QV's latest figures show housing values in Auckland are almost back to where they were a year ago

QV's latest figures show housing values in Auckland are almost back to where they were a year ago

Average housing values in Auckland have fallen for the last four months in a row and are now virtually back where they were 12 months ago, according to Quotable Value.

QV's rolling three month Auckland average House Price Index has declined in each of the last three months in a slow but steady slide, falling from $1,045,059 in June to $1,039,066 in September.

The average value of homes in Auckland is now up just 0.8% compared to September last year, meaning the last 12 months of capital gains in the region have been all but wiped out.

In June the average value in Auckland was up 7.2% compared to a year earlier.

The slide in property values has affected all parts of the city except Pukekohe in the south.

In Rodney the average dwelling value has slipped from $955,814 in June to $939,955 in September, on the North Shore it's fallen from $1,203,775 to $1,195,052, in Waitakere from $823,630 to $816,408, in central Auckland from $1,228,005 to $1,226,375, in Manukau from $900,766 to $897,957, and in Franklin it has dropped from $666,845 to $663,080.

Papakura was the only area where the average value was above where it was four months ago, at $679,072 in September compared to $677,340 in June..

In the main centres, average property values in September were also down compared to June in Tauranga, Wellington region, Christchurch, and Queenstown Lakes.

Average dwelling values in Christchurch were 0.8% lower in September than they were a year ago..

However average values were continuing to rise in Hamilton, Napier, New Plymouth, Whanganui, Palmerston North, Nelson, Timaru, Dunedin and Invercargill.

"The reductions in quarterly value growth have extended from just the main centres last month to almost all the 15 major urban areas we track, with the exception of Rotorua, Palmerston North, Dunedin and Invercargill," QV national spokesperson David Nagel said.

"The year on year growth is still showing double digit gains in many of New Zealand's provincial towns, however the quarterly change shows a gradual slowing of the market in almost all city locations.

"Values are reflecting decreases in all but a few isolated pockets of Auckland, while Tauranga and Christchurch have also shown a small decline over the past quarter.

"The normal spring surge in property listings still hasn't eventuated throughout most of the country and this lack of supply has helped insulate the market from more significant falls in values," he said.

Here's a link to QV's House Price Index for September with average dwelling values throughout the country

FileQV House Price Index_30SEP2017-f9c73393793ae9ca566b9f32c39d62d9839c39b0 (1).xlsx

QV house price index

Select chart tabs »

The 'Index' chart will be drawn here.
Source: QV
The '% change year on year' chart will be drawn here.
Source: QV

