Barfoot & Thompson's median selling price down another $40k in May, now down $285k from peak

Property / news

Barfoot & Thompson's selling prices slide with May sales volumes sinking to a 15 year low, excluding lockdown months

2nd Jun 23, 11:04am by Greg Ninness

Both the average and median selling prices of homes sold by Auckland's largest real estate agency significantly declined in May.

Barfoot & Thompson's median selling price declined by $40,000 last month, falling to $955,000 in May from $995,000 in April.

That means the agency's median residential selling price has now declined $285,000 from its November 2021 peak of $1,240,000, and is at its lowest point since September 2020.

Barfoot's average selling selling dropped by $16,047 to $1,070,819 in May from $1,086,866 in April.

The average selling price is now $207,828 lower than the December 2021 peak of $1,278,647.

The lower selling prices were also reflected in the low level of sales. The agency sold 723 residential properties in May, up from 473 in April although May sales are usually higher than April's.

May's sales were the lowest they have been for May since 2008, apart from May 2020 when the market was in a pandemic lockdown, suggesting the housing market remains in a deep slump as it heads into winter.

However Barfoot & Thompson managing director Peter Thompson saw some positive signs in the market.

"While both the median and average sales prices for the month eased on those for April, it was the number of sales that is the standout feature, with sales being a third higher than the average monthly sales for each of the past three months," he said.

"It shows buyers are not shying away from paying current mortgage interest rates.

"It is a positive signal that after we ease through the coming winter trading months the market has the capacity to rebound," said.

The interactive chart below shows Barfoot & Thompson's main monthly sales trends.

The comment stream on this story is now closed.

Barfoot Auckland

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Source: Barfoot and Thompson

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92 Comments

by IT GUY | 2nd Jun 23, 1:04pm 1685667860

Falling Like a Rock

THERE ARE NO GREEN SHOOTS

Last month was -2.9% this month -4%

by Retired-Poppy | 2nd Jun 23, 11:21am 1685661661

“May’s sales are another sign that the Auckland property market has either hit the bottom of the current cycle or is close to it,” Thompson said" “Eager buyers returned to the Auckland housing market in May, with property sales being their best in a month since May last year,” he said.

https://www.nzherald.co.nz/business/aucklands-biggest-real-estate-agenc…

LOL! - HW2/3 must be itching to get on here....

by Flying high | 2nd Jun 23, 11:19am 1685661578

Spinning like a out of control top. Keep it up Pet

by Retired-Poppy | 2nd Jun 23, 11:21am 1685661692

HW2, is that you?

by Flying high | 2nd Jun 23, 12:37pm 1685666234

You know hin better than me I think

Interesting pick up line

by Retired-Poppy | 2nd Jun 23, 1:22pm 1685668961

LOL! Only HW2 could get three instant upticks at 6am on a Sunday morning posting insults. I always believed that if/when HW2 got banned he'd be back using one of his other usernames for sure.

by IT GUY | 2nd Jun 23, 2:28pm 1685672896

I wonder if they banned Nifty as well

by CN - new | 2nd Jun 23, 11:22am 1685661763

"Barfoot & Thompson's median selling price declined by $40,000 last month, falling to $955,000 in May from $995,000 in April."

FYI, that is a price change of -4% month on month.

by Retired-Poppy | 2nd Jun 23, 11:30am 1685662216

but, but - but, Sydney is booming. On the way up, what happens there always happens here - always!

by chebbo | 2nd Jun 23, 11:36am 1685662592

In this morning's breakfast briefing, we were calculating Australia's 1.2% property price rise in May to be over 14% per year annualised. 🌱🌱🌱

By the same token, that makes Auckland's 4% fall 48% per year annualised.

by malamah | 2nd Jun 23, 11:45am 1685663111

Gotta grow the roots before you get the shoots! Sorry, "rorts".

by Retired-Poppy | 2nd Jun 23, 1:11pm 1685668303

Careful now people, all us quote "left leaning, envious property hating rentiers, self congratulating, up-ticking, negative people" will no doubt be roiling Yvil - LOL!

by NZGecko | 2nd Jun 23, 2:39pm 1685673597

Its where NZ is going 40 to 50% crash. Maybe more??

DONT catch the falling knife FHBs!

For the Tone the Comb to tell FHBs to "get in now/beeee quick !!!......Dirtbag. Where the hell is the ComCom/Fin regulator on this???

- He is using these FHBs as expendable artillery or cannon fodder, to suit his ends, to keep his real estate empire talkfests and business alive.

