Sales rate of 38% at latest Bayleys auctions, 35% at Eves in Tauranga

Property

Prices ranged from $570,000 to $4.418 million at Bayleys' latest auctions

2nd Jun 18, 9:11am by Greg Ninness

Bayleys Real Estate had just 29 residential properties up for grabs at their latest auctions in Auckland and the Bay of Plenty and achieved sales on 11 of them, giving an overall sales clearance rate of 38%.

At the Auckland auctions there were 18 properties on offer and they were a varied selection, ranging from a two bedroom home unit at Bucklands Beach to a three bedroom house at Ostend on Waiheke Island.

Sales were achieved on seven of the properties and the prices ranged from $570,000 for a two bedroom CBD apartment that, unusually, came with five car parks, to $4.418 million for a strikingly modern, five bedroom house in Remuera.

In the Bay of Plenty Bayleys took 10 residential properties to auction and achieved sales on five of them, with prices ranging from $610,000 for a three bedroom house at Mt Maunganui, to $1.3 million for a six bedroom house at Tauriko.

Also in the Bay of Plenty, Eves Real Estate conducted 17 auctions this week and achieved sales on six of the properties, with prices ranging from $571,000 to $1.35 million.

Details and photos of the individual properties offered and the sale prices of that that sold, are available on our Residential Auction Results page.

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92 Comments

by Houses Overpriced | 2nd Jun 18, 9:35am 1527888910

I sense a cold snap coming, but will be hanging around for a while.

by Retired-Poppy | 2nd Jun 18, 10:07am 1527890869

Vendors still clinging to a failing yesteryear perception that with the housing shortage/high immigration, they hold the upper hand.

by Chessmaster | 2nd Jun 18, 1:21pm 1527902464

What's changed? Still high immigration, low supply. I don't knows why we fascinated with auction clearance rates. This is the agents preferred method of selling but realistically only a few properties in highly desirable surburbs and quality should go to auction. Agents really drive into the vendors to accept auction price. In Aussie, only in a few Melbourne and Sydney surburbs go to auction but almost everything like Auckland. The crazy demand is gone now but don't see prices coming down. Vendors simply taking off the market when prices not achieved. In saying all this my area of interest is DGZ and haven't seen any drop here. Did you guys see the article on foreign buyer ban experience in Canada yesterday, they now saying it's worse than before as supply is the real issue.

by Houses Overpriced | 2nd Jun 18, 1:32pm 1527903157

Maybe you have been too busy playing chess, have you not noticed what has happened with 9 years of abhorrent policies

by CJ099 | 3rd Jun 18, 12:08pm 1527984520

@ Chessmaster, yes where indeed have you been. What changed: Donald Trump is what changed the global market (Trump Effect). Have you not noticed all his threats on trade tariffs which is effecting the global market but in particular China.

Hence Chinas capital flight restrictions which has prevented the large scale spending. And it's not just us feeling the downward trend, so is Australia and Canada. Without all that dodgy money pouring in from Asia our property markets are sliding. Still there are a few money launders floating around that should make you feel happy.

Here's some evidence for you:-

Australian Property market: http://www.abc.net.au/news/2018-05-31/what-we-learned-from-the-foreign-…

Quote: … there is no accurate or timely data that tracks foreign investment in residential real estate. No one really knows how much foreign investment there is in residential real estate, nor where that investment comes from.

Canada Better Dwelling article: Juwai Partners To Sell US and Canadian Real Estate To Ultra Rich Asian Investors
https://betterdwelling.com/juwai-partners-sell-us-canadian-real-estate-…

Article: Global Real Estate Prices Are Synchronizing & Creating A Real Estate Supercycle… That’s Bad
https://betterdwelling.com/global-real-estate-prices-are-synchronizing-…

by richard1965 | 2nd Jun 18, 9:54am 1527890040

In today' market 35% is excellent.

It proves the condition and direction of the market.

by Houses Overpriced | 2nd Jun 18, 9:58am 1527890322

I can only presume you mean down down down

by tothepoint - d… | 2nd Jun 18, 11:08am 1527894502

Yes - auction clearance rates appear to have risen a bit recently.

And this outcome despite the onset of winter.

