Barfoot & Thompson sold just over a third at its latest auctions

Property

Latest auction results: 37% sold at Barfoot & Thompson's latest auctions

19th Jun 18, 9:35am by Greg Ninness

Barfoot & Thompson sold just over a third of the properties the agency marketed for sale by auction last week.

The agency had 126 residential properties scheduled for auction and sold 47 of them, giving an overall clearance rate of 37%.

The remaining 79 were mostly passed in for sale by negotiation, while a few had their auction dates postponed or were withdrawn from sale.

At the major auctions where at least 10 properties were on offer, the highest sales rate was at the Shortland Street auction on June 12, where 10 properties were offered, mostly in central-west suburbs such as Blockhouse Bay, Avondale, Glen Eden and Te Atatu, with sales achieved on 50%, while the lowest sales rate from the major auctions was at the Manukau auction where 28% were sold.

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

**Barfoot & Thompson Auction Results 11-17 June 2018**
Date	Venue	Sold	Not Sold	Total	% Sold
11-17 June	On site	3	2	5	60%
12 June	Manukau	7	18	25	28%
12 June	Shortland St, CBD.	5	5	10	50%
13 June Mortgagee/Court	Shortland St, CBD.	1	2	3	33%
13 June	Shortland St, CBD.	10	19	29	34%
13 June	Whangarei	2	1	3	67%
13 June	Pukekohe	0	2	2	0
14 June	North Shore	9	19	28	32%
14 June	Shortland St, CBD.	3	3	6	50%
15 June	Shortland St, CBD.	7	8	15	47%
Total	All vanues	47	79	126	37%

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178 Comments

by Retired-Poppy | 19th Jun 18, 10:30am 1529361041

Even if we avoid another global shock, it's easy to visualize a 10% or more pullback in nationwide house prices in next few years. There are several well documented reasons supporting this. When adjusted for inflation, thats a considerable adjustment. If I were a first time buyer, I would certainly avoid this market.

by CrispyKahawai | 19th Jun 18, 10:37am 1529361445

FHB here - doing exactly that.

by Nic Johnson | 19th Jun 18, 5:15pm 1529385333

Good on you Crispy.

I met a chap in England a few years back now, he'd been to see a Real Estate agent who had told him his family house was worth £1,000,000. He'd bought it years before for £37,000 and couldn't believe how lucky he was to have seen such astronomical capital growth.

He immediately planned his retirement and bought a house in Spain using £300,000 of borrowed money. He planned to sell his house in The UK and buy a smaller one for £700,000 and live in that half the year and Spain the other half. The family home for £700,000 would still be a comfortable space for half the year. Or so he thought.

Unfortunately his house was never worth £1,000,000. But in 2006 Northern Rock were happy to lend him £300,000 as it was worth more than that and they were covered even if he was only working part time In reality it had actually been worth at best £750,000 but he waited a while for his million finally selling for £600,000 when it finally sold in 2008 after 18 months on the market..

He had no choice because the bank wanted paying and his income didn't cover the £300,000 Spanish property mortgage.

He bought a small flat in the UK for £300,000, not what he had in mind. The Spanish property fell in value to £150,000 and is not worth much more today. I never saw him at the Golf Club again but I guess he didn't have as much to play with in retirement as he thought.

It's interesting how plans on paper don't always pan out in reality. It's also interesting how many Real Estate Agents have no idea what a real market price is at the moment, because they are effectively part-time door openers.... If they did have a clue then houses would be selling at Auction. This is going to fun to watch.

by Nzdan | 19th Jun 18, 5:31pm 1529386260

Pretty hard to get a gauge on "real market" price at the moment, but people will still look at the 30% of houses that have sold at auction, see that those properties sold at around/above 2017 RV and conclude that the market is still going hot.

"Real Market" prices are nigh on impossible to record in a flat to falling market, because the sellers will be holding. 70% of the market at auction is effectively not being measured.

by Chessmaster | 19th Jun 18, 5:43pm 1529386993

Here we go bloody pommy examples again. Clearly you have no work and sit there and write this crap. You must be 70 plus. What's your motive for a big house price drop, it's not like your age the bank will ever lend you anything. I can give you tons of examples where Aucklanders have made lots of money on their family home or investments. Somehow people like to think and remember negative stories more and live in fear rather than thinking positive. :-)

by Nic Johnson | 19th Jun 18, 5:58pm 1529387916

Why do you get so upset all the time Cheesy? Are you struggling to shift the portfolio... Try again next week at a slightly lower price... Good advice in the story above.. If the chap had listed at the £750,000 in the first place he probably would have got it.. But he went for £1,000,000 ( that some fool had told him) and ended up 18 months later with £600,000.

