The number of auctioned properties selling under the hammer nudges past the halfway mark

Property / news

More properties on offer and more selling under the hammer at the latest auctions

29th Jul 23, 6:39am by Greg Ninness

The latest residential property auctions monitored by interest.co.nz saw a jump in activity after a couple of weeks of fairly subdued results.

There were 224 properties offered at the latest auctions (22-28 July), up from 157 the previous week.

And there was also a significant improvement in the sales rate, with 115 selling under the hammer, taking sales to just above the halfway mark (51%). That was a substantial improvement on the previous week's sales rate of 37%.

The stars of the show at the latest auctions were undoubtedly the Manukau properties in Auckland, with 77 properties on offer and 55 sold under the hammer, giving a sales rate of 71%.

Things also picked up in the Canterbury auction rooms where the overall sales rate was 47%, which was a substantial improvement on the previous couple of weeks.

However the results weren't so shiny in Central Otago where a handful of properties in Wanaka were put up for auction but none sold under the the hammer.

Details of the individual properties offered at all of the auctions monitored by interest.co.nz, including the selling prices and rating valuations of those that sold, are available on our Residential Auction Results page.

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100 Comments

by Hawkes Bay | 29th Jul 23, 7:10am 1690571429

The Greed is Slowly Conceding to Reality !

by Retired-Poppy | 29th Jul 23, 8:30am 1690576246

Yes, those who have been around for a while will know that episodes of fear follow that of extreme greed. We've certainly witnessed the greed. Over a short time and as reality sets in, people will naturally want to be released from their overleveraged positions, its quite understandable. Its only just beginning to play out now.

To use the words of Olly Newland - "There will be tears"

by Hawkes Bay | 29th Jul 23, 8:48am 1690577326

To use the Words of The Prophet. " The Pendulum Always Swings ! "

by Harvey W | 29th Jul 23, 9:20am 1690579222

To use the words of sensible commentators...the market has bottomed out, buy this year, 5-10% price rises in 2024...

by Retired-Poppy | 29th Jul 23, 9:30am 1690579844

Harvey, you're a true soldier:)

by OpenMinded | 30th Jul 23, 10:02am 1690668142

TA is the true loyal soldier, he hasn’t stopped pumping the ponzi for a minute!

by Dgm | 29th Jul 23, 9:56am 1690581388

How many have you bought this year or going to buy? Be sensible and keep buying..

by Harvey W | 29th Jul 23, 2:13pm 1690596829

I'm aiming to buy my second house soon, before the end of the year, got to beat the market!

by Speedmax | 30th Jul 23, 4:18am 1690647538

Why do you need two?

by Dgm | 30th Jul 23, 8:27am 1690662449

Greed perhaps?

by Flying high | 30th Jul 23, 8:30am 1690662628

Harvey wants to get wealthy... for the reds the greens and browns to take it back

by Harvey W | 30th Jul 23, 8:52am 1690663940

Altruism perhaps. Doing my bit to provide accommodation for the under privileged, as well as those with the means, but not the guts to buy a house...

by Flying high | 30th Jul 23, 9:51am 1690667492

I doubt the greens reds and browns will agree with that. You carry all the risk. Unless the rental market gets really short and stressed, then you might be seen as saviour.

by Dgm | 30th Jul 23, 10:06am 1690668392

You might as well cosy up to each other and have this chat..

by Retired-Poppy | 30th Jul 23, 12:11pm 1690675889

by Harvey W | 30th Jul 23, 8:52am - "Doing my bit to provide accommodation for the under privileged"

ROFL! - Now all renters are apparently "under privileged". Sadly Harvey, knowing the motivation behind your intended purchase in the first instance (projected capital gains) it's telling of what kind of Landlord you will be when/if it does not pan out your way.

As it stands, Landlords have a poor enough reputation without you adding to it. Best you don't judge others on their financial status because you could be forced into being humbled yourself. Leveraged Landlord alert!

by Nzdan | 30th Jul 23, 12:45pm 1690677941

The problem is when this want to be "altruistic" becomes so widespread it distorts the market and manufactures a crisis, turning more and more households into renters.

