Fewer properties on offer at the latest auctions but sales picked up slightly

I think he’s right. If only 4 sold, then it’s mathematically impossible for 67% of them to have sold for above RV. It’s either 0, 25, 50, 75 or 100%. 

Unless more sold after the hammer and are counted in the 4th column, but not shown in the 2nd. But then that would be a strange way of showing the data.

 

The column on the right is interesting its the percentage SOLD at or above the RV so for say BOP, 2 out of every 3 sold is still above the latest RV, so much for the "Crash"

National is not withdrawing the ring fencing changes meaning no income tax rinsing are they...?

They can wait all they like. But 10% Interest Rates This Year Guaranteed, will extinguish any hopeium pipes smouldering in those mug mouths out there.

A vote for National is still a vote for Labour.   Two wings to the same bird.

Blue is the new Red, netflix series.

Forget about promised tax advantages again. The banks will laugh at how you can service 10%.

I think it would be into the new year before vendors become realistic. Have to wonder what’s happening in the background though, there must be some banks pressuring some owners.

Could be. But in the grand scheme of a fish rotting from the head, today we get:

Three years ago businessman John Changjin Li seemed to have it all: a happy marriage...and enough money to buy a new trophy home on the Point Piper waterfront for $95 million...Li went on a buying spree, adding a waterfront estate in Lake Macquarie, an investment house in Vaucluse and a Bayview mansion to his already well-endowed property portfolio. But things seem to have gone awry since 2020.....Three years later, and after tens of millions of dollars have been paid toward the cost of the house, it remains unknown if the company will settle on it..... companies were placed into administration last year with debts itemised on the companies’ own corporate filings that included a tax debt totalling $7.5 million, $16,000 in council rates and charges, $800,000 in outstanding land tax, almost $1 million owed to construction company Forbair and $100 million in outstanding loans.

https://tinyurl.com/3wauf68u

As with all failures, the damage spreads out, and out, and out...

The average NZ household can borrow just under 500k now and this (+ the 100k deposit)  is where a lot of "average properties" must fall to, its  slow motion crash,  as happens in every multiyear,  property crash, such as we are now and just 1/3 into it.



Sure the special featured lifestyler types will go for more,  but they are on the edge of a mighty cliff,  they are indeed poised to fall off - and its a shear face with unforgiving rocks beneath!

All on the basis of sales picking up slightly in May (from rock bottom levels) and a slight increase in median value (but HPI still falling).

Alot of the market is driven by sentiment... people are sheep and follow the herd.

Saw an interview with a property trader specialising in South Auckland.



It seems that confidence has improved with property traders in the housing market.  There are property trading joint ventures that are buying up houses on media reports / high profile market commentators saying that prices have bottomed out, causing some of these property traders to develop a fear of missing out.



These property traders typically only buy older houses in need of some work, not apartments or units, or newer stand alone townhouses.



Note that there are also a few property investment joint ventures that have been buying in the past - combining their borrowing capacity to buy investment properties (and outbidding owner occupier buyers).  Don't know if they're active in the current environment. 



 

I can see these increasing 10 fold by October as the manic rates / prices of 2021 roll over with their 2 year fixed rates.

I feel for these young families who because of what ever reason jumped into this craziness at its height. Some I know were lied to buy their RE agents and now they are stuck buying at the high. 

It's the rate of change Nifty. Rates are still rising in the Eurozone and USofA. At some point even the true believers will have to realise, that there is no point in any longer keeping a finger in the leaky dyke, as the flood becomes undeniable.

As our good friend DDD would say, it's all about the debt baby.

Nifty Grifty Grifter......

 

How about your current crop of poor sop,  property bag holders,  numbering now what would be in excess of TWENTY THOUSAND PLUS!!!  That is 20,000 mortgage holders who are sadly behind on payments ???  



This is the True and Nationally Destructively Dangerous NZ Karkova Dam the spruikers do not have enough fingers to plug.....yet they furiously try with their nefarious vested interest acolyte goons to reanimate.

Vested/Read as........  OWNWOLF, Banker economists, and the one and only "Independent Economic clowns".  Yes Listen to ZB today for more Ownwolf drivel and twisting the crash narrative.....to "green shoots" 

Its near financial criminality sucking in the newby FHBs to the ponzi-like wealth destruction of buying property,  at todays ludicrous prices.



They believed your spriuker stories of:  Buy Now,  Buy Today, You just cannot lose on Propeeerrteee!



  - You fed them into the Bankers shredding blades like cannon fodder.

Yet you shamelessly still encourage and seek to encourage and feed in new FHB meat???  Shameless on roids!

 

Mortgagee listings have now doubled from a few months ago. Wow. 

How long until they double again? Wow!

and again Wow!

and again - OUCH!