Average dwelling values in Auckland down by almost $200,000 in last 12 months, Wellington values down almost $300,000

It’s all in the trend my friend.

HW2, you’ve been around long enough on this site to know the REINZ data is superior to core logic. Choosing the one that supports your narrative simply reduces the credibility of your point of view.

LOL at describing these historically phenomenally bad figures as “Rosier” 

Corelogic figures are delayed and based on their model for updating ratings valuations.

The REI HPI is based on actual housing sales. 

Just bide your time, everyone knows that when you have house price falls, everything else around it remains super healthy and they get a lot cheaper to own. 

Itll be a surgical strike. 

That's the thing, prices have come down a bit - but not fast enough to offset the increased cost to service a mortgage. Taking one out now is a gamble rates will decrease, the same as taking one out a year ago at 'max price to interest rate' was a gamble interest rates would stay rock bottom. That didn't play out so well...

Just looked up opotiki on trademe, that's where I'd prefer to be. 6 months ago the was around twenty adds and the cheapest section was $300k, cheapest house around $500k. Now there's 3x the ads, cheapest section is $200k and heaps of (crappy) houses less than $500k.

Long way to go but it's gonna happen.

If the anticipation of schadenfreude was a currency you'd be a wealthy man.

The main victims of all this seem to be the first home buyers and potentially the younger generations who may end up in negative equtity.Or if forced to sell or moving overseas could mean they lose any equity they had and a deposit to buy another in the future. I purchased my first home in 2021 and it is worth less than I paid.

Sadly the Governments actions are actually anti renter. Anti landlord regulatory and fiscal actions = more risk for landlords, landlords selling = rents go up, poor credit renters don’t get properties. So renters in general pay more and the people who need rentals the most can end up homeless.

If only it worked that way. It’s holding costs E.g. running costs, mortgage rates and the market that drive rent levels. Mortgage rates are up, number of rentals down (due to investors selling as a result of Government tax policy) so rents are up. Nothing to do with house prices. 

This was expected. Smart folk sold last year before the prices went off the cliff, now some haver to sell for various reasons (health, divorce, relocation) and have to accept the market price. Sadly the majority trend seems to be still a large proportion of vendors having unrealistic price expectations.

Many houses being taken back off the market currently after said sellers decide they would rather rent it out and pray the prices come back up eventually than sell off. Good chance to approach for a private sale and try your luck.

I'm seeing most homes around my region having extended settlement dates and the majority of buyers are conditional of selling their own home as part of offers. 

A good man is an honest man

I've seen much worse than that from people who thought they could make a quick buck during the FOMO, unfortunately. People are in a position where if it were me I'd be taking bankruptcy rather than trying to dig a way out of the enormous debt and negative equity.

If you like the house and plan to live there a good while it really doesn’t matter.  Too many people confusing accommodation with speculation, one of the factors that has led to this mess

Insurance payouts go to the bank (if there is a mortgage). The Insurance doesn't pay for or insure the land (that is now worthless for residential use, due to no one wanting to live in a flood zone that has a 100% guarantee of flooding in the next 50 to 100yrs). The EQC insures the land, but payments from the EQC are very very very slow. 

It’s incredible to see the large number of very nice homes on the market here. I would have thought they were forever homes. Why are they being sold in such a terrible and worsening market. Too much debt? 

I had a 5 bed + office house built 4.5 years ago as nothing like this on the market to buy, I kept the TradeMe alert on and over the years very little have been available, now multiple suitable properties have come onto the market in the last few months

By buying up all the starter houses boomers have killed the ecosystem of buyers moving up to buy the next house. They have destabilized the housing chain.

"The kiwi psyche just point blank refuses to accept you may have to sell your house at a loss."

I have been looking at previous prices on houses for sale. The price the houses were bought for, are hundreds of thousands less then asking price. They are trying their luck in a very high priced market. I would say there is a lot of room to drop. I also think there is a long plateau. I refixed when interest went up 1% that was tough, not sure how a lot of these million dollar mortgages are faring with huge interest rate rises.

As soon at the  OCR started rising in late 2021 (while banks were still loading up buyers with eyewatering DTIs) ......the writing was all over the wall for an epic crash!  Crash it is and early days still!