If we didn't have swathes of people doing the work of Jesus by leveraging equity, taking out interest only personal loans and then claiming that as a business tax write off, then we'd probably find house prices at a more sustainable level determined by real cash deposits.

by Harvey W | 30th Jul 23, 1:36pm 1690681019

I was kidding. Of course it's not altruism. I'm just trying to do the best I can with what I've got, within the law of the land, and it happens to be a very good time to buy a house, and yes it will go up in value next year.

by Retired-Poppy | 30th Jul 23, 2:30pm 1690684213

As it happens some people will always think it's a right time to buy a house. Right now, paying net interest @ 7-8% along with rates, insurance and maintenance is better than paying rent - right? Now, here's the juicy bit that makes it all worth while. Those imminent and inevitable capital gains that exceed inflation are deposited monthly straight into your bank account by Homes.co.nz. You just can't lose!

Seriously though, I respect that you want to make the most of what you've got and that you obviously suffer from FOMO. I sincerely hope it works out for you.

by Retired-Poppy | 30th Jul 23, 2:45pm 1690685135

BTW Harvey, when I previously asked what verifiable factors supported your conclusion of imminent house price rises, your reply was "guesswork"

Is this still the case?

by Harvey W | 30th Jul 23, 3:02pm 1690686176

You could call it guesswork, or not, but the reasons are:

Inflation is the devaluing of cash, so all things being equal then house prices should be rising at 6-7% just to tread water

House are now under the cost of replacement, how will that be resolved without prices rising?

Cost of construction is not likely to drop - every single thing successive governments do makes both subdividing sections and constructing dwellings more expensive.

Seriously, 2023 will be looked back on as a good time to buy.

by Nzdan | 30th Jul 23, 4:15pm 1690690541

I'm sure all inputs into building a house have plenty of wiggle room. We have an oligopolistic building materials industry, where the number one means of paying for this product quadrupled in spending power over the last 10 - 15 years (mortgages). Yet the "cost" of construction is not likely to drop when interest rates head the other way?

Sure, the costs might be sticky but if demand dries up they will drop. I'm an estimator for a manufacturer to the civil infrastructure game, when times are good we make a killing and at the moment we're pricing to make no money (only our recoveries at the plant). There's no magic switch that turns off your overheads temporarily.

by Harvey W | 30th Jul 23, 7:25pm 1690701941

You could be right dan, but I still think we're looking at price rises in 2024

by Retired-Poppy | 30th Jul 23, 5:40pm 1690695630

Harvey, seriously, house prices are still unaffordable to buy and for a growing number unaffordable to own and maintain. There is a glut of overpriced homes out there and that's why they're falling. If your argument for building replacement costs to be supportive of a house price recovery then there should be no reason for construction firms to fall over going forward either. If wages catch up then knowing the background inflation in essential staples occurring we can all look forward to some pretty beefy salary increases and businesses will have fatter profit margins in order to pay them :)

by Flying high | 29th Jul 23, 10:56am 1690585006

C minus results. 51 percent is barely a pass, is more cold than lukewarm

BUT if fhb want to buy and cost themselves more, mortgage and rates etc vs rent, dont come crying back here later

by Zachary Smith | 29th Jul 23, 8:33am 1690576421

Auctions in Auckland have rarely seen amazing sales results even during hot markets. I think people get confused with Sydney auctions which are a different beast.

by Retired-Poppy | 29th Jul 23, 10:15am 1690582549

by Zachary Smith | 19th Aug 17, 5:27pm - "I think Auckland is similar to Sydney due to geographic, demographic and historical reasons"

by Dgm | 29th Jul 23, 11:10am 1690585828

Spruikers lying as usual

by Zachary Smith | 29th Jul 23, 11:19am 1690586344

Over 50% sold is a good result for Auckland auctions. Things are picking up.

by Albert2020 | 29th Jul 23, 12:36pm 1690591012

Maybe cos those that do sell are below RV?

by Pragmatist | 29th Jul 23, 12:55pm 1690592119

Auckland RVs were set right at the peak, getting over RV is a rarity.

by Zachary Smith | 29th Jul 23, 11:14am 1690586075

I still think that. It's similar but not exactly the same. Selling property by auction has always been more popular in Australia and is a relatively new phenomenon for ordinary properties in NZ. You just have to compare the auction numbers and results throughout the years.

