Barfoot & Thompson's November sales up strongly - prices also rising

Property / news

Barfoot & Thompson recorded particularly strong sales growth at the top end of the market last month

6th Dec 23, 10:22am by Greg Ninness

The summer selling season got a good head of steam in Barfoot & Thompson's offices in November with the number of sales made, selling prices, new listings and stock levels all heading north.

The real estate agency, which is the biggest in Auckland, sold 956 residential properties in November, up from 846 in October (+13%) and well up from the 700 it sold in November last year (+37%).

Selling prices were also on the up, with an average selling price of $1,185,820 in November, up $95,096 (+9%) from October, while the median selling price was $1,018,000, up $6750 (+0.7%) compared to October.

The strong increase in the average price compared to the modest increase in the median price was likely due to more homes selling at the top end of the market, with sales above $2 million accounting for 23% of Barfoot's sales in November compared with 15% in October.

New listings held steady at 1841 in November compared to 1829 in October, while the total stock available for sale increased to 4841 in November, up 6% compared to October.

"November was the month when all the talk about positive gains for the housing market showed up in sales data," Barfoot & Thompson Managing Director Peter Thompson said.

"The recovery is modest but steady, and gained momentum in the later part of the month, indicating that December will be a good trading month.

"Buyers returned in strength to the top end of the market, with 91 sales of properties for more than $2 million, the highest in a month for 20 months.

"Of this number, 24 sold for more than $3 million, also the highest number for 20 months."

The comment stream on this story is now closed.

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110 Comments

by Smudge02 | 6th Dec 23, 11:30am 1701815430

Great news, NZ is back on the path to prosperity.

Edit: Sarc!

by tomjones_04 | 6th Dec 23, 10:38am 1701812284

Prosperity for who?

by FHBtears | 6th Dec 23, 10:56am 1701813405

The landed gentry.

by streetwise | 6th Dec 23, 11:59am 1701817192

There's no doubt New Zealand has prosperity, but it's an unequal prosperity.

by Zwifter | 6th Dec 23, 12:08pm 1701817682

Its not equal prosperity anywhere in the world. Some people need a reality check, they don't know how good they have got it in NZ, try watching the footage coming out of Gaza.

by donny11 | 6th Dec 23, 12:24pm 1701818698

Exactly the idea of a "middle class" is a rubbish ideal. It existed for all of about 20 years in Western Societies 1950-1970. Societies generally have rich & poor. plebeians and patricians. Both major NZ political parties support this idea through policy. They are trying to rid NZ of what is left of the middle class so the natural order of things can be restored.

by Yvil | 6th Dec 23, 12:42pm 1701819741

Regardless of classes, it would be nice if everyone could at least afford food and shelter. This doesn't only depend on the government though, it also depends on what the individuals themselves do or don't do.

by Te Kooti | 6th Dec 23, 12:53pm 1701820418

Everyone can afford food and shelter here, the only compromise to be made is location.

by Pa1nter | 6th Dec 23, 1:18pm 1701821914

If you're really unlucky you'll end up in Auckland

by Smudge02 | 6th Dec 23, 3:13pm 1701828793

Simply saying “Stop moaning it could be worse” is nonsense. So if we were the South Africa of the South Pacific that would be ok because things are worse in Gaza? The fact is NZ has been going backwards as a country for decades, yes things could always be worse but that shouldn’t stop us from calling out what is wrong and trying to improve things!

by Zwifter | 6th Dec 23, 5:29pm 1701836994

Good luck with that. We will be lucky to stop things getting worse than they are now going forward. As a collective society we are not prepared to make the changes required anymore to make things better in the long term, its always someone else's problem.

by RickStrauss | 6th Dec 23, 7:06pm 1701842818

So long as younger working Kiwis are funding the pensions, the rental yield welfare subsidies, and the monetary bailout costs for older Kiwis one might be a bit more self-aware when yelling at younger Kiwis that they should simply buck up because they've got it so good and they need to do it all under the own steam. While older Kiwis are not and have not.

