would have on homes and businesses.
https://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=12094425
Hi Retired-Poppy,
If DGZ is using the distraction technique (as Pragmatist suggests [above]) he could only have learned it from one person here - namely yourself.
Time and time again, I have seen you use distraction/diversion techniques........
In fact, it's your primary strategy when you've been pulled up for making one of your (frequent) blunders.
Rather than accept responsibility for your botch-ups, you hasten to change the topic. That's just not cricket.
You would do much better to accept responsibility - withdraw/amend the offending statement and apologise (just as decent people do).
I have done exactly that in the recent past, on at least two occasions. I take it on the chin, where appropriate.
Errors do get made - but the way the error-maker handles the situation is an excellent test of their integrity.
TTP
This may interest you RP
I've been out looking for a place for a friends' mum this weekend and subsequently been to LINZ to get the low down on three places we looked at. which again has lead me to seriously question the state of NZ banks' loan books and how they have been assessing security risk. Maybe we'll find out when the confidentiality agreement is lifted between them and the reserve bank. But for now,
1. House number 1. Previous owner bought in February 2016 for $750,000 - then mortgage lodged at LINZ in April 2016 for wait for it $1,125,000.
2. House number 2 bought in June 2010 for $1,120,000 -mortgage lodged at LINZ in August 2010 for $1,680,000
3. House number 3 bought by previous owner in September 2014 for £812,000 - refinanced in Dec 2016 for wait for in $1,380,000.
It would appear to me that maybe the reason for the very low clearance rates at present is that are a lot of people are borrowed up to the eyeballs... And before the spruikers start bleating we only looked at three houses this weekend and that was scary enough for me.
Terrifying levels of debt though.
Yeah, this does seem a bit overboard.. a (semi-)random sample of three properties and they all have hugely over-leveraged mortgages on them? Maybe one of the three I'd believe.
Either those aren't the actual mortgage values, or if they are, I think envelopes fill of bank notes stuffed under the mattress are safer than in the bank.
Not doubting your honesty Nic, just wondered if there had been a misinterpretation of the numbers at your end. Thats really rather scary.
Edit. so the clarify, you go to the LINZ website and order the Property Title and plans for $15 , then you use that to get the mortgage instrument reference and order that for another $15? Is it possible to get the mortgage instruments for $15 and somehow skip the first step?
AndrewJ
It's part of what a credit checking agency would generally do if you were ever to want to know the state of a business partners finances before embarking on that partnership... I once went into business with a guy who looked golden but was actually up to his hock in housing debt, I didn't find out until we both needed to inject capital.. he actually had no capital as it turned out, because all his cash went out on a mortgage to keep his very good looking wife happy... we came to an arrangement.
yep
Pragmatist
Just $15 per document and all you want is the 'mortgage instrument'
When it asks for document type. Select 'Instrument'
Record - type the address of the property'
Notes.. 'I would like to receive the mortgage instrument for the above property. ' I always add 'Thank you'
Everyone you deal with at LINZ is lovely so be nice to them
Yep Andrewj,
I think it is and I'd invite you to investigate just a couple of homes that are currently for sale at the upper end of your local market. It's all well and good me reporting this but if other respected commentators do the same then I think that it will hold more merit. If my investigations are replicated, I think that most people will get a shock result that makes no sense within 2 or 3 searches at LINZ against previous sale prices. The problems seem to start on transactions post 2010 and it is generally the upper end of the market where this has occurred more frequently.
Nic J .... this is what all the "spruikers" ie TTP, DGZ et al conveniently forget !!
Thank you for sharing those figures with us - that's whats happening at the "coal face", not something that has been "conjoured and contorted" up by some spruiker, that has so much "skin in the game' they are terrified beyond belief that the "PPP" (property ponzi party) could be over !
Can anyone tell me (not that the banks will !!) how the banks true "mood of the boardroom" is at the moment, with figures like those 3 cases above ?!!
They all glibly go on, as if they can raise interest rates anytime they want to.....but what would happen with the 3 scenarios above and each of those situations - with all that debt !?!
Pehaps TTP can "enlighten" us with his "exit strategy" out of those 3 !?!
