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Views on whether it's a good or bad time to buy a house have swung sharply in favour of buying - ASB Housing Confidence Survey

Views on whether it's a good or bad time to buy a house have swung sharply in favour of buying - ASB Housing Confidence Survey

The public perception that now is a good time to buy a house is the strongest it has been since the beginning of the last property boom in 2012, according to ASB's latest Housing Confidence Survey.

The latest survey results, along with the prospect of further falls in mortgage interest rates and the current buoyancy evident in the market, has caused ASB to adjust its house price forecast from a nationwide decline of 6% for the year to March 2021, to a decline of just 3%.

The survey, carried out over the three months from May to July, found that 32% of respondents thought it was a good time to buy a house, while 11% thought it was a bad time to buy, 46% thought it was neither a good nor bad time to buy and 11% didn't know.

That was a significant turnaround in sentiment from the previous survey over the three months from February to April, which included the Level 4 lockdown, when the numbers who thought it was a good or bad time to buy were almost evenly balanced at 21% and 22% respectively.

"Views on whether it was a good or bad time to buy a house swung sharply back into positive territory once the Level 4 lockdown was over," ASB's economists said in their commentary accompanying the survey results.

"Impressively, respondents see now as the best time to buy since 2012.

"For those with job security, buying conditions are buoyed by ever lower interest rates and the potential to find the right house without being in a boom time bidding war."

The survey also revealed a turnaround in people's interest rate expectations, with 41% expecting them to go lower (33% in the previous survey), 32% expecting them to stay the same (unchanged), while just 10% expected them to go higher (down form 14%) and 16% didn't know (down from 20%).

ASB's economists offered several reasons for the current levels of optimism about the housing market.

"Mortgage rates have fallen steadily since COVID-19 took hold and respondents expect further falls over the coming year," they said.

"That means debt servicing costs are lower and look more favourable compared to rents.

"Borrowing to invest in property may also appeal to those eyeing up the steady decline in term deposit rates.

"Muted house price growth and expectations that the market may not be as strong as people viewed prior to COVID-19, means more perceived chance of finding a bargain."

And to end the report, ASB's team saw one final factor potentially influencing enthusiasm for the housing market.

"With New Zealanders trapped within their own borders, it is also possible we will see people suffering form cabin fever contemplate buying a second cabin in which to feel feverish," they said.

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99 Comments

15
up

People want safety and security in a time of global crisis - and a home/house is one of the few enduring places.
And zero/low returns on money in the bank.

Agreed. Also rediculious monetary policy and low rates. Classic cars are doing really well also.

12
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That isn't true - houses were a liability in many places during the GFC.

21
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I think it's true that they *want* safety and security. Whether that's what they're getting is another story.

Its not houses that were the liability, it was the debt and the lack of return to exit it (lower prices).

That is not true. Safety and security in house only if you don't have any mortgage on that house. Remember when you borrow mortgage from a bank to buy a house, you don't completely own the house until you paid off your mortgage. How can you say something you don't own would be safe and secure for your finance in crisis? Your statement is misleading.

@company of heroes

Yes agree in principal BUT the reality now is with no viable return on the money in the bank the cost of a home v rent makes it almost a no brainer and anyone on here knows I'm not a housing bull.

My own case in point - substantial cash in the bank was getting 1/8th of FA....and at the same time paying rent as we all have to live somewhere, normally spend $20k a year on overseas travel so that's not happening. So I bought a new home.

That same market rent at sub 3% rates services almost a $700k mortgage and the "feeling" of creating security is greater and it seems that what many are chasing right now.

Ive been speaking to many contractors over the last week at looking to have work done - all are flat out as with no overseas travel in the near future people are spending on their homes as we're all spending much more time there during lock-downs!

And yes - job security right now is an issue...but whether I have a job or not I'm paying similar amounts to either rent or pay the mortgage?

Your last statement may be true (one should note you don't account for house rates, insurance, maintenance, RE fees etc) but the caveat is that it's a hell of a lot easier/lot less stress having to deal with complete loss of income if you don't have that $700k mortgage and such an illiquid asset.

11
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@Albert2020

Obviously this is a case study of one but back in 2008 GFC......

I was in purely cash from a business sale ($500k plus in the bank @ 6% interest which was equivalent to an ok house in AKL in those days)...lost my job, 5 mouths to feed in the family and I was eligible for ZERO - because I had cash.

