At Bayleys' Auckland auctions prices ranged from $400,000 to $6.9 million

This house at Mt Maunganui sold for $820,000.

Bayleys sold just over half the properties the agency took to auction this week, with auctions held in Auckland, Tauranga, Rotorua and Havelock North.

A total of 49 properties were marketed for auction and sales were achieved on 25 of them, giving an overall sales clearance rate of 51%.

At the Auckland auctions the prices achieved ranged from $400,000 for a one bedroom apartment in Albany, to $6.9 million for a modern home at St Mary's Bay, which has a pool and spectacular harbour and city views.

At the Rotorua auction prices started at $835,000 for a three bedroom house in one of the city's best streets, and at the Tauranga auction prices started at $820,000 for a three bedroom house overlooking the Mt Maunganui golf course.

There was a single sale in Havelock North, an historic five bedroom homestead with a pool on a 2160 square metre site that went for $2.25 million.

Photos and details of all the properties offered and the prices achieved on those that sold are available on our Residential Auction Results page.

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119 Comments

Spells like cashed up Auckland boomers retiring in the regions.

That'll come to a screaming halt as Auckland prices dip and prices in the regions with decent health care facilities continue to rise.

What the don't tell you is 80% sold below 1/2 the rateable value!

2.25m in Havelock North, crickey!

Redneck central

Actually Hitech companies moving from Auckland to Havelock North & prospering
https://soundcloud.com/ryan-jennings-36/fingermark-global-luke-irving-ep...

Oh wow, all sold on the Shore went for very good prices most at the high end of estimates by home.co.nz and slightly above new CV - the market is healthy.

Coastal Shore is not rising $ like 2013 2014 my friend
I made another 300K in 12 months
By all means buy now but I’d be waiting myself
Wonder how Darwin Lane is doing in Remmers
I hope the winds of winter are kind

Hi Eco Bird,

For sure, the gloom and doom merchants that roost here don't like posts like yours - or, indeed, Greg's headline. (-;

TTP

Eco Bird, TTP, before you fire the torpedoes, check the hatches are open first - lol! All you had to do was click on Gregs link and compare some sold prices to the latest CV! The following is a sample of what I came across for the North Shore;

28d the Ave, CV $400K, Sold $400K
101 Arran Road, CV $1,360,000, Sold $1,305,000
43 Aramoana Avenue, CV $1,400,000, Sold $1,360.000
11A Hogans Road, CV $1,040,000, sold $991,000
7 Coxton Lane, CV $1,925.000, sold $890,000
1/60 Chivalry road, CV $900,000, sold $840,000
12 Bayswater ave, CV 1,325,000, sold $1,250,000

There are a lot that failed to reach reserve which means they are worth less. A couple of smaller units sold above CV - yay!

Eco Bird, I think your comment is more of the same hot air just on a different day. Thanks for pointing out my typo on 28d the Ave, I corrected just now. I added another couple in there as well. It appears that very well presented properties (there are now plenty of them) are just holding their value for now. These are properties that have arguably had loads of money sunk into them too.

Talking up this toppy market is as self serving as trying to talk it down. Shooting any messenger of the truth is also just as pointless. It is what it is.

Oh no.. ttp will not believe you

lol, let me show you where you had it wrong in one example only as I don't have time for spoon feeding or teach you proper research ----

28d the Ave, CV $400K, Sold $400K... Check your haches !
https://www.bayleys.co.nz/1450924

You are welcome :)

He probably assumed 4/28 on the council site was 28D, but sometimes that doesn't map out that way. however he is right on the other addresses from a quick check..

Not sure whats up with Coxton lane.. <1/2 CV.. 6 bed 4 bath for $900k in pinehill?

1/48A Exmouth, CV $770k, sold $700k, relax its only -70k on CV.
928 East coast, CV $930k, sold $805k. -125k on CV. yowie. thats gonna sting.

looks 50:50 whether they make CV or not.. and thats the ones that did sell under the hammer. who knows what the ones that got passed in then negotiated eventually got.. and of course that didn't sell got a bill for the auctioneers time and advertising.