Hi Crazy Horse,
If I made allegations/generalisations here that were based on a sample of just 3 cases, you and your DGM mates would SLAM me........ "Unscientific and invalid" you would scream!
Ironically, it's the DGM that has CRASHED - not the housing market.
TTP
TTP, in Australia there are AU$500 Billion reasons to argue your flawed "nothing to see here" approach. The verdict is still out on "NZ bank staff selling mortgage culture" and its possible fallout as the FMA are currently investigating.
Best think first before making such shallow assumptions. I suggest you might want to give up "smoking"
TTP
These are not allegations/generalisations when the details are all real and publicly available. These houses transacted and were subsequently re-financed for figures well beyond their very recent purchase prices. How?
If others would like to check go to LINZ and pay $15 for the mortgage instrument on your own property (if you have a mortgage) and see if the loan that was taken out coincides with the loan that you took out when you last re-financed. Anyone can do it.
https://www.linz.govt.nz/land/land-records/order-copy-land-record/land-…
Make sure that you put in the address of the property and request the 'Mortgage Instrument'
Then do 2 others on houses that are for sale at the top end of your local market ($30) bucks each and report back on what you find. Lets to an 'Interest'ing experiment amongst our readership. And lets all report back exactly what we find.
Obviously some of us may not want to publish the extent of our personal mortgage folly... Please keep owners addresses out of the public eye as that is not fair. Lets see what we all turn up! I've just requested 2 more which I will report on (probably Thursday).
Nic
$30+. 15 to get the title record, then $15 to get each mortgage instrument.
Just decided to waste $60, and see how leveraged my landlord is, since this will no doubt affect the likelihood of him putting rent up with capital gains disappearing, and also to randomly check a rental property that the owner is trying to sell from trademe.
I'll post results once I get them.
Edit: after trolling thru the LINZ website and a bit of googling, i've just wasted $30 on two linz reports. It is now apparent to me that the vast majority of mortgages registered on the Linz database are "All obligation" encumbrances, and that the amount registered is the priority amount, which is the some multiple of the value of the mortgage, being (from my incomplete understanding) an estimate + headroom of the maximum amount the bank may need to recover if they let the let the lender get well behind on the mortgage before taking the house or if they later increase lending using the same property as a security. And it therefore bears no useful relationship to the actual amount of the mortgage advanced on the property by the bank, other than the real mortgage value is far less than the prioroity amount.
https://www.linz.govt.nz/kb/309 <- LINZ Knowledge base showing the entry of an All Obligations Instrument.
https://www.linz.govt.nz/kb/469 <- Linz Knowledgebase showing entry of a fixed sum mortagage- bottom image on page, (I gather that this type might return actual value of the mortgage, but it is not from what I have read the normal way of doing things)
http://www.ffgl.co.nz/latest-news/what-is-a-priority-amount/
Whatever you get won’t be accurate as mortgage documents are often left in place when debts are repaid and you won’t know the type of facility or what the mortgage secures. For example if you checked my property you’d see a mortgage but you wouldn’t see it has all been repaid.
Rex Pat.. Agree.... but when a mortgage has been taken out on the last 3-5 years the chances of it being repaid, i.e a 25 year term mortgage typically pays 10% off the capital over 5 years - so 90% outstanding balance. if the mortgage instrument is 20 years old likelihood is they're close to done and maybe can actually afford to sell.
remember 1/3 of the country hold $400,000 average debt. and 8% of the 1/3 hold $666k (the devils number in debt).... now that's their problem and no young person should be getting them out of that hole they jumped into all by themselves..
Nic... This does not sound right to me...
I looked at my own mortgage document, and the one which was lodged with LINZ when I purchased.
( physical doc. ... not LINZ provided )
My purchase price was $670,000 and my mortgage was $150,000.
The "priority sum" , which was on the document is $1,012,500 plus interest.
( this is the doc. that my lawyer lodges with LINZ )
No Bank is going to lend in excess of the value of a house , unless they are duped... ie. criminal fraud is committed..
Maybe the figures you are quoting is this, so called .."priority sum"..?/
Roelof,
It generally takes 2-3 days to acquire all this info from LINZ and they are marvellous (so your comment has been very quick in its response - I am not suggesting anything disingenuous} .. If you're completely happy to provide me with your address and the time of purchase I'll be able to see if your numbers are real and check against debt offerings.???
