No sign of spring at this week's main Auckland apartment auctions - everything was passed in

The Westmount building on Upper Queen St.

Spring may have been in the air outside but there was no sign of a spring in the bidding at this week's main Auckland apartment auctions, where all of the apartments offered were passed in.

The first of the three apartments on offer at Barfoot & Thompson's regular apartment auction was a large (79 square metre) one bedroom apartment with a spacious balcony and harbour views in the Quay West building at the bottom of Albert Street.

There was just one bidder for this property who opened the bidding at $620,000, and when no further bids were received the auctioneer conducted extensive phone negotiations with the potential buyer and vendor, neither of whom was in the room.

Although the potential purchaser increased his bid to $695,000, it was not enough to get a deal across the line. And with no one else bidding it was passed in for sale by negotiation.

There were no bids on either of the next two apartments offered, one in the Fiore Two building on Hobson Street and the other in the Darlinghurst building on Eden Crescent. Both were passed in.

Up at Ray White City Apartments' weekly auction just one apartment was on offer, an 89 square metre, two bedroom/two bathroom unit with a car park in the Westmount building, just a few metres from Karangahape Road, on the corner of Upper Queen Street and Canada Street.

The building is facing extensive remediation work for weathertightness issues and whoever buys will have to pay a special levy of $263,443 as their share of the cost of that work, which is due to be paid by 29 September.

There were two bidders for the property but it was passed in with a top bid of $201,000.

According to QV.co.nz the apartment was purchased in June last year for $355,000.

You can check out the results of auctions held throughout the country on our Residential Auction Results page.

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125 Comments

Thanks Greg - always good to hear the news, even when there's a complete absence of news! (-;

I always put up polka dot flags ,skirts and knickers when toopinty writes. I believe Interest.co, has an auction result page. Could toopinty work out the success/fail rate of auctions this month and give his opinion. By the way Barfoots has had a dreadful week, with multiple properties being pulled. No buyer,no bid, no price, no sale, no commission. However as Peter Thompson made clear in his August report, Barfoots sold a number of properties under 500K , no need to adjust LVRs then Peter.

He does the work looks at the figures, identifies the areas of weakness and strengths, looks at the structural influences does a lot of analysis, and then works out that property prices will always increase.

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The City of Fails

Laughing out loud!

EXCELLENT ............. even just the hint of a Labour Government being voted in and the Asians desert the market .

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But boatman this is a good thing. Nz the people needs a labour government because they need cheaper house prices. Don't blame labour at the end of a bubble. Someone needs to wind these high prices down from the overseas money. It was always going to happen. We can't do it with the ones that made it. Should we give them a lollies to

Hey O4 , I also dont want foreigners speculating in our houses .............. its BS , and I am surprised we have not done the same as the Aussies to stop it

Cool boatman yeah nz,s always last to do anything

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Great news indeed. I was talking to one of these people in the office. He said he felt targeted by Jacinda as a successful single person with many properties. Many kiwi couples in their early 30s don't even have one house.

What happened Winston? Labour are now the #1 party at annoying greedy Asian investors.

It's no wonder Rt Hn Jong Kee imported so many of them, they're all true blue.

well they wouldnt bite the hand that feeds would they

Nahhh Boatman, You can't blame Labour for falling house prices and lack of sales results. This is all Nationals doing by allowing Auckland's property market to become dependent of foreign money, who have had their credit flow stopped.

The withdraw of foreign buyers is also effecting other property markets, take a look at Toronto if it makes you feel better.

Better Dwelling article: Toronto Real Estate Is Officially Crashing… Kind of
https://betterdwelling.com/city/toronto/toronto-real-estate-officially-c...

Toronto real estate just wiped out a year of price gains in just four months, here’s what you should know about the pricing volatility.

A sample size of 4 is hardly statistically significant.

The low number of 4 tells a story by itself. If you know how to read the market

Agree, ACB.

But an election in 17 days time is significant..........

Very

Labour is being totally unreasonable talking about a Capital Gains Tax but steadfastly refusing to provide any details to the electorate.

A Capital Gains Tax is a major policy platform. Labour needs to come clean. Voters being asked to make decisions without adequate (or any) information is unacceptable.

A fortnight ago, I was really enthusiastic about Jacinda.