by swapacrate | 6th Dec 23, 11:24pm 1701858289

As an older person I agree, we had it great when we were younger, good jobs, less traffic, lower priced food, house prices affordable, baches were baches, people were not competing with jones's. Now we have self entitled old people who cannot admit how lucky we were and are. We berate young people and say suck it up and pay your multi million dollar mortgages or do better if you have to rent, while patting ourselves on the back saying we offer a rental service while creaming the capital gains. All the while pushing up inflation. Let's thank both labour and National for making it hard for the young and future generations. Hey but at least it's not Gaza.

by Pa1nter | 6th Dec 23, 1:01pm 1701820914

I dont think many people are under the illusion it's not.

by SND | 6th Dec 23, 11:12am 1701814320

Sarc?

All is good, soon you'll need two lifetimes of sacrifices to pay for the 2 million average house. :(

by Smudge02 | 6th Dec 23, 11:28am 1701815307

Sarc?

Very much so.

by Yvil | 6th Dec 23, 11:46am 1701816363

Why don't you just speak your mind without sarcasm?

by Smudge02 | 6th Dec 23, 1:31pm 1701822713

Because people like yourself will simply label me a “DGM”, seems I can’t win.

by Yvil | 6th Dec 23, 1:42pm 1701823353

Smudge, the only person I call DGM is… well… the commenter who calls him/herself DGM, to address him/her

by vman | 6th Dec 23, 4:54pm 1701834865

https://www.yourtango.com/2015272644/sarcastic-people-are-smarter-says-…

Because according to the results of a study published in the Journal of Applied Psychology, being able to understand sarcasm and use it like a pro, is actually a sign that you are super-intelligent and highly creative.

by mfd | 6th Dec 23, 11:23am 1701814989

Hurray! A higher cost of living!

Wasn't it strange a year or two ago when people were complaining about essentials becoming more expensive?

by tothepoint | 6th Dec 23, 1:40pm 1701823245

Today's headline accords with the housing market trend evident over the last 3-4 months - including the HPI.

Let's hope the contributors here accept the reality with good grace and humility - laced with innocuous humour.

TTP

by tothepoint | 6th Dec 23, 2:25pm 1701825949

None of what's happening now is a mystery or remotely unusual......

It's just the normal, cyclical behaviour of the housing market - with house prices increasing over the long term.

If you can't understand that (or simply don't like/accept it) then best you head elsewhere...... Clearly, this blog isn't a good habitat for you. ☹️

TTP

by Retired-Poppy | 6th Dec 23, 3:04pm 1701828255

Oh-No, another Sp - - - - - r has lost the plot and begun arguing with themselves....

The pressure is clearly taking its toll....🤣

by Mr Ed | 7th Dec 23, 7:04am 1701885850

You shouldn’t be unkind to stupid people

by AdamJay1990 | 6th Dec 23, 10:31am 1701811870

A $6750 increase in the medium going into Summer isn't particularly strong. Still, interesting to keep an eye on. Clearly those at the top end aren't feeling the pinch.

by FHBtears | 6th Dec 23, 10:34am 1701812068

I.E. mortgage free baby boomers

by Zwifter | 6th Dec 23, 10:36am 1701812186

Like they say, the trend is your friend. I'm sure plenty of people already in the market are happy it didn't go down $6750.

by 1689 Baptist | 6th Dec 23, 3:48pm 1701830930

It may not be much but it matches my after tax salary for the month of October. It would take me 4 months to save the increase. And more so than that, it has been steadily increasing for a solid five months now in Auckland. Those who are able to buy but are holding out for a further crash might be waiting a while.

by vman | 6th Dec 23, 4:57pm 1701835065

I went to buy some food & petrol today...apparently the increase in the value of my house isn't legal tender,who'd have thought...but at least I have something to chat about now at the summer barbecues.

by GetFeeling | 6th Dec 23, 3:59pm 1701831589

A good observation.