If I had been mortgaged to the eyeballs and all that cash in a family home I would've got assistance - in the end I ate over $100k of cash before getting my next role - I still had to pay for a roof over my families head - just to the landlord not the bank, in reality whats the difference?

Not making that mistake again - I dont agree with it in any way but its those with debt that get bailed. Self sufficiency is punished.

Ive watched over the next 12 years hoping to see some sort of change where the productive get rewarded but it seems in my lifetime it wont change - those leveraged get the help whether it be directly in the form of "the dole" or indirectly with ZIRP and QE blowing up asset prices and keeping the RE market afloat at all costs.

Im done with fighting it. Ive gone to the dark side....

Guess you are talking about after GFC, right? But think about if you just bought a house right before GFC with large mortgage, would there be any different in your story? I agree that if you've bought a house after GFC, you would definitely in better position now as there were oversea buyers's money flooded housing market from 2016 to 2017. Will it happens again? I don't think so. Not with China's new restrictions on capital controls.
https://wolfstreet.com/2019/08/30/china-imposes-new-capital-controls-tar...

What assistance are you referring to? The dole? Would that have even come close to supporting a family of 5? You're assuming the bank would allow you to defer payments for a year? Whilst that may be possible in the current climate I don't think even the most generous of bank managers would facilitate that regardless of the GFC or not. I appreciate your honesty but I find it really sad that this is your mindset now.

"But whether I have a job or not I'm paying similar amounts to either rent or pay the mortgage?"
It's still different, paying the mortgage means that your finance is tied to house mortgage. You have risk to lose your house and deposit if you can't service the mortgage. My friend's family lost their house during GFC and almost lost their lifelong savings. On the other hand, renting means that you have choices, choices of moving and your finance is not tied to certain rentals. I am not saying people shouldn't buy houses, but they need to think about the risks especially during crisis. Yes, I agree with you on "he reality now is with no viable return on the money in the bank". But you also shouldn't put all "eggs" in one "basket", not even mentioning with a huge amount of debt tied to that "basket".

I think a boat you can live on is a better strategy. Come the zombie apocalypse I will win.

Housing market rocks.

Interesting to note that while the DGM are a majority here, they’re now a small minority in the real world.

TTP

10
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The sampled population is not the same hence results will differ, we should all know better than that.

There's a good lot of smart people around here.

What the article overlooks, it is unclear why, is that the survey includes in the 3 months to April a net 14 percent saw price increases, down from a previous net 55 percent yet in the 3 months to July a net 11 percent now see price falls over the next 12 months, yet "confidence" to buy is at the highest level since 2012, when most surveyed also expected price rises.

Yeah the smart people are actually selling their homes using tools such as Facebook's community pages, where young couples are looking for homes in nicer more affordable areas especially in Auckland. It's a good way to cut out the middle man with hugely over bloated Real Estate Agent commission fees, otherwise they simply can't move up the property ladder.

That is interesting....

A number of people have always sought to cut out the real estate agent & their considerable fees - by buying privately. However, those selling privately rarely discount the price in recognition of no selling fees - instead, they pocketed the money!

That is really nor a good sign.

Lol...you mean S&S . Sheds and shacks

"Housing market rocks"... you mean rock bottom?

22
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So less than a third of respondents think it's a good time to buy, and that's "Strongly in favour"? Yes sure relative to the respondents who said it was a bad time to buy, but over half had no idea so we just ignore them?

I thought exactly the same, do not put too much thought into it, it is coming from ASB after all so cannot expect much impartiality.

12
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"Do you think now is a good or bad time to buy a house"

"I'm not sure, given the current climate I would say it's probably a bad time to buy?"

*Mark that answer down as not sure*.

Haha, great post.

Yes and also they double in value every 5 to 10 years allowing you to use the power of leverage to buy a rental or to start a business, or use something similar to the UK called the advanced owner equity scheme.

That allows you to withdraw up to $1200 dollars a week to live on. That is fantastic as your house keeps doubling in value so no problem.

23
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The government should just give everyone a house and then pay them $1200 a week for the rest of their lives. Forget the gold standard, our currency is backed by houses. Make it illegal to sell a house so we don't end up with people bastardizing the market by selling below "market rates". Just have CoreLogic update the value of every house each year inline with inflation.

I think you be on (to) something here Dan.. and its so easy.. its just numbers on a computer screen after all. Eternal wealth for eerybody!

Just buy a $1m house today and in 28 years it will be worth $16m. Sell it and live on a luxury yacht while sailing around the world.