Now I don't want a bar of her. She now gets my vote of "NO CONFIDENCE".

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A fortnight ago, I was really enthusiastic about Jacinda.

LOL. Sure.

This is how folk know you're parroting talking points.

Hi RickStrauss,

That's rubbish.

As people who come here regularly know very well, I was extremely warm and encouraging about Jacinda when she became Labour leader 3 weeks or so ago. (It's on the record, so you're most welcome to check it out.)

But since the fiasco with capital games tax, I simply don't trust Jacinda - because she won't provide a proper account of what Labour plans to do.

And by the way, I've always been a swinging voter. I seldom vote the same way twice in a row.

Hi tothepoint,

Drivel as always.
"I simply don't trust Jacinda - because she won't provide a proper account of what Labour plans to do."
Actually listening to her or taking 3 seconds out of your no doubt busy day to google that very question would provide you with an answer.

I'll even help.
http://www.labour.org.nz/factcheck_tax

Get real, nymad.

Labour/Jacinda leaves a lot more unanswered than answered.

It's yet another case of Labour shooting from the hip, without thinking through the details of the policy. As we all know with tax policy, "the devil is in the detail".

People like you, who accept anything/everything that Labour says in an unthinking way, waste everyone's time.

By the way, I recall that in an earlier thread you labelled yourself as being "dumb". Certainly, I will not forget your incompetence in being unable to identify structural factors impacting on the housing market - despite your earlier assertion that you build econometric models of the economy.

Nymad - you're a complete fake if ever there was one.

What have they left unanswered?
Did you even read the link I provided, or are you too worried about proving my point?

"It's yet another case of Labour shooting from the hip, without thinking through the details of the policy."
No. Shooting from the hip would be getting caught with your pants down on national television and making up some arbitrary policy on the spot.
Sort of like '100,000' kids out of poverty in the next 3 years that uncle Bill produced.

"People like you, who accept anything/everything that Labour says in an unthinking way, waste everyone's time."
I don't support Labour, so have no real bias towards them.
Also quite ironic given the fact that you repeat on the daily throwaways from the National Party supporter's handbook.

"By the way, I recall that in an earlier thread you labelled yourself as being "dumb". Certainly, I will not forget your incompetence in being unable to identify structural factors impacting on the housing market - despite your earlier assertion that you build econometric models of the economy."
As I remember, and everyone else will, it was me asking you to answer the simple question of what the structural factors in the property market were. This transcended several articles without you being able to provide but one. Then, ZS posted some factors he believed to be structural, to which you agreed. Anyone who read that thread would have soon realised that it was indeed you, yourself, who had no idea what the structural factors you had been aimlessly rambling on about for weeks actually were.

I don't have any links with the National Party - and have never heard of the National Party's Supporters' Handbook.

See the last paragraph in my post above, Nymad,

As anyone who's well-informed knows, you're a compete fake.

Nobody should listen to a word you speak.

"Nobody should listen to a word you speak."
That throwaway only holds weight if someone believes what you say worthy to be heard.

Absolute rubbish!

I listed about ten structural factors, to which you came back and agreed. My list included DEMOGRAPHIC - and plenty of people here will recall me dealing with that particular structural factor, over many threads

You used the word "definitely" in agreeing with my list. (Anyone is welcome to go back to the thread and check it out.)

Nymad - where are the econometric models you build? Where can I find them?

Nymad, you're a fake - and a very dishonest one at that.

Okay - link the comment thread and we'll see who is correct.

Nymad,

If you've got concerns with the thread, you can link it yourself.

However, I don't believe you will, because you know what I've said above is accurate. (If what I said was wrong, you'd soon link the thread for everyone here to read.)

Finally, I challenge you to cite/reference your econometric models. Where are they, Nymad?

Come on Nymad, front up with the information: your credibility is now firmly on the line.

This is worse than arguing with an idiot.

Hi Nymad,

As I anticipated, you can't produce any information/evidence to redeem yourself.

You've shredded your own reputation.

in which case you should be able to provide a link to the article on which you posted such detail

easy enough to use the search function provided above

Really...you mean you have no confidence that the housing ponzi will continue...

Hi vman,

I have every confidence that a TAXATION PONZI will develop if Labour gets in.

