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Fewer properties being offered at auction in June but the sales rate is holding up

Fewer properties being offered at auction in June but the sales rate is holding up

Residential auction activity continues to slowly decline as the market settles into its winter trading pattern.

Interest.co.nz monitored 259 residential auctions in the second week of June (June 7-13), down from 270 the previous week (May 31 - June 6). Numbers for both weeks were well down from the mid-300s, which were common over April and May.

While the number of properties being auctioned has eased back, the sales rate has ticked up slightly.

In the week of June 7-13, sales were achieved on 161 properties, giving an overall sales rate of 62%.That's up from 56% the previous week.

Weekly sales rates tended to hover at just above the 50% mark through most of May.

However sale rates remain down from where they were at the peak of the summer selling season, with closer to three quarters of the properties being offered selling under the hammer in February and March.

Details of the individual properties offered at all of the auctions monitored by interest.co.nz, and the results achieved, are available on our Residential Auction Results page.

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112 Comments

11
up

Number of house been offered to sale, Is not that market is cooling........

Everyday data / news suggests that housing ponzi is as strong as ever but Mr Orr is still adamant with and watch approach - basically have no intent to control.

When things are beyond, What Robertson and Orr does is announce that are finally ready to think on DTI sometime next year, when the need is now to distract and avoid taking real action and have been successful as all attention was diverted to DTI forgetting the real issue.

https://www.nzherald.co.nz/nz/50-open-homes-20-auctions-7-offers-and-no-...

23
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This is actually quite terrible. Saw a home advertised for suitable for buyers over 1.2million, call the agent and he goes it will sell upwards of 1.6, he thought to get it we should think of an offer around 1.7-1.8million!!!! What?!?! This was a few months ago but the tactics they use is terrible.

Also had a few agents during auction coerce us to call our parents for money to up our bids. Real estate agents are the scum of the earth. For the amount they earn, the way they try and suck every dollar out. Bloody leeches.

13
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Went with a friend who was told that the house will sell between 1 million to 1.1 million and in auction no one bidddr and my friend was happy that will get atleast on the upper end of 1.1million BUT it was than listed for 1.3 million.

Question is that agent knew the buyers budget that even by stretching is 1.1 million and surely based on appraisal should know that reserve is much more than 1.1 million, so why did he wasted time and money ( builders report, meth test and lawyers fees plus a day off to attend the auction), all this could have been saved but who cares.

If in auction house goes for 1.3 million is fine as RE agent has no control but when no bidder and was given a false range, Is disapointing.

This is what should be stopped.

stuart
Maybe you have just read this wrong . . .
At auction agent can't disclose vendors expectation.
Maybe he was doing you a favour within the constraints he can disclose that he could work to get the vendor down in auction negotiation.
You went to upper $1.1m and vendor now listed for $1.3m (nothing but a vendor's hopeful price). Seems that with a bit of negotiation the vendor could be more accepting at your level as he/she will be well aware that auction suggests that is the best offer about . . . a vendor not to get expectation at auction is always a reality check especially after their costs of going to auction.
You need to stop with the negative waves it achieves nothing . . . . what you describe is the reality of selling and buying at auction. Get over it.

Printer 8
Agent helping buyers? You're dreaming mate.
The agent wants as many people attending the auction as possible. Their plan - to create real time FOMO & have a bid off. His friend could of been a good starting bid showing interest in the property & getting the ball rolling.
The agent works for the vendor & themselves - it's in their interest to get the highest price to make the highest commission possible.

Nifty
"Agent helping buyers? You're dreaming mate."
Yes, really pretty basic . . . . an agent doesn't have a sale and doesn't have a commission if he hasn't got a buyer.

An agent doesn't have a sale & earn comission if they don't reach their clients/vendors price expectations. Pretty simple really. In this market there's too many buyers not enough sellers.