Sydney and Auckland share similarities with language, history, being the main economic centre of a region etc.

by BigBen | 29th Jul 23, 7:22am 1690572179

With higher wages and lower house prices, affordability levels are actually back to when interest rates were in the 2’s a couple of years ago.

I’m seeing house listing methods change from deadline sales to auctions because of interest - It seems people are getting their numbers to work.

by hum | 29th Jul 23, 7:26am 1690572400

Do you have any number to support this our you just pull it out off

by BigBen | 29th Jul 23, 7:53am 1690573995

Posted before

800k mortgage @ 2.5% = $3161/month

640k mortgage @ 6.5% = $4045/month (20% lower mortgage due to price drop)

Difference is under 1k a month. Take 2 incomes at $75k, add 12% wage increase over past 2 years, and the increase in repayments is covered.

by bw | 29th Jul 23, 7:59am 1690574354

You highlight my below point well = "add 12% wage increase over past 2 years", and there's more of that coming. That's why nominal mortgage rates are going to soar.

by HughJorgan | 29th Jul 23, 7:59am 1690574366

BigBen or BigBender? You must be hungover to think that makes sense.

by hum | 29th Jul 23, 8:03am 1690574615

Salary increase let alone being taxed on a higher bracket will not even cover the cost a living that has increase at a faster rate.

by False economies | 29th Jul 23, 8:20am 1690575629

12%???

How many people have had 12% increases recently (apart from nurses who fully deserve it?)

https://www.stats.govt.nz/news/annual-wage-inflation-rises-to-3-4-percent

(Oops, just saw your "over 2 years" bit 🤪)

by Juzz | 29th Jul 23, 11:30am 1690587039

Partner is a nurse, her rate has gone up 32% in 8 months and they've voted to strike through NZNO. Where I work we received 12.3% last year as a 2 year consolidation, this year I'd expect 7% increase to bring us in line with the market rates, and other factors have meant I was up an extra $80k on the previous year. Edit: I guess if your income isn't moving with the times then take a look at making a change. I used to be employed where the security of that job meant sacrificing aspects of my life for the employer, I now realize that it's so easy to get another job and if need be it may take a few jobs to find the right one. And don't be afraid to upskill.

by HouseMouse | 29th Jul 23, 9:44am 1690580697

Did you factor in the tax man in your wage increases?

Did you factor in the big rises in cost of living that have effectively cancelled out (probably more than cancelled out) the wage rises? Including higher insurances and higher council rates for those buying?

Did you factor in the big barrier that is passing bank test rates at 9% plus?

by HouseMouse | 29th Jul 23, 10:02am 1690581767

On a 30 year mortgage of 640k, at a test rate of 9%, that is about $1500 per week.

by BigBen | 29th Jul 23, 10:32am 1690583560

ANZ thinks its more like $1200/week. The rules around expenses with banks have changed recently - you only need to demonstrate you'd have a few hundred dollars left over each month, if rates hit the stress test mark and they take into consideration current expenses that could be cut e.g. Netflix etc

Anyway, I'm simply providing a reason why people might be buying at the moment. Perhaps prices have another 5% to drop, but that can be mitigated by smart buying. We're not going to see a further 20% like many on here are calling unless rates go way up.

by HouseMouse | 29th Jul 23, 11:11am 1690585877

Agree on your second paragraph

by bw | 29th Jul 23, 7:41am 1690573304

Dealing with mortgage rates in the 12's, not comparatively but practically, is more likely than not.