But always need to remember that there's plenty going on in the market outside of auctions right now.

As noted before, too heavy a focus on auctions can create a false impression.

Enjoy the long weekend, everyone!

TTP

by Houses Overpriced | 2nd Jun 18, 11:23am 1527895428

Risen a bit? Shows your a bit slow with your maths

by Retired-Poppy | 2nd Jun 18, 12:24pm 1527899060

TTP aroused over "perceived" increases in auction rates? Eves & Bayleys is also provincial. These results factually support the "soft oscillation" has now spread to the provinces. How will TTP justify an overall "healthy" market when provincial gains are evaporating too.....

by Houses Overpriced | 2nd Jun 18, 12:30pm 1527899452

You can't be serious expecting TTP (The Thriving pest) to justify anything

by Yankiwi | 2nd Jun 18, 8:11pm 1527927109

The old 90% clearance rates of yore are so old now... Until recently, 30% was the new 90%.

Now, as TTP has intimated, we have made the huge gain from 30% to 35% clearance rate on auctions. Anyone could tell you that this is a 17% increase in clearance rates!

by theglc | 3rd Jun 18, 9:35am 1527975316

More codswallop from TTP again with no evidence

clearance rates have remained dismal, these results include regional, Auckland are consistently in the 20s and 30s

by kane02 | 2nd Jun 18, 10:08am 1527890900

I have heard anecdotally we have 130,000 houses nationally that are vacant. And that for the past few years we are building the right amount of houses.

If we had such a massive shortage, then why are the clearance rate so appalling. Why are houses not selling? There appears to be no urgency at all.

What about the 100,000 houses that the CoL are building...yesterday

So that’s 230,000 houses at say 2.5 people per property. Or housing for 575,000 people.

Really?

So what is Twatford doing?

by Houses Overpriced | 2nd Jun 18, 10:31am 1527892290

Spell correctly, people might understand what you are trying to convey

by Pragmatist | 2nd Jun 18, 12:40pm 1527900058

The clearance rates are so low because NZ buyers either aren't willing, or aren't able to finance themselves into a shedload of debt for the poor value for money housing stock that is for sale.

by Houses Overpriced | 2nd Jun 18, 12:42pm 1527900147

If they only understand what you have just said

by Chessmaster | 2nd Jun 18, 4:44pm 1527914674

Seriously you guys are complete idiots. Keep waiting for sky to fall down and clutch at every little bad news story thinking you'll get rich. Keep dreaming dreamers

by Gummy Bear Hero | 2nd Jun 18, 4:54pm 1527915252

... I don't think that abusive comments ought to be allowed on this site ...

A lively debate is fair enough... but disrespecting and denigrating fellow bloggers is taking cheap shots .... bad form ...

by Nzdan | 2nd Jun 18, 5:01pm 1527915699

Are you suggesting that if someone presents a baseless argument that clearly shows they don’t know what they’re talking about, that they can’t fall back on to ad hominem?

by Double-GZ | 2nd Jun 18, 5:02pm 1527915765

Bravo Chessmaster. You beat me to it!

by Houses Overpriced | 2nd Jun 18, 5:22pm 1527916977

You chicken,hide under others skirts

by tothepoint - d… | 2nd Jun 18, 5:42pm 1527918169

I second that, DGZ.

TTP

by Houses Overpriced | 2nd Jun 18, 5:48pm 1527918518

One idiot seconding another. . What a bunch of fools

by Pragmatist | 2nd Jun 18, 5:03pm 1527915830

Lol, and your true colours come out. Keep deceiving yourself that house prices can never drop and mortgage yourself to the eyeballs if you want. I'll spread my investments around the globe, and across many sectors, and hope for the best when the brown stuff hits the spinny thing, at some not too distant time.

by Houses Overpriced | 2nd Jun 18, 5:15pm 1527916544

Look at the mirror and you'll see the biggest idiot.. you muppet

by Houses Overpriced | 2nd Jun 18, 5:19pm 1527916765

You muppet when the us treasuries fell early last week you were gloating about interest rates staying low, today they they are back up.. you are such a novice and you prove it with every comment.
Go back to playing marbles, don't think your name does any justice

by Retired-Poppy | 2nd Jun 18, 6:12pm 1527919923

Chessmaster has met his match and is at the bottom of his game. Properties investment allure is fading, it will disappoint long term no matter what insults are thrown. DGZ and TTP'S sanctioning his comment says volumes.....