by Jonny.Foe | 6th Dec 23, 10:38am 1701812298

Smart time to upsize - ride the capital gains on a higher value property. Back to 10% annual growth by June 2024?

by GetFeeling | 6th Dec 23, 4:01pm 1701831684

LOL. Upsize? Maybe. 10% growth? LOL.

by agnostium | 6th Dec 23, 10:57am 1701813466

As expected, super rich still creaming it as the poorest languish.

by Yvil | 6th Dec 23, 11:01am 1701813666

Can you describe "super rich" in your opinion?

by Pa1nter | 6th Dec 23, 11:12am 1701814358

Also when do poor get richer?

by Yvil | 6th Dec 23, 12:44pm 1701819852

When they spend less than they earn, like everyone else.

by the Joneses | 6th Dec 23, 1:07pm 1701821257

And hide that fact from the landlord.

by RickStrauss | 6th Dec 23, 7:08pm 1701842890

And when less of their wages go to pumping property via policy.

by agnostium | 6th Dec 23, 6:14pm 1701839678

Hi Yvil,

In answer to your question I would say the super rich are the top 1-3% of global population.

You might like this calculator:

https://howrichami.givingwhatwecan.org/how-rich-am-i

by wingman | 6th Dec 23, 4:06pm 1701831974

Many have no chance of getting rich anyway because of poor personal choices, and that's just a fact. Breeding like flies, no ambition, no education, hanging out with losers, crime, spendthrift, poor choice of employment...etc.etc.

by makechange | 6th Dec 23, 4:30pm 1701833414

Poor choice of available options afforded by parents and their social circles, poor choice of quality education at the only school accessible from their house, poor choice of food quality without money, poor choice of credit management when unexpected happens and you love hand to mouth from minimum wage job and put the unexpected stuff on loan, poor choice to pull out of school to help family put food on the table, poor choice to not attend university because you didn't finish high school. Sarc

Come on wingman, there's plenty of reasons why people get into hardship. Maybe recognise your own advantages before bleating about others who don't have the same luxurious array of choices available, or don't have the advantage of knowing how to access those that are available

by wingman | 6th Dec 23, 5:01pm 1701835302

My main advantage was to have parents that valued the work ethic.

I went to work overseas in 1969 and as I Ieft the country my father gave me $50 to get me through until my first pay. I didn't get married until I was 41, I've had 2 children and have a wife who is also supportive and careful with money.

Breaking the law because you've had a poor upbringing isn't an excuse, there's plenty of jobs for those who want to get ahead and make something of themselves. I read an article the other day about a guy who arrived from the Cook Islands poverty-stricken - he's made a fortune in his drain-laying business.

Lots of people out there make extremely poor choices...dope, crime, banging babies out while they're teenagers, squandering money on cars, wrecking them boy racing, meeting all their buddies for burn-outs....OMG..don't start me on it.

Getting ahead in life isn't brain surgery.

by vman | 6th Dec 23, 5:19pm 1701836343

wingman...you don't have to answer if it is too personal,is your wife from NZ?

by wingman | 6th Dec 23, 5:26pm 1701836775

Why does that make a difference? Who cares where she's from?

by vman | 6th Dec 23, 5:38pm 1701837517

All good,like I said,no need to answer if you don't want to.

by 1harlow1 | 6th Dec 23, 10:00pm 1701853214

The answer is there reading between the lines.

by Flying high | 7th Dec 23, 6:29am 1701883745

My mates c...nese wife is a hard-working little go-getter and good mum but not so pretty. Beauty comes from within ... and a bottle of make-up

by Colonial Viper | 6th Dec 23, 10:01pm 1701853295

You're a literal boomer. As commentators have noted many a time, those born in that generation benefited from the most affordable housing, easiest money (in terms of bank credit) and thereafter highest capital gains in modern history. The fact of the matter is that you are out of touch to a greater or lesser degree, and I would argue greater. Sure, the most motivated, entrepreneurial and luckiest 1 in 1000 will always do well. However, society cannot run on what works for the outliers. In your little holier-than-thou morality tales, you ignore the fact that someone who has come through a tough childhood to become an experienced nurse, teacher or tradie making $80,000 pa at thirty years old has nearly no chance of getting into a first home in any of the big cities. And the issues in the way are structural, not moral. But you're OK, so there isn't much need to think more deeply than that.

by wingman | 7th Dec 23, 7:52am 1701888747

There are those that will always do well in the real estate business, it ain't brain surgery, but it does require guts. At one stage in 1986/1987, I bet my own house on the stock market to make money...would you have the balls to do that?