Inflation isn't beaten, not by a country mile; a qualified global shrinking workforce will see to that, and along with that will come the reluctant inevitable.

by HouseMouse | 29th Jul 23, 9:46am 1690580814

On the workforce issue, AI might significantly mitigate that.

by Flying high | 29th Jul 23, 3:47pm 1690602469

Spruiker bigben

Be gentle ben

https://youtu.be/D8Hu4Xb6p-4

by hum | 29th Jul 23, 7:24am 1690572280

Pragmatic vendors loading off before the tsunami of wishful thinking vendor waiting for spring.

by Dgm | 29th Jul 23, 8:47am 1690577256

I infer that spring is no where in sight..(especially with the weather we're having)

by Hawkes Bay | 29th Jul 23, 8:55am 1690577714

But 10% Interest Rates This Year, Guaranteed is in Sight and the Panic has Begun.

by Averageman | 29th Jul 23, 10:27am 1690583232

Spring...saw a daffodil last week. Suspect it had been tricked into showing its hand to early....just like some other events.

by Dgm | 29th Jul 23, 7:35am 1690572940

Geez, vendors have eventually realized their properties are not made of gold..

by nguturoa | 29th Jul 23, 7:43am 1690573387

Wow people still buying at CV or higher. The banks are testing buyers at 9% rates, so who are these buyers with pockets full of cash?

A 500k mortgage will be a monthly payment of more than $4500. Suerly rents are cheaper as there are no decent houses to live in market for 500k these days.

by HughJorgan | 29th Jul 23, 7:56am 1690574187

Not sure I follow your maths. $500k at 9% is $3.75k of interest per month. You can’t include principal repayment if you are comparing to rents.

Anyway, agree $1k per week is where most rents top out… and you are renting a house worth a few million, not $500k.

by Retired-Poppy | 29th Jul 23, 8:13am 1690575233

From a speculators/investors perspective, also deduct rates, insurance and maintenance and all your left with is negative gearing and dreams of relief by way of future capital gains. At best there's still an episode of unknown length and breadth of mortgage stress with forced sales ahead from here followed by sub par performance when compared to the prevailing inflation. Baring a possible bust, interest rates are not coming down for some considerable time. Inflation appears well imbedded.

There is no need for FOMO as FHB's have ample time to accumulate more substantial deposits and own a bigger share of their home to live in.

by Colin Cameron | 29th Jul 23, 9:16am 1690579018

So here is some figures for you. Have brought two rentals for just over 300k both had quarter acre sections both rented for 400 a week. Both I have subdivided and built two four bedroom dble garage on both new builds qualify for tax deductions both rented for 550 a week. One new build built for 235k last new build 255k. Hence why I never will buy in Auckland/Wellington as over priced and no yeild and that there is plenty of opportunity in NZ if you go look but alot on here wanted it handed to them on a platter

by Retired-Poppy | 29th Jul 23, 10:06am 1690582019

Colin Cameron, I think you've blurred the lines between "others wanting it handed to them on a platter" and those who simply want value for hard earned money. Right now, at current prices, houses are NOT value for money. You can be as successful as you want on an anonymous forum and if its all true, it reads as though you've certainly accumulated considerable assets in such a short time. A family just need one house to live in. Houses are for living in, not for speculating on for future gains. If house ownership was viewed more the former than the latter, we would not be in this mess today.

by interesting1234 | 29th Jul 23, 10:36am 1690583809

The difference is he clearly has assets to leverage against to get the mortgage to buy said properties and build said houses, as well as the skills to build. While its great to hear that it is doing well financially, it reads to be still done on the back of previous capital gains from other properties bought at much lower prices years ago with lower interest payments and the benefit of interest deductability.

by Juzz | 29th Jul 23, 11:16am 1690586161

I think Colin is building his own homes and that may be reflected in his build costs. Buyers can probably get the same result by buying a section and relocatable home. The problem is they need to have trades equivalent skills, time, and equity. The time part is a big issue as you need to be at work as much as possible to afford payments. So Colin is capitalizing on the amount of capital he has available, which many do not have. This forum is just a place he can pat himself on the back for not struggling like younger generations are.

by Colin Cameron | 29th Jul 23, 12:12pm 1690589577

Just like anyone who wants to get ahead. People put their money in kiwi saver and or share market. Those brokers or managers buy shares at a discount so that means someone has lost money if the market tanks. Or the business they have invested in leverages the assets the business has to grow which allows the investor to sit back and make money. At least I am working for myself and taking my own risks but the big thing is doing the work myself rather than sit at a screen pushing buy/sell etc. Cause what I create will provide a home for someone.