The Coxton Lane price is definitely a mistake. Perhaps Greg could double check? There appears to be a million left off the price. An easy thing to do, miss that first number 1.

https://www.barfoot.co.nz/610546

Exmouth sold for 32% above 2014 CV and the seller made 170k over three to four years.

East Coast sold for 25% above 2014 CV - something possibly odd about this place. At first I thought it had a shared driveway because it is fenced but apparently not, ...currently. Is it possible that the driveway will be used for a small undeveloped section behind the property sometime in the future?

We aren't talking 2014CV,, we are talking about 2017 CVs , with all the spruiker talk about how 2017 CVs will underpin the market.. set a lower bound.. only way is up...blah blah blah.. and now a significant portion of these sales are under 2017 CVs.

Many, many houses will sell below the 2017 CV yet still fetch a handsome profit for their sellers. We have to be pragmatic about this. I have a property that will likely sell for a half million below its current CV yet I will still be very happy.
The CVs, especially this time around, are not particularly indicative of an "ouch" moment for the vendor when they come to sell.

Also if the 2014 CV was a useful benchmark six months ago it will still be a useful benchmark now.

Zachary Smith, what advice were you dishing out to FHB in early 2017? Was it along the lines "It's always the right time to buy your dream home - timing is irrelevant" ?

FHB are wise to wait, stay renting for now and potentially save hundreds of thousands. FHB are not a means to a Spruikers personal ends!

I think I said there was no hurry to buy. In real life I urged one couple to hold on and wait unless they saw a bargain. Mind you they were my tenants.

....a retrospective answer ;-) just more bovine-scatology

Lol. Nice goal post move. Thec question is and has been for the last 6 months "is the market still climbimg or has it peaked".. and the answer is it's peaked and may well have begun falling.

Do you mean a permanent peak? This seems most unlikely.

No, not a permanent peak, but you knew that. A cyclical peak. They will go up again in the future, the question is whether that happens in 6 months or 6 years or 16 years.

Oh come on Zachary, you've got to be kidding, You're still using 2014 CV's as a property price bench mark when we have the 2017 CV's. Now you're just been a bit too sad.

Time that all you property spunkers accept the reality of the situation and use the current CV values and stop trying to kid your selves that prices are on the increase.

CJ099, shuffling through the archives for 2011 CV's is probably next - lol!

No need to go "shuffling through the archives" as the 2014 CV is there as plain as day along with the 2017 one in the Auckland Council GeoMaps website.
https://geomapspublic.aucklandcouncil.govt.nz/viewer/index.html

Zachary it's really sad to see you grasping at such fragile straws. The purpose of this site it to give sound advice to those looking to make an investment, in this case for a property investment. Not a 'lets see how the Boomers property investments are doing, who bought a few years ago' site.

The 2017 CV are taken from the height of the market of that time, now that prices are falling is it far too difficult for you to accept the harsh reality? It seem so.

I tend to find it funny you had any faith in the 2017 CVs holding water in the first year. Surely by now you have had a little experience to understand how flawed the maths was, and how long it took before the 2014 CVs became even somewhat appropriate. After all the data is open and can easily show the flaws in blanket assumptions on an area. For many areas the 2017 CV was actually double the market value to begin with because things like remediation work required for leaks, older properties, land, topology & access does not get considered for starters. It put many property owners backs up if they were planning to hold & had to pay increased rates but if intending to sell eventually many just kept the value and dealing with the revaluation bureaucracy is a considerable hassle. Even I fought for one property to have the value brought down to independent valuations and meet neighbourhood pricing conditions because it seemed just very poor data & engineering overall and I was hoping with the complaint the valuation team might learn to improve their practices. You can bet the other properties still got tarred with the same brush but the intention was to bring up the errors with the best test case example available so they could clearly identify where they went wrong. Man I was such an idealist thinking they could learn and improve on their mistakes, and I pity those property owners who could not afford to get the valuation corrected. But there you go. That the sales price came even a sniff close to the 2017 CVs is impressive enough.

