Bayleys sold 50% at their latest Auckland auctions but things were a bit quieter at the auctions in Hamilton, Tauranga and Rotorua

'Tauranga Auction as quiet as a graveyard where sellers appear to be getting buried at Auction'

'Rotorua Auctions starting to smell a bit rotten, has the market died?'

'Hamilton fast running out of Auckland evacuees to prop up the building boom'

Hahaha, Caught by the click-bait Nic.

Fingers crossed they recommend something more sensible like an asset or land tax. That's certainly what I asked for in my submission.

nah mate... the rentier class is growing. Cap gains tax will be a vote winner. But who cares...it's all cap losses ahead.

Unelectable by you - is what you meant to say. God forbid you have to pay your share Captain.

The primary trend is captured in this sentence:

The total number of homes being auctioned remains low, with Bayleys auctioning just 23 in the upper North Island last week, with sales achieved on nine giving an overall clearance rate of 39%.

A total of 9 sales for the entire upper North Island, which happens to include Auckland, isn't much of an upward trend. The clear trend is that auctions are becoming a less than desirable sales method, hence the low numbers going to auction.

Toothepointy, you have been home brewing too much.. Barfoots auction rates last week have collapsed back towards 30 percent.

How do percentages in statistics work?

That's my reckons, too

Yes will be interesting to see what happens after the ban is in place.

Wait and watch.

Either will be no effect if the percentage of foreign / non resident buyer was and is only 3% as per National party and its data but if more than will be worth a watch.

Well if I was a foreign buyer, I certainly would NOT want to buy a house in NZ now, before the ban comes into place and I cannot sell the house to my countrymen in the future.

You really believe that their motivation is solely based on envy of what you and your kin folk have ?

"It is a stupid unfair tax that does not take into account a number of things.
It certain,y doesn’t restrain house prices as any tax imposed on anything only increases prices"

I dont think its fair that you accuse the Coalition of having a lack of business acumen with comments like this.

You are incorrect is assuming that those of us who want a change to a tax system won't be affected or don't own properties ourselves. Some of use can see the bias in the current system and the need to change it.

You don't want it to change because you don't want your tax protected rort of landlording to be affected...simple as that. Good on the COL. They are doing what they promised ...not can kicking denialists like mr key & co.

So there won't be a capital gains tax because the real estate owning voters won't like it, but then if we don't have a capital gains tax and we have boom/bust cycles and recessions caused by run-away housing prices which nobody likes, then we're 'mucked' either way. So is it better to be prudent and try to limit the fluctuations in property prices, or better to be wussy's that find themselves political slaves to property bulls?

If I was in power, I know which way I'd be swaying. No 'mucking' about for property bulls.

The question that comes from this is how would we structure a tax which would reduce house prices?

There won’t be an Income Tax out in place by either Government because it will be a death knell for them. It is a stupid unfair tax that does not take into account a number of things.

Just as valid.

All the resorting to "envy, envy!" is just as robust as the previous resorting to "racist, racist!" in any discussion of immigration volumes, foreign buyer activity etc. I.e. silly bollocks.

Because foreigners only make up around 3 percent of buyers in the market.

Ouch...not bought and on-sold a few times in one day or anything?

Confident that it wasn’t a typo by Q.V. ? $1,125,000 would be more realistic given the CV.

Don't let the truth get in the way of a good story. I checked homes.co.nz. There is no sale price listed for June 2016. Care to guess why? No? I'll save you the leg work.

June 16 was a S13 sale i.e. Freehold, Non-arm's length and can never match the property Capital Value.

Going back to the 2011 sale and comparing to the sale last week, the property is 100% up since the last market sale and sold at 103% of the 2017 CV. Move on, nothing to see. This was an entirely normal expected transaction result.