Nifty
Look at your comment:
- "An agent doesn't a sale and earn commission if they don't reach the (vendors) expectations" - but they will be trying dam hard to though, and
- "Pretty simple really. In this market there's too many buyers not enough sellers" - that is not an agent's fault.
Not sure what advantage you get slagging off REA.
Yes, affordability is currently frustrating for FHB, but seemingly as a FHB, your negativity is really hindering you rather than helping you.
Talk to any investor - and yes especially those who flip properties - as experienced buyers, they will be cultivating a relationship with a number of REA and getting the agent to work for them to get first look at properties coming onto the market . . . and yes, it doesn't cost them as potential buyer.
Really pretty basic, REA are keen to have relationships with as many potential buyers as possible. The big advantage for agents having open homes is to meet those potential buyers seriously looking - and their chit chat with viewers isn't about being sociable, but rather to will quickly weed out the tyre-kickers and nosey neighbours.
My sons when FHB, all cultivated agents to work for them . . . . agents knew what they wanted so contacted them whenever something suitable came on to the market so allowing them to get in early with a first offer.
Yes, agents are out there to earn a living through sales and as with any salesperson they will be going through their sales pitch . . . accept it part of buying and selling, so get over it.
Start acting smart for a change: accept agents are working for themselves, but distancing yourself from agents and simply slagging them of achieves absolutely nothing . . . . and the better they know you the less BS you'll get.

And to save anyone the effort accusing me; I have never been a REA and at my age certainly not one now.

Printer 8
That was a hard read mate. No idea what you're going on a about. Perhaps quote me correctly next time too.

Nifty1, It's not worth reading. It never is. The hot air blows strong from this one.

Passerby, so when you sell your house and you pay your RE agent to do so, you will not expect them to get the best price for you? Your angry comment above is very short sighted, the RE agents are only doing their job paid for by the vendor. You probably have never sold a house before.

This comment is totally out of place Yvil, some agent coerced someone and instead of showing empathy you accuse them from being angry? You should really take a bit of time to think about it.

IMO this is why real estate agents should be made to work for both seller and buyer in equal measures. The fees the agent gets after all usually come out of the deposit the buyer pays after they buy it. Every time a house sells, it has to sell for more than it previously sold for, to cover the agents fees, otherwise the seller would make a loss.

This is one reason why people should stay away from auctions as much as they possibly can. They put everything in favor of the seller, leaving you totally exposed since the offer is unconditional, plus emotions in play are never a good friend of making the right decisions. Shame on the agents that did that too you, I am so sorry this can happen in our country.

What the above commenter doesn’t realise is that the property we bid for eventually went to an investor as their 8th house. A house they really didn’t need but wanted. What they also fail to understand is even though auctions suck, there is a price people are willing to bid. In this case, it didn’t reach buyers crippling insane expectations, so while they took a ‘break’ mid auction we had one agent each coercing us (as we were the top bid then) to up the bid, said another 200k and we will get it. They pestered us to call our parents. We were feeling overwhelmed with their ‘pressure’ when we said we are not willing to do that more than twice. Everyone needs a helping hand he said’. The female agent backed away from her pressure. She probably had a conscience or quickly realised we cannot just magic up $200k. The guy only relented with us storming away from the auction room. These people think harassing FHB’s out of auction rooms is normal. Absolute idiots. They are not worth it. @bayleys in Auckland. But I’m sure it’s an industry wide practice. They know how vulnerable FHBs are.

I totally feel for you and all people that are trying to get a home for their families these days. This was totally inappropriate and dishonest behaviour even if it were totally legal which I won't get into, it was all out of greed and with a total disregard about the future consequences that going beyond budget would have for the buyers.

I have been saying now for a few years that we need to have a total BAN on housing investment and not let buyers use existing equity in real estate to purchase further homes, which is currently giving them a huge advantage over people don't yet a house, plus helps pushing prices up too. We simply cannot afford as a country having not just individuals but also corporations using housing as their investment at a time we are supposed to suffer from a shortage of it. We can monitor region by region and let investors back whenever there's an oversupply.

Sorry that didn't work out for you, but well done for not being pressured into something you weren't comfortable with.
As a buyer I like auctions but they are tough for the uninitiated. You need to know, and be prepared for, the various different scenarios such as the negotiation that you encountered. And of course you need to have a clear idea of the property's value.
But it's always going to be challenging as you're dealing with people who do this all the time, while most of us don't buy a house very often! You've just got to do your homework, stay focused, and try not to let emotion get the better of your.