Don't take his poisoned bait FHBs!

by Iceman | 2nd Jun 23, 6:57pm 1685689032

Glad people don’t take your advice seriously.

by LFCYNWA | 2nd Jun 23, 4:14pm 1685679240

To service a 1 million dollar home loan you likely need to be earning 250k+ at household level.

Nonsense to say the bottom is even remotely in sight until rates steady out at 5%.

by starrider | 3rd Jun 23, 7:58am 1685735888

Household income for a family of 4 @$120k will service a $450k mortgage. At current rates.

So you are bang on that $250k+ would be needed for a $1mil loan

by streetwise | 5th Jun 23, 6:48pm 1685947687

I can speak from personnal experience. In 1979 I sold a house on the main road with a 1/4 acre section. I had bought it for $11,000 something in 1967 aged 19 years. I sold it in1978/79 for about $43,500 to the motel-owner next door. In 1975 my father induced me to build units on a large section across the road. He was a successful real estate agent which he had taken up in the 1960s after leaving teaching. So he knew the market and the units were expected to attain around $50,000. By the time they were built they barely realized $30,000 each. This was a 40% drop !!!!!!!. The reduction was probably due to the 1970s oil crisis......much the same upheaval as today's pandemic crisis.

Also, my sisters's home unit in a leafy street by top park sold late last year for $300,000 less than RV of around $1,100,000, $400,000 less than a sale in the same block a few months earlier. And the real estate agency really marketed the unit putting in maximum effort.

I believe that current real estate surveys, particularly those quoted by One Roof, are cherry-picked and don't reflect the true situation.

So, based on my experience and a lifetimes observing the RE market I would predict a general 40% down-turn from peak to bottom in the current cycle.

Furthermore, I would expect this downturn to last a good 10 to 20 years; the late -1970s housing market never recovered until the early 2000s. The

GFC crisis downturn took a good decade to recover.

The current immigration tsunami is just going to put more pressure on the rental market, but there will be fewer landlords to cater for them. It's hard to imagine these current immigrants will be house buyers........most will be students or those taking up low- to semi-skilled paid employment.

by Mr Ed | 6th Jun 23, 10:44am 1686005051

The 1970’s market recovered and grew significantly between the early 1980’s and 1987.

An adjoining owner purchase for business expansion is hardly reflective of the market

by DDDDebt | 2nd Jun 23, 12:34pm 1685666085

Exactly - where are the green shoots we're reading about?

There never were any green shoots, it's all a BS con job - and these figures only prove there is currently a concerted effort by some players in the RE industry to create a disinformation campaign. It maybe they knew exactly how bad the numbers were going to be - and fear a market capitulation without some sort of serious positive spin.

PR101 is to create a narrative, and establish a point of view. Spin doctors know how to shape public perception and influence the interpretation of information.

The most effective way to start and establish a narrative is to have 3 separate parties communicate the same point of view. Then reinforce that narrative over and over until it is widely believed.

In today's granny herald from Anne Gibson:

Yesterday, the Herald reported how the tide may be turning on falling values when three analysts judged fresh real estate data showed a possible floor being reached.

OneRoof, CoreLogic and ANZ Bank issued reports pointing to potentially better times ahead, despite interest rates likely staying higher for longer.

ChatGPT articulates the dark art of spin more eloquently than I can:

Consistency: When three separate parties express a unified point of view, it establishes consistency in the messaging and reinforces the narrative. This repetition can help solidify the key messages and make them more memorable for the target audience.
Credibility: When multiple parties, especially if they are reputable or influential in the industry or market, endorse the same perspective, it adds credibility to the narrative. It suggests that the viewpoint is supported by experts or key players, making it more persuasive to the audience.
Amplification: By having three separate parties expressing the same point of view, the reach and impact of the narrative can be amplified. Each party can use their own platforms, networks, and communication channels to spread the message, increasing its visibility and potential influence.
Validation: When different parties independently arrive at the same conclusion or share the same opinion, it can validate the narrative in the eyes of the audience. This validation helps build trust and confidence in the narrative, as it appears to be a consensus among knowledgeable individuals or organisations.

by malamah | 2nd Jun 23, 12:02pm 1685664158

Great use of Chat GPT

Edit: Actually a great use of Chat GPT, not being snarky!

by IT GUY | 2nd Jun 23, 1:08pm 1685668130

They even had Mike Hoskings say the market might be turning this AM, though he did not sound that convinced....