And for reference I also included a Spanish example in the story as well and in reality the story isn't really for you I was addressing Crispy not you. But once again you turn up uninvited and unwanted.

by RickStrauss | 19th Jun 18, 7:18pm 1529392720

Did they pay tax on the profit from their investments or did they pretend the capital gains were entirely accidental and not the reason for their investment?

by Nic Johnson | 19th Jun 18, 10:20pm 1529403659

Family home Rick and there was no gain, he still got 'rubber ducked' by bad investment advice though ... it doesn't always go up you see particularly when the banks have been somewhat over generous in their lending criteria...or lack there of. credit crunch? Highly likely?

by HeavyG | 20th Jun 18, 7:15am 1529435756

That was a boring waste of time...

I met a chap who bought a house in Auckland for $37,000. A real estate agent told him years later it was worth $1m so he went to auction and sold it for $1.3m. Bought a house on the gold coast for $300k, a smaller house in Auckland fro $700k and a Russian Bride with the balance.

Don't be a mug Crispy, buy now and get you a Russian Bride.

by tothepoint - d… | 19th Jun 18, 1:46pm 1529372796

Hi Retired-Poppy,

You write above, "......it's easy to visualize a 10% or more pullback in nationwide house prices in next few years."

A few months ago you (and your mates) were telling us that a 30%-50% drop in prices was a best case scenario - and that it could be much worse.

Now you talk of a paltry 10% price drop. (That's hardly a crash after the whopping price increases of 2006-2016.)

We can only conclude that you now believe the housing market outlook has become much more positive.

Good to have your assurance, Retired-Poppy....... And no doubt your mates share your new-found optimism.

TTP

by Retired-Poppy | 19th Jun 18, 2:06pm 1529374009

Tothepoint, I found the following stunner of a forecast for NZ house prices posted by you 24 Feb, 2017 @ 10am;

"A fall of a mere 12% over the next 3-4 years would be a soft-landing, given the spectacular gains of the recent past. So, hardly a forecast to get too uptight about. But the fall could be more pronounced than that - shouldn't rule that out. Auckland property prices are in decline now. Unless there's a compelling personal reason, why would one buy a house in Auckland at this juncture? Better to "buy low and sell high" than the other way around - every Joe & Jill Bloggs knows that. And that's exactly the reason buyer confidence is fragile - as indicated by the falling numbers attending open homes (while sellers/investors are striding towards the door in increasing volumes). Buyers have largely got the message that biding one's time is a prudent strategy right now, while over-geared owners/investors are displaying a nervousness not evident a few months back. Buyers - waiting through autumn and winter just might have a silver lining for you......."

https://www.interest.co.nz/property/86171/nz-house-prices-look-set-fall…

Knowing you're the author of this post, feel free to think twice before "copy and paste bagging" similar "DGM" posts - okay?

Anyway, what did you mean when you said "but the fall could be more pronounced than that - shouldn't rule that out" What percentage drop are we talking - 30-50%?

by Nzdan | 19th Jun 18, 1:53pm 1529373219

I think his caregiver logged into his computer while he was taking his daily 50 meds.

by tothepoint - d… | 19th Jun 18, 2:20pm 1529374806

Hi Retired-Property,

If you look at the date of that post (24 Feb 2017) you can work out that it's 16 months ago.

A short while after that, I changed my view and made that VERY CLEAR on this site - as readers know.

Specifically, I stated subsequently that I did not believe there would be any sizeable correction (or crash) in the housing market - because I had reconsidered the market and concluded that the drivers of the upswing (2006-2016) were largely STRUCTURAL, including demographic. That is, it was no ordinary cycle.

That was my new thinking and I have sustained that position to this day.

As it turns out, the last 16 months have proven me to be largely correct. (There was no silver lining "through autumn and winter" of 2017.)

Your opening post above reveals that you have now considerably changed your view. It's perfectly legitimate to change one's view.....

I hope you will be similarly explicit about this.

TTP

by Retired-Poppy | 19th Jun 18, 2:19pm 1529374795

"A short while after that, I changed my view and made that VERY CLEAR on this site - as readers know"

Translation "A short while after that, I landed a job selling real estate"

by tothepoint - d… | 19th Jun 18, 2:22pm 1529374975

Hi Retired-Poppy,

You write above: Translation "A short while after that, I landed a job selling real estate"

That is incorrect. (I have never had any connection with the real estate sales industry.)