by Houses Overpriced | 2nd Jun 18, 6:15pm 1527920126

@RP, if you notice they (specuvultures) are all losing it and cant stand that their over inflated asset is slowing blowing out air.. they can try using which ever finger they want and they are not going to be able to stop that seepage...

by theglc | 3rd Jun 18, 10:03am 1527976995

So you assume anyone who doesnt agree with your opinions are idiots.

Well I guess time will tell who the foolish are.

The reality is there is supposedly a supply shortage but still very few buyers prepared to buy at the current prices, banks are tightening up and the world debt crisis is starting to play out in case you hadnt noticed.

IMO all the levers are pointing one way and that is down

Good luck to you if you are reliant on prices increasing

by Gummy Bear Hero | 3rd Jun 18, 11:16am 1527981385

... it might be a good thing if house prices do stagnate or fall.... then investors will wake up from the magic spell of property .... and perhaps, rediscover things that do grow the economy and employ people .... actual businesses ... .. trading , producing , innovating .... ahhhhhhhhhhhhh !

by Nzdan | 3rd Jun 18, 11:20am 1527981611

But if house prices don't continue to rise how are we going to maintain a trade surplus? Think of all the money coming in from "lending growth", it's a great wee export earner.

by tothepoint - d… | 2nd Jun 18, 11:10am 1527894647

Agree - you can't blame that type of spelling mistake on your software.

Show some respect.

TTP

by Houses Overpriced | 2nd Jun 18, 11:17am 1527895031

"Show some respect " , so you're now getting sensitive?

It was a factual statement.

by saving_for_aus… | 2nd Jun 18, 12:01pm 1527897670

$571,000 for a mediocre house almost 20km from a city of less than 140,000 people.

Let's substitute Cairns in for Tauranga. A coastal city with a slightly large population. Here's what you can get that for that kind of money, 12km out from their city center.

https://www.realestate.com.au/property-house-qld-bentley+park-128393130

4 bedrooms, 1 hectare, with a deck, small pool, solar panels, and gorgeous views.

by Zachary Smith | 2nd Jun 18, 12:18pm 1527898690

Plus man eating crocodiles, venomous snakes, deadly spiders, rabid bats and a plant that makes you commit suicide if you touch it.

by Houses Overpriced | 2nd Jun 18, 12:14pm 1527898440

Please stay away from those plants;)

by Brock Landers | 2nd Jun 18, 12:25pm 1527899155

Funny how driving on dangerous NZ roads scares me a LOT more than any aussie creatures.

Then again I'm able to understand probabilities.

by Zachary Smith | 2nd Jun 18, 12:32pm 1527899561

Yeah but dangerous NZ roads don't crawl into bed with you at night.

by Houses Overpriced | 2nd Jun 18, 12:37pm 1527899869

Lol

by Didge | 2nd Jun 18, 1:08pm 1527901703

Over five decades I have spent a lot of time walking (and driving) in the Australian wilderness from the tip of Cape York to as far south as the the Blue Hills near Sydney. When not doing fieldwork, I have also bush walked (tramped) with Brisbane Bushwalkers club and snakes were frequently seen, but the only deaths they ever recorded were from driving to or from a bushwalk.
With the amount of freight crossing the Tasman, snakes will very probably establish here as will dangerous spiders.

by Pragmatist | 2nd Jun 18, 1:19pm 1527902367

Look again... https://www.odt.co.nz/regions/north-otago/driver-flees-after-car-crashe…

by Nzdan | 2nd Jun 18, 5:06pm 1527916000

Doesn’t look like a road.

by Pragmatist | 2nd Jun 18, 6:00pm 1527919206

If only somebody had told the driver...

by Fritz | 2nd Jun 18, 5:53pm 1527918837

If you play that game....how about our deadly earthquakes?