Sorry but you've just disqualify your own argument with your last statement.

The 2017 CV prices certainly highlights how ridiculous Auckland's rapid house prices had become. We all know that CV values tend not to be based on individual properties but rather by sale values for an area. That still doesn't justify going back to CV values from a number of years ago.
The fact that you feel the need to disguise how much the market if falling speaks volumes.

Market failing? Where on earth did you get that idea. That has no relevance to my comment which was that if anything the CV valuation process is failing homeowners and using it to give an idea on market performance is faulty logic, especially during the first year where the difference is much higher between it and a more rational accurate market valuation taken by even looking at basic property information. The market sales can be up, down, sideways I don't particularly care but using comparisons to the very recent CV values, (which are meant to last for 3 years of movement) to judge by in the first place is completely flawed. Even back in 2015 the values then were way off the mark. The valuation process was not built off the sales either (strangely enough) so they are quite disjoint and rely on the misapprehension by the general public.

Case in point yourself and RP. I really don't care about your need to argue about a "failing" housing market and the inflated importance you give it, (I find that funny overall in comments since the arguments are so devoid of comparative data that they go to great lengths to avoid anything long term). It is almost as if you are trying to make a story true just because you want it to be true that you will avoid any data that competes against it. Right down to the language. You state it is failing, that it has failed. Nothing continuous has failed except on subjective terms. Certainly for those unable to buy you can say it has outstripped their income, for those wanting incredible quick profits it has a smidgen off but nothing significant in comparison to 3 years ago. If anything I would not say it is succeeding either. It is a continuous movement and you really need to identify from what point you are relatively talking from in your opinion. I am guessing from your comments you like data sets of exceedingly short time frames and cannot remember further back than 10 years. Even comparing to 4 years ago the average & median sales values are still up, so I take it you can only accept 1-2 year time frames. Might I suggest cryptocurrencies could be the better investment for you to follow. Your language & approach would fit much more. Short time frames, excessive dramatisation, etc. Housing has always been for more long term investing & assets. If you were really concerned on week on week shifts and clutching at falsified straws, (as you yourself have just admitted knowledge that the new CVs can have no bearing on a property value), then the market is not for you. If you cannot even grasp that the CV is a point meant to be spread across 3 years for rating purposes it seems beyond the time frames & use you can appreciate.

I still laugh to this day that a property sold for less than a CV one year gets a CV another 25% higher a few months later but still gets marketed as if the new CV matters, (often many of the relevant research properties showing CV faults had cases like this), but if you judged the next sale by the new CV you would be doing yourself a disservice. It is impressive any sale can come close a recent CV, those things are bonkers for starters (it shows more about how they can be perceived & trust levels, plus the random chance nature of them, like getting a royal flush is impressive). In fact even a previous CV can be off the mark. Key is they can get closer with age, just like a child picking the value being higher could be closer to the mark eventually given enough time and inflation. (At this point I would believe using children to judge the next CVs would even give more accurate results).

I see you're back to rambling and refusing to accept that the majority of Auckland's house prices are selling below their 2017 CV's Eco Bird.

See you were very wrong about saying that Auckland's house prices had bottom out last August, which has been proved over and over again. And remember the foreign buyers ban hasn't even been brought in to force yet, so they'll be further price reductions when that happens.

Retired poppy, A2 milk share price increased by over 30 percent. Then dropped/settled 2 percent. Retired Poppy 2 questions for you. Should A2 milk shareholder investors sell out now in an " end is nigh" scenario? If yes, is this an example of how you view the property market for property investors?

Market darling A2 with a PE of 63, houses with yield around 3-4%. Something is about to give with equities and houses. As you have seen yourself, fear is already starting to present itself. Now, there is no point in selling the family home!

The end is not nigh as opportunities will once again present themselves once sanity returns, the smart and patient money is on the sidelines.