Labour will tax like there's no tomorrow. New tax bases will be introduced and then tax rates will be ramped up over time. It will be the thin end of the wedge.

As time goes on labour productivity, business profitability and, ultimately, consumer/household welfare will be stifled.

I've seen ample in this election campaign. LABOUR SHOULD BE AVOIDED LIKE THE PLAGUE - unless you want to see NZ lose its envied place in the world and turn into a Third-World Country.

Do you really want to see a Labour/NZFirst/Greens coalition? Absolute chaos. What an unqualified disaster it would be. A pig with lipstick if ever there was one.

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Thin end of the wedge...like Nationals ever increasing subsidies of landlords through accomodation supplements etc...thats my taxes they are re-distributing,remove them all if you agree with the free market,see how many fork lift drivers or check out operators will rent your 3 bedroom mouldy Ranui rot box then.
Or how about buy a few more motels with my taxes...

And Nationals $450 million irrigation slush fund plus subsidies for Canterbury dairy farmers

That will massively increase the productivity of the canterbury plains, create tonnes of new jobs and bring in billions in extra tax over coming decades in an area that has nothing but swimmable rivers (despite beliefs of ignorant urbanites who won't even acknowledge the unswimmable rivers in their own cities). Labour supporters have absolutely no clue on GROWING the pie, they are parasites who think only about how to steal more pie off those that make it - preferably off small groups of voters (eg farmers) too small to fight back electorally.

Ha ha parasites. I hope you walk along in your town and at your pub and tell 40% of the people you meet that they are parasites, you must be popular.

Lets look at the 1950s and 1960s, progressive tax rates at that time were significantly higher than today, yet the economy was generally in pretty good shape.

In the 90s and on the top tax rate has been reduced and yet here we are today in an at best stagnating global economy.

Then look at the high tax rates in Sweden, seems their economy is in reasonable shape.

hmmmm.

So even if your scaremongering had some basis tie hat Labour would actually be putting up taxes for ever in fact it seems higher taxes in the past didnt effect economies significantly or may actually even have been good.

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Pointy don't forget national have made a mess. There leader bailed. This bubble nz was in was made and poped way before little even left. Labour is needed to fix the mess national made . Not labour coming in makes a mess. Get it right. National has had plenty of time if they could to stop this bubble popping and couldn't and didn't. If they had we wouldn't be talking right now . What ever labour does when in we as the people of nz need to know good or bad these things have to happen to stop nationals rubbish ever happens again

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Seems pretty clear, its gonna happen, except on the family home, subject to working group recommendations. That means all the PI's holding for capital gain (and no profit/tax loss) will take a 30% kick to the fun bags at some stage. The longer you hold, the greater the tax bill. I suspect they will have to add some regulation to stop PI's moving into a house just to sell it, or selling the shares in the holding company etc. I suggest any property or holding company that has had tax offset claimed against it would never be exempt from this tax. Should cover it.

You can already see investment properties hitting the market in blue chip areas, easily identifiable because they look kinda tired with little in the way of the property improvements you see in that area. This ones a classic, the hedge looks like its had its first hair cut in years. Even has "Vendor Needs Action" in the title...should be "Vendor Bailing Before Taxinda Arrives".
https://www.trademe.co.nz/property/residential-property-for-sale/auction...

More tax is only gonna be an issue for those avoiding it with rental property debt, especially if you have leveraged up believing the seminars bs that its all tax free, and only goes up in value. That's why its called risk.

You had me at "fun bags!" :)

That hedge is like a sheep with this skin shorn off.

Come on, give it a hug. You know you want to.

Do you know what a tax is and how it works? If they are paying more tax then they are making more profit, you would have to be a real dumby to not take profit on an investment because you have to pay tax on a proportion of it. What you are spouting is complete nonsense, here in Australia we have CGT and house get sold as per normal and as per you would expect. NZ needs a CGT and a broad based land tax.

The issue is Mr Fluid, that the CGT is being touted as a cure for unaffordable housing.

Sure, Australia has a CGT but affordability rates in Sydney and Melbourne are worse than Auckland.

So clearly the proposed *cure* is, at the very least, overly simplified.

When they brought in the CGT discount that was one of the reasons the market inflated so much. Obviously it has an affect. Imagine how bad it would be here with no CGT at all.