The Banks must be getting worried, forced sales going to be a significant drop from here, many will end up with negative equity hence credit provisions will be used. this has 24 months to roll.

by Frank Sobotka | 2nd Jun 23, 12:46pm 1685666807

But Tony Alexander said there was!

by jeremyr | 2nd Jun 23, 4:33pm 1685680414

What are you on about? The news yesterday said everything is fine. Rate have peaked, all upwards from here. Are you saying the news got it wrong? Shame on you.

by chebbo | 2nd Jun 23, 11:08am 1685660932

$10k per week. Those kind of figures could make a DGM blush.

by J.C. | 2nd Jun 23, 11:15am 1685661336

$10k per week. Those kind of figures could make a DGM blush.

Those kind of hits are quite achievable in a day / week with a crypto portfolio, but becoming less common as BTC's halo starts to shine brighter and stronger than ever.

by chebbo | 2nd Jun 23, 11:22am 1685661751

Sure, but you don't borrow three quarters of a million dollars to invest in crypto (I hope?).

$285k from peak. That's your deposit gone. Plenty of people not affected by floods must still be underwater by now.

by J.C. | 2nd Jun 23, 11:50am 1685663420

Sure, but you don't borrow three quarters of a million dollars to invest in crypto (I hope?).

It's got to be your own money that you're willing to lose. If you don't want to get wrecked.

by Frank Sobotka | 2nd Jun 23, 12:46pm 1685666779

Deposit which includes your pension/retirement savings by way of draining kiwisaver.

dear oh dear what a terrible idea that is

by Rob Reid | 2nd Jun 23, 10:03pm 1685700235

But the warm feeling of being on the ladder!

I wonder if there is another item of hardware that better describes it these days?

by Ocelot | 2nd Jun 23, 11:04pm 1685703852

A slide... Or a snake from snakes and ladders... 🐍

How do you like them virtue words now spruikers?

by IT GUY | 2nd Jun 23, 11:28am 1685662093

That's a lot of coin , its $1 a minute 24/7 , that's worse then Wilson parking.....

by stefanblaise | 2nd Jun 23, 2:09pm 1685671788

LOL, Wilson Parking, where some of the past spruikers will be living soon.

I still remember a Spruiker from a previous boom, Keiran Trass, who ended up broke and living in a tent on a roundabout in Dunedin, as some sort of weird protest against himself. https://www.odt.co.nz/news/dunedin/property-guru-protester

by Dgm | 2nd Jun 23, 12:33pm 1685666006

These numbers make me blush

by nktokyo | 2nd Jun 23, 11:16am 1685661371

All of the gains I didn't spend, gone. Should have bought a spa and an EV while I had the chance.

by NZGecko | 2nd Jun 23, 2:11pm 1685671888

The NZL Crashing housing market current worm far surpasses the worlds previous record holders badass downworm.... Ireland's 60% ultimate peak to mud crash. 6 Years for the IRE market to find the rocks.....at the bottom, where earnings finally supported the mortgages.

Go NZL!

by Frank Sobotka | 2nd Jun 23, 1:21pm 1685668892

Kiwis taking on the world! We love being number 1 in a list, let’s go NZ we got this

by Rob Reid | 2nd Jun 23, 10:23pm 1685701429

Highest Balance of Payments deficit as % of GDP in the OECD for Q42022 except for two powerhouses of Europe: Slovak Republic, and Greece.

Bronze, heading for Gold!

https://stats.oecd.org/index.aspx?queryid=67094

by Averageman | 2nd Jun 23, 11:19am 1685661549

Continued paper to vapour transition in equity.

by Thats All Folks | 2nd Jun 23, 11:20am 1685661649

Resilient!

by Von Metternich | 2nd Jun 23, 11:24am 1685661844

All that marketing is surely 'paying off', of course we are now 'bottoming', blah blah blah.

The property crowd come across as so crooked they couldn't lie straight in bed.

by King of the whiners | 2nd Jun 23, 11:26am 1685662014

Not so much green shoots, more like green slime?

by IT GUY | 2nd Jun 23, 11:29am 1685662190

I think every LIM in Auckland now say - Potential Flooding risk....

by Smudge02 | 2nd Jun 23, 11:29am 1685662151

But but but........this is definitely the bottom now right???

by Independent_Observer | 2nd Jun 23, 11:32am 1685662354

I look at the charts above and to me, the pain is just starting, not ending.

by WAM93 | 2nd Jun 23, 11:32am 1685662376

This could well be more houses in the lower quartile/half of the market selling rather than prices actually dropping ~4%.