by Malarkey | 2nd Jun 18, 12:49pm 1527900586

My time is split between Japan and Los Angeles. People in both countries complain about the "high cost of living" but soon clam up when I tell them about New Zealand. Often times it takes a while to convince them I'm not kidding or exaggerating, but I just send them links to articles in various NZ media. These leave the Japanese and Americans completely aghast at how incredibly expensive it is to subsist in NZ. And to top it all off the quality of most things is so astonishingly low. The crummiest materials sold at premium product rates. Workmanship as low as it can go yet also charged out like royal favours. Still, at least New Zealand makes the people of other nations grateful for what they have.

by Roger Witherspoon | 2nd Jun 18, 1:14pm 1527902059

No one seems to realise how really, really, stupidly expensive NZ houses are compared with places like Texas:
https://www.zillow.com/gainesville-tx/houses/

by Malarkey | 2nd Jun 18, 1:17pm 1527902243

Almost no one. ;)

It's possible to buy a very nice "modest" home in the likes of Malibu for less than the average price of any typical Kiwi pine 'n' fibro shitbox almost anywhere in Auckland.

by Independent_Observer | 2nd Jun 18, 1:39pm 1527903577

Good point Roger - although gainesville is probably the Gore of Texas....But agree houses are relaively cheap there.

by CN | 2nd Jun 18, 3:05pm 1527908718

Roger,

If you want look at house price affordability in New Zealand cities in a global context.

Page 41 is a summary list of all of the cities in New Zealand in the survey.

https://fcpp.org/wp-content/uploads/dhi2018-fcpp.pdf

by Gummy Bear Hero | 2nd Jun 18, 5:35pm 1527917704

Ah ... the latest Demographia ... thanks ...

... other relevant pages for Kiwi investors to ponder are 18 & 19... 25 ... 35 & 36 ... 49 , 51 and 57 ...

A wealth of material there showing how horribly overpriced the housing market in NZ has become ...

... as Oliver Hartwich says , rapidly rising house prices is not a reason to celebrate ... it's a sign of a dysfunctional industry...

by Zachary Smith | 2nd Jun 18, 4:41pm 1527914470

Everyone seems to forget that Auckland house prices double every ten years at least. This makes Auckland housing incredibly cheap, possibly cheaper than anywhere else on the planet or even the entire Universe.

by custard | 2nd Jun 18, 5:43pm 1527918183

Excellent point Zachary – and thus the plan forward.

All non-related house building enterprises are to be shuttered immediately – all non-house building skilled individuals are to be retrained in house building without delay,

All economic efforts to be focused on house building - and absolutely nothing else.

We will ultimately double our GDP every 10 years at least – without fail.

Finally, we won’t have to put up with various miserable efforts that are constantly affected by weather events, disease or international price swings.

by Pragmatist | 2nd Jun 18, 5:48pm 1527918527

No, we can't build houses, supply and demand would crash the market. So obviously we have to just trade the ones we have back and forth. From now on all schools sole purpose is to train up a new cadre of real estate agents and mortgage managers, along with a side helping of signmakers, photographers and property staging specialists. We're gonna be rich!! so rich!

by CN | 2nd Jun 18, 7:50pm 1527925811

"Everyone seems to forget that Auckland house prices double every ten years at least."

That is the essential underlying premise that has given most Auckland property investors the high degree of confidence to use lots of debt to finance their purchases of investment property in Auckland. Many Auckland investment property buyers have been using negative gearing in the expectation of future capital gains. Furthermore, many have used interest only loans to maximise their cashflow.

Many have used "deposit recycling" or "equity release" to further leverage up on the recent market price increases of their investment property portfolio, to maximise their borrowing capacity to maximum allowable limits to further buy investment property. Each time the market price rose sufficiently, many property investors revalued their property portfolio again, and then went to the bank to take on more debt to maximum allowable limits to use as a deposit for their next investment property purchase, which fueled ever higher property valuations, resulting in an upward property price spiral and price feedback loop. The price cycle continued for a period of time until an external event stopped property prices rising.

Historical prices supporting that key premise certainly seems extremely compelling and very persuasive. Those that understand the environment that existed to achieve those historical price changes in Auckland property prices, will note the likelihood of this continuing into the future from current levels and current conditions.