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Territorial authority Average current value 12 month change% 3 month change % Since 2007 market peak change %
Auckland Region 1,039,066 0.8% -0.6% 90.1%
Wellington Region 606,322 9.6% -0.5% 33.1%
Main Urban Areas 758,639 2.1% 0.9% 65.2%
Total New Zealand 646,378 4.3% 1.1% 56.0%
Far North 409,120 10.5% 0.2% 2.7%
Whangarei 500,801 13.5% 1.7% 26.4%
Kaipara 515,516 19.1% -1.0% 29.9%
Auckland - Rodney 939,955 5.0% -1.7% 60.3%
Rodney - Hibiscus Coast 937,359 6.9% 0.9% 59.6%
Rodney - North 946,744 3.7% -3.9% 57.6%
Auckland - North Shore 1,195,052 -1.1% -0.7% 85.2%
North Shore - Coastal 1,363,735 -0.9% -0.9% 81.0%
North Shore - Onewa 961,224 -1.5% 0.5% 93.8%
North Shore - North Harbour 1,167,255 -0.9% -2.0% 92.1%
Auckland - Waitakere 816,408 -1.0% -0.9% 92.5%
Auckland - City 1,226,375 2.7% -0.1% 97.0%
Auckland City - Central 1,079,348 5.7% 0.6% 89.5%
Auckland_City - East 1,532,259 3.3% -0.2% 92.3%
Auckland City - South 1,099,479 -0.3% -0.4% 104.2%
Auckland City - Islands 1,088,716 5.6% -1.0% 70.3%
Auckland - Manukau 897,957 0.2% -0.3% 96.2%
Manukau - East 1,158,720 0.3% -0.9% 94.4%
Manukau - Central 688,487 -0.3% 0.6% 83.2%
Manukau - North West 771,872 1.0% 0.0% 108.9%
Auckland - Papakura 679,072 1.7% 0.3% 88.8%
Auckland - Franklin 663,080 5.4% -0.6% 67.6%
Thames Coromandel 718,962 16.5% 1.2% 23.7%
Hauraki 400,929 23.6% 2.3% 43.7%
Waikato 442,066 9.5% -2.5% 46.0%
Matamata Piako 436,715 20.1% 4.2% 49.7%
Hamilton 546,402 3.2% 1.3% 51.1%
Hamilton - North East 691,429 2.1% 1.7% 53.8%
Hamilton - Central & North West 505,665 2.1% 1.5% 41.3%
Hamilton - South East 494,249 3.5% 0.5% 41.4%
Hamilton - South West 487,041 5.4% 0.9% 42.3%
Waipa 526,055 13.2% 2.2% 59.8%
Otorohanga 290,582 19.4% 0.9% 5.4%
South Waikato 209,480 24.4% 1.4% 28.4%
Waitomo 200,234 23.9% 4.5% -5.7%
Taupo 445,623 9.0% -0.2% 11.2%
Western BOP 614,822 6.9% 0.4% 36.5%
Tauranga 686,759 6.6% -0.1% 42.6%
Rotorua 411,544 16.2% 4.5% 40.2%
Whakatane 409,953 12.4% 2.7% 17.8%
Kawerau 190,312 26.3% 4.7% 19.5%
Opotiki 272,953 3.3% -7.4% -4.0%
Gisborne 295,010 16.4% 3.2% -0.8%
Wairoa N/A N/A N/A N/A
Hastings 431,805 17.6% 2.8% 38.5%
Napier 465,943 18.4% 5.2% 36.9%
Central Hawkes Bay 285,946 23.9% 1.7% 7.9%
New Plymouth 425,182 6.8% 0.5% 28.6%
Stratford 253,858 13.8% 7.5% 16.1%
South Taranaki 210,539 7.5% 6.0% 6.5%
Ruapehu 168,292 14.6% 3.0% -6.7%
Whanganui 230,098 13.5% 1.6% 2.7%
Rangitikei 179,136 10.9% -3.9% -1.0%
Manawatu 312,089 13.0% 1.1% 22.7%
Palmerston North 366,104 10.4% 2.3% 22.7%
Tararua 177,788 12.5% 1.1% 0.8%
Horowhenua 287,454 19.8% 3.2% 20.8%
Kapiti Coast 525,799 17.3% 3.5% 37.3%
Porirua 521,385 15.1% 2.3% 36.5%
Upper Hutt 457,847 14.0% 2.1% 30.3%
Hutt 519,410 14.6% 1.9% 32.3%
Wellington 732,708 10.7% 0.8% 37.6%
Wellington - Central & South 729,323 10.1% -0.2% 30.2%
Wellington - East 813,927 13.3% 3.6% 41.2%
Wellington - North 643,881 9.7% 0.0% 38.1%
Wellington - West 849,228 10.4% 0.7% 39.8%
Masterton 312,958 20.1% 3.1% 9.5%
Carterton 343,836 14.7% -1.4% 23.4%
South Wairarapa 436,400 28.0% 5.8% 29.0%
Tasman 539,866 13.6% 0.9% 34.4%
Nelson 545,565 14.4% 2.5% 42.5%
Marlborough 435,101 6.6% -0.7% 11.6%
Kaikoura 385,361 1.9% 0.5% -10.8%
Buller 187,053 -3.2% 0.5% -9.0%
Grey 208,745 0.2% -1.2% -14.6%
Westland 237,354 1.8% -6.1% -1.1%
Hurunui 369,031 -0.5% -2.0% 18.1%
Waimakariri 432,641 1.1% -1.7% 35.1%
Christchurch 491,626 -0.8% -1.0% 29.6%
Christchurch - East 370,754 -1.0% -0.4% 19.8%
Christchurch - Hills 649,101 -4.6% -2.3% 17.4%
Christchurch - Central & North 580,029 -0.8% -1.1% 31.0%
Christchurch - Southwest 471,582 0.8% -0.9% 38.9%
Christchurch - Banks Peninsula 513,416 0.0% 1.1% 6.9%
Selwyn 542,327 1.2% -0.7% 45.4%
Ashburton 345,070 -2.2% -0.8% 23.3%
Timaru 352,195 6.4% 1.9% 40.3%
MacKenzie 486,669 28.3% 5.7% 69.9%
Waimate 222,341 1.9% 1.4% 17.9%
Waitaki 287,866 15.2% 3.3% 26.1%
Central Otago 467,482 16.4% 3.2% 47.5%
Queenstown Lakes 1,079,748 12.6% 0.7% 57.0%
Dunedin 380,701 12.2% 1.4% 33.0%
Dunedin - Central & North 398,393 11.9% 2.5% 32.0%
Dunedin - Peninsular & Coastal 344,916 13.2% -0.4% 27.4%
Dunedin - South 355,886 9.8% 0.0% 24.6%
Dunedin - Taieri 398,890 14.5% 2.2% 35.7%
Clutha 205,331 12.9% 4.8% 13.3%
Southland 254,104 13.3% 0.1% 10.4%
Gore 216,798 9.6% 2.9% 23.3%
Invercargill 244,691 6.4% 1.2% 10.9%