Thanks guys, long gone, I’m well over it and I have my home. I’m just batting for the next FHBs. I do t want the others to feel the way we felt. Insane prices. Insane pressure. Unethical environment.

Hi Passerby.
I have also experienced being setup as "room meat" at more than one auction. In my case I had a buying agent working"on my behalf".
I don't bother with auctions at all now. I'm no longer prepared to spend $600-$2000, just to find out that I was never in the hunt.
This has the additional benefit of saving me from having to stand in a room full of RE Agents....

Bought my current house at Auction and never spent a cent up front. Used to hate Auctions but if your cashed up and not trying to chase something you know is going to be out of your price range they rock. You simply set the price your prepared to pay in your head and walk otherwise. Cuts out all the BS you just smoke the competition.

You should all do your due diligence before an auction, be smart and don't do like Carlos67 if you don't want to have issues after buying a house in auction.

Hopefully there comes a point where investors saturate the rental market. With migration effectively zilch, I can't imagine it'll take too long especially with 1000+ FHB purchases made each month and another 1600 to 2300 investor mortgages according to RBNZ C31.

12k FHB purchases per year + 20k investor purchases, if we go very conservative and assume 50% of FHB weren't renting and 50% of investors purchase existing rental stock then 16k p.a. growth in rental stock relying on first time renters to fill.

Although they ae still better than tenders or deadline sales. People don't always have to bid up to their upper limit with auctions. People should always write down their upper limit at an auction and make sure they don't exceed it otherwise they only have themselves to blame.

Headline "Fewer properties being offered at auction in June but the sales rate is holding up"

but headline could also be

" Market still as Strong as before even in winter and after housing policy and LVR announcement though number of houses offered have declined as normally happens in winter"

stuart
No point in holding off waiting for the correction then.
Seems that the record level of FHBs since RBNZ first published data way back in 2014 aren't stupid. :)

Printer8, not to worry as very soon FHB as a breed will be extinct in Auckland and if survive will be in ghetto houses, defination of affordability will change by Jacinda Arden..as still has a long way to fall to.....studio unit.

If last year was unaffordable for FHB, imagine today when is appox $300000 much higher and still no end. Many will be unable to buy and few who bought, hopefully have not stretched beyond as future is at risk.

stuart
Well currently FHB at record levels since 2014 . . . so unlikely to be become extinct.
As for Auckland; well, it wouldn't be the first time that FHB have looked outside of Auckland . . . . its become especially very common recently and I did it well over forty years ago (and a better lifestyle was just a bonus). As previously posted, my son was working in a team of six in Auckland; four got out all are now homeowners, while the remaining two just keep making their landlord richer. Also previously posted; my son at 33, leading a really social lifestyle (probably too social) has both a home and rental while still being single and enjoying the sunshine, surf and relaxed lifestyle - and he has done it on his own without help from a partner or me.
Those who keep moaning and whining remind me of those tail-end Charlies on those school PE runs we used to do . . . . they were always going to remain well behind - and probably get further behind - as moaning and whining achieves nothing, and the reality was that nothing was going to change unless it was they who decided to make a change.

10
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Printer8, It is not moaning and whining from FHB but a reality.

House price rising by 30% to 50% in a year...... Check data and eveydays news.

stuart
You are telling me absolutely nothing at all about the market.
Point is . . . what are you doing about it?
You can't change the things you have no control over . . . . you can only control your own decisions in relation to the situation.

15
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Imagine having such a defective personality that the first thing that crosses your mind on the weekend is go on the internet and condescend at the poors.

Brock
Try playing the ball rather than the man . . . its a technique used when you can't counter a valid argument.
In counter to your comment, a defective personality is every day getting on the internet and whining and moaning and blaming.
Stuart blames the market, REA, and RBNZ et al.
Its tough for FHB, but the reality is that the current level of FHBs is at the seven year high but clearly for some, whining and moaning and blaming is the easiest option.

11
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Printer8, so you are saying that RBNZ and Government is not responsible........

Also when everyday you get news about ponzi touching new heights (repetative), comments are bound to be repetitive when highlighting.

Also agree that likes of Orr's and Robertson's will have no effect as have made it clear that are bound to support ponzi, so does it mean not to highlight. Tell me a day when such news is not printed, if news is repeated, comments too are.