The next recession in NZ will be the real test whether that underlying investment premise has merit.

by Fritz | 2nd Jun 18, 6:23pm 1527920587

yep, lots of things moving forward 10 years from now are much different to the last 10-20 years:

- affordability levels pushed to breaking point
- ageing population
- Interest rates 'low' (by NZ standards) and unlikely to be able to go much lower
- Meaningful tax / policy chnages (eg. brightline test, kiwibuild, further planning/RMA changes etc)

Of course some things will conspire to hold prices up - such as our country's abysmal house building industry. However, doubling again? Pretty unlikely, I'd suggest.

by CN | 2nd Jun 18, 7:31pm 1527924681

The direction of market prices in all free markets certainly influences buyer confidence in an upward price cycle due to the price feedback loop. There are so many historical examples of this and how prices can go to extremes.

There are also examples of how investor confidence and expectation of ever upward property prices diminished and changed significantly in markets where property prices subsequently fell significantly. Once market prices fall significantly in any market (property, stock markets, commodities, etc) , the environment and investor confidence becomes one where fear dominates - recall the 2009 GFC, or the internet bubble in early 2000's, 1987 stock market crash.

One market prices fell significantly, future price expectations of many changed dramatically also.

by Fritz | 2nd Jun 18, 5:55pm 1527918935

Yes, NZ is probably the biggest rip off in the world. It's very expensive, but as you say it's even worse because generally the quality of things is poor / mediocre.

by Fritz | 2nd Jun 18, 6:35pm 1527921351

Which part of Japan, Malarkey? I lived in Nagoya for a couple of years

by Bluff | 2nd Jun 18, 8:40pm 1527928810

Good article here on interest from kiwibank economist stating top 10 risks. One he mentions is low wage inflation creating angst and upheaval possibly in the form of voting for populist politics think brexit, trump far right left etc. This social divide our house prices and cost of living has created is yet to bear out its unintended consequences...big cracks now appearing but likely to worsen when really under duress. When i mention this to jo punter they scoff and look sideways.

by BuyLowSellHigh | 2nd Jun 18, 3:06pm 1527908817

Have you considered that maybe when it comes to geographical location, you get what you pay for? Some places are cheaper than others for good reason.

Since house price seems to be your key driver, how about this place? New two story stand alone house, five rooms, three kitchens, four bathrooms. Only $107,000 NZ dollars.

https://www.propertywala.com/P3104150

by Double-GZ | 2nd Jun 18, 5:00pm 1527915637

Sold sign outside 40 Orakei Rd. Does anyone know how much it went for? I'm guessing another one over $4mil.
https://nz.raywhite.com/auckland-city/remuera/1881627/

by Nzdan | 2nd Jun 18, 5:09pm 1527916191

I’m going to throw a wild guess and say $4.8 million.

by CJ099 | 3rd Jun 18, 6:57pm 1528009041

Red Flag = MONEY LAUNDER!

by custard | 2nd Jun 18, 5:26pm 1527917188

Actually $4.15 million – and I should know – I bought it.

by Nzdan | 2nd Jun 18, 5:30pm 1527917437

You're lying, Double Grammar Zone properties never sell below CV.

by Pragmatist | 2nd Jun 18, 5:31pm 1527917462

8% under CV.. bad boy, you were supposed to pay a lot more for it ;) - congrats btw.

by Double-GZ | 2nd Jun 18, 6:05pm 1527919537

I just rang the lovely agent. She advised that it went for $4.75 mil

by gingerninja | 2nd Jun 18, 5:46pm 1527918418

I can't tell if you're joking Custard?

by Chessmaster | 2nd Jun 18, 7:41pm 1527925310

His bloody lying, it went for $5.3m, just went unconditional this week. I have my eyes on number of GZ properties, like I said before there is no bargains in these surburbs.

by Pragmatist | 2nd Jun 18, 9:23pm 1527931432

Are you calling double-gz a liar?

by Chessmaster | 2nd Jun 18, 9:59pm 1527933544

No this custard guy. Dgz was probably bluffing to catch him out haha. But yeah the price is a lot higher than they both bluffed about. I know the property they talked about as I went to view it.

by Chessmaster | 2nd Jun 18, 9:59pm 1527933548

No this custard guy. Dgz was probably bluffing to catch him out haha. But yeah the price is a lot higher than they both bluffed about. I know the property they talked about as I went to view it.

by Chessmaster | 2nd Jun 18, 10:17pm 1527934672

Sale Price $5.3m, 18% above CV of $4.5m. they bought it for $3.3m in 2013. They made only $2m on their $3.3m investment. They should have put it in the bank like Retired Poppy and made a whopping 3% after tax each year, i.e. less than $50k.