37
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NZ's housing market is ridiculous. This is not a good thing. FHB's getting in because serviceability might be the only positive but even then it's countered by the huge mortgage debt they're taking on. These ultra low interest rates are doing nothing but pumping up NZ's housing market by allowing ma and pa "property investors" to drive up prices and keep locking people out. It's driving that wedge between the 'haves' and 'have nots' even further but hey who cares if you're on the 'haves' side right?! FYI before the boomers claim envy just letting you know that I own my property freehold and have a diversified investment portfolio; I'm just not blind to the pain that this over inflated housing market is causing our country and worse our most vulnerable. Some of us care about our fellow countrymen and our future generations.

Anyone having property and/or stock are laughing all the way to the bank, for now and also may be in future as printing and distribution of cheap money has and is doing wonder to asset class.

Expected to fall but instead it moved up. Economy at best or worst only time will tell in this uncertain times.

Indeed. All driven by ludicrous monetary policy. The equity bubble I'm ok with because that's people moving out the risk curve which is kind of the point of easing and also most in NZ don't leverage into equities which means they can generally afford to lose those funds. I'd argue equities also aren't a basic human need. The property bubble on the other hand is ugly for NZ because people leverage into it and if it goes pear shaped they lose big time (double edged sword of leverage) and they risk not having a basic human need. Asset bubbles are a side effect of easing monetary policy but in NZ our fascination w/ property means it's the worst bubble and given housing is a need and it's close ties to all sorts of social issues we need to take some targeted approach to disincentivise investment in retail property.

Hi Spectators, Do not forget people incharge of framing picies be it politicans and also so call experts - all have biased vested interest. So asking them to frame policy against themselves is abig task. All that concern you hear is just words to get vote with no intent - best example CGT you turn by PM - JA.

Now is the best time to take another U turn as needed and can go for referandum if have no guts by themselves to act.

CGT has been debated lot of time and also advised as in most (almost all) countries in the world but unlikely in NZ as one just have to see how many properties each politicans own.

11
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I have property and stock. I'm not laughing.
The lack of fundamental value concerns me, there are no good investments.
The value of my largest asset (my skill set and capacity to earn) diminishes daily.
I'm concerned for people entering retirement or already there who are or will get pennies on their deposits.
Finally it will all end in tears.

Utah! Get me two ✌️

you think interest rates are ultra low. Friends or ours here in Germany just got a 1 million+ euro new build with a 400K euro deposit. The interest rate was 0.39% fixed for 10 years. They purchased all the building materials up front to take advantage of the governments temporary reduction in GST.

Exactly. Like many things NZ has suffered from high Costs of living, including high mortgage rates. Even now, at 'all time lows', our rates are high by international standards.

Well said, Spectators. We need more people like you.

12
up

The way NZ has handled the Covid crisis, by taking advantage of our geographic isolation and by exhibiting rational and decisive leadership compared to many other western countries, has given people a sense of confidence in the future prospects of the country. This is flowing through into the housing market. All just my opinion of course.

hh
Your comment “given people a sense of confidence” has some basis.
For the majority of the population Covid has been about behaviour changes rather than negative economic impact.
While there has been considerably loss of jobs in tourism and hospitality which have especially have been hard hit. However the majority of workers in this area are low paid - with significant numbers of overseas visitors on work visas - and therefore usually not home owners.
Meanwhile there are a far greater number of homeowners with job security and mortgages who have been positively impacted with falling interest rates.
COVID is not impacting people equally, nor is it currently negatively impacting many.

Yes, NZ has been somewhat saved by the large number of people working in hospo and tourism who are on work visas. It's something I have mentioned over several years as one of the few upsides to our low skill immigration ponzi scheme.

HH - Very astute comments there and soundly based. Something else not mentioned here for awhile and hated/ridicled by many on here.
All these years have something in common 2020,2011,2002,1993,1984 ?? They are 9 years apart and all are the start of the upward leg in property prices ( in Auckland ) normally running for 5 years, 1 intermediate year, then 3 soft years then cycle starts again. Why ? hard to say but it keeps repeating its self and has allowed me to make a fortune following it, noticed it in the 60,s and 70's so first bought in 1983.
Seems simple it is people get to focused on the now and endlessly argue why or why not things happen. Big picture view cuts through the noise/bullshit. Next best time to sell summer 2024/2025.

Not luck, just pure Genius

Needless to remind people that housing comes at a cost that could eventually be ruinous for those who take on incredible multiples of debt to income.