You're not very consistent with your usual theme. Other posts all doom and gloom, the sky is falling

RP - A2 share price looks familiar....like Xero/bitcoin familiar....

IO, it's reminiscent of merchant bank Fay Richwhite share price soaring post the 87 America's Cup win. There was no proven earnings potential to be had from winning the cup. It cost them all up 20 million for their bid.

Ok your advice is ...
"there is no point in selling the family home! The end is not nigh as opportunities will once again present themselves"
Thanks, good to know

Houseworks, have you ever considered borrowing money from a REAL pessimist? hey, they may not expect to be paid back ;-)

Here are the restrictions on foreign property buyers in Australia, in one handy chart.
https://www.businessinsider.com.au/china-foreign-buyer-restrictions-aust...

DGZ, Sydney prices are tipped to fall 10% in 2018! If your news link is true the Chinese are catching falling knives! An experience not easily swallowed.

http://www.smh.com.au/business/property/sydney-property-prices-tipped-to...

http://www.abc.net.au/news/2017-10-31/sydney-property-cold-as-chinese-ca...

http://www.abc.net.au/news/2017-10-04/chinese-developers-struggle-to-get...

You are surely aware that tighter lending restrictions have been placed on overseas buyers (both sides of the tasman) whose income is derived from oseas?

https://www.stuff.co.nz/business/industries/80840914/Westpac-and-ANZ-sto...

DGZ, stop wishing for the past and look to the future. Party is over.

“We are forecasting Sydney housing price growth of 2 to 4 per cent in 2018 as a whole.

https://www.domain.com.au/news/sydney-auction-numbers-surge-as-sellers-r...

NAB’s latest Residential Property Survey forecasted Melbourne house prices would rise 3.7 per cent this year and 2.2 per cent in 2019

Experts say waiting for Melbourne house prices to fall is a bad idea

Zachary , how are the RV/sales prices at auctions faring .

Cowpat, are you calling or another ZS report?

Just another ZS report, just the numbers up down no frills.

Zachary, ha-ha-ha!, here's something just for you. Book your one way air ticket without delay. You too can get your chance to bail out a fear filled overleveraged speculator;

https://www.msci.com/www/events/australia-property-investment/0813113413

Your boots must be 1/2 full by now or are they 1/2 empty?

The party is far from over to me unless when I reach retirement age (~2040) the houses are selling at 1990's level. Please get real.

So expensive houses is a party? Tell that to those who have no chance of ownership or who are relying to government assistance to make rent.

Please, get real....(ever thought about the welfare of others - rather than going on about sales rates and CV's?)

There are plenty of very self interested people in this world

DGZ, in 2040 you can take solace knowing you probably paid at least a million in interest, a million more than me. How that dead money could have been better spent........

RP how many times do you want me to repeat here? Over and over again? NO MORTGAGE!!

....you wish.

There is a difference - A2 are profitable and have more cash than they know what to do with, Xero have not yet turned a profit (not that I have a problem with this - they are better reinvesting their income than passing it on to the owners), and bitcoin doesn't even earn you revenue, let alone profit.

What do you think of the P/E ratio?

....we have once again revisited the days when P/E means nothing and past share price performance means everything.

But it's an alarm bell for irrational exuberance - regardless of the stories people want to create to try and make sense of it

Once the growth they've already experienced is annualised, it'll be around 30. The UK and USA markets are still in investment mode so not contributing to the profit yet. The new agreement with fonterra opens up whole new geographic and product opportunities. The science is developing. I'm happy to hold.

2.25 million in Havelock North - the new Remuera of NZ.

lol

New build house next to us in Remuera, 3rd week of open home, one party through today

Nope

That's not a new build DGZ. I remember walking by there a couple of years ago and admiring the turntable in the garage. Now I know why it has one after checking the link.

Maybe this one:
https://www.trademe.co.nz/property/residential-property-for-sale/auction...

Can you please tell me why?
Zachary Smith I think when certain people see our names appearing at the same time, it poses some sort of threat to them lol!

