Just for the record the housing market bottomed out in Dec 2008. If you purchased a house then and fixed your interest rate at 5.9% for five years then well done!

It is now a very very steady market and firming with long term interest rates rising. From this point on the longer you wait the more expensive it will become!

In Auckland there is a tremendous shortage of stock, so most of the bargains have well gone. Even those mortgagee sales are fetching very good money when you consider the risks involved.

"It is now a very very steady market and firming with long term interest rates rising. From this point on the longer you wait the more expensive it will become"
Right, I've stopped laughing at this economic rubbish. Back to school Gavin.
Rising rates leads to demand destruction for credit in NZ. ie fewer people deciding it's a great time to borrow money and buy property. Which as any 4 year old will tell you, falling demand brings falling prices.

Wally, just with regards to your first comment, 30 year mortaga rates are the highest now since Dec 2008, a jump of about 50 bps

Gavin,

What a load of rubbish. I hope no one is listening to you. If you purchased in the last two years (and recently) you are a dam idiot. Watch your equity (deposit) shrink as house prices continue to fall.

Amazing how things turn around quickly. Debate is switching from housing slump to another potential housing boom. Who would expect it only 3 months ago.
But then, 18mths ago not many expected prices will drop by almost 10%.

John yes good point re: rents. This tends to support my view that the whole surge in migration thing is a misnomer. It does support my previous views that the increase in net migration is due to fewer young people going on their OEs, because these people will be flatting with their mates or living at home with ma and pa this will be placing little pressure on rentals