No, P8 is saying that complaining and whingeing daily won't help you and that it's better to ask yourself what you can do to get what you want. I'm constantly amazed that so many people on Interest don't understand this

I am sure plenty of people like me are sick of your 'do what you can do to get what you want' nonsense.
Like what? Steal? Do drugs?

Well doing illegal things is obviously not the way to go, but what about asking the following questions if you can't afford a house where you live:
- Am I wiling to move to an area with more affordable housing ? NZ Dan this this, he compromised travelling 1 1/2 hours to work every day and now he has been "lucky" to own a house and benefit from massive capital gain on his house
- If you're not willing to move, why not buy a house in a more affordable area and rent it out? I have proposed this to a friend of mine who lives in Auckland and bought in Hamilton as a result of my advice, he has also benefitted from huge capital appreciation and he's now in a position to buy his own home in Auckland.
- If you're not willing to do this either, can you get together with a family member, a friend, a fellow poster and buy a house together?
- What other ways can you come up with to get to where you want to be ?

Yvil, I gather you think you're trying to be helpful and that people shoulde be grateful, but the problem with your frequent unsolicited advice is that it comes across as really, really patronizing. Those are all very obvious suggestions, and the fact you are making them implies that you think that the reason some people here are having trouble buying is because they are too stupid to think of obvious things like that for themselves, rather than because house prices have shot up so much from already unaffordable levels that even if you do the things you list it is still very difficult.

1 1/2 hours each way, 3 hours per day ;). But all done by train so I can work on my commute, and I live 500m from the train station so it's convenient.

Sounds horrible...

Nifty
Pretty basic really; it’s called “a stepping stone”, not a life sentence. Nzdan seems more astute than you, making a sound decision with travel time as a short term compromise. Not only has Nzdan made considerable capital gains over the past three years, he’s looking at paying less than rent, and being mortgage free in nine years. For a young family a rural town also has considerable lifestyle advantages.
You? Unlike 60,000 FHB in the past year, you are still lining the pocket of your landlord? I wouldn’t be too quick with the negative waves.

Printer 8
The only thing basic appears to be your IQ. You're making assumptions without all the facts, and that's not a sign of intelligence.

Nifty
Cheers

Printer 8
You're still making assumptions?
*and editing your comments...

A little bit of short term pain. I recently accepted a promotion that lends itself to work from home (my prior role was customer facing), so once my other role is filled I should have a bit more flexibility.

Yvil, has anyone ever asserted here that they think complaining on an internet forum will help them buy a house? No. But people are (rightly) angry. When people are angry, its often helpful to vent that anger. What do you think that constantly scolding other posters with 'whingeing wont help you!' actually achieves?

Don't worry, Yvil has zero empathy, he doesn't get it.
Just read 'Rich Dad, Poor Dad' then all your problems will be solved and you can stop whingeing...

Yes "Rich dad, poor dad" is indeed a great book, have you read it? If so did you learn anything from it?

11
up

Was there an argument in there somewhere? Hard to make it out with all the condescension in the way.

Punching up at the perpetrators is vastly more preferable than punching down at the victims.

Perhaps you could learn something from him.

Yes he displays all the characteristics of a typical troll.
And I don't believe him when he says he isn't an investor or an agent or a broker, seems to have far too much interest to just be a commenter.

Agree

HouseMouse and Mountie
It goes to show how little you know and how wrong you are about me. :)
Can't put up valid counter comments then?

So...why do you come here to comment so much?
Many of us come here to vent about what has become an absurd crisis.
And you?

Just to troll and bully

And there you have it:

"Many of us come here to vent"

The point P8 and I are making is that this will not help you in any way and it would be much better to use this forum in a constructive way to ask " what can I do?"

Your opinion on what this forum should be used for is just that - your opinion, and not the gospel truth about what the forum should be used for. I think it is much better not to use this forum to perpetuate the myth that the housing crisis is an individual problem that individuals can solve by only focusing on what they can do for themselves. I think it is better for the forum to be a place where people can come to see they are not alone, that others understand what they are going through, and share their anger, and to vent. Those things can all be very helpful. If you want threads that are about constructive advice, start them - abd ignore all the other comments if they upset you so much.

