Overall sales rate of just 15% at Barfoot & Thompson's latest weekly auctions

Had witnessed a mortagee sale in Goodwood Heights in early July, which failed badly with only one bidder, who too was not serious.

New way of marketing by real estate agent is that vendor expecting 1.2 million but need buyer over 1 million. Whatever does it mean ???

It only means that vendor  wants 1.2 million but have got no interest even for a million

And the only bidder bidded for $850k ( CV 1.3million) and was followed by vendors bid of $950k. Agent when marketing was hinting that being mortage sell will most probably be sold to highest bidder and as were encouraging over million, will assume to anyone bidding above million but when failed came with asking close to 1.2million. 

This is what is happening to many listing.

"not much point"

Depends. You sound like glass half empty. If you're actually serious about buying and cannot find the right one, look a bit harder. Easy as

Yep. And we will need to see significant increases in unemployment for that to happen - early-mid 2023.

I don't think that's going to be a problem unless we face a major recession. Which also I don't really see (no guarantee of course) 

I think more likely is the continuing downward pressure due to what people can afford whenever they need to borrow new money.

We already have significant movement in Auckland.  Unless you view monthly falls of 2% as insignificant.

This may be imminent in Wellington: https://www.stuff.co.nz/business/129470098/hundreds-of-wellington-first…

The agent can change the estimate? That’s a bit crap. Why is the estimate almost double the CV?

Ashley Church has gone quiet .... very very quiet .... Covid19 ?

Down 15-20%? I think more like 12, across NZ?

Agreed. The speculative are still sheltering on low fixed rates from a year or two ago. Those rolling loans will have followed TAs advice and fixed for one year at the lowest possible rate. So they are not really feeling the heat yet. Those that can buy are waiting for reality to apply.

Add to that more supply coming, negative  immigration,  educated future rent slaves heading offshore, tax rinse increasing fading, Luxon increasing looking like a buffoon, and rates continuing to climb. If the stupidly in debt cannot see that the lifeboats are further and further away then they deserve what's coming.

Do we just need a another black swan event. Hows that mortgage strike underpinning potential banks failures in China looking...?

Rocket booster to milestone, love it

I was going to buy soon as have been following the market closely, but have realized most people aren't that aware of the predicament we are in. I've decided to rent a year as interest on my deposit almost covers my rent and I feel in about a year the New Zealand psyche will have caught up to the fact that we have a completely over inflated market and the balloon is rapidly losing air. 

Key words are "may...or may not". Gambling is tthe right term.

Saw a house in Remuera get 4.2m. Top end still good right now.

Tik Tok Pollyanna

He  (the likes of AC and TA) is like a young boy,  furiously and feveriously building an impressive sand wall around his magnificently constructed sand castle.

Yet in the back of his head he knows the tide is coming in,  his efforts alone wont to didly squat against the structural forces he is trying to dissuade.........

So the elequent sand wall Boy has jumped onto his well treaded soapbox and calling up all his mates, asking them to bring their friends to help him out. They are tasked to bring more sand from their parts of the beach,  to add to his large sand wall,  to protect his magnificent castle......

 

Sorry sand wall boys AC and TA - this Tide/Debt/Inflation is many times stronger than your life's work of ever spruiking from your worn out and now discredited soapbox,  calling for ever more reinforcements,  to buy into your "passing the parcel" of an incendiary Debt grenade!

Ashley Church’s “house prices double every 10 years” mantra is based on extrapolating data that goes back only 40 years to 1982. This coincides with  the Rogonomics deregulation of  bank lending that enabled a massive expansion of private debt.  But it misses the boom and bust of the 1970s, where real prices dropped by about 40%, masked by inflation. And the big crash in the1930s. In fact, land speculation with associated booms and busts was integral to pakeha settlement of this country. 

We just love the easy road to wealth via speculative investments - land, gold, kauri gum, kiwifruit, forestry, timeshares, stockmarket (until the 1987 crash), finance companies (until the 2008 crash) and ‘investment’ properties. The common theme to all these is the boom followed by the bust. 

There is always a fast way to offload - it just means you have to adjust price.  The more you adjust price in favour of the buyer the more you will sell.  Simple economics really.  Obviously does not take into account the flow on implications after a sale at a lower price than what you need/expect.  That is when the real pain sets in.  Good luck to those that will struggle when their higher interest rates set in.  Sometimes those that abandon ship the earliest can make it to a lifeboat.  Those that stick with the ship generally tend to have the longest swim to shore.