The overall sales rate at Barfoot & Thompson's latest auctions was 23%

They may find it hard to compete when paying a salesman commission. It seems like quite an old fashioned thing to do. 

They don't like it, then don't bloody list homes as "price by negotiation" then. Then they'd avoid these uncomfortable confrontations at open homes. Seriously if they only want buyers to offer more than $600,000 then list that on the website. Otherwise they waste the buyers time by dragging them along to open homes in the promise of negotiating a reasonable price then hit them with "you're asking way too little and we're not budging".

Not recently JJ...... just in the course of regular discussions with REA friends,  who are living on rations currently,  as turnover has plummeted.

They say vendors still want big money,  yet the FHBs and smart buyers lending is now savagely clipped,  as the banksters test rates are near 8%.



With many banks hiking their mortgage rates in the last week - it will be increasingly tough times for any seller/agent as rates are only going up,  up,  up from here and no relief until possibly 2024.   Hard hats all!

🤣

I'm definitely not a property investor or anti property. But I would like affordable housing for people on average incomes. But if your happy and have money then that's all that matters. People have different circumstances. We will buy in 2 years to 3 years time regardless of market as well, but its that time frame, as we are starting a business and it will be that timeframe to start making money that we require to buy house we want, so have to wait. We could be lucky though if prices keep going the way they are, or they may go up, who knows time will tell.

That would be pretty stupid of them. Some people just don't care much about cars and/or prefer to spend their money on something else.

I guess you know the saying about assumptions? 

Things have been a lot less stable without him...

Agree. I think the comparisons people draw on here to the Irish crash are a bit far fetched. Ireland has an economy that has manufacturing and other productive investment options. People there chose not to invest in property as there was an over supply. Kiwis are blinkered when it comes to property and get frothy at the mouth when considering another property purchase.. it’s all we know and it’s all we have. One trick economy that will likely be saved… eventually 

".........I am sticking with overall falls of 20-25%, peak to trough, with an outside chance of 30% falls........"

We might have got down to there already House Mouse.

We know lots of people are deciding not to sell at these prices, yet, but there will be the inevitable few who have to and that 'few' will grow over time,

Can you tell me the next draw Lotto numbers, HM (short for His Majesty)

70% must be the new 7%

I'm not sure you can comprehend what 70% would look like. No need for dinnerware anyway.

Your predictions increase by the week. 70% drop takes us back to mid 2000s pricing, AKL average house will be 450k. Will you be buying when it drops to that?

Canada just raised 75 basis points.

I'm not sure that's the demographic DTRH thinks they're schooling.

Thats fine that's good being confident to have life worked out already at a young age. There is a lot of time and water to go under the bridge for a 25 yo until reaching 65. Some teenagers think know everything don't they 

Why 7% interest? Fixed rates are at 5% and economists don’t see them going much if any higher.

Exactly. I am not saying demand will be as before. But all things being equal, assuming fixed interest rates don’t go too much higher, prices dropping back by 20% should start to see demand increase, potentially quite significantly. That will then limit how much further prices fall.

TA sees it happening late this year / early next. I don’t see that happening in a meaningful way until   

late winter / spring 2023. 

TA sees prices falling another circa 5%, I see another circa 10%.