15
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Sorry folks but an historical reminder: in 2005 all conventional market analysts in USA repeated mantra that house prices had never fallen Year in year. Then, they did. And it was due to dodgy lending and sub prime, not unemployment rising.
No matter how much QE and low interest rates and gov support, it is not possible to abolish business cycle. It has not hit fan in NZ or elsewhere yet but by end October tide will be coming in and full shit show in Feb-Oct 2021. Realism and reason are not same as DGM.

I agree the worst is yet to come. But what is your reasoning behind October being a tipping point?
Not sure what others are hearing, but I am in Auckland and have talked to several small business owners who came through 1st lock down ok. They are very negative and almost in a state of depression during this lock down. Seems to be a different mentality this time.

September/October all the large corporate tax bills come due. One of the fascinating features of tax is that it has to be paid with money rather than financial assets. This leads to large volumes of financial products being dumped to pay their tax. Unfortunately if an bank or hedge fund finds out that the product they want to sell isn't liquid the prices can drop severely while they try to find someone willing to pay cash.

October is often a tipping point because of the above issues. Of course nothing will happen if large banks/funds/corporations are holding financial instruments that actually have value. Although we might find out who is holding all the MBS, CLOs, swaps on junk bonds, and so on in October.

But at the moment there seem to be vast quantities of cash in search of something to buy, hence the stupid prices of all assets.

But at the moment there seem to be vast quantities of cash in search of something to buy, hence the stupid prices of all assets.

Yes. The RBNZ trucks are doing the rounds every night while everyone's tucked up in bed. You have to get up early, put on your running shoes, and go and look on the street corner. Boxes of the stuff.

32% thought it was a good time to buy a house
Is not same as “I will buy a house in next 3 months” is it? Facts please: sales in NZ outside Auckland in 2020 are 25% lower than 2019. In Auckland sales are 1.7% higher but ALL of that gain was pre April
Auckland sales in June and July happy days only made up for 42% of lockdown losses of April and May. I will continue to repeat these facts in face of guff

Anecdotal, but the market in Tauranga feels like it's beginning to take off. Sold signs in many areas, I've spoken to a few sellers who said they've had ridiculous multi-offers on properties from Investors. Selling time from those friends was within a week

Tauranga Councils got a new anthem - https://www.youtube.com/watch?v=tvtJPs8IDgU
Lyrics -
Don't it always seem to go
That you don't know what you've got til its gone
They paved paradise
And put up a parking lot

Not an accurate picture, been watching the Tauranga market now for almost a year. Yes while good quality houses in the right areas at the right price are attracting multi offers its rare. Good quality houses at the right price are going to sell well anywhere in New Zealand. Auckland has very poor quality stock in general its full of million dollar rot boxes. I have been involved in a couple now that have been a bun fight but at the same time I have had 40 properties on my watch-list from Tauranga that are just not moving, one has just been withdrawn and then relisted on Trade-Me because it was looking bad having been listed in Feb and its still not sold, why ? its simply overpriced and vendor is a nutter.

Hmmm interesting. Good points.

Agreed ,ive been watching the Tauranga market as you said good properties are moving ,in Bethlehem i saw a property listed for 1050,000 a couple of months later it was listed for 900,000 ,it sold ;however, ive also spoke to a local RE agent and that person said that absolute junk are selling at premium pricing in Tauranga and i wouldn't buy now.
Ive been watching Joe Wilkes on the DFA channel ,interesting perspective on the NZ market.
https://www.youtube.com/watch?v=DliYIIsWKXM&t=2860s

All the eggs in one basket...what could possibly go wrong?

I am a professional in my early thirties. My partner and I bought our first house in West Auckland at the end of last year. I was quite a reluctant purchaser as everything I had read suggested to me that housing in NZ is overvalued. In fact, I had even done some writing on how the tax system is a contributing factor to housing being overvalued.

Despite our view that it was a bad economic decision, we decided to take the plunge anyway. We had only been in our house a few months when COVID hit. Even in the face of what we thought would be a crash in the market, we were not too worried because: (a) we soon realised that owning our own home is more than just an 'investment' and (b) I have a job that likely wont be effected too badly if the economy does crash (which I understand is a privilege others do not have to help ease the anxiety).

I have been surprised by the number of my friends and peers who have been looking to buy despite all the risk and uncertainty about the future. If I were in their position I would be too afraid to take the risk. I suppose that the lockdown has also made other people realise that living arrangements are more than just economic decisions.

I fully believe and hope that a correction will occur in the future but I think events have shown time and time again that the housing market it fueled by belief rather than fact. Anyway, we are looking forward to our interest rate going from 3.5 to 2.5 (or lower) in November.