We welcome your help to improve our coverage of this issue. Any examples or experiences to relate? Any links to other news, data or research to shed more light on this? Any insight or views on what might happen next or what should happen next? Any errors to correct?

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Comment Filter

Highlight new comments in the last hr(s).

Winston Peter and Labour both are in to restrict foreign buyers - though manipulated data suggest only 3% but the result of that action will reflect in comming years.

"Manipulated" being the operative word

Just yesterday KPMG confirmed as much with this article's opener:

"Despite fears of a property slowdown, New Zealand's strong economy will help to keep house prices steady by attracting migrants..."


I’m sure many like that said the same pre the GFC . Haven’t we had the RE And banks say the same as well. A downturn stop in its tracks with this amount of dept and overseas investors gone. REALLY

How do you think the data is manipulated ?

"About 20 to 30 per cent of Pacifica pre-sales had been made to foreigners, he said - mainly Chinese, after the project was marketed in Shanghai."


Enough said!

Can't wait for Labour/Green/NZF to come into coalition. I want to hear from the recent first home buyers and investors who voted Labour/Green smugly saying they don't mind paying little more tax who will end up with underwater mortgage instead. It will be spectacular.


I think you'll find this happened under National's watch, you're spinning so much you'll make yourself dizzy.


It was the policies of National that sent them so high and the that's where the blame lies for any damage.

People who bought a house to live in will still live in it perhaps a little wiser. They chose to buy at that price and nothing changes.

Greedy speculators losing their shirts, I'll bring the popcorn.

Stop being delusional

The guy in the video is our current kingmaker who will be pushing 100% of his policies. Already bought a box of popcorn.


just focus on your statement "end up with underwater mortgage instead"... Thanks to the National Party which led to house prices spiralling out of control and hence people have ended up with massive debt.. its delusional to think its OK for house prices to keep spiralling up with no consequences

Labor also let house prices run up in price...

No offense, but your IQ must be quite high...

$2 moving to $4 is a 100% jump, but another 100% increase on that $4 , does not equate to the same as the first 100% increase in dollar terms :)

No offense to Laminar directly, but he is one of the many people here who righteously believes himself smarter than the rest..
I've yet to see any evidence for it, though.

@Houses Overpriced Its the scale that matters. You will note that we always refer to growth as a percentage, wages as a percentage and so forth. Do you expect a person who made $3,000 per year in 1950 to be wowed by a $1,000 tax cut today?
Addition wont get you very far in economics. Labor and national both led governments that let the housing market run away with high average annual growth rates. Both parties want to see that rate reduce and neither party have very good answers on how to achieve that.

Your selective viewing of percentages is truly staggering.

Yes labour opened the door, but then national campaigned specifically on it, then spent the next 9 years watching it get worse and worse and denying it was a problem. Does that not tell you anything?

Don't you only pay tax on capital gain on investment property not family home. Plus it needs to be sold.

yes but what else will property bulls bore you with around the BBQ if there are no CG

I don't go to those BBQs :)

Well, actually, I don't get invited to those BBQs

I generally counter with the CG's that have been made in classic cars over the same period. A garage full of fun, or a section full of boring.