The good news To The Point is that with ever reducing house prices,you will probably not incur any CGT when you sell your portfolio...

Hi vman,

I'd like to buy a house - not sell! (Ponsonby is great but I can't afford it - so I'm now looking in Palmerston North.)

A capital gains tax will act as a disincentive to sell houses. So the supply of listings will drop away. And house prices will rise!

Is that what we want to happen?????? Most of us here - and certainly me - want to get a house at a price we can afford. But it's damned difficult - and Labour in its stupidity will make it even more difficult.

"Ponsonby is great but I can't afford it - so I'm now looking in Palmerston North"

That's quite the commute.

LOL...my thoughts exactly

Not if you live in Feilding.

Hi tothepoint,

Buy in Palmerston North! It's great. Wife and I moved here 12 months ago and love it. 10-15 minutes from anywhere to anywhere, housing is cheap, lots to do, people are nice!

Hi Jay M,

That's exactly what people tell me - plus Massey Uni, international airport, great shopping and a 100 minute drive to Wellington.

AND, I can probably get the type of house I want for under $400,000. That's about one quarter of the price of an equivalent house in Ponsonby.

But prices are still climbing in PN, according to the latest data.

Oh,I think there will be plenty available...you could put an offer in on the ones above that passed in at auction...

Hi vman,

Auctions have never been common in PN. I'm looking around and there's plenty of homes for sale "by negotiation".

Explanation required - you say - "a capital gain tax will stop people selling houses"

If it does not apply to the family home why would home owners stop selling their houses?

New Zealand is unique in having very little CTG , it does not stop people selling things in nations that have always had a CGT . If new Zealand i to achieve world class infrastucture it has to be paid for .

Hi Tothepoint,
I strongly disagree. It's more likely that listings will increase which they already have been doing and are likely to contine that way especially when Sellers haven't been able to sell in the last six months.

Now that a lot of property investors have realised that values are declining, they will want to sell as soon as possible to capture what capital gains they can.

Plus it's highly likely that China will put further pressure on their investors to repay on the capital they borrowed from the State, we've already been warned by a top Fed Economist that is extremely likely with all the trade tensions going on between the U.S. and Asia.

You always need to look at the bigger economic picture to see what's really going on.

Hi CJ099,

I certainly hope you're correct.

But I sense that (many) people/investors are less likely to sell property if a chunk of the profit will be eroded by a capital gains tax. I reckon they'd rather wait until after the qualifying/capture period - or until a change of govt and repeal of the legislation/regulation. Either way, the risk is that fewer properties could come onto the market - diminishing the supply.

Sure - if one gets in quickly and sells before the tax takes effect, then well and good.

In Wellington and Auckland, there aren't too many good listings coming on right now - which is a bit of an issue. And prices haven't fallen by a huge amount.

Look - I'm considering getting away from all the stress and oppression of the housing market. I'm increasingly serious about finding myself a pleasant/manageable place in Palmerston North for around $400,000 (which should be reasonably achievable) and taking whatever reasonable paid employment I can get there. Plus, there's the fishing and beaches not too far away. Care to join me?

He plays people. Someone not to be trusted is tothe pinhead. He'd never vote labour anyway and don't you reply to me tothepoint. Hi o4 normal. Makes me sick

Hi O4 Normal,

Play the issue - not the person.

You should know better.

You're the issue

Hi O4 normal,

No. I'm not the issue - and neither is anyone else here.

What's wrong with everyone else. They're ok aren't they

That's pretty rich of you when you're the one regularly dismissing people as being envious/idiots/dumb etc etc

All they will do is extend the existing 2 year bright line CGT to 5 years - nothing to worry about.

Probably not, they will bring in CGT but with a discount if you hold for a certain period like we have here in Australia. I would prefer no discount as when they brought the discount in here it distorted the market.

Hopefully Labour will bring in a flat 30% CGT with no discount and remove the ability to negative gear.

Job done.

I agree with To the Points sentiments , apart from obfuscation over tax policy , Labour actually has some good policy ideas , like getting youth into trades , and the environmental issues, and reducing poverty through retraining people .

Their TAX policy is as clear as mud , and is frightening voters off .