Congrats on the purchase! It's so daunting isn't it- debt. I'm highly aware of my relationship and perception to/of money compared to my wealthy friends who have options should they fail (e.g. family).

I am risk-averse and am at the stage where we are needing to either spend ~$50k for remedial work to our whare, or side/up-grade. With the uncertainty it's a hard choice- reduce equity or take on more debt....

I have also been very surprised by a couple of my colleagues taking on massive mortgages to upgrade their family home, and using their previous residence as a rental. I'd be much too scared to.

Llam
Congratulations also from me.
I agree a home is more than simply an investment. One’s first house is a home, the second and subsequent houses are for Purely investment purposes.
It’s great that you took the step last year when many were critical of doing so and that you are now feeling secure for having done so.
Yes, it looks like mortgage rates could be lower next year and RBNZ and bank economists seeing them low for sometime. However I wouldn’t be complacent; I would be paying down the mortgage as much as possible over the next few years to provide greater financial security.
I wish you well for the future - your home contributes as a good basis for family life.

The average sale values are gradually getting closer to the 2017 CV's.... lots of passed-ins.... look at facts, not opinion.

https://www.interest.co.nz/property/residential-auction-results

13
up

"while the DGM are a majority here, they’re now a small minority in the real world"

Lets remind ourselves that this moment isn't the "real world". The real world will be later this year and next year when all government financial supports are ceased. Remember that we are currently on life support, and being on life support is like being on Lala land!

They just don't get it Moa. Narcissistic tendencies are prolific in the privileged. They actually believe that they made themselves rich. Buffet 2.0's.... Totally Deluded.

I think you mean on life support while being continually pumped with morphine ? No wonder everyone is in LaLa land. The problem with the feel good Morphine is that the government is going to stop giving it to you in a few months time.

That's exactly what I meant. Take Afterpay as example, it's shares went up 10 folds in the last 14 months, people are rushing to buy stuffs with money that they haven't got!

CM "this moment" is all we have, forever because we can only ever live in the present. Always hoping for better in the future robs you of enjoying "now". Right now, IS the real world, you probably allude to various RB & government support measures to artificial support the economy, well this is very real, right now (I'm not saying it's right, but it is real) and it's not going to disappear any time soon.
We should all be mindful of dealing with what is, rather than what we think should be.

Hi Chairman Motor Moa,

That’s what you and your DGM cronies said 6 months ago, and 6 months before that, and 6 months before that, etc etc etc......

Are you prepared to be accountable for your wild, woolly forecasts?

If not, then how can we respect what you say?

TTP

"accountable for your wild, woolly forecasts" speak of the devil..
Glass house and stones come to mind... or is it pot kettle, black?

TTP, you seem to be falling into a trap I've seen a lot of people fall in to - you seem to think that those who disagree with you are this big cabal who are all 'cronies'. In reality there are just individuals - there are some people who said 6 months ago that they thought prices would go down. And there are others who probably said that a year ago. But it's not 'wild and woolly' to think that prices will most likely go down in the next 6 months - even if that turns out to be wrong, it's a perfectly reasonable prediction given current circumstances. And it wasn't crazy to predict, 6 months ago, that prices would have dropped by now. Even though it turned out to be false, it was a perfectly reasonable prediction to have made at the time given the circumstances. I for one thought that prices would go down by 5-10% - not cause I hold myself out to be some kind of expert, but because that's what all the major banks were predicting. If you want to somehow hold me 'accountable' for that, go right ahead.

Hi al123,

I am simply pointing out that the DGM forecasts here have been very wrong for an extended length of time.

But getting a single DGM to be accountable for their failings is like getting blood out of a stone.

I describe Chairman Moa's forecasts as being "wild and woolly" because that seems to me to be an apt description of them. In any case, I can't think of better words right now - and I'm not generally noted for being stuck for words.

Salutations,

TTP

I remember when back in April, every commenter and his dog on Interest knew for sure, without any doubt that house prices in NZ were going to collapse, the only question was by how much? 20% was on the light side, 40% was more common, some went even higher. I commented that these predictions look very similar to the ones made in September 2019 and I got abused and made fun of by many. I think the worst one was along the lines of "Don't you know we're in a pandemic, you ignorant idiot"

At least Tim didn't call you names!