I started buying cheap land on the Scenic Drive and made enough to get into a house.

Easy credit? Not true. I had a policy with AMP since birth but they wouldn't lend me money because I wasn't married, so I approached a land agent I knew who put me onto one of the building societies.

I borrowed millions in todays dollars, renovated a house that was so filthy my legs got covered in fleas when I walked in. It was a house I bought at a mortgagee sale ..and you're not allowed to see inside until you take possession. It was disgusting, but I made a lot out of it, subdivided it and built another house.

Have a go....gear your own house up to the nth degree - there's mortgagee sales in every Saturday's Herald.

by safeashouses | 7th Dec 23, 9:18am 1701893934

Wingman _ represented well done. I mean that. It seems in my own life I had to do it hard twice however that set me up 1x i had to learn some lessons 2x because of the lessons I learned I chose to make things financially difficult for myself (as in save 50% of my salary) so that I can live the life I wanted to, still not there. however nice post. You have to do it hard for a while.

by swapacrate | 6th Dec 23, 11:33pm 1701858820

I use to project, now I realize there are so many different people with different circumstances. But it takes a bit of empathy and self awareness it's not easy to understand. I get that.

by makechange | 7th Dec 23, 10:01am 1701896481

Work ethic is a wonderful thing, and my dad especially encouraged that. However just work ethic and balls doesn't cut it anymore, if it has ever. If that were all that were required there'd be plenty more millionaires.

There's plenty of people I know of who make damn good choices and none of that list you made, are willing to take on risk and work hard for years and years but haven't had their break yet.

Individual choices are important, especially compounded over the long term, but we can't lose sight of the different structures people make choices within, and the extent to which they support or drag on that individual's agency

Times and environments change mate.

by Sluggy | 7th Dec 23, 9:07am 1701893220

Many have no chance.

That part of your comment is true. The rest isnt. You need to read up on the psychology around being poor, projecting your own experience, along with the confirmation bias provided by those you associate with leads to comments like yours.

If you want to talk crime, lets talk white collar crime, the cost to the country, the minimal sentences (if any), the amount that gets swept under the carpet. It costs the country a shit load more than the blue collar crime that hits the MSM headlines.

by wingman | 7th Dec 23, 9:57am 1701896270

If you wanna get rich you start hanging out with people that are getting ahead, not whining about being poor and how hard life is.

There's plenty of jobs for those that want them, I read all the time about kiwis going to Aussie and making something of themselves in the mines. Both my kids are in Aussie.

I've got a relative who's just a failure and a loser, he's had every opportunity in life but he's squandered family money, been in trouble with the cops and has many drink driving convictions. A complete no-hoper.

I stopped in a town down south a while back for breakfast, some of the very obese locals were standing around at 8 in the morning swigging fizzy drinks.

by Nifty1 | 6th Dec 23, 11:43am 1701816229

The over 2mill buyers got FOMO with the proposed allowance of foreign home buyers...? Wonder if these buyers will regret it now Nationals flip flopped?

by Dgm | 6th Dec 23, 11:46am 1701816408

That's exactly the case, speculators jumped in wishing the ban will be lifted.. many will be regretting

by Yvil | 6th Dec 23, 12:47pm 1701820038

As long as you can make yourself feel better by believing others will regret things.

by Dgm | 6th Dec 23, 1:03pm 1701821037

What?

by Retired-Poppy | 6th Dec 23, 12:10pm 1701817836

It was a hasty and poorly thought election pledge to begin with. In desperation for a piece of the action, it appears some actually fell for it. The following is desperation AU style....

