Canterbury remains the most buoyant auction market with just over half the auctioned properties selling under the hammer compared to 28% in Auckland

Perhaps he means they trust the government and Reserve Bank to come up with a plan to prop up or bail out speculators.

Mortgage rates fell. But this was of no use to most, as they didn't qualify for lending. Similar to what we are seeing now. 

Others, like before, will still qualify regardless of what is happening. They will re-enter the market when they feel it's the right time.

This downturn is different. Earlier whenever market softens, RBNZ will intervene to manipulate by dropping interest rate, LVR.....but this is the first time in decades that market is falling and RBNZ has no choice but to increase the rate.

End of Long - two or three decade of Bull run for housing market.

You’re right. That percentage statistic alone doesn’t sound like a crash. Though I’m sure if you consider basic principles of supply and demand then it’s easy to see what’s happening.

Ignoring the other environmental conditions of the current housing market would be foolish. The money has stopped pouring in, there’s none left for now, it’s dried up. So long as the double whammy of interest and inflation eat away at DSTI, there will be less and less money entering the market by the day. 



It’s stalling faster than a learner driver in an empty parking lot.

As Bush once said "This sucker is going down....."           TTP feel free to step up and buy... all the way down !

It is compared to "normal" operation.  Just need to watch the auctions online.  Most B&T auctions yesterday passed in with no interest whatsoever, a few half hearted starting low bids often below where the auctioneer wants to start. 

And for the ones sold, often slow bidding, lots of stops whilst negotiations go in in the background to get the vendor to drop their reserve, and most properties selling for 10-15% below their 2021 CVs, with a few exceptions - normally at the high end of the market.

But properties that would have been the subject of heated bidding especially in the $1 - 1.5 range 6-9 months ago, reaching prices well over their expectations are now not moving.    

It doesn't sound like crash to you because your hands are clearly clamped over your ears.

Who's happily walking away without their 10% deposit? Not many, if any...

If you want to feel depressed read this - 

https://democracyproject.nz/2022/05/14/bryce-edwards-what-happened-to-t…

‘A second list of less desired occupations requires having to work for two years before applying for residency. According to Faafoi, these new categories would be uncapped, allowing for significant levels of migration…idea of having tight caps on immigration has gone...

…Certainly, there is a sense of Labour wanting to turn the taps of immigration back on in order to give the economy a quick injection of growth.

It’s unclear to what extent the new uncapped immigration categories will lead to mass immigration again. Faafoi didn’t deal with this in his announcement, and surprisingly, journalists haven’t asked.

As one immigration advisor has noted, this could be a huge change to the settings. Iain MacLeod comments today: “If indeed the Government no longer intends to have caps, quotas, or targets of Resident Visas, it is a first in my 30 years of practice. For a government obsessed about managing ‘numbers’, to abandon that would be the biggest immigration news story in decades.” ‘

multiple resignations this week at my employer, people going to uk for the big oe

An acquaintance in civil engineering told me the other day that a bit of an exodus of young civil engineers is occurring right now.