Al, yes using this forum constructively is my opinion and I agree others don't "have to" do that. I however see that coming here to "share their anger and vent" whilst an understandable emotion, is detrimental to being able to achieve what one wants (owning a house). That is he only reason why I ask commenter to consider replacing "venting and blaming" with asking themselves how they can achieve what they want. I have offered HouseMouse to meet and help him/her as I was helped when i was younger his/her reply was argumentative and rude...

Why do you think anyone needs your help Yves?

Yvil’s Superiority complex, that’s why.

Mrs the Point, do you not want to help others in whatever you do every working day of the week for years and therefore know very well ? For me it's property and yes, I think I have good knowledge about the RE market and I can help others.

I thought you were a world renowned Swiss-French architect. lol

It seems you have not considered the possibility that you are wrong about the fact that it is detrimental to the goal of owning a house to vent your emotions. When a person is going through something stressful - as trying to buy a house clearly is - having a space to talk about those stressful experiences is helpful! I would think that would be quite obvious.

I've been away for over 2 years, he's still saying same things.

Only someone who doesn't care about NZers and the future of younger NZers, will comment in such a way.

NZ needs productive industries and to become a knowledge economy that's is globally scalable, we need to attract foreign investment and grow our economy. Not become indebted peasants to banks, and have our children paying over the odds in property prices.

The alright I'm ok Jack's of the world who constantly pat themselves on the back can't see how to grow global scalable business, they think property is the way forward. It's frustrating and bonkers as this does not help NZ in the long run. It's a narcissist perspective, and not helpful.

To be honest, Don’t know why you guys still bother to reason. I just stroll past the troll. Don’t give it any attention.

Passerby
You keep burying your head in the sand . . . the anonymous keyboard warrior whose posts simply rubbishes bank economists.

P8, you have amazing patience… people who complain daily and blame everyone else don't want to learn or improve themselves, they just want to complain and blame. It's clear to any reasonable person that you make very valid points but you are wasting your time, the people who constantly point fingers at others will never look in the mirror and question themselves.

Really guys, you are getting really boring complaining and moaning about people that do not think the same as you do. How great would it be if everyone would praise your opinions and be conformist zombies right? Get your stuff together and do something useful, like joining REINZ or the board of directors of NZME.

Very boring.
P8 has become especially condescending and frequently ad hominem. But at least he occasionally shows some empathy.
While Yvil just lacks empathy full stop.

Yeah it is getting a bit boring but it only takes a couple of people like Yvil & P8 to leave and this site is going to turn into a whingers echo chamber. Personally I don't know why Yvil bothers posting here, pretty sure most multimillionaires wouldn't bother and they sure don't waste their time here as they have "Already made it" and moved on.

Troll roll troll

You are really getting quite boring with all your continuous whining and moaning about people moaning and whining. Fail to understand there are real issues affecting real people but you seem pretty happy with nobody in power being willing to address them.

Well said but really guys, let’s not argue with idiots and narcissists, they take us down to their level and beat us with unbelievable experience. Better to let them just whine and whinge about us non stop. They just want the next gen to just suck up and die poor. They are just not worth it.

We are actually trying to help you when we say "stop blaming others and instead ask yourself what you can do"… It's very unfortunate you are too angry to see this. I wish you all the best

It should be abundantly clear to you by now that that 'advice' is neither helpful nor wanted. That is why it is hard to believe that you are giving it because you sincerely want to be helpful, rather than because you for some reason enjoy irritating people or are on some kind of ego trip.

Sorry but if people view help as irritating, and the helper as egotistical, it is simply due to their insecurities.
If I wanted to become a better cook (I'm no good in the kitchen) and someone with experience gives me advice, I'm just going to say "thanks" and try the advice given, I'm not going to abuse the person helping and tell them they're a troll and a bully, they have a superiority complex, they're egomaniacs, idiots and narcissists (all names I have been called on this thread)

Yvil, I have been trying to help you by explaining to you why your 'advice' is getting such a bad reception! Rather than simply taking my advice and thanking me for it, you instead insult me by calling me insecure. Its strange that you can't seem to see that you are replicating the very behaviours you are accusing others of.

So true. Advice is best kept to yourself, until someone asks for it.