5 years ago people did tell them that $3.3m is too high, whilst a whole heap waited in the sideline hoping prices to crash.

by Retired-Poppy | 3rd Jun 18, 9:12am 1527973960

Chessmaster, for many a speculator such as yourself, property is the retrospective be all and end all. We are now at the end part. Honestly, you and others here read like a cheap property seminar with the continued bellowing of retrospective wonders. I cannot see the point in repeatedly outing oneself as lacking vision for what's ahead. Its self defeating.

I for one hope prices don't crash but sadly through the greedy behaviour of speculators, the risks of one attributed to an offshore event is now increasingly likely. The RBNZ unconventional toolbox will hopefully soften the fallout.

One positive here is that you cannot cry foul and say that you weren't warned.

by Chessmaster | 3rd Jun 18, 12:45pm 1527986734

Don't understand what you saying RP? Self defeating??

Mate, I worry about the likes of you. You have put money on a 5 year deposit term and I assume from your name that you're no spring chicken. I hope you stay around to see the term deposit mature. The banks are very good at their business and still charge people fees and transaction fees after they pass away. Younger people don't have the luxury of putting money away, they need to make it first so your advice for them is meaningless.

by Retired-Poppy | 3rd Jun 18, 2:24pm 1527992694

Chessmaster, I am bemused with this response. Does this mean everyone should save using debt? Thought so. Steer clear of this guy because he obviously sells money for a living.

by custard | 2nd Jun 18, 5:48pm 1527918499

Wot!!

Well that’s well and truly spoiled what was otherwise going to be a rather pleasurable Saturday night.

I should never have taken that mandarin or whatever it was phone call.

by Nzdan | 2nd Jun 18, 7:21pm 1527924097

I wasn't far off!

by Chessmaster | 2nd Jun 18, 10:19pm 1527934788

You were far off, it went for $5.3m, just went unconditional this week.

by Chessmaster | 2nd Jun 18, 8:34pm 1527928442

I don't know where you guys getting your price from it went for $5.3m, they were looking for $5.6m, house belongs to a TV personality. Seriously over CV of $4.5m which I thought was high, house was ok but on a very busy road. Another example of prices coming down haha

by Double-GZ | 3rd Jun 18, 8:50am 1527972648

Thanks for the info Chessmaster. I just went for my evening stroll and saw the sold sign a couple of days ago hence wanted to find out. Also saw a sold sign outside 22 Raumati Rd (B&T listing). Any chance you can find out for us? https://www.barfoot.co.nz/755487

by Chessmaster | 3rd Jun 18, 11:03am 1527980638

Didn't sell at auction. Probably get the result next month. Can ask a Barfoot agent next time I go to see one of their houses.

by FamilyGuy | 2nd Jun 18, 6:57pm 1527922623

As promised, this government is trying to be more transparent about foreign buyers than Nats. Stats NZ is going to publish figures on property transfers in NZ on 7th June. Stay tuned folks-
https://www.tvnz.co.nz/one-news/new-zealand/new-stats-give-fuller-pictu…

Cheers.

by fat pat | 2nd Jun 18, 10:45pm 1527936339

From Q3 2016 to Q3 2017 (defined as Sep 2016-> Sep 2017) Housing loans grew by 14.5 billion dollars. The start of that period corresponded to the apex of loan growth ~ 19 billion pa (see graph). The dates over-which the loan growth declined coincided with the dates in this gloomy interest report showing that realestate commissions in Auckland had collapsed by 30% from 191.3 million to 133.0 million) over that same time period. A back of the envelope calculation assuming a 3% commission shows this corresponds to a (191.3-133.0)/0.03 = 1.93 billion fall in sales revenue in the Auckland region alone!