by Nzdan | 29th Jul 23, 11:45am 1690587950

Colin is an interesting fella. Sounds like he's got a great work ethic and luck is conveniently always on his side, combined with his high level of financial nous he's a poster child for anyone looking to buy their first home.

by Colin Cameron | 29th Jul 23, 12:13pm 1690589633

Goes to show there is opportunities out there and houses ain't 1mil plus

by Flying high | 29th Jul 23, 8:44pm 1690620296

Are you LBP. If not, you probably cannot rent the house out

by Colin Cameron | 29th Jul 23, 12:07pm 1690589276

So do you work for free. Usually the suits/proffessionals like to quantify their exorbitant incomes when in reality they are rip off merchants. I use my correct name so anyone on here can find out I am telling the truth which I would say 50 percent ain't on here. And the point is if people look out side the city they are in will get their own home point of the figures. But it means a bit of inconvenience. Also a human right is shelter not owning a home. Alot of people even if houses were 100k would still rent. Finally rather than being retired poppy maybe it should be tall poppy. People say to me why buy and do what you do with houses do you want to be the riches man in the cemetery. Then turn around an say with are off to Aus to make more money hyprocrites

by Juzz | 29th Jul 23, 12:38pm 1690591101

I guess the thing is not everyone can become a builder, I'm trade qualified but being employed in a trade job is nowhere near as rewarding as they once were. So I work in another sector (also hold higher qualifications/experience) although I know many unskilled people who work "safety" roles who produce nothing and earn at least 50% more than a tradie. Apprenticeships were for the most part not available to my generation and we paid for all of our tertiary education plus interest on student loans for a time, I was lucky to get the experience I now have and don't use. It has been a hard journey bringing up kids and working endlessly to tread water, we've come out the end in a strong position but feel like we should have been where we are 15 years ago.

by Colin Cameron | 29th Jul 23, 1:19pm 1690593569

Take a guess how many builders/carpenters build their own homes. I'll tell you 5 percent out of all them only 5 percent. Cause to hard to get money. But also they like alot of people don't look. My wife and I didn't gave assets to leverage off. Back as the twin towers were coming down and the sky was falling in we bought a section on builders terms had a 10 percent deposit and still kept our full time jobs while nights and weekends we built the house. Built the house with no money. Back then you had till the 20th of the following month to pay subbies and materials so we went like shit for 6 weeks big days boss found me asleep a couple of times. Got it closed in then went to bank borrowed the money paid section and everyone else. But all my so called building Mates said you can't do that. You 40 hour working week is to pay to live what you do in your spare time is what gets you ahead. I used my talents just like a sharebroker/fund manager, lawyer, accountant would do the same. And I never wanted a JOB just off broke rather be destitute but self employed than answer to someone else

by Colin Cameron | 29th Jul 23, 12:40pm 1690591213

Here's another thing retired poppy. A house around the corner to me on the market for 275k has a quarter acre. Been on the market 6 months deceased estate. An as is since HWC dosnt work and a few minor things. FHB can't touch it as banks won't loan on it. If and it's a big if since I have my project at the moment I buy it. Within a month it will be done up and rented. Then I would build on the back another rental. So helping the NZ govt/taxpayer since they forked out 1.6 billion last yr in emergency housing. Maybe rather than investing money in sharemarket/bank TD and sit looking at a screen all day some people should put their money were their mouth is

by Nzdan | 29th Jul 23, 1:12pm 1690593128

I know you say $275k, but it wouldn't happen to be this one for $235k? Listing in December and then another listing last month.

by Colin Cameron | 29th Jul 23, 1:20pm 1690593636

Shit no never in the north island only place I own property in the nth island is Taupo.

by Colin Cameron | 29th Jul 23, 1:27pm 1690594058

I should have pre empt the reason I would never buy in Kaikohe. One of ma y schools I went to was just north of there Okaihau I grew up a bit in the Hokianga the most deprived area in NZ only white boy on the bus. My parents when married were the janitors of Kaikohe college. Until they lost the farm (term used lightly) in a mortgagee sale. So no Kaikohe is not fond memories

by Retired-Poppy | 29th Jul 23, 4:32pm 1690605138

Oh my Lord, Colin discovered Invercargill........