Yvil
Sadly al123 has seemingly determined that this site is not about constructive discussion and that those who wish to engage it need to go.
Yvil for considerable time your knowledge and comments have been particularly pertinent and have no doubt helped many readers on this site over the years in clarifying misunderstandings, providing knowledge and helping to to make sound decisions. Examples of that include the relationship between RV and rates, the differences in the data sets between those published, clarifying auction processes, and the like for which you bring considerable experience. It would be to the determent of the value of this site if this purpose was lost and posters like al bullied you to shut up. Unfortunately such information is being swamped by those who simply want to vent and simply shift blame.
So Yvil, please keep on making your valid comments . . . they are few and far between coming from many posters.
Al needs to take his own advice as given out; either simply ignore reading comments by those views he doesn't like or move to another site. I think it ironic that despite what he says - rather than you, it is he who can't seem to see that he is replicating the very behaviours he is accusing others of.

Thanks for your kind words P8, much appreciated. (and no, P8 and are not the same person)

Passerby
I understand that potential FHB are finding it tough are frustrated and that many things are beyond their control.
However, many posts on this site are very weak and show little insight; examples are that "its all Orr' s fault", do not see the wider purpose of Government and RBNZ action being for economic stability including employment and protecting businesses, and turn a blind eye to the future such as Orr is unlikely to take actions that are contrary to what has occurred.
Yes, in achieving that economic stability some groups have done exceptionally well, whereas to others there has been a costs. Housing inflation and affordability have been a cost and that has affected increasing numbers who have taken to this site; however, they are not the only ones adversely affected.
The reality is that RBNZ figures show that while very tough, FHB over the past six months have been at historic highs. Over the past year, despite the difficulties, over 50,000 FHB have moved into their own home.
While you may not like my comments, those you defend need to ask themselves what they need to do differently if they want to be part of the 50,000.
Simply slagging-off Orr, Robertson, bank and other economists (which you are guilty of and didn't like me saying so), investors and others in property is not going to achieve anything; you can't change things you can't control, only those things you can.
I do not want the next generation to "just suck up and die poor". However, bury your head in the sand and simply slag-of if you wish . . but that is not going to help achieve personal goals. Yes, its your choice.

Just like it’s your choice to just troll us non stop even though we don’t want to hear from you.

Dictionary says Egomaniacs always have to have the last word. It gives them a feeling of power, as if they immediate draw all of the power of the person they are communicating with and become powerful due to it.

There are a couple in this site who are relentless and always need to have the last word.

b21
Real issues "nobody in power being willing to address them".
You can't change those things you don't control . . so you need to take responsibility and a record level of 50,000 FHB in the past year have got on and done so. Moaning and whining didn't help them.

Of course we can control things, you need to get positive p8 and stop complaining about everyone's comments. We are a democratic society where people vote every third year. Negativity will get you nowhere in life.

"Residential auction activity starts to cool as winter sets in"

Technically may be correct as number of house in auction has declined but the perception that headline throws is that housing market is cooling, which is not true. Infact is touching new height as far as house price are concerned.

So yes headline can be misleading at time, specially if just checking headline.

There's still room for upward valuation.

Be quick.

16
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Their will always be when have the blessing from Prime Minister of the country and governor of reserve bank.

Almost impossible to believe but prices will be up another 10% by Christmas. I'm expecting a dip but only when interest rates start rising and the level of the dip depends on the number and level of the rises. Will be surprised if we get a rate rise this year but we are living in a time when anything can happen.

I'm interested to see how many leave for Australia, and whether that cools the market at a time when we are doing lots of building. Today's article in the herald is confirming what I was expecting. For a lot of people it's a no brainer.
https://www.nzherald.co.nz/business/out-of-workers-aussie-predators-offe...

Yes, a lot of open homes I've been to lately the reason for selling is owners going overseas, either emigrants or returning immigrants, so it doesn't look like the lobby's rhetoric is holding together.

So you spend your weekends attending open homes and the rest of your time posting DGM propaganda on here. Please get help.

So when someone tells you about a fact that does not fit into your narrative you call it "propaganda"? That's how tolerant you are, you should be proud. You won't be the one discouraging me or any others from posting here if that's what you try. I do not work for anyone but myself, can you say the same?