Quite honestly , I would only vote Labour if they did 2 things

1) Made their tax intentions clear so we dont end up as turkeys voting for an early Christmas
2) Banned ALL foreigners from buying secondhand houses

Surely 2) is simply a party vote for winnie?

1 & 3 definitely taken from Winston Peters - NZ First

Except you will then get to the stage where people may not be able to sell their house, because NZers don't want to pay that amount of a house. So people will be knocking down their houses to sell the land to someone overseas, which maybe worth about the same, so they can then buy it and build new.

Hi Boatman,

I think you're correct. Voters are now beginning to be frightened off by Labour's secretive/deceptive tax policy - just like they were in the 2014 election.

Why would anyone in their right mind buy a "package" of anything without first knowing what's in it? Labour's mystery tax package is hardly enticing - a ballooning sack of snakes, vultures and other unknowns.

Hmmm...seems it isn't as you say TTP:

It is bad news for National in the latest Colmar Brunton poll, falling two points to 39 per cent, the first time it has been in the 30s since 2005.

Labour is steady on 43 per cent and would be able to form a government with New Zealand First, which is up 1 to 9 per cent.

Labour overtook National in the same poll last week, 43 to 41, and Ardern drew just ahead of Bill English as preferred Prime Minister, 34 per cent to 33 per cent.

Yep once again TTP is full of sh*t

if Labour's tax policies are scaring voters off why are their polls going through the roof!!!

Why be frightened? NZ has stupidly low income tax, especially at the top end. Bring in a tax free freshold of 20k and increase the top margins would be the way to go.

Ban foreign investment in existing property (including proxy loopholes)

Brink in CGT and land tax

Remove negative gearing

That's just a start but a good one.

Yes tax intentions clear..just like Jonkey in 2008
"In the video, taken during a press conference in 2008, Mr Key was asked to rule out a hike in GST after suggestions the next government would have no choice but to raise GST to 15 per cent, and raise taxes.

Mr Key's response to the question was: "National is not going to be raising GST. National wants to cut taxes not raise taxes. We acknowledge the point [made], which is that there is a decade of deficits facing New Zealand. But that comes back to our core point ...the fastest way to eliminate those deficits and get New Zealand back into surplus is to get New Zealand growing again."

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I don't know what minutiae the sheeple are calling for. It's been stated over and over again: Brightline test to 5 years and no CGT on the home that is owner occupied - couldn't be simpler

Yep.

It's not going to stop the stooges with talking points from trying to sow fear and confusion though.

Brightline for a discount maybe but preferably not. CGT should be flat on investments across the board, you make a profit, you pay tax. Holding period is irrelevant.

National voters are trying to make confusion when it's not there

Rubbish, Labour has been making up tax policy on the fly for last 4 weeks, they offer nothing concrete on details, because they are too disorganised lazy (or deliberately secretive) to present whatever concrete plans they might have to the voting public. It is an appalling state of affairs, only made possible by the vapidly left-wing media who won't call them out on it and a massive pool of voters too ignorant to see the dire threat to the economy presented by $2-3k/person annum extra taxes and back-to-the-70's industrial relations policy (to appease Labours union paymasters), voters that are so superficial that they bump labour 20% in polls based on the looks of the newly installed leader who doesn't even understand economics well enough to be able to debate it.

Personally I will be hugely benefited however as currently cashed up and waiting for the inevitable economic and housing price crash to save me stacks on my first home. But while it might be good for my wallet, it is going to be dire for the NZ economic future.

Nice try but no cigar. If you were really in that boat you wouldn't think like this. It's the classic I'm like this but I still think this way angle. It's used to make others sympathize and then empathize with you and it's doesn't work on people with a reasonable IQ.

FFS, I've recently returned from a decade abroad and wasn't about to buy in what was obviously a bubble, but I have young kids and don't want them living in a bleak oppressive re-run of Muldoon's dire high tax excessively statist and union-afflicted economy that left such a deep impression on me when I was a young kid in rural NZ, so care about more than just my back pocket, NZ's future matters.

Anyone who has more than a passing knowledge of history and economics and even a modicum of understanding of how wealth is generated in NZ can see what a collossal misstep the ignorant tax-and-spend vote-yourself-rich crowd are making. But their memories are too short, or they are too thick/ ignorant or insulated from economic reality to understand how badly an inexperienced, commercially ignorant (entirely lacking in business experience) and intellectually weak hard-left tinged Labour govt will hurt us. I am really starting to think that bringing my family back to NZ was a bad idea.