by Colin Cameron | 30th Jul 23, 11:03am 1690671802

Nope Canturbury. But seriously did look there.

by tomjones_04 | 29th Jul 23, 8:19am 1690575547

Only a quarter reaching their rate able value! That's the only statistic we should extract from this article.

by Speedmax | 30th Jul 23, 4:44am 1690649068

I’m amazed it’s as many as that…

by Sam Bridgman-Smith | 29th Jul 23, 8:31am 1690576268

From my rather limited understanding of history, bubbles generally do not deflate overnight. They can take many years to correct.

When they inflate and suck people in, the collective psychological forces at play resemble a super tanker - a force that is difficult to resist and takes a long time to turn around.

Even a genius such as Sir Isaac Newton couldn’t resist the pull of the South Sea Bubble and lost a significant amount of money. How is the general populace supposed to fare?

For the last couple decades or so in New Zealand it’s all been about ‘getting onto the property ladder’, ‘prices double every 10 years’, etc. It’s been very hard to question this line of thinking, to go against the grain. This psychological super tanker still has momentum in our collective minds.

As a result, I don’t think it is reasonable to expect the great NZ property bubble to deflate in a nice, neat line over time. There’ll be confusion, little jumps up, minor morsels of spruikers’ hopium, and the odd newspaper headline going against the overall downward trend.

However, with interest rates unlikely to drop and possibly to continue to climb, I am yet to see any good reasons why property prices should rise again in the near future, but would welcome hearing any argument to the contrary.

by HughJorgan | 29th Jul 23, 8:37am 1690576666

Agree. I think the only reason prices will hold where they are could be because of construction costs and the floor that replacement cost sets.

Any meaningful reduction in construction costs will take time as well.

by interesting1234 | 29th Jul 23, 10:39am 1690583945

It will be all fun and games until people realise they either cant afford their mortgage or investment, then when they realise the government isnt going to make everything ok for them again. The panic and following nationwide disbelief will be humbling for many

by Independent_Observer | 29th Jul 23, 4:29pm 1690604975

Sam - you would benefit from reading Rober Shiller's work 'Irrational Exuberance' - especially the section regarding real estate bubbles (other sections are good also but only if you are buying/selling your own portfolio of shares and bonds). It covers the history of most of the global booms and busts and gives detailed reasoning for the causes and the impacts.

Just a suggestion given the tone of your comments.

ps make sure you get the latest (3rd edition released in 2015) if you do buy it.

https://www.amazon.com.au/Irrational-Exuberance-3ed-Robert-Shiller-dp-0…

by mikekirk29 | 29th Jul 23, 8:57am 1690577868

Reversion to mean of sales rate requires sales to be below 3300 pcm in Auckland until April 2024 at least. Meanwhile false flags will continue to be waved every week it seems

by HouseMouse | 29th Jul 23, 9:27am 1690579629

Someone said to me last week that Manukau / South might benefit from the flood-prone nature of West Auckland, ie. it is a less hazard-prone cheaper housing option.

by Zwifter | 29th Jul 23, 10:50am 1690584602

A whole pile of things come together to even out the price HM, always have. As a last resort the RBNZ steps in and starts throwing about free money if things start to look shaky, actually they throw money even before there is a real problem !

by Iceman | 29th Jul 23, 10:51am 1690584684

So many people forget that is typically what happens in the early part of the decade. Gains will be back in the next few years.

by Zwifter | 29th Jul 23, 11:36am 1690587379

Correct housing is a long term plan. So it used to take 7 to 10 to double, really doesn't matter if it still takes 10 to 15 to double you are still ahead of the game.

by Independent_Observer | 29th Jul 23, 4:20pm 1690604410

"you are still ahead of the game"

I was going to question your choice of words here but my loss of faith in people to view issues like this rationally (cause and effect and impacts on financial and social stability) is gone so won't even bother.

by Zwifter | 29th Jul 23, 7:22pm 1690615349

Right or wrong, life is a competitive game. The earlier you at least recognise that the better off you will be. This doesn't mean taking advantage of others, it means spending money where it counts, working hard on self development and education.

by Nzdan | 29th Jul 23, 11:45am 1690587923

The property clock.

by Independent_Observer | 29th Jul 23, 4:21pm 1690604504

More like the property time bomb...

