An icy blast hits the auction rooms with the number of properties on offer at an 11 month low

Yep. Townhouse and cookie cutter shit everywhere. No surprise they sell for peanuts

No.

Why would anyone buy into housing, while it's still mid crash ?

Renting is still just 1/2 the price of a mortgage, so wring out that advantage, as the landlords sweat the losses and while house prices are still crumbling away.

Only buy,  once the 2015 pricing become the norm again.

I don't see any respite from the Crashing house market until retail mortgage rates get near 4%.  This maybe years away.

REAL VALUE will be obvious when the rental yields are in the 7 to 10% range again. It's any easy calculation to workout, and utter poison for house hoarding speculators.

Buying your own home, with a lesser potential rental yeild, leaves you fully open to negative equity, that is now both financially mentally taxing tens of thousands of buyers from over the last 5 + years. 

These yields are just the break even costs of owing a home, and there is no profits in it and capital losses are more likely than gains from here on.

Don't be the debt junkie, last bag holder, sweaty brow soak sponger,  - Usefull Idiot.

keep 2 year term dep then consider buying , we are still in denial

That said some high end mortgagee auctions go cheap early on, but you need $$$

If you have a secure job, and you are buying a family home, it is normally wise to buy. The market at present is flat. This gives you choice, and the ability to buy a problem free property without having to outbid speculators.

Assuming interest rates average out at say 6-7% over the life of the mortgage. You fix 80% of the cost of your largest expense, ie shelter. This is your mortgage payment, interest rates will go up and down, but will not climb higher each year with inflation. Assuming interest cost is 80% of home ownership expense, and rates/ insurance/ maintenance are 20%.

This is why it pays to own your own home, as inflation becomes your friend and not your enemy. If you rent 100% of the cost of your shelter is exposed to inflation, versus approximately 20% with home ownership. Hope this helps.  

Retired Poppy, it looks like Flying High might be one of those people who make up part of the "pent-up demand". Probably many others like him who have money saved up and might decide to put it into real estate when the right time comes.

IMHO the obvious reform is capital gains tax on all but the primary family home, reducing income tax, making super contributions more tax effective, perhaps making health insurance tax deductable...

nothing unknown but neither they nor labour seem to be able to get this done.

Making kiwi saver Compulsary....  at 8% for 18 years olds

I would take GST off food and rates ( or perhaps return the GST on rates to councils to help limit rises but capture it in infrastructure fund.)

I would try and take the tax off petrol and diesel, for many thats $50 a week

But I would have road user charges on all vehicles.

I would setup a NZ Fannie mae freddy mac as secondary mortgage purchaser... offer 25 year mortgages... this would put $$ back into peoples pockets better then tax reductions, you would be taking the banks profits from them, and effectively returning them to the mortgage takers, again prob not a national policy, banks could then return to non retail banking.

It’s amusing looking at the Facebook group.

You get comments plastered everywhere from bewildered vendors / investors who’ve languished on the market for 6+ Months and call buyers unrealistic.

In 6 months those offers will look like golden parachutes.

Sorry but if ain’t a Briscoes deal, people aren’t buying your soggy dog box, especially with much more downside on the horizon….

if you are a bag holder there is always hope you can offload to one of the spruikers on here....    never give up hope that some fool will hold your bag.   From today

Property Investors Chat Group NZ

Ross Barnett  ·   · 

Can we please stop trying to Post about properties for sale, or that you have properties that someone can buy. We will start banning members as this clearly goes against our Group Rules.

maybe this group have jumped past anger and are at bargaining or desperation already....    please buy my crappy investment (at a price that needs top ups of 100's per week to cover costs)

I think you might be in Joe Bidens camp and in need of a cognitive test as you keep thinking I am somebody else like he thinks Zelenski is Putin.

yes this is denial/early anger stage

the ones remaining will make the market, stupid as you cannot sell a secret

I’d suggest many are pulling them off to realist in spring  - so it’s fresh on the market and not showing as sat for 15 months unsold.

Many of these new developments on the edge of Auckland, like Milldale, are screwed. Who wants to buy a small 2 bed townhouse for over 800k in those sorts of locations? Or a terrace house on a postage stamp section for circa $1 mill? Sure there will be some demand but not enough. Don’t they have to pay special rates in Milldale as well, over and above normal council rates? Or am I thinking of somewhere else?

And its close to Coatesville, which is classy, reinforcing what a dump Riverhead is.

You do know that

Within the Auckland Council, Riverhead is a part of the Rodney local government area governed by the Rodney Local Board. It is a part of the Rodney ward, which elects one councillor to the Auckland Council.

You needn't feel sorry for my family, you're wasting your time.  My children are gainfully employed in Australia. 

This website is about money, not about socialism. I do wonder why there's so many socialists here, telling us all about how bad success and prosperity are. 

In your particular case, it's envy. 

No one was expecting a wave of selling, come the 1st of July.



Many are expecting a wave of selling (or attempts to get out of overleveraged, property purgatory/Dodge) in spring to summer 2025.

All at much lower prices, as the tax free capital gains are best captured at soon, (or the sinking losses are to be limited)  than needing to take the lower prices that will be apparent, later in 2025/2026.



I see a lot of Auckland dog boxes having a winter splash of paint (bad paint jobs) and tidy up........to be listed for sale, at the first sign of spring emerging....

Dont worry ole Winger has a great plan......to drain the swamp.....

That looks like what will happen. Not much farming around there, and the forest is pretty big, I've walked though it.