Am sorry I don't buy what you've written... you are proposing keeping National in power. The same people who have systematically handed over NZ to the very wealthy and overseas investors and robbed so many Kiwis of ever owning a home or a stake in the country of their birth.
Either you care about your future and more importantly your children's future, or you don't. If you did care about your children's future, you'd have added another diatribe against what National has done over the last 9 years as well. I find it sus that you haven't...

I was going to reply by blue meanie summed it up nicely.

Lies Lies and dam statistics, it's the National party way, along with deflection and hiding behind neo-liberal free market nonsense of course.

When poor people and middle to rich people with a conscience outnumber the greedy and selfish in society it's time for National to say goodbye.

Going forward the phrase RE agents are going to hear from buyers is Darryl Kerrigans line from "The Castle"
"Tell 'em they're dreaming...."

..."Ask him if he has any Jousting Sticks"

"This is going straight to the pool room."

They're dreeeeemen

Maaaaaaaaaaaatttteee...

Good stuff

https://www.stuff.co.nz/business/96591060/energy-minister-accuses-petrol...
Judith is making noises on behalf of the people to raise her profile...she must sense that there may be a 'vacancy' coming up in a few weeks...

...she registered her disappointment with the petrol companies.

Well thats them sorted then.

Sums up what Nationals 9 years have been like.

Harcourts, Wellington/ Kapiti Coast auction results for the last 2 weeks, 17/18 sold under hammer. One monolithic withdrawn prior to auction, so true clearance 17/19. One sold under hammer auction bought forward due to demand.
Prices achieved at Kapiti Coast auctions this week were in general approximately 10-15% more than my wife and I thought they would go for.
We sold a section in Waikanae Beach this week, for 50K more than we expected, sold before listed on trademe (day after listing with agent) via agents list of buyers,
Market is still hot in Wellington, with minimal stock for sale. Difficult to use medians for Wellington central as dependent on apartment sales to houses/ townhouses mix so very volatile.
Anyway actual facts from the frontline, rather than conjecture.

Mja, much appreciated!

For what it's worth, a friend whose desperately look for a family home (house, not apartment) within reach of Wellington City says there are very few listings coming on - and that good stuff gets snapped up real quick.

It's tough finding property in Wgtn. I know that a lot of places have dreadful access and get hardly any sun. Drive-on is a luxury.

Apparently, there are people commuting from Palmerston North to Wellington on a daily basis, often by train. It must get exhausting - up at 5.00pm each morning and home from work at 7.00pm.

But Palmy is a nice place to live, I hear, so some compensation. Apparently, it has good fishing and pubs. Great recreation and sports facilities as well.

On the downside, it's a Labour stronghold.

Fishing in Palmy, that Palmy in the middle of the country.

Hi swapacrate,

Yes - the rivers around Palmy (and the Manawatu) are acclaimed as being some of the best brown trout fishing rivers in the world.

And Palmy is only a 20 minute drive from west coast beaches - Himatangi, Foxton etc....... Flounder, whitebait etc.......

Palmy certainly has its attractions......

and it's a straight 40 min drive to the 'Nui

I commute from Masterton to Wellington by train everyday you're not wrong about the long days but it's not nearly as bad as you think. Driving would be considerably worse for fatigue.

At the beginning of the year we bought our first home for $210k, 3 bed on 700m2 section a block away from the train station but there's a real shortage of housing here now, values are up something like 20% YoY.

Being second only to Dunedin on the students per capita basis, Palmy is a great election hedge - The free tertiary education if labour get in will be a huge boost to PN - And sorry to say but the greens likely being a part of things mean relaxing the RMA to allow the fertile farmland around the region to easily rezoned for housing is not going to happen under them - AND the water tax, this will destroy farming in Canterbury and make all produce from the water rich regions (taranaki and manawatu) be worth more in NZD terms - remember NZ is still the worlds largest exporter of diary and water is becoming more and more a highly valued resource.

The water tax will add less than 0.1 cents to the cost of a tomato. It won't effect consumers but it'll be just enough to reduce water wasteage.

I lived in Palmerston North for 3 years and John Cleese wasn't wrong about PN!!!!