The turntable is used to turn the cars inside the garage and then stack up to four cars, two on top of two, on the right. Not quite sure how the stacking works.

Are you sure the cars can be stacked in the garage? Let me check the floor plan again.

Are you sure the tenants can be stacked in the garage? Let me check the floor plan again.

Not totally sure however I don't quite know how else to interpret "4-car-stacker garaging" if cars are not parked on top of one another. The floor plan shows two areas for two cars each plus the turntable part of the garage.

Boring!

I know, unfortunately I am under strict instructions to be boring since I suggested that globalism could benefit the World's least developed countries.

Zachary do you like this video? https://www.barfoot.co.nz/751992#Video

That is a nice video DGZ. Puts to shame all those commenters here who disparage REAs. What a lovely couple they make, haha.

It's a cool house with an amazing view, I must say

Hopefully it will sell under CV.

No one through today

Still Chinese New Year. Even my neighbours are still away in China. Don't expect them to come back next weekend either, as most people will be at Lantern Festival at the domain.

Are you suggesting that it has been primarily Chinese buying houses? That sounds a little racist there DGZ...we were told by *reliable* sources that they were a very small minority buying houses so really shouldn't make any difference.

January and February the holiday months, the wet months, the pre -post election months, 2017 and early 2018 was a bad time for house sales (residential sales operate more on seasons and events, where a single festival/event can be auspicious or a time to be more cautious). Floods, earthquakes, fires, have not done NZ house sales justice either. Many would be lucky to make a sale in certain areas. I wish them luck and hopefully less natural disasters.

Cyclone Fehi and Gita. All have a negative impact on sales.

Indeed it was sad to hear of the retirees still hoping to sell (to get enough for moving to a retirement home long term), in Nelson after their house & neighbourhood flooded. At least they had family they could stay with. Their are many in a similar position and retirement homes are not getting cheaper proportionately to incomes.

Lots of Remuera homes offered $$$ well under CV. Reliable anecdotal.

"Reliable anecdotal"

That's a contradiction in terms if ever there was.

TTP

Yeah I heard the same

Then it must be true, particularly if it's a source you trust

Isn't that THE MAN 2?

Yes you can understand why so many people left Christchurch for good after the quakes. All those dishonest people who are responsible for shoddy repairs down there should hang their heads in shame. This is going to cost taxpayers a fortune .

“$400,000 for a one bedroom apartment in Albany”
No no no no no……unless the foreshore has moved dramatically, this correction / adjustment has some ways further to go.
If responsive planning / land use comes to the fore – thousands of these things can be banged up.
I don’t particularly want it – but Mr Key championed mass immigration – so enjoy.

Previously sold for $475k in 2015. It's currently returning $440 per week, if we assume it's been rented at $440pw for the past 2.5 years (lets round it to 3 years) then it's a $6500 net loss before you factor in rates, insurance, RE commission, a mortgage if there is one.

Clueless oafs without any understanding of the real World. The arrogance and righteousness of the Left knows no bounds in their desire to make everyone the same as them.

What a load of rot, refusing to play ball with some silly superstitious crap from a backwards nation is exactly the right thing to do. The sooner the world moves on from religion, tea leave reading and flat earther bs the better.

So, tell us how you would have forced the Iranians to shake hands, then.

Not sure why we would want to force the Iranians to touch our women.

I encountered the 'ugly' expat many times. Their inability to respect others cultures made their sojourns mercifully short. By respect, I don't mean force others to do what we think is appropriate. Message to the oafs (bordering on cultural imperialism) here - learn about other cultures before you interact with them.

So culturally sensitive yet you return to New Zealand to make a living exploiting the essential need of your fellow citizens to have a home to live in.

I have a salaried position helping out borrowers in distress and own a home. I’ve no other property. I’m not sure how you class that as exploiting my fellow citizens but maybe that’s where the loonie comes from in the loonie Left?