TTP

by Retired-Poppy | 19th Jun 18, 2:48pm 1529376497

TTP, it sounds more like a liar in damage control. Nobody here has commented 30-50% drop is a best case scenario. Anyway, Please feel free to put up a link to the contrary.

I think I've made my point.

by tothepoint - d… | 19th Jun 18, 3:58pm 1529380690

Hi Retired-Poppy,

No point trying to pull the wool over our eyes.

Housing price drops have been predicted as being as much as 70% (or more) on several occasions and, in at least one case, 90%.

People here have also talked of the crash "wiping out the price gains of the last decade" and so forth.

It's disingenuous of you to now suggest that price falls of such order of magnitude have never been predicted (and yearned for) on this blog.

Everyone who visits here regularly knows the types of (exaggerated) predictions that get flung around - especially when people are trying to push their own agendas.......

And you're one of the best known culprits.

TTP

by Chairman Moa | 19th Jun 18, 4:29pm 1529382563

Retired-Poppy and TTP should have a meet up at the local pub and have a beer (and get drunk together)

by Retired-Poppy | 19th Jun 18, 4:40pm 1529383257

ha-ha-ha :)

by theglc | 19th Jun 18, 3:00pm 1529377211

"I have never had any connection with the real estate sales industry"

Well that is quite obvious by your lack of knowledge...

by Fritz | 19th Jun 18, 8:50pm 1529398259

TTP
I am less bullish than you.
I think with affordability stretched to the limit, imminent tax changes, and the foreign investment ban (at least on existing houses) we will see Auckland drop at least 5 % over the next months. So I don't pick a big fall as my central position.
However, there is a big caveat to that view in that it assumes there is no significant international / domestic economic shock.
The world economy runs in cycles and we are due another slump of some sort.
I am interested in your view on the likelihood of a slump and how that may or may not shake things up beyond your central view (essentially flat prices next 1-2 years?)

by Mrs The Point | 19th Jun 18, 10:43am 1529361805

Hi tothepoint,
I think we should just ignore this auction result as a downside oscillation. Let's just wait for one with 50% clearance and spout fourth about an early spring or something similar.

MTP

by tothepoint - d… | 19th Jun 18, 1:22pm 1529371352

Noted that the recent trend of higher auction clearance rates in Auckland has been sustained.

Not sure how long it will continue.

In any case, not too much should be read into it at this stage.

TTP

by Mrs The Point | 19th Jun 18, 1:35pm 1529372144

Hi tothepoint

Not sure how long it will continue.

You can jolly well purge your mind of that sort of DGM thinking Mr.

MTP

by Nzdan | 19th Jun 18, 1:36pm 1529372174

It’s really just margin of error stuff, just like a DGM claiming auction rates are falling if they went from 95% to 89% in a week.

by Mrs The Point | 19th Jun 18, 10:46am 1529362012

Another big fat zero for the onion fields of Pukekohe, must be some vendor conditioning happening out south by now.

by ShoreThing | 19th Jun 18, 12:04pm 1529366691

Two thirds of mortgagee sales were passed in! How does that even happen?

by skudiv | 19th Jun 18, 12:29pm 1529368171

The banks have been getting into a bit of bother for letting mortgagee sales go too cheaply. I suspect those days are over.

by Bobster | 19th Jun 18, 12:31pm 1529368301

Eh? No, it’s that the defaulting borrowers are so leveraged that the banks can’t sell the property for an amount which covers the debt.

by Retired-Poppy | 19th Jun 18, 12:46pm 1529369170

ASB CEO argued in 2013 that low equity loans had a lower rate of default than others so it will be different this time;-); https://www.interest.co.nz/property/65873/asb-ceo-barbara-chapman-defen…

by Bobster | 19th Jun 18, 1:53pm 1529373184

Ha ha, yeah did you see from the Aussie royal commission that the affordability metric the banks used was basically the poverty line ie could you afford to pay debt service even if this meant you ate nothing but time expired baked beans, slept on cardboard and set traps for plump juicy hedgehogs? They generally didn’t assess actual living costs (you know, little things like child support and private schools)....maybe they didn’t like the answer? The Aussie banks lent money on the basis that borrowers would pretty much do all or any of those things in order to make debt service. Well, that’s about to be tested to destruction....

by Nic Johnson | 19th Jun 18, 5:03pm 1529384596

Went to see a house at the weekend.. Bought for $745,000 in 2013. Re-mortgaged in 2016 for wait for it $1,325,000. Been asking $1,400,000 for it since November.. For some reason there are no takers...
No extensions, but lovely kitchens and bathroom and flooring quite exquisite.. Reason for sale. Separation. I asked the agent if he'd had much interest - Apparently they've had lots of offers under a million... Should I tell him that I've done some homework and that he is wasting his time?