Frenzied foreign buying drove house prices way beyond where they would naturally have gone, the foreign buyers who were doing the most damage can no longer easily get their money out of their home country and prices are now falling, have been quietly doing so for some time, you can probably track the stalling and falling to that event.
Just because they are gone, though, does not mean we should not restrict foreign buyers, as those restrictions could be lifted at any time, then there would be an avalanche of money and the whole mess would start over.
Stupidity of New Zealand and our government has allowed this to happen.
It could get very, very messy. Thank you, National, thank all you National enablers.

Surely if billions of dollars of foreign money comes into NZ it's a net positive. If the housing market crashes tomorrow I imagine most of that money will remain in the NZ economy.

Seems like a good play by National and the West in general, maybe the Chinese government know the crash is coming that's why they're desperate to stop the outflows - must suck to build up capital through years of sweat and toil as the factory to the West and then lose it all back in a few years of speculative property gambling.

Either way, probably a bit of an exaggerated statement but highlights the conflicting arguments in your post - if foreign buyers propped up the market, ultimately it will be foreign buyers who lose - I can't see the same amount of outflow heading back to China no matter what happens.

If National built up this run on China, take a bunch of investment at artificially high prices, then crash the market with high LVR/rates/etc and then Labour takes the fall, that would truely be some 4d chess.

I think John Key does care about NZ as well as the banking higher ups, I wouldn't be surprised if there was some off the record talks about how they could grab some Chinese money for the NZ economy in a politically correct way.

The question would be; how to crash it without stirring the China beast. I know they threw a wobbly at Vancouver when they added the foreign buyers tax.

Can see JK playing these kinds of games, trader and all. Definitely can't see Jacinda - maybe that's her job to be the fall girl, she seems to have come out of nowhere after all...

It may be good for our economy at a $ value but at the expense of our society and normal kiwis just trying to get by.

Like my mum used to say "money cant buy you love"

Chinese housing is in a bubble too. I don't think the Chinese govt has put a block on buying foreign housing in order to protect their citizens foreign wealth. In fact it probably wants these people to take a bath. I think it was done for philosophical reasons. ie Don't all fly overseas citizens! Its not so bad at home here. Here's a face mask. See, it isn't so bad now.....

Can foreigners buy property in China?

No, I meant the Chinese buying foreign housing. The Chinese govt wouldn't care less if those citizens made a loss on buying houses in western countries.

This is a point that Steven Joyce, Todd McClay etc has overlooked when saying that our chinese FTA would fall over if we banned foreign house buyers. China are literally trying to stop their citizens buying in our country. I think they would happily renegotiate.

Joyce and McClay are masters at deception.
They show how easily the suckers are suckered

If one was inclined to revise the China FTA and exclude Chinese nationals who remain residents of China from buying NZ Real Estate I reckon CCP wouldn't bat an eyelid - how soon do you want that signed - now? - where do we sign? - Next

for the millionth time - we trade real resources for printed money
Its the DEBT that stays in NZ
Sir Chon Kees legacy

Debt is a liability to the borrower, not who he traded the nominal proceeds with.

i was referring to the debt the NZers have taken on board with this feel good boom ... based on nothing


John Key grabbed the Chinese money for himself.

$20 million in cash and you wonder why he did nothing about foreign buyers.

He's laughing all the way to the bank.

B L , we are only hearing about jk private house sale. He has a blind trust where his real money is . I’d hate to think what’s been sold there lately. To the Chinese I guess. He’s played nz big time. Of course we let it happen. I didn’t hear anyone in 2011 complaining when they changed the rules on overseas investors buying homes or anyone around 2014 saying to the RBNZ shouldn’t interest rates be climbing towards 9% about now and this utter rubbish about overseas investors only being 3% of sales. Key was the chef at the time tho and had massive interests in property

Not "blind" anymore.

Must be about time for the estate agents, bank economists and other vested interests and self appointed experts to put out some spruiking press releases to soothe the frightened market.

I love the way the equity feedback loop has slammed into reverse as that 40% threshold gets further away.

Now that the election is done and dusted and soon we will have a new coalition government, we will see if our friend @tothepoint was correct about a post election boom..

Catastrophic implosions go boom too.

Umm.. I wonder if the RE' s will start to use the 'It will all be fine in the Chinese New Year' excuse again?