Consider that capital controls affected Chinese buying in Auckland from late 2016. Was the decline in Chinese buying the catalyst or shock that caused the dramatic slowdown in domestic borrowing. Whatever the cause the effects of fewer Chinese buyers and less domestic credit were cumulative.

Now looking forward from April 2017 to April 2018 loans grew by 13.3 billion. (you can get those numbers straight from the RBNZ C5 spreadsheet, or by looking at the above graph). Anyway actually that’s a 1.2 billion dollar drop lending growth from the infamous (Q3 2016 to Q3 2017) period! Just saying, there is some justification for caution.

by Eco Bird | 2nd Jun 18, 11:36pm 1527939407

So, where is KB? .. why isn't the CoLs building anything yet??

How long will they PLAN!, meet, consult, pamper, beg, and ridicule themselves before rubber meets road ? ... Oh, it takes time eh?, Yes , it does .. and it will take forever if they are the inexperienced and dreamers as they are

Only fools would believe that the status quo and doing very little will bring house prices down ... Just because 20% of potential home buyers cannot afford the current lower quartile prices or because Auction clearance rates are low does not mean every house owner should sell , let alone sell below market ...:) .. Others believe that scaring buyers will pressure sellers to give the stuff away !!

Only fools would believe that building 1 and 2 bedroom shoe boxes will solve or even help the housing crisis ... the biggest demand is for 4+ bedrooms needed for big families or singles with kids or extended families... some of which are popping babies while having no income or nowhere to live. These stories makes a lot of good doco material and create sympathetic news clips to get the Sallies and others rave about it.... we are back to emotional blackmail again ! .. so the burning question is .. Why isn't this Gov doing enough about it ????? .. How can an issue like homelessness be spreaded over many years as if it was a roading project ?...

Every man and his dog can fantasize about building affordable houses and cry blue murder about homelessness and poverty, Yet nothing is happening - and nothing is being done .... even after 8 months, this CoLs who promised the change ( among so many other things) have dropped the ball and are busy doing their own things and spending the inheritance
"wisely" while constantly firing up the blame game ... they gave their voters a sore one finger salute and dropped their flag ship promise. They ridiculed Treasury's forecast and now the RBNZ sees house prices rising at a rate of 2-3 % pa for few years .... lucky that PT didn't call them "Kids" too !!

I hear that Big and influential building industry players now believe that KB is a fantasy and a lot of Hot Air ... they started looking for cheaper ways to build what the CoL wants ( as there is big money to be made), regardless of what the results would be - business is business !

It is time to look under your feet and forget about Auction results, unless of course you like chewing the fat !

by Houses Overpriced | 3rd Jun 18, 12:13am 1527941636

You must have a lot of time on your hands to type such crap.

The budget for the next year is effective 1st aug, thats when it starts

by Chessmaster | 3rd Jun 18, 11:02am 1527980537

I agree with eco-bird and is well written. This govt won't solve any problems and with all this anti property campaign they gave put off a number of developers. I think the problem is going to get worse.

How can they justify the prices they are happy to pay for shoebox apartments. Plus they they want to house families in these. How can kids live in apartments, with the price tenants being charged, they'll be better off renting a house instead.

by Double-GZ | 3rd Jun 18, 12:27pm 1527985656

I second that Chessmaster. Too many DGMs here on this site made it look like a Taxinda COL heaven.

by theglc | 3rd Jun 18, 11:03am 1527980586

Another bitter National supporter and member of the COSL (coalition of sore losers)

by THE MAN 2 | 1st Jul 18, 7:07pm 1530428874

Never a truer word has been written Eco Bird

by mikekirk29 | 3rd Jun 18, 11:15am 1527981316

Please can we have a little better analysis of auctions?
Firstly, % of sold prop sold at auction in Auckland?
Average price sold for?
Critically, per quarter, how many and what % of for sale prop going to auction?
How many sold on the day, or in negotiation after?
Despite words from many sources talking about market recovery in last quarter, sales are down in Auckland on 2017 and even compared to 2012. Prices too high. watch the bond market if you want to know when price drop will commence in earnest