Nic
Nic.. I did not use LINZ... I said I looked at my docs.. , which included the doc that my lawyers passed onto LINZ..
My address is 389 Hillsborough rd, Hillsborough, Auckland
The linz dealing number on that doc is 9090711
Date of purchase /settlement 10 aug 2012
Cheers !
Roelof, the figure of $1,012,500 is the priority amount. The bank registers a figure over and above the value of the property, that it can lend up to plus interest. This saves them having to redraw legal documents if you want to increase borrowing in 10-15 years if property has appreciated a significant amount. Standard practice, to save on possible future legal fees, and has nothing to do with what they may actually lend on the property. Sounds like some punters are flushing dollars down the toilet investigating priority amounts.
Checked my docs. Priority amount is $1,360,000 plus interest. Never borrowed anywhere near that amount and owe nothing now, albeit I do have a revolver facility. Conclusion is that all you could correctly ascertain from that is that I had a mortgage at a certain date.
ttp ....I have just read your response and I am assuming "DGM" stands for, in your vocabulary, "doom & gloom merchant" of which I am not. I just like to illustrate (thanks to Nic J) the "other side" of the story.
If I had seen 3 properties and all 3 properties had those scenarios, it would certainly trigger my interest. Also, as you would shout from the rooftops - a 100% result !
You may say that the DGM's are negative - but in all fairness, if I was fiirst home buyer, I would take your advice with a "grain of salt" and do the opposite !
In Auckland (been here all my life) there has always been money around and there will always be people that can afford to buy, no matter what the market conditions.
My thoughts is that here in NZ (and Australia) there is a private debt mountain (see NZ Reserve Bank figures) , that is ready for the "mother of all avalanches" when the banks, who as you know, are now not dishing out credit like "lolly water" to all and sundry.
So if they aren't growing their mortgage books, they will put up interest rates regardless to cover their decreases in profit and "one (or 2) of the three" examples above, that could fall over.
And once interest rates go up (cost of money ttp to enlighten you) not only will peoples mortgage interest payments go up, but many other costs too, as it not just the "astute propertee investoor" that drives the economy .
So you keep "raving on" just how great it is, in your own myopic world, but anyone out there looking at buying themselves their first home (esp. in Auckland) do your own homework, as remember people like ttp et al are only "talking up their book" and have a huge personal interest in keeping the PPP (property ponzi party) going !
Crazy Horse, well said. TTP has done a complete about face after posting a gloomy comment in Feb 2017 @10am. Since then he has became an Auckland based REA. You are spot on that FHB's should steer clear of his advice, interpretations and views as they're all self serving.
https://www.interest.co.nz/property/86171/nz-house-prices-look-set-fall…
TTP is highly embarrassed this comment has been exposed.
"A fall of a mere 12% over the next 3-4 years would be a soft-landing, given the spectacular gains of the recent past. So, hardly a forecast to get too uptight about. But the fall could be more pronounced than that - shouldn't rule that out. Auckland property prices are in decline now. Unless there's a compelling personal reason, why would one buy a house in Auckland at this juncture? Better to "buy low and sell high" than the other way around - every Joe & Jill Bloggs knows that. And that's exactly the reason buyer confidence is fragile - as indicated by the falling numbers attending open homes (while sellers/investors are striding towards the door in increasing volumes). Buyers have largely got the message that biding one's time is a prudent strategy right now, while over-geared owners/investors are displaying a nervousness not evident a few months back. Buyers - waiting through autumn and winter just might have a silver lining for you......"
And here I was thinking TTP was only a comedian of the big red nose type, now I see he is truly a comedian of Eddie Murphy proportions that is funny. Quality.
Hi Retired-Poppy,
NOT an "about face" at all! I have always been completely UP-FRONT about my change in view.
I made very clear in MARCH 2017 that I had changed my position and that I now believed there would be no crash.
I have reiterated that point a number of times since.......