Wellingtons still cheap (relatively), that's why. Still getting in at the pointy end of the MACD is not the best move in my opinion. Especially with volume dropping. Bears starting to overtake the Bulls here.

I'm surprised to see that there are still proponents of technical analysis out there. Not many rich ones in my time, unless they were selling trading systems to people made redundant or too lazy to seek work.

Money is principally made with mean reversion systems, this is where the technical analysis comes in. Comparing my returns to quant hedge funds they also use mean reversion for 1-10 day holds, and use algos to trade in line with the WAP intraday ie buy if stock trading above WAP. Most books recommend breakout and trend following strategies, trend following has variable high standard deviation returns, and breakout systems in general are net losers. Technical analysis works if you know what you are doing, and this tends not to be what share-trading books are advocating. Note I have been trading share since my early 20s so have almost 20yrs experience, like anything you have to put in the time to know what you are doing.
The hedge fund Renaissance does not use fundamentals, purely technicals and their returns over the last 20 years have averaged >40% per annum, note they do not take new funds and essentially the prinicpals/ employees now only trade their own accounts.

Like many others back then, I started looking at technical analysis when PC programs like Meta? became available in the late 1980s. It's an appealing thought that you can trade profitably with it, but I've never met anyone who has, long term. They usually get chewed up and spat out by market movements their models couldn't cope with. Elliot Wave was my favourite as I had one very accurate call with it, but I suspect it was luck and confirmation bias.

They are good for buy and sell signals and in combination with fundamentals for equity selection. Your toolbox should always include a few. Normally 3-5 is enough.

Labour governments tend to be good for the Welington property market as the public service expands. Tends to be an influx of university educated bureaucrats in their 20s and 30s. This will be on top of an already tight market, went rents rising >10% over the last 12 months.
Part of the reason for the delayed late cycle increase in the Wellington property market, was related to the National public service cuts and the 2011 and 2012 zero budgets post GFC.

Thanks mja

Wellington area house prices were also flat for a very, very long time. The recent increases have really only seen Wellington return to the long term price trend.

Slightlly off topic but interested in whether anyone knows what will/might happen to the Public Private Partnerships that have been announced by National recently. Seems some of the SHA housing and industrial areas planned for the South of Auckland are dependent on these for infrastructure development. Is that a crash too?

I would expect they would still go ahead.

Insurers may not cover cladding risks. Your building may struggle to get insurance.
The move by CHU, which insures 100,000 strata schemes under the QBE brand across Australia, marks the start of a shakeout in the high-rise sector that could lead to revaluations of apartment stock across the country as owners and banks realize the property they own does not comply with the building code. "Insurance is a normal requirement of a lending contract. The lender is likely to take action to ensure the asset is protected."

http://www.afr.com/real-estate/noncompliant-cladding-your-building-may-s...

That's a shocker! has it happened before? Real estate industry must be sweating in their silk socks. Proof investors (bank supported) drive the property market not home owners.

If you read the article carefully you will see that there were only four apartments for auction. One had a pretty good offer while another had serious issues.
Also the other day there was an auction result for apartments of 100%. So not particularly shocking.

Some RE agents still dressed up in their shiny silk suits driving their expensive BMWs, Audis and Maserati, so they are doing OK.
Only when I see them in their Hallenstein suits with their used imported cars, then it will be the right time to buy again.

The way the majority of them dress makes me cough a little bit of sick up into my mouth.

I remember reading you were going to Dunedin. I imagine they're already in Hallenstein suits driving Japanese imports down there.

Where's has all the property porn gone?

Just got the August stats for the Eastern Bays (1071).

$83,941,000 of sales in August 2017. Average prices are only up 1% on 2016, but the CV multiple jumped from 143% to 151%.

In Kohimarama, there have been 76 sales for the year, 3 more than the comparable period in 2016. There were 11 sales in August at an average of $1,606,000 or 142% of CV.

Damn the owner of that Westmount apartment is in a dire situation - having to cough up 75% of their initial purchase price by the end of the month! I'm amazed they even got a bid for $201,000 to be honest.

All political parties will be very very aware that local specuvestors had an overly enormous influence on the demise of National; therefore, regardless of which parties get in, I expect we will see them brought to heel.