CJ099. We are finally at a major turning point. No more excuses. Elections over in a week. Summer is around the corner. Yearly high property figures are falling of the end. No more excuses.

Yeah but, well its nearly Christmas isn’t it? And then new year so, ya know, it’ll pick up after that. Definitely. Maybe after Valentine’s Day.

he is busy negotiating with RE agents to sell his properties to foreign speculators

Lots of demand building. Volumes have been low for awhile now.

By that logic you could say the same about supply.

Auckland prices have risen at around twice the rate compared to most other areas since 07. I guess that's why Mercedes and BMW have done so well in recent years.

Just be happy that Auckland City - East is still 92.3% above the 2007 Market Peak, and +3.3% compared to 12 months ago :-)

But it is DOWN 0.2% over the last three months. Get with the program Double-GZ. Eliminate the positive and emphasise the negative.

Argh yes, I have to emphasise on the 0.2% awwww it's all doom and gloom now, I'm 0.2% poorer on paper compared to 3 months ago boooo~

Yes ex expat. Good reason to worry alright. I agree with you. Being as this is only the beginning of a downturn and they normally last for years with this last boom being massive over a short period of time with dept 40% higher than the high of 2007 I guess we are in for a long decline. Elephant in the room being the overseas investor selling in mass. We can only hope that doesn’t happen as well

Inflation of 2.2% over last year. Real house prices are falling.

Watch out for Auckland Council's sleight of hand !

The Auckland council is doing a RATES REVALUATION and they will be using the deemed value as if "YOU SOLD YOUR PROPERTY ON 1 JULY 2017 "

This is patently unfair , that was the peak of the property bubble .

It would be much fairer to asses the properties on a 3 year average given the abnormal circumstances .

WHAT does it MATTER when it's ALL RELATIVE?

Agree, it's an amount apportioned based on value relative to others..

It will matter a lot for those people who hang on every release of the SPAR/QV index.

@Brock Landers , so you would be happy to pay $10,000 per annum in rates that does not even include the collection of your refuse ?

The City wastes money on all sorts of cultural events for special interest groups when these should be organised by those groups themselves .

That's a separate issue, and yeah the council has some seriously messed up priorities pandering to cultural groups.

But your rates are set with relative values not absolute values.

It also amuses me people get so worked up over some pittance in rates compared to how financially blindsided aspiring first home buyers have been.

I think its more the 2000 plus employees earning over 100k that are the problem, and the 860M a year wage bill.

Slightly unrealistic view of what they do ?

In 3 years rates will correct. It’s only a small portion rated on the land isn’t it

Unfair... lol

Ex Auckland, the average value appears to be circa $421,000.

Yes and remember this is just the beginning of the crash (Or server price correction what ever you want to call it). At the moment figures have been skewed by Year on Year data. Comparing prices when the we're at their peak to declining prices can make things look roseier them they are. This is why it generally takes two years to fully show what's happening.

Looking at the latest auction results, there's not that many sold over the million mark. And those that have over stretch themselves are at high risk of negative equity as price drop much further.

wow Market down 0.6% in four months - but up over 90% since its last peak in 2007 -

Total catastrophe for all investors - cataclysmic result

Yeah big change alright. From about a year ago going up about 10% a month to going down 0.6 . A 10.6 % differents . That’s a massive change in demand. The future looks terrible as the past highs fall off

Not quite a catastrophe just yet, but certainly we seemed to have turned a corner.

the next 12 months will define if its going to be a blip, correction or catastrophe

Im of the veiw it will be a large correction of 20-25% but time will tell

Haha, well said kpnuts

Looks like the housing market in trouble....low sales the market is in deep trouble...stall and then fall while Mr Peter's holds the rudder.

I seriously cannot tell if some posters are being sarcastic or just plain thick. This is terrible news for investors who looked to flip their properties. If you bought last year, this article is basically saying you will not make any money at all. In fact you will lose money if you factor in all the fees and the tax from selling a property within the 2 year bright line test.


Then they aren't investors.. they are speculators. They knew the risks, they gambled, and lost.

Well said Pragmatist

You wont have any tax as you;re capital gains will be 0.

It's great news. People looking to flip properties for capital gains are not investors, they're speculators. They do not deserve the compassion of the NZ public.