My reasoning, which you (and others here) are VERY AWARE of, is that the upswing of 2014-16 was due to (largely) STRUCTURAL factors rather than mere cyclical factors. House prices would not fall dramatically but fluctuate within a narrow band for the foreseeable future. In other words, house prices would be "sticky down".
As it turned out, my revised position of March 2017 has been spot-on. There has been NO crash. As the REINZ headline of last week stated, the market has proven RESILIENT. That particular word is one I've used many times since March 2017 - as you are well aware.
RETIRED-POPPY - it is perfectly legitimate to change one's view in accordance with one's best judgement. (In fact, it would be dishonest not to do so.) By making allegations about me that you know very well are incorrect, you further DISCREDIT yourself.
TTP
Translation, "I became an Auckland based Real Estate Agent in March 2017"
It's pretty clear your motives are far from sincere. Why conjure up baseless comments in an attempt to discredit commentators (such as myself) who expose your motives? Are you getting desperate?
You're such a worm.
TTP, you say "There are a very large number of people that have reached the same conclusion as me"
This only proves some parents will say just about anything to silence a noisy kid!
Have you considered selling vacuum cleaners instead of houses? Clean up some mess as you go....
Ttp you're simply deluding yourself and others because you are an RE, look about you. If other neighboring property economies are starting to fail since the free money tap has been turned off from China, how the hell do you expect little NZ to do better?
Australian property prices will get worse as a mini-credit crunch takes hold
https://www.businessinsider.com.au/australian-property-prices-mini-cred…
Canada’s housing market flirts with disaster
https://www.ft.com/content/8cb9f0fa-0a61-11e8-839d-41ca06376bf2
STRUCTURAL factors rather than mere cyclical factors.
You are still yet to tell any of us what these (influential) structural factors are...? Or are you still confused of the meaning - hence why you and ZS were arguing that immigration was a structural factor?
I am still unaware of what significant supply side changes occurred during 2014-2016. Surely I'm not the only one..?
I thought economists was pretty much in agreement that the increase was demand driven (given fixed LUR) - interest rates and immigration? (both demand side/cyclical, btw TTP).
The only thing you could argue is the initial effect of the AUP announcement - but that's is expected to be a transitory effect. And it's localised only to the Auckland market - whereas price increases were not.
One structural factor was the Unitary Plan... It has resulted in a , kinda, one off revaluation of land, depending on the zoning.
Anecdotally, in my area, developers were paying lots money for free standing dwellings on full sections, in anticipation of the plan. ....
Yep. As mentioned.
And also as mentioned - (expected) should be a transitory effect. Medium to long term, the expectation is for it to provide supply pressure on prices. So arguing that it, itself, is a factor to underpin higher long term average price growth isn't accurate.
In regards to 2014-2016, I'd argue that the Unitary Plan has had a permanent, one-off shift in land prices.
( In the same way changing gst to 15% had a one shift in prices )
The higher order effects of the Unitary plan , will have an influence on the cyclical aspects, related to supply/demand.... over time.
Just my way of seeing it...!
Agree. But we weren't specifically talking about land prices - general property values.
The AUP has only had an impact on upzoned property land values.
And the extent to which it has affected such properties is relative to the site intensity of the property.
Properties with no upzoning or high intensity didn't get a relative bump, in prices.
My point was it is a structural factor to improve (effective) supply, that although providing an initial bump in property prices will not underpin a long term higher level of property price growth.
Hi nymad,
You're still grappling re cyclical/structural etc. And, ok, it takes some working through. I still ponder it too.
For one thing, no, economists are not "pretty much in agreement" that the increase was demand-driven. Far from it. Various arguments/ hypotheses have been put forward - and continue to be put forward. What's new? The debates usually don't conclude quickly and definitively in the economics discipline and new theories often displace older theories. As Milton Friedman said, theories ought to be judged according to the criteria of "simplicity" and "fruitfulness". (You might be aware of his often-quoted paper on Methodology.)
Of course, all the structural (and supply) factors impacting on the NZ housing market did not suddenly emerge through 2014/16 - but at least part of the culmination/cumulative impact could be seen (and interpreted) in that era and likely reinforcing/bolstering an underlying cyclical movement?? That's what dawned on me about March 2017 when I formed a new hypothesis/view of what was going on. I considered that the NZ housing market wasn't going to bust or go into sharp decline - as occurred with certain other countries (and as foreseen by many contributors here) because NZ's situation was fundamentally different.