https://www.news.com.au/finance/economy/australian-economy/big-banks-co…

https://www.youtube.com/watch?v=QpgQWqXSchw

I think Its symptomatic of a market ripe for another fall to be honest.

by tothepoint | 6th Dec 23, 2:09pm 1701824955

I think Its symptomatic of a market ripe for another fall to be honest. [Retired-Poppy - above]

When, Retired-Poppy, have you ever thought the market is not ripe for another fall? 🤔

The history of this blog shows that when you predict a market fall, the market rises to a crescendo.......

And I suspect history is about to repeat itself. 🦉

TTP

by Retired-Poppy | 6th Dec 23, 2:27pm 1701826024

....right on que - LOL!

by 1689 Baptist | 6th Dec 23, 3:55pm 1701831351

Hi RP, you are pretty convinced the fall is not over which is fine. We can disagree and live by our own convictions.

However, most indices have shown steady price rises for four months now. My question for you is, how many months of rises will it take for you to change your opinion that the floor has now passed and this is not a dead cat bounce? Genuinely interested and don't want a fight thanks.

by Retired-Poppy | 6th Dec 23, 4:19pm 1701832745

Baptist, if the market doesn't show resumption of falls come publication of March 2024 figures (HPI - median), I will still be on here to face the shear humiliation that I was wrong - LOL!

I respect your approach whereas you can respect the opinion of others without it becoming personal :)

I remain unconvinced on the grounds that we have not yet seen the full effects of the wash through of fixed interest rollovers, increasing council rates, insurance and steadily rising unemployment.

by 1689 Baptist | 6th Dec 23, 4:26pm 1701833179

Cheers RP. If, come March you are proved to be wrong I for one won't be throwing tomatoes at you. Economics is a fickle game and we will all make wrong predictions at times. It is those who never attempt to predict changes who are the bigger fools.

I don't think our views are too different. You are probably right that the refixing effect hasn't been fully felt. But I think you are underestimating the base demand and supply fundamentals. Demand is growing with immigration and long term supply isn't keeping up. I think any falls through 2024 will be real rather than nominal. As I told you before, Im leveraged so real falls are inconsequential.

by HouseMouse | 6th Dec 23, 8:50pm 1701849030

Australia had a pretty decent house price bounce and now it’s falling again. Doesn’t mean that the same will happen here, but it might.

by Yvil | 6th Dec 23, 11:07am 1701814063

DGM, you missed having the first post for once, like this one about the auction results last Saturday.

by Dgm | 4th Dec 23, 11:26am

Busiest period and a sales rate of below 40%.. definition of a cold/we/damp/lethargic/ uninspired housing market

by Pa1nter | 6th Dec 23, 11:14am 1701814471

Auctions as a metric are flawed, because in this environment it's harder getting enough pre approved buyers to make an action worthwhile.

It'll get bad at some point but the economy is proving to be crazy resilient.

by Xristina | 6th Dec 23, 12:21pm 1701818486

Yeah I've seen a lot of online chatter about FHBs now avoiding auctions after being screwed over by them (agents not being honest, vendors wanting higher prices etc). Worth noting. They want to know the price.

by FHBtears | 6th Dec 23, 1:58pm 1701824311

Very anecdotal, but that's certainly been my experience as a FHB.

by Dgm | 6th Dec 23, 11:49am 1701816565

Do you have a life? You seem to stalk people on this site..

Speculators don't define a healthy housing market.. I know you would have a dumb rhetoric

by Yvil | 6th Dec 23, 11:50am 1701816643

Oh there you are, welcome back 🙂

by Pa1nter | 6th Dec 23, 12:05pm 1701817550

Speculators are mostly on the sidelines, price still go up.

Good news is you can be sadfaced at speculators independently of what price and speculators are doing.

by Dgm | 6th Dec 23, 12:14pm 1701818093

Stop lamenting..

by Pa1nter | 6th Dec 23, 1:22pm 1701822150

It's a bummer I know. All these guys getting jazzed that housing affordability is magically going to improve, all on its own. Overleveraged packing themselves and selling off property at any price.