Too many snakes and crocodiles on Australia, Jesse, and that’s before you leave the main urban areas.

TTP

Suggest you move to Hawera.

TTP

Add in Auckland’s belated new GV’s prior to summer which will underpin prices and away we go again.

The average house price in NZ will be a million next year IMO, as they haven't made the changes needed. There is no political motivation to decrease house prices, but they need to decease 40% to get them down to 2019 levels again, and they were still considered unaffordable back then..

seems almost everything our govt attempts is ineffectual,the interest deductibility proposal is so stretched out,watered down and full of loopholes it is in a sorry state and already needs a trip to the repair shop.only outside forces will save us,another oil shock,new wave of migration to australia.

Same BS another day..

Haha, yes...
It's getting boring.
It's a basketcase.

Is that the tactic being used here by Labour & RBNZ, making crazy the new normal in property.

They have been successful in distracting from the issue that house price are rising even after three months of govt and rbnz so call efforts to rein and the latest data proves.

Simple announcement of DTI, did the job. Not that it is been implimented but just touching the topic to divert and everyone fall for it.

Instead of asking what are they doing now to control the runaway housing market. What they may or not do after a year does not matter as need is now (Average Kiwi feels the need but for Speculators need is different, which Mr Orr is catering to).

The agent works for the Vendor not the purchaser so how is any of what you have said a surprise

I went to both the Bayleys' (Gaunt St) and Ray White (Ponsonby Central) auctions on Wednesday 16th, they both had 100% sales rate, Bayleys 6 out of 6 and R W 8 out of 8.

Cherry picking again?

No, these are the only 2 auctions I attended, no others, I did not "pick" these 2 auctions out of a number of others to suit my narrative. I'm simply reporting honestly what I witnessed, too bad if it doesn't fit what you think

It looks like either sellers have become more realistic or agent are not willing to waste their time knowing half of the auctions won't end up in sales anymore. It makes total sense, more and more houses are now advertised by negotiation.

You should read the article before commenting, the sales rate at auction has risen = gone up to 62% which is NOT as you claim "half of the auctions won't end up in sales anymore"

99 vs 107 the previous week. This means less houses were sold this week, can't you really not understand the difference between a percentage and absolute numbers?
https://www.interest.co.nz/property/110833/barfoot-thompson-auctioned-fe...
https://www.interest.co.nz/property/110763/overall-sales-rate-hovers-jus...

There are apparently less than 15k houses for sale for the whole of NZ which is tiny. I heard that about 15 years ago, the number of houses for sale was about 60k. So that is a drop of 75% from back then. Currently lack of supply mixed with cheap money is really the only thing driving up prices, by people who have FOMO

Wellington
Agreed.
The reality is that housing supply and low interest rates are seemingly continuing to support the market. Latest REINZ data shows that it appears that all the Government's 23 March actions and RBNZ formalising LVRs only have done is to possibly limit the increase and likely discouraged some investor activity. The shortage of listings suggests that investors are not selling up in considerable numbers as was suggested by some on this site.
The data suggests despite the Government the actions along with the onset of winter, the RBNZ, Treasury and Robertson's outlook for some decline in the growth rate over the next year followed by 2% annually seems the most likely outlook at this stage.

I do not really see much of that TBH, most open homes are pretty empty, there is low supply but also seems that prices got to a point that made potential buyers uninterested and except for a few cashed out buyers or people moving homes, everyone else is just waiting. Yes they might eventually sell but there's a massive imbalance that will eventually tilt either side. DTIs might be what pushes the balance but time will tell.

b21
Great to have a constructive discussion.

Just a question as who knows the answer, could it be that people who own houses, who are not investors are afraid of selling and getting caught out by rising prices, if they purchase a new house, and then holding more debt then they want from the new house. It seems so scary selling, then buying in this rising market. I feel for the young people in the future. Low income and high prices.

Latest pensioncraft youtube video 5:32 New Zealand has the highest house prices in the entire world measured using two metrics price/rent or price/income ratios. Implication is that high prices are likley inversely correlated to future gains. https://youtu.be/bIVBPw6YkEw

Or maybe it just means that rents and incomes are going to increase?! (Mostly not serious.)