Most people who bought in 2007 then got hit with 10% interest rates saw their investments stall for 3 years. Is a lot different now with sub 4% interest rates, so anyone predicting anything is doing that with no precedent. However if a bank was prepared to lend me 1 million dollars I would invest in Auckland in a heart beat, this morning. I think a fallacy perpetuated on this website is that property investing is easy and banks are throwing money at you. Hard to get credit now so if offered it best you take it.

Key west. 2007 was different before and after the 2008 GFC than now. Taking interest rates up as housing goes up helps people to switch from housing to investing there money in the bank also at a time a bank generally needs the cash. It also helps risk because borrowers can’t borrow as much which helps slow the market . And if the market changes which it did in 2008 from the GFC not high interest rates, high rates could be dropped helping people’s mortgages . Specially helpful if the economy slows or recession. It makes a big difference if at the same time the economy slows and your interest rate goes from 10% to 4.2% . That’s probably a big reason 2008 to 2012 was so mild. We haven’t got that luxury at the moment. Even tho rates are low we have borrowed 40% more than 2007s highs and many pay interest only . There weekly mortgage payments aren’t going down at all for years. They maxed out

"Hard to get credit now so if offered it best you take it."

Now that's some responsible investing advice if I've ever heard it.

My concern with the market now is there's not much about Auckland now to attract highly-skilled talent, on the global stage. Now we have expensive property and rents, I can't see this helping much.

Zachary cites the Elysium lifeboat argument...but surely even a lifeboat best have an engine?

Posted earlier but here it is again in case it was missed;

Mr Peters yesterday forced Immigration Minister Nathan Guy to hastily announce the deal yesterday after he tabled internal Immigration NZ emails showing the department's head of Intelligence, Risk and Integrity had serious concerns about the arrangement.


Investigators learned the Chinese whale gamblers were “provided with a contact in Vancouver, either locally or prior to arriving in Vancouver,” the MNP report says. Next, the gamblers would “contact the person via phone for cash delivery,” which they use to buy chips at a casino. The gamblers would repay these funds “through cash holdings in China.” When the gamblers cash out, they are left with money available for use in Canada.


Vancouver Sun - Richmond - How many Richmond's are there in Canada?

from Canadian author Ian Hamilton
Richmond Hill is a place where English isn't needed anymore
Toronto has a huge Chinese population - half a million or more - Richmond Hill is its epicentre - about 20 kilometres north of downtown Toronto. Richmond Hill is a sprawling expanse of suburban tract housing and shopping malls. East and West along highway 7 the malls are almost exclusively Chinese. Once a traditional European-Canadian suburb, Richmond Hill is a place where English isn't needed anymore. There isn't a service or commodity that cant be acquired in Cantonese.

It wasn't always that way. Once there was only the old Chinatown downtown in Dundas Street

All of that changed when Hong Kong began to prepare for the end of British Colonial rule in 1997. The uncertainty of life under Communist China hadn't exactly caused panic, but many felt it would be prudent to have other options, and Canada made it easy for those with money to establish a second home. Toronto's downtown area couldn't accommodate the influx of new Chinese immigrants, so Richmond Hill became the next landing spot.


Assume its reference to this Richmond;

Richmond has an immigrant population of 60%, the highest in Canada.Richmond has over 50% of residents identifying as Chinese, the city in North America with the largest proportion of Asians. More than half of its population is of Asian descent, many of whom immigrated in the late 1980s, mostly from Hong Kong, Taiwan, and Mainland China. Other Asian Canadians in Richmond include Indo-Canadians, Filipino Canadians and Japanese Canadians.


Better Dwelling: It’s Official, Vancouver Household Incomes Make No Sense



Your first point .... Someone has to do the dirty work .... and it isn't Labour doing it

Winston Peters is the only opposition going around in parliament - doing the dirty work for everyone else

Second that! Go Winnie, the only politician with BALLS

National supporters and especially its housing speculators should watch this TED Talk.

Maybe that's a reason why National is defunding NZ's own long-term longitudinal study?


No one likes unfavourable answers.

Indeed, the best way to not find something is to not look for it.

Men...economic growth is slowing down. We need to release stronger buying power to give some boost.

Or figure out how to do things without economic growth.

Magic up some more money by borrowing it off the future, hoping it never really has to be paid back...