by Double-GZ | 19th Jun 18, 5:46pm 1529387165

Should sell at $1.3M.

by Nic Johnson | 19th Jun 18, 6:00pm 1529388034

Your house? Why is she leaving?

by Fritz | 19th Jun 18, 8:38pm 1529397499

Why? It's patently overvalued.

by Zachary Smith | 19th Jun 18, 6:22pm 1529389357

Again it would be good to have a link to this house. I would think if it was bought for 745k in 2013 it wouldn't be worth much more than 1.1M unless major changes had been made to it. Some sellers are very silly with their expectations and generally buyers know what an average sort of house is worth.

You just have to keep an eye on sales in your area of similar houses to see what your house is likely to sell for. Knock something like a 100k off and that's what you will most likely sell it for.

This is what I have always done.

by Nic Johnson | 19th Jun 18, 6:45pm 1529390715

You don't even start to question that a bank would lend almost double a purchase price over a 3 year period? Would that not suggest that the banks had no idea / or care for the security of the loan against the actual asset? Merely against the income or serviceability from the borrower? Great if nothing goes wrong.. When things go wrong en masse... different scenario.

It sounds so similar to Northern Rock it's scary... and there are thousands of these loans that have been made Zach, here and in Oz.

In simple terms its like me buying a 1990 Volvo 740 and being able to insure it for $200,000.. If I crash, the insurance company take a huge hit because the car is only really worth a tenner. Which is another reason that we are seeing failures at the mortgagee auctions! There was never enough real value in these places relative to the size of the loans..

by Zachary Smith | 19th Jun 18, 7:24pm 1529393064

Insurance companies only pay out what the car is worth, usually considerably less. Doesn't matter what you insure it for.

by Nic Johnson | 19th Jun 18, 10:09pm 1529402984

did you read any of my previous? It was an example of security/a guarantee against lending. How stupid are your followers?

by Mrs The Point | 19th Jun 18, 12:53pm 1529369622

Where did that interesting fact(oid) come from Skuwiff? I must have missed that in my usual readings.

by skudiv | 19th Jun 18, 7:35pm 1529393722

It began to change around 2016, and it's more to do with P.R. than actual law changes. Sadly the days of mortgagee bargains are over. It is current year, and being mean to anyone, is a crime punishable by public bullying all over the media.

by skudiv | 19th Jun 18, 7:29pm 1529393393

You must have been under rock when they announced 20% and then 40% deposits. Either that or blinded by the bias.

by Mrs The Point | 19th Jun 18, 7:51pm 1529394690

Not sure why you have answered something completely different, rather random, maybe take your meds?
The question was, where exactly did you hear that banks getting in a spot of bother for selling mortgagee auctions too cheaply?

by skudiv | 20th Jun 18, 12:59pm 1529456363

You need to learn how to follow a thread, sadly half the people you meet are below average IQ.

by HeavyG | 19th Jun 18, 1:12pm 1529370767

The auctions are still required to set a reserve price based on valuations so there is not a fire sale that leaves the mortgagor in an even worse position.

Eventually that reserve will decrease as the market falls and this is recognized in the valuation.

The banks would likely take the best offer (i.e. no reserve) and cut their losses. Those who think the bank is holding out and sets the reserve commensurate with the outstanding loan balance are mistaken.

by Bobster | 19th Jun 18, 1:44pm 1529372654

Valuations are NOT a floor for a mortgagee sale. It is not an impediment to a mortgage sale that such sale may be at a discount to valuation, that is what you would expect on a sale where there are no vendor warranties, often no ability to inspect and often no right to vacant possesssion at completion ie the old somewhat grumpy owner might be in it.

Obviously, if the market value is less than the debt, they’ll take a hit on the debt

by HeavyG | 20th Jun 18, 10:22am 1529446939

Read my post again. I didn't say the "reserve" = the market valuation. I said they are based on i.e. reference is had to them.

The original poster implies all mortgagee auctions start with a $1 no reserve. This is simply wrong and if you believe that you are also wrong. Of course a haircut may result if the market has crashed so that the reserve based on (not set at) a market valuation is below the debt owed and the house sells above reserve but below the debt. However, if you believe you can truck along to a mortgagee auction with a gold coin in your back pocket and pick up a house in Auckland you clearly know nothing about the mortgagee sale process.

by Bobster | 20th Jun 18, 10:33am 1529447624

If a bank follows a reasonable sales process (it advertises, bla bla), gets a bid that meets the debt but is otherwise not at the valuation, there is nothing preventing the bank from accepting that lower bid

by HeavyG | 20th Jun 18, 11:06am 1529449607

Try again sunshine.