Some say "do the math", but you need to do more homework than your maths to pass year 11.

by Dgm | 6th Dec 23, 1:40pm 1701823251

Haha.. if you are so great, you won't be all the time ringing the bells..

Keep clutching straws.. I know your head must hurt that the foreign buyers ban is still in place

by Iceman | 6th Dec 23, 2:35pm 1701826507

The only person who doesn’t have a life on here is the keyboard warrior DGM himself.

by Dgm | 6th Dec 23, 3:06pm 1701828414

I realize you don't have a life apart spruiking the housing market

by Iceman | 6th Dec 23, 7:19pm 1701843599

Just speaking fact nitiwit. The HPI has gone up since August, go have a cry,

by tothepoint | 6th Dec 23, 8:36pm 1701848217

Hi Yvil,

Well exposed, re your post (above) regarding DGM. ✅

TTP

by Dgm | 6th Dec 23, 3:33pm 1701830039

Oh wow backup has arrived.. but nothing short of his shadow

by Thats All Folks | 6th Dec 23, 11:22am 1701814952

Top end dumping while there is still meat on the bone.

by Yvil | 6th Dec 23, 11:49am 1701816580

"Dumping" would make prices go down, not up!

by Thats All Folks | 6th Dec 23, 2:32pm 1701826332

This isn’t Bitcoin Yvil.

by Yvil | 6th Dec 23, 3:06pm 1701828417

Nope it's not Bitcoin, but the economic logic stands. If whatever asset gets "dumped" = sold en masse, the price goes down, not up, no matter if it's RE, shares, Bitcoin etc...

by Thats All Folks | 6th Dec 23, 6:03pm 1701839012

Oh my mistake, I didn’t realise there was a real-time sell button for real estate.

Guess you missed the hyperbole intentionally.

Let me make it kid friendly.

People are “trying” to offload assets while there is some albeit withering buoyancy in the market.

Choosing to sell a property doesn’t guarantee a successful hospital pass, not immediately anyway.

by Timutei | 6th Dec 23, 11:52am 1701816766

Good to see medians covered though disappointed with the bait-click headline

Barfoot & Thompson's November sales up strongly - prices also rising

Perhaps a word with your editor is needed. Unless interest wants to compete with the Herald...

Different segments of the market will show different activity levels. The high end has money and relativity.

by Dgm | 6th Dec 23, 12:16pm 1701818219

That's targeted for the likes of Yvil and painter

by Yvil | 6th Dec 23, 12:57pm 1701820663

Although you may not like the headline Timutei, it's not misleading neither click-bait, it's just factual.

"Sales up strongly", sales are up 37% on the same month last year, well… that's up… strongly.

Also "Prices also rising", well they are rising, both in average and median terms !

by agnostium | 6th Dec 23, 6:24pm 1701840278

"Sales up strongly", sales are up 37% on the same month last year, well… that's up… strongly.

But last year sales were at the lowest they had been in 12 years so 37% not actually that strong as it's off a low base.

https://www.interest.co.nz/property/118865/not-very-merry-christmas-rea…

by agnostium | 6th Dec 23, 6:42pm 1701841356

Still much lower than 2021 and 2020, comparable to 2019.

by 1689 Baptist | 6th Dec 23, 4:13pm 1701832401

The median raised by 0.7% in a month or 6k. To be fair, this is about as fast a rise as is historical on a rolling three month average.

by WestieAJ | 6th Dec 23, 12:50pm 1701820256

For Nov 2019 the Barfoot median price for the month was $891,000 average price was $963,671

So overall now 4 years later the median is up by .127K ( 14% total or 3.3% PA compounding) and the average by 222k (23% total or 5.3% compounding).

But both likely skewed higher by the recovery of sales in the + 2 mil range.