Double up

Hey, don't mistake me for anyone who has any sympathy for misogynistic cultures, I would have thought that if you take the attitude you do, then you would be right behind the two Labour guys who refused to offer their hands. If the Iranians want the right to "offend" us then I reckon it is fine for us to reciprocate. I applaud their action.

We are all in some ways products of the cultures we live in. The handshake is an archaic tradition which to me means little except that you acknowledge the person’s presence. I rarely shake womens’ hands myself unless it’s a very formal relationship. Otherwise it’s the minefield of what various women in my life expect, which could be lip kiss, double cheek kiss (French friends are offended if you don’t at each meeting and goodbye), hug or a welcoming hello. In my expat life I struggle to recall any similar contact with foreign women. It just wasn’t done.

"Otherwise it’s the minefield of what various women in my life expect, which could be lip kiss, double cheek kiss (French friends are offended if you don’t at each meeting and goodbye), hug or a welcoming hello." The order in which you present them is a more disturbing look into your mind form starters. Where a handshake leads you to think first of a lip kiss and then follow ups. I pity the women who have to work & consult with you.

Exactly shouldn't of even given woman the right to vote. What next a woman prime minister. Strange times indeed.

I've even read about countries where woman go to work.

Was the Iranian delegation advised that the two male MPs wouldn't be shaking hands? If done that way it would be rather less dramatic. Why doesn't Heather du Plessis-Allan make that clear in her article? You imagine an awkward moment where an Iranian extended his hand and it was refused but that may not be the case.

I was given cultural briefings before living in others countries. I don't expect these clowns knew enough to know what the didn't know.

You are proving whom is the clown!

When you say clowns are you referring to the Iranian delegation or the Labour MPs? I'm pretty sure the delegation was in NZ, so surely your comment applies to the Iranians and not the kiwis?

When I invite a person to dinner should I insist the tea totaller knock back a Scotch because I do? Should I force the Vegetarian to eat fillet mignon, because I enjoy it? Of course not. As a host I respect their choices.
It’s the same when you host someone from a different culture. Did they disrespect us according to their custom? No, according to an Iranian born MP. Did we disrespect them according to our custom Yes!

Some of you need to get out more. Some people don’t queue, some won’t sit at a table where alcohol is present, some slap the seat on public transport to get rid of ghosts, some see eye contact as disrespectful, some have limp handshakes, some hold your hand when they want to talk to you. Accept that ways of the 7.6 billion people in the rest of the World are not exactly like us. I love the diversity. I loathe the arrogance of the cultural high horse shown here.

What's worse, not wanting to shake a girls hand because its within your belief system not to do so (out of respect for women), or a society where girls go to music festivals wearing no tops in a booze fueled environment, just paint glitter over their breasts, then get extremely offended when young drunk young men go for a grab?

I'm not saying which is right or wrong, but I certainly have an opinion as to which is more respectful/dignified.....but it's likely that some people will be offended that girls simply can't shake hands with certain dipomats in a formal environment and other girls who get offended when a guy grabs their boob when they decided to flaunt themselves in a high risk environment wearing only glitter...

The latter got far more publicity, probably because every nuance to the story allowed them to plaster the pic on their sites. I’ve been to Pacific Island villages where going topless is normal and it’s a curiosity for the first five minutes only and a good advert for support. I didn’t see anyone running around copping a feel. The Iranian situation is quite different as anyone with a quick Google search would have understood the norms and been able to adjust.

Now this link may not be 100% correct you will get the drift, but is this the diversity you refer to. Probably is. Im not accepting of any nation, bar no one. Just to be culturally acceptable, on that basis you would probably accept slavery, cannabilism, the holocaust and apartheid.

https://en.wikipedia.org/wiki/Human_rights_in_the_Islamic_Republic_of_Iran

The government of Iran is criticized both for restrictions and punishments that follow the Islamic Republic's constitution and law, and for actions by state actors that do not, such as the torture, rape, and killing of political prisoners, and the beatings and killings of dissidents and other civilians. Iran executes more prisoners than any other country in the world with the exception of China, beating out its regional rival Saudi Arabia by nearly an order of magnitude....