There isn’t enough information to say that the same house is worth 40k less month on month. Finance being so expensive means that the upper and middle market may well have less buyers available and they’re being pushed into a cheaper housing bracket.

by IT GUY | 2nd Jun 23, 11:38am 1685662715

some will be compositional

by Sam Bridgman-Smith | 2nd Jun 23, 11:34am 1685662492

I wonder when the mainstream media will start using the word ‘crash’? Might help a few get past the denial phase.

By the numbers, we’re crashing faster over time than the Irish. Two questions please; will prices have to drop has much as a percentage as occurred in Ireland for NZ average house price/income ratio to reach 3 to 4?

And what conditions may prevent NZ house market from bottoming out as low as the Irish one?

Thanks in advance.

by IT GUY | 2nd Jun 23, 11:42am 1685662945

number 2 - a drop in interest rates... and possible tax changes to ring fencing / Interest deductability etc....but I think National is in bed with the big Build to Rent, so that may be a negative on rental suburbs if investors bail. its going to be a divided market the old crappers on big land will fall further then the newer builds % so its sort of pointless having a single target %... better to have a view on land cost per sq m and improvement valuations.

by James Thrace | 2nd Jun 23, 1:19pm 1685668774

Doubtful.

Those "old crappers" on big land will eventually be worth more than the multi unit 3 story townhouses with no body corporates and inability of the owners to do exterior maintenance (i.e. painting) without having all the other owners on board. The lack of BC in many of the Williams and Wolfbrook developments is a shortcut that will be felt in about 8 years.

Then you get the growing families that just want some grass under their feet and privacy in the backyard for a sunday afternoon backyard.

"Crappers" on big land will become more sought after, the fewer there are of them. The more that the very well built and well maintained ex-state houses get demolished for CANTU (Cheap and Nasty Townhouse Units) the more popular the remaining ex-state houses will become. They're still going strong and many of them came through the Chch quakes fairly well. Being built on piles instead of concrete slab clearly assisted with their success.

by Chaosinflesh | 2nd Jun 23, 1:14pm 1685668451

To match Ireland's fallse (to a DTI of ~2.8~), NZ house prices need approx 70% fall from peak. That's unlikely to happen - though who knows how many mortgagees are yet to be caught in the negative equity come refix trap? As it is, current interest rates dictate a 40% drop - which we're just over halfway towards. Based on historical correlations, I would expect the falls to continue for another two years or more - the rate might not even slow down that noticably as a percentage over that time, but the same percentage of a smaller number is a smaller price drop. I expect to see RE-sponsored articles talking how absolute drops are less than last months before it's all over.

Whilst people will point out that some bubbles (e.g. the US one) didn't take so long to drop as Japan or Irelands, they seem to miss that the US 'bubble' started from a DTI of 3.5 - not ~5.7~ like Ireland, or 10+ like NZ.

And Ireland hit 47% of mortgages in negative equity before it finished.

by Sam Bridgman-Smith | 2nd Jun 23, 3:04pm 1685675077

A very interesting comment, thanks for that info 👍

by interesting1234 | 2nd Jun 23, 3:18pm 1685675938

We should know by January, when the majority of refixes have happened and the unemployment stats are creeping. Another good figure to watch is arrears with credit cards as an indication of the level of denial as people borrow to keep their standard of living up. I'd expect there to be an upswing preceding the unemployment stats coming up

by Gavjo1 | 2nd Jun 23, 3:54pm 1685678055

I understand people wanting to make comparison to Ireland but as someone who was there, I just don't see it happening.

Have a look at Irelands unemployment % during the time that values were falling. There was a massive amount of people employed in construction which completely died because developers were overleveraging themselves building massive housing estates in places people would never live. As a result there were hundreds of thousands of unoccupied houses in Ireland around 2010. Look into "ghost estates".

If you thought lending was loose during covid, I heard stories of people being offered 110% mortgages in Ireland. So some were in negative equity before they even got started. I don't think people making these comparisons fully realize the level of silliness that went on.

Plus for those that seem to be frothing at falling values, it's not like it all ended well for Ireland anyway. Many young people were unemployed so either left or couldn't afford to buy even after the falls. Then vulture funds came in and bought up cheap property to sit on until prices eventually went up again, which they did.

by Jamin | 2nd Jun 23, 4:54pm 1685681655

Thank you for a realistic insight into what actually happened.

by Chaosinflesh | 2nd Jun 23, 8:51pm 1685695902

Thanks for the comment.