For Nov 21 the Barfoot average price was $1,250,886 and the median price was $1,240,000. So a slightly different story for those buyers.

by starrider | 6th Dec 23, 2:37pm 1701826638

Using the RBNZ inflation caculator we have the following data on average prices:

2019 Average $963,000 (= $1,220,000 in 2023 housing dollars.)

2023 Average $1,185,000.

Current prices are still $40k below the 2019 average.

by GetFeeling | 6th Dec 23, 4:08pm 1701832093

Awesome work. Dumb kiwis you are NOT. Both of you.

by Roger the dodger | 6th Dec 23, 1:02pm 1701820978

It is just an equation. Low stock and so prices jump. No real surprise.

Saw a house go for 3 million when CV was 2.2ish. No reason for it. That tells the story. There are just not many houses for sale.

If more stock should come to the market then things change very quickly as a severe shortage rapidly becomes an oversupply.

by Yvil | 6th Dec 23, 1:08pm 1701821309

From the article above:

the total stock available for sale increased to 4841 in November, up 6% compared to October

by Roger the dodger | 6th Dec 23, 11:17pm 1701857868

Earlier article says Auckland stock is down 5% year on year.

If the listings keep coming then it will drop prices. Wait and see I think.

by vman | 6th Dec 23, 5:47pm 1701838044

Rodger,it will be interesting to see how much stock comes on the market when the brightline is brought back to 2 years,I suspect many are hanging on by the skin of their teeth with interest rates,but don't want to pay any tax...so will depend on what the interest rates are when the brightline is wound back.

by Roger the dodger | 6th Dec 23, 11:24pm 1701858290

That makes sense to me. But need to consider as well whether the interest rates drop for the right reasons or the wrong reasons.

It is only positive for housing if rates drop in a soft landing type scenario.

by John2 | 6th Dec 23, 1:21pm 1701822111

But asking prices have gone in the opposite direction and headed down for the month

https://www.interest.co.nz/property/125488/new-listings-total-stock-mor…

by HouseMouse | 6th Dec 23, 1:30pm 1701822652

I think these results are summed up well by Thompson: ‘The recovery is modest but steady’

Nothing to get excited about for either spruikers or DGMs.

Australia is dipping again after a bounce. I think we could see that here too.

by TronMVP | 6th Dec 23, 4:20pm 1701832809

"Nothing to get excited about for either spruikers or DGMs"

Nice to see a reasoned neutral comment. 🙂

by Llama_360 | 6th Dec 23, 1:50pm 1701823859

All the DGM commenters on this site will be kicking themselves for not buying those $2m + houses a few months ago like the smart commenters were advising them to do.

by GetFeeling | 6th Dec 23, 4:11pm 1701832299

Best comment today (even if it made me spill my wine),

by wingman | 6th Dec 23, 3:37pm 1701830267

The time to pile in was a few months back when it was all doom and gloom as socialism wrecked the NZ economy.

by Retired-Poppy | 6th Dec 23, 3:57pm 1701831459

by wingman | 6th Dec 23, 3:37pm 1701830267 - "The time to pile in was a few months back"

Now you've alluded there's limit upside potential, this can only mean only one thing - due to speculators dreams falling short under the soaring cost of home ownership, the market may be about to plummet. This revelation of yours may not be well received by your ilk.

by wingman | 6th Dec 23, 4:24pm 1701833098

Wouldn't think so. I bought land a few months ago on the outskirts of Auckland when nothing was moving. 2 similar properties have sold since the election for about $700k more.

There's a lot of people arriving in this country, and most of them want to live in Auckland. Many of them will be very well heeled. The new govt. will allow people to live how they wish, and not expect them to live in boxes like sardines.

by DTRH | 6th Dec 23, 7:14pm 1701843287

New listings double the amount being sold,as the market becomes flooded prices will fall anyone purchasing today will see sharp drop in values over the next few months.

by Mr Ed | 6th Dec 23, 9:12pm 1701850374

That press release is about as reliable as a wart on your nose . Or is that a nose on your wart ?