When good men do nothing?

As the great parliamentarian Edmund Burke said, “The only thing necessary for the triumph of evil is for good men to do nothing.”

"evil will always triumph because good is dumb" - Dark Helmet

Good is dumb says it all really, when you can argue that. Its times like this I actually feel sorry for some people.

Adolf Hitler was the goodie? That's a new twist.

"He was a sweet little thing as a child but lived in a cruel world that made him cruel. Anyone would have turned out just the same." We can't talk about this stuff without getting confused can we?

Cowpat, as requested, although with a bit of a frill, here is the ZS report:

Checking the sales results of the last twenty sales of normal houses, excluding apartments, as found in the Interest.co Auction Results pages and have easily located RV figures. I have excluded one property that would have radically skewed the figures. 38 Hackett St sold for 6.9M yet had an RV of 4.05M. Not sure what's going on there.

20 of the latest listed sold properties with a 2017 RV value of 22.600M sold for 22.889M revealing a price over RV of 1.28%.

Interestingly if we compare figures using the 2014 RV we get 22.889M/15.780M which is over 45% above RV.

8 houses sold for more than 2017 RV, 11 for less and one for the exact figure.
8 houses sold for less than 1M, 2 for more than 2M and 12 for more than 1M, so quite a good mix.

To me this indicates no softening in the prices currently. Of course this was done in a bit of a rush and I could have made mistakes although I did double check my additions. Also mistakes have been known to be made in the results pages (7 Coxton Lane, not included in the calculations, is clearly a mistake IMHO). Readers should feel free to do their own checking.

Zachary cheers.

Reality is that the pro property people on here are generally investors in housing!
I am sure that the ones that have done very well,out of property will be buoyant on the future of property and the ones that haven’t done as well will be anti property.
Maybe we have been lucky to be born when we were but I know that intelligent investors will make mo eye on any market!
The ones on here that are negative property and wanting prices to drop have been going on about it for many years and they have totally,missed the boat.
Jealousy of people that have taken action is not a trait worthwhile and you would be better off dwelling on what you need to do to get ahead in life.
Property investors will not be swayed by people who have not taken action and are not financially successful!

Feel better after that rant?

Would you acknowledge that your own views on shares are at least as myopic as the views on property you are criticising here? You didn't do well with them, and are now anti-shares.

The main difference as far as I'm concerned is high share prices do not have a significant impact on society in the same way as house prices do - being priced out of buying shares doesn't cause as much grief as being priced out of property.

To that I would tend to disagree. Most people are hit with an optimism bias in general. Everyone hopes for better and to consider & prepare for the reverse takes a lot more work. Sure the market has been increasing at a higher rate recently so many still expect price increases optimistically. Unfortunately though in NZ the recent housing & building environment has been completely the reverse; the leaky house saga (that consigned many new buildings around 1980s-1990s even to 2000s to be looked at with some doubt), the earthquakes where damage repairs were also doubtful, now up to the hike in recent floods (more the hundred year odd with some bad luck on the weather and infrastructure management). It has been odd that this is an environment for higher price rises but it is more land values increasing and population pressure than actual housing quality improvements (for that we have actual evidence against). But given that often it can be a matter of bad luck or natural disasters it does not affect everyone in the same manner so overall those suffering losses from those affairs will not impact the market much. Those who have not lived in NZ for a few decades to remember & experience the swings and issues can be caught out. Historical research for areas as well can be fraught, (I remember one council had their consent record stores burn so many housing improvements were caught in a grey area).

Overall I think there is more exuberance still but that is due to housing pressures, not experience with the market. Experience should tell you that you should be prepared & double check (the building quality, land location, infrastructure, groundwork, history etc), even if you expect to live there for decades or to sell for a profit, small changes can rumble those plans.

[Of note yes I have been in and out of the housing market from different angles, the position currently is comfortable but it is not without risks that do factor in to future retirement. It would be foolish to dismiss those risks and be fully optimistic].