A portent of what's to come, perhaps?

by starrider | 3rd Jun 23, 8:07am 1685736428

Don't worry NZ is ahead of the game

1. Young kiwis and young families are already leaving in hoards to Aussie and the UK.

2. Housing NZ is buying up loads and loads of house and land packages from developers and this will only increase.

by wingman | 5th Jun 23, 11:12am 1685920374

Both my children live near Melbourne, property prices are going up, not down, and so are rents. The cost of living is about the same, I've just been there checking it out.

by Twitchbar@ | 2nd Jun 23, 12:14pm 1685664898

Might be the least of Our problems

Hal Turner Radio Show

by ChrisOfNoFame | 2nd Jun 23, 12:32pm 1685665948

Note the flatline between 2016 and Covid inspired silliness in 2020? Probably further to go. I'll say no more.

by Retired-Poppy | 2nd Jun 23, 12:35pm 1685666154

by IT GUY | 2nd Jun 23, 12:36pm 1685666190

HW2 - Some thing special and very interesting is indeed happening..... its crashing !

by ChrisOfNoFame | 2nd Jun 23, 12:38pm 1685666285

The only positive is the increase in the number of sales. If this continues for 3+ months I'll take notice. Meanwhile .....

Winter is coming ... and many are still to re-fix.

by False economies | 2nd Jun 23, 12:41pm 1685666503

Previously someone posted a graph of the comparison with other crashes in Ireland and US...how are we doing now?

by donny11 | 2nd Jun 23, 12:48pm 1685666889

I feel what has also been happening is agents have been trying to give the illusion the market is performing better than what it is by immediately releasing sales info on properties that "sell well". But holding back sales info on properties to 3 months plus settlement date on properties that "don't sell well".

This is obviously a short term fix and eventually reality captures up with the illusion.

by Frank Sobotka | 2nd Jun 23, 1:05pm 1685667957

Accurate. Any other industry this would be illegal

by interesting1234 | 2nd Jun 23, 3:21pm 1685676076

That and there are a large number of long settlement dates for sales as owner occupiers have to sell their own house to fulfil the condition on the next. Have already heard in my region of one sale 9months in now still pushing out settlement again and again in the hope the buyer can sell their house.

by Frank Sobotka | 2nd Jun 23, 1:04pm 1685667877

I hope Mr Barfoot likes Iron Maiden as Bruce Dickinson has some words for him

Across a painted desert lies a train of vagabonds

All that's left of what we were, it's what we have become

Once our empires glorious but now the empire's gone

The dead gave us the time to live and now our time is done

Now we are victorious, we've become our slaves

A land of hope and glory, building graveyards for the brave

Have you seen the writing on the wall?

Have you seen that writing?

Can you see the riders on the storm?

Can you see them riding?

Can you see them riding?

Holding on to fury, is that all we ever know?

Ignorance our judge and jury all we've got to show

From Hollywood to Babylon, holy war to kingdom come

On a trail of dust and ashes, when the burning sky is done

A tide of change is coming and that is what you fear

The earthquake is a coming, but you don't want to hear

You're just too blind to see

Have you seen the writing on the wall?

Have you seen that writing?

Can you see the riders on the storm?

Can you see them riding?

Can you see them riding, riding next to you?

by Caughtinthemiddle | 2nd Jun 23, 1:14pm 1685668450

Only a few sleeps until May's HPI data is out and we see the full picture.

by taimaiakka0 | 2nd Jun 23, 1:19pm 1685668754

"hat means the agency's median residential selling price has now declined $285,000 from its November 2021 peak of $1,240,000, and is at its lowest point since September 2020."

This means appox $3650.00 per week over 78 weeks......WoW.

What a world........still no bloodbath indicates how pumped up the ecenomy has been with cheap money...........

by Frank Sobotka | 2nd Jun 23, 1:27pm 1685669221

Montgomery Brewster levels

by J.C. | 2nd Jun 23, 1:29pm 1685669376

What a world........still no bloodbath indicates how pumped up the ecenomy has been with cheap money...........

Well....many possibly haven't been listening....but a small minority have 'told you so'.

These are the people routinely ridiculed around the water cooler and BBQ.

by Independent_Observer | 2nd Jun 23, 1:31pm 1685669516

Just looking at their May market report - it says in the 12 months to May 2022 they sold 11,248 property total value $13.5 billion worth of property.