I also remember you stating that you didn't know where prices were heading due to the competing forces of an economic crisis (that let's face it, it hasn't really presented itself yet) and loose central bank policy. While I don't agree with the abuse against you its a lot easier for one to sit on the fence all whilst subtly mocking others' opinions. I think the majority of people that consider NZ is well overdue for a price correction (an a significant one based on the below graph and the current and future economic crises we face) are ultimately just realists (not DGM as some refer to in a derogatory tone) but couldn't forsee the absurb artifical market manipulation that is occuring via central banks around the world.

https://www.economist.com/graphic-detail/2017/03/09/global-house-prices

I foresaw these responses and that's why I predicted a fall of 'only' 10-15%.I have been surprised at how little prices have fallen to date.

Yvil, I can't help but feel like you are coming in from the Dark side. Good luck to you !

We're not even half way through the beginning of this yet. So it's a bit early to be getting smug about predictions.

I think the questions to ask is - when will they drop and how much of drop can the economy handle? Or will the RBNZ/Govt be able to defer this scenario even further?

Young
In response to your query: “How much can houses drop for the economy to handle?”
As regards banks, RBNZ did a stress test earlier this year in response to Covid and (from memory) their modelling showed banks could survive a drop in the order of about 40% or thereabouts.

Yvil, didn't you sell your house to rent for a year though? Why do that if you were so convinced that those predicting house price falls were wrong?

Albert2020, YDB & Al123, yes I sold my house and I'm renting for 1 year. I was and am still not convinced at all that house prices will not fall, nor am I convinced that they will not rise. I stand by what I said a few months ago, the direction of the housing market will be decided by the tug-o-war between businesses closing & people losing their jobs vs Government & RBNZ support. I'm still very unsure of which forces will be greater but it looks increasingly like support might win out. As someone more famous than me said "never bet against the Fed"

There is a third force which no one really considered back in March/April - ex-pats preparing to return and buying property. There are 1m NZ citizens living abroad, many will be professionals who traveled for work. London is regressing post-Brexit, HK is now under Chinese rule, the US is deteriorating by the week. In a world where jobs are scarcer, travel is harder and civil unrest is growing, being abroad loses it's appeal big time.

I agree with this, but can't find any data to back it up (apart from a family member doing it). Do you know if we collect data at the border of ex-pats returning for good, and their occupation?

It's mostly anecdotal, but the evidence is pretty strong. I know people looking to return and there is definitely more offshore buyers at residential auctions. Also, you cannot get an inbound quarantine spot in NZ for 4 to 6 weeks at least. Those departing NZ now are mostly temporary visitors and not selling houses.

Te Kooti
There were recent cases highlighted in NZ Herald in the last week reporting on some properties attracting attention considerably over RV from expat Kiwis currently overseas (and not seemingly Chinese residents CJ099). I presume they are probably looking to return.
However I don’t put too much faith in NZ Herald but if correct it seemed that it could put upward pressure on the Auckland market.

There is a major problem with this theory - a relatively small pool of high quality roles in the job market right now.

Yvil

You are not a genius. Anyone who understands credit creation and the banking system knows house prices can only ever go up or the system collapses.

I never claimed to be a genius but I do get house price prediction right more often than most. If what you say about people understanding credit & house prices stands true, why do so many on this site get their predictions continually wrong, over & over again?

People don't understand credit creation including critics of yourself. Point is house prices must go up even with no economy at the moment.

Is anyone familiar with housing market activity in Christchurch? A quick scroll of the auction results page this morning suggests prices being fetched are consistently 15-20% above CV?

Where's The Man (2) to update us? Banned? How about HW?

Great photo in caption, obviously two very proud 25-29 year old's FHB with a child, shoes off ,about to eat pizza on new rug .

They've already eaten half of the pizza, I was equally concerned with the bottles of coke near the new rug

They've tipped their fries out all over the Hawaiian pizza.

Good Article Highlighting how JA govetnment is proactive and all out to protect housing bubble ay the cost of business which many are left to fight for themselves - Ignored by Jacinda Arden Govetnment

https://www.newsroom.co.nz/pro/our-housing-market-is-too-big-to-fail?amp=1

nice read, thanks for posting.

Yeah sums it up nicely. JA and Labour almost indistinguishable from National on housing. Basket case.
It's going to be interesting when another economic crisis comes sometime in the next few years and there's no ammo left...The day of reckoning is still to come

There is a lot of ammo left, the RBNZ have only scratched the surface. Wait until they start buying self-securitised RMBS.

Nothing can compete with repeated cuts of the Ocr. Once we go negative next year, that ammo is done for.

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