Migration flows are almost certainly a blend of cyclical and structural - and difficult to delineate the relative proportions.
Suggest you continue with a literature search (as I do) and go back to my posts of a year ago (and further back) where I gave detailed accounts of the nature and shape of structural factors. (There's been a range of structural factors relevant in NZ and I recall you had no disagreement with the way I explained/outlined them at that time.)
TTP
Oh.
So. Again. You can't give us any structural factors.
Great. Thanks for proving my point.
Various arguments/ hypotheses have been put forward - and continue to be put forward.
Cool - can you name some?
Just note that I said under a condition of fixed LUR.
You always spout on about your (flawed) understanding of economics - primarily the Marshallian system - tell us less intelligent folk what price does when supply is fixed and demand is changing.
You should really get some help for that inferiority complex.
It will do you well in the long run.
Hi nymad,
Structural factors have been listed & discussed here before - and you have read & commented on them in the past. (Plus, there is abundant other literature on them.)
If you’re having trouble with your memory, go do a search! You’re a big boy (or girl) now - no one should be spoon-feeding you.
TTP
Oh, cmon.
Just give us some, TTP.
Surely it isn't difficult for someone of you intellectual prowess to do...
Surely also you don't want people thinking you can't substantiate your claims.
God forbid you lose that exceptional reputation for reasoning that you have!
Hi Nymad,
There are plenty of non-economists who are familiar with structural vs cyclical factors. It's hardly rocket science.
You claim to have a background in economics/economic statistics. If so, go read the literature. I'm not repeating things that I've written here before - just for the sake of a slug like you.
In dealing with you, I'm reminded of the old proverb, "You can lead a donkey to water, but you can't make it drink".
Get off your chuff and show some initiative.
TTP
P.S. And go find out how to draw a Marshallian Cross Diagram while you're at it.
TTP, its a bit of a quiet morning huh? Get of your own chuff, do some cold calling and maybe a leaflet drop or two. Convince those vendors today's more astute buyer is circling at a much lower altitude.
Maybe soon you'll grow some smarts and discover that by taking your anger and frustrations out on other commentators doesn't deliver commission cheques either.
A fall of a mere 12% over the next 3-4 years would be a soft-landing, given the spectacular gains of the recent past. So, hardly a forecast to get too uptight about. But the fall could be more pronounced than that - shouldn't rule that out. Auckland property prices are in decline now. Unless there's a compelling personal reason, why would one buy a house in Auckland at this juncture? Better to "buy low and sell high" than the other way around - every Joe & Jill Bloggs knows that. And that's exactly the reason buyer confidence is fragile - as indicated by the falling numbers attending open homes (while sellers/investors are striding towards the door in increasing volumes). Buyers have largely got the message that biding one's time is a prudent strategy right now, while over-geared owners/investors are displaying a nervousness not evident a few months back. Buyers - waiting through autumn and winter just might have a silver lining for you.......
That's quite...different, from our friend ToThePoint. Clicking on that link surprised me.
R-P had a look at "to the point" aka "off the mark" February 2017 post......sounds like a different person !
Here are some quotes from that masterpiece.........
"Auckland property prices are in decline now."
"Unless there's a compelling personal reason, why would one buy a house in Auckland at this juncture?"
"Better to "buy low and sell high" than the other way around - every Joe & Jill Bloggs knows that."
"And that's exactly the reason buyer confidence is fragile - as indicated by the falling numbers attending open homes (while sellers/investors are striding towards the door in increasing volumes)."
"Buyers have largely got the message that biding one's time is a prudent strategy right now, while over-geared owners/investors are displaying a nervousness not evident a few months back"
If you compare the above quotes with what "off the mark" says now, his current rhetoric is just pure and unadulterated ####!
PS ...also see RickStrauss copied in tpp's February 2017 masterpiece in it's entirety ....thanks RS
Crazy Horse, it certainly is a masterpiece. For some time now TTP has labeled those commentators, (myself included), urging FHB's to practice caution as deceiving, misleading DGM's with an agenda to give FHB's a bum steer and the biggest classic of all - to crash the house market!