Tick tock goes the clock.

by Dgm | 29th Jul 23, 12:45pm 1690591521

Do you put yourself to sleep repeating that

by tomjones_04 | 29th Jul 23, 12:04pm 1690589055

If it is the bottom of the market... it's a shame primarily because of all the new RE terms that have come out. Utter laughable bollox. Negative growth, green shoots, covid froth. It's like watching the knight from Monty python....it's only a flesh wound!!

by Nzdan | 29th Jul 23, 1:20pm 1690593603

It's just a period of Healthy Cooling or an Adjustment Phase, there is still plenty of Value Investing to be had in various Opportunity Zones.

by Independent_Observer | 29th Jul 23, 4:22pm 1690604565

It is possible that this is the bottom of the market in nominal terms - but I don't think it is in inflation/wage growth adjusted terms.

by Zwifter | 29th Jul 23, 7:24pm 1690615441

There is only one bottom of the market. The second sell prices start rising you blinked and missed it.

by Averageman | 29th Jul 23, 9:20pm 1690622403

Let's hope interest rates don't continue to rise. Oh wait...the Fed and Europe have just both lifted and indicated more to come.

by NZGecko | 30th Jul 23, 10:50am 1690671058

Its a Tony Alexander Bottom. If he indicates it .......take the opposite actions.

Never fails!

No way in hell this is a bottom!

This bottom talk is purely engineered and scurrilous marketing (repeated again and again, even though it's not happening) in full hopium they can reanimate a totally flaccid market, by the narrow REA Vested Interest Brigade.

The market confidence to risk it all, to buy housing at these highly inflated prices is still shot to pieces.

The "get in, bee quick" TA and AC acolyte brigade will fall flat, and be forced to crawl back into their caves

With interest rates still rising across the board and going much higher in 2023/2024, the borrowing ability is still receding at a rate of knots.

Test rates at 10% soon!! Guaranteed.

by Zwifter | 30th Jul 23, 5:01pm 1690693268

Simple question, how many months of prices not going down does it take for you to admit its the bottom ? or are you the sort of person who still doesn't admit its the bottom even when prices start to rise again cos its just a "Dead cat bounce" or something like that ?

by NZGecko | 30th Jul 23, 8:25pm 1690705536

Simply Zwifty, when the average DTI is in the range of 4 to 6x incomes.

SO WE GOT A LONG WAY DOWN, TO GET TO THIS ratio.

- Its what the RBNZ will regulate next year......so the market will get there:)

This crash has just started, as historically epic as it is, its still early in this reset.

Market confidence is torpedoed........no shilling by your REA Vested Interest mates will right this sinking market.

by Zwifter | 31st Jul 23, 4:41am 1690735290

You may think houses are too expensive, but Dreams are free.

by DTRH | 30th Jul 23, 11:07am 1690672034

The people who sold by auction over last few weeks will be relived as house price’s will continue to tumble many are now refinancing with much larger monthly payments some will struggle financially leading to greater price falls.

by safeashouses | 31st Jul 23, 10:07am 1690754852

Never used propellor property and never will, I have just gone unconditional on a house i bought in 2010. only two beddie, however in hte words of Nikki Conners, the capital gains I made on that property paid of my other property and saved me years of interest. Unsure why people are so anti property and almost willing it to fail? Now I am Govt neutral if prices rise great if they drop i will buy another property,

by Booming | 31st Jul 23, 10:53am 1690757594

The market is on the way up - buyers have realised the bottom has passed, inflation is falling everywhere and rate cuts are in sight!

Here comes the Boom.

by DTRH | 31st Jul 23, 11:21am 1690759301

The housing market had its boom 2 years ago, now down 20% and falling the bottom is not in sight another 20 % down over next couple of years then we might see the bottom. If you purchase a property today booming in two years it will be worth 15 % to 20% less.