In the 12 months to May 2023 they only sold $8 billion worth of property (7,263 properties). A 40% decrease in sales value that they take their cut from.

Number of sales has dropped over these same periods of 11,248 down to 7,263.

These are big changes in revenues for them - hopefully they didn't over extend (with staff and wages etc) while the going was so good for them.

by Rob Reid | 2nd Jun 23, 10:40pm 1685702423

Just a little dip

by DitchSkipper | 2nd Jun 23, 1:37pm 1685669867

So many green shoots.

by Flying high | 2nd Jun 23, 4:10pm 1685679027

Hoping to shoot some green in the morning, actually more brown not green

by interesting1234 | 2nd Jun 23, 10:56pm 1685703368

Sounds like you’re not shy of the green

by HouseMouse | 2nd Jun 23, 1:38pm 1685669932

Wow

Where are those ‘green shoots’ I keep hearing of?

by Independent_Observer | 2nd Jun 23, 1:43pm 1685670228

Looking at the average price chart above, if prices push through 2017 - 2020 price flatline with the momentum it currently has, from a technical analysis stand point (if it holds any merit...) then the next bottom/floor could 2007 - 2012 prices.

Our GDP could seriously start contracting here soon if banks shut up shop and stop lending and more and more recent buyers are under water - and knowing the risk that if they lend, that these new debt holders could also become under water in 6 -12 months time.

by Rob Reid | 2nd Jun 23, 10:46pm 1685702778

But if that happens, with our persistent balance of payments deficits we could end up with a credit downgrade and our heavily indebted households would take a bath.

So that can't happen because someone told me at a BBQ on Sunday that "it will keep going up".

Whom to believe?

by Independent_Observer | 2nd Jun 23, 1:46pm 1685670395

Imagine if SmartShares or other fund management arrangement started using public propaganda like that there will be 'green shoots' in one of their index funds - and they push this narrative (with no grounding) through the media, in order to increase the sales volume of their fund and to incresae their fees/income.

I wonder how the FMA would view this?

Why then do we tolerate it with the real estate industry?

by DTRH | 2nd Jun 23, 1:59pm 1685671158

House price crash looks like picking up speed over leveraged speculators will now be under huge financial pressure.

by Averageman | 2nd Jun 23, 4:52pm 1685681555

Indeed. About to be crushed under the weight of their own greed. The kaaaarrrkk moment is near.

by rastus1 | 2nd Jun 23, 2:45pm 1685673933

Anyone got a link to a property spruiking chat group? Might be interesting to join up and listen to the chatter.

by tomjones_04 | 2nd Jun 23, 2:54pm 1685674463

Join the Facebook group. It's an echo chamber of spruikers... but it's been infiltrated by a couple of young guys who are pro reform and it wreaks havoc. Very entertaining. Half of them have terrible grammar and can't spell for sh!t, but it adds to the circus.

by HouseMouse | 2nd Jun 23, 3:23pm 1685676193

I wonder if those groups ever refer to us as those pesky DGM idiots over at interest

by O.Farr-Kinnell | 2nd Jun 23, 3:23pm 1685676222

Dunno about the market having green shoots, but I'd say it's definitely rooted.

by IT GUY | 2nd Jun 23, 3:23pm 1685676231

Lots of comments closed posts

by whakahokia mai | 2nd Jun 23, 4:15pm 1685679305

Only $455,000 to go until it hits 4 x average NZ household income of $500k. Bring it on.

by Flying high | 2nd Jun 23, 4:51pm 1685681498

Bl**dy typical getting uneven censorship, no explanation

by Zachary Smith | 3rd Jun 23, 5:43am 1685727790

At the end of the day property is always going to be a painful thing for the average person to acquire. You can applaud the dropping of property values however the pain threshold remains the same like some demonic governor.

by Nzdan | 3rd Jun 23, 8:01am 1685736088

Depends on what you define as painful. People often talk about "crippling" interest rates of the past, but that was not necessarily a barrier to home ownership it was a cost of owning a home.

Before one can even be eligible to take out a mortgage, they must first save a deposit. Lower the house price, smaller deposit, less time spent paying rent, more time paying down their own mortgage.

by wingman | 5th Jun 23, 11:35am 1685921749

There's plenty of opportunity in the property market. Interest rates are up, people are hurting, look around where development's pending, where there's expansion in the pipeline.

I've seen these prophets of doom many times in my life, the Chicken Little's predicting market carnage are invariably wrong.