The unearthing of this masterpiece has left him desperate and embarrassed, not to mention stuck for a reasonable explanation other than becoming a Real Estate Agent.
Hi Crazy Horse,
You write, "I am assuming "DGM" stands for, in your vocabulary, "doom & gloom merchant" of which I am not."
Indeed, it's interesting to note how many people here are now seeking to distance themselves from the DGM tribe.
Further, the remaining members of the DGM tribe are far less often talking of a "crash"......
They have become a mere shadow of their former selves - and largely impotent.
TTP
TTP your the only one that mentions crash, most mention that houses are unaffordable, banks have been lending like there's no tomorrow, and lending has tightened and prices are dropping. Some say what they think a correction should look like. But other then you, find a person who has used the words crash. Your like a propaganda machine or a Putinbot. But you are persistent, you are a great at pushing your point across, just like a sales person.
Anyway after what RP has posted your credibility, if you ever had any, has taken a bit of a turn.
Hi Retired-Poppy,
I enjoy vigorous debate but it needs to be based on objectivity - not on unscientific data that happens to coincide with one's own (negative) agenda.
Someone else might pick 3 wealthy, cashed-up Auckland industrialists who are struggling to find top real estate to invest in (or reside)........ But, really, it would be spurious to draw wide generalisations from such "data". (N.B. In reality, there are far more than 3 Auckland industrialists who currently fit this category.)
Retired-Poppy, to use semantics that you will (hopefully) grasp....... I'm just not interested in pissing in the wind - as I dislike wetting my trouser legs. Though, if you wish to wet your own trouser legs, then go ahead and do so with my blessing.
TTP
I do have another one for you which I looked at last week
Bought in September 2012 for $745,000.
Mortgage taken out against the property 30/06/2014 for ………. $1,170,000.
For some reason no one has been interested in paying then $1,400,000 to get them out of the hole.
I hope that you don't wet yourself TTP.
TTP
Credibility mmmh, Now that is a strange comment from someone who offers nothing by way of detail.. For your information, I've got hundreds of these case studies, which is why I feel very well qualified to comment...
I've asked other respected commentators to investigate their locales and see what they uncover. Lets see who takes me up on it. Sleep well.
Nic
Oh TTP - here's another.. Auction this week. Bought 1983 for $55k. Mortgage for $2,400,000 taken out in 2016... RV currently $2,000,000. It has been on for a very long time this one but I guess the 'Fools Gold' is running out and the Auction is the final resting place.
Now I reckon someone, maybe the bank, maybe the owner will be getting disappointed this week.
Do you want more?
Nic
Hi Nic.
You write, "I've got hundreds of these case studies, which is why I feel very well qualified to comment."
Suggest you ask Retired-Poppy to give you a pat on the back.
Sadly, mere "hundreds of cases" won't suffice. You need to think in an order of magnitude of "thousands of cases".
Keep searching, old chap....... it will help you fill your days. (-: (-:
TTP
Hi Nic, I pulled the Mortgage Instrument for my own house, but the report is largely non-sensical (or, more likely, I'm an ignoramous). It has a priority amount of $600k (lodged in 2009) but the house wouldn't have been worth a fraction of that amount back them.
My wife and I bought our house (our first home) in 2013 for $400k with a mortgage of $340k, but this isn't mentioned anywhere in the mortgage instrument that LINZ sent me.
CV $8,800,000 Asking $6,750,000
14B Te Kowhai Place, Remuera
A real bargain if you're looking to buy well below the CV lol ^^
https://www.trademe.co.nz/property/residential-property-for-sale/auctio…
DGZ, looks like just another Remuera monolithic leaky monstrosity (and there's many). Change the cladding and then I'll take notice. Your idea of a bargain is a bit of a worry to be honest. Presuming its weatherboard, the older house immediatly behind it looks more my style!
CJ099 in my area, Greenlane/Central the median sale price was 1.4M and the median CV was 1.38M. Not sure what you are looking at to get that figure.
Here is Barfoots June report:
https://issuu.com/barfootsuburbsales/docs/greenlane_central_mag_june_18…
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