Section 176 of the Property Law Act 2007 imposes a duty of care on the mortgagee to get the best attainable price for the mortgagor. In Public Trust v Ottow (2010) 10 NZCPR 879 (HC) (see paragraph [31]) the Court said this required:
(a) The appointment of a reputable real estate agent to market the property.
(b) Obtaining a valuation report from an experienced valuer as a guide to what could reasonably be expected for the property.
(c) Marketing over a reasonably long period of time.
(d) An extensive advertising and promotional campaign.
(e) A properly conducted auction.
(f) A sale price that, given all the circumstances, can be reconciled with expert opinion as to value.

See also https://www.interest.co.nz/sites/default/files/Mortgagee%20sales%20-%20… where the Banking Ombudsman (BO) states:

“The bank relied on an inaccurate valuation and sold the house for less than it was worth.”

[BO Answer] As long as the valuation was provided by a registered valuer, we’d be likely to conclude it was reasonable for the banking service provider to rely on that valuation when accepting an offer to buy the property. However, if the banking service provider was aware of a significant factor that meant the valuation could not be relied on, we would take this into account. If you have a complaint about the registered valuer, you can complain to the Valuers Registration Board.
..............

A valuation is required and is taken into account when setting a reserve for a mortgagee auction. I hope you are not giving legal advice to anyone because you are out of your depth.

by rastus1 | 20th Jun 18, 11:19am 1529450379

All of this would fit into bobsters bracketed comments '(it advertises, bla bla)..........'

by HeavyG | 20th Jun 18, 11:58am 1529452726

You interpret "bla bla" as a legal requirement to get a registered valuation and take it into consideration when setting a reserve price for a mortgagee auction. You must be the world expert in the language of "bla bla bla".

You should right novels... "bla bla bla..."

Or become a songwriter... 'bla bla bla blaaaa blaaaa"

Or, better yet, all future comments from you on this site should just be "bla bla bla", that would make more sense than your normal drivel.

by rastus1 | 20th Jun 18, 12:40pm 1529455203

ha ha ...you miss the point. The banks can go through all the blah blah and the property can then rightly sell...even if below vaulauion (becauuse the valution was proved wrong). Happy now?

by Bobster | 20th Jun 18, 11:36am 1529451403

Yeah, you are making my point for me. A lenders owes a duty of care but that is a duty of process, not an obligation not to sell for less than a specified amount. If the process the mortgage follows is a reasonable one then the fact the sale price achieved at auction may be at a discount to what is “market value” for a sale that is not a mortgagee sale is just the borrowers tough cheese. If the lender acts reasonably and with skill and care, the borrower and any secured lender with lower priority is stuck with that result. Mortgage sales have a far weaker set of vendor covenanats than ordinary sales, a mortgage sale could quite easily result in a material discount to an ordinary sale, but there is no problem with that. It’s the borrowers tough luck. Nice try....

“The bank does not have to wait for the best time to sell the property or improve the property before mortgagee sale. A mortgagee sale for a price less than the current market value usually does not in itself establish a breach of the bank’s obligation ..... If the real estate agent followed a reasonable marketing plan, the property was appropriately advertised and was reasonably available to potential purchasers to view, we are likely to find that the sales process was fair.”

by HeavyG | 20th Jun 18, 11:39am 1529451560

So you accept a valuation is required and is relevant in setting a reserve price for a mortgagee sale?

by Bobster | 20th Jun 18, 11:44am 1529451868

Yeah, but the valuation does not set a floor on the mortgage sale price. Provided the process the lender followed was reasonable, it is entirely open to a mortgage to sell a property at below market value if that is the best that can be achieved after completion of a reasonable sales process. So I suspect those auctions were pulled because the bids didn’t cover the debt, not because the bids were too far below “market value”

by HeavyG | 20th Jun 18, 12:00pm 1529452839

Yes it does. Okay, let's try this example.

Jim the mortgagor borrows $100k. Jim stops paying mortgage and bank starts mortgagee sale process as Jim refuses to deal with the bank as they are "all crooks". The bank instructs B&T (arguably a reputable RE agent) who advertise the sale for a couple of months and gets 2 registered valuations of the property at $1.2m and $1.25m.

Auction day arrives and B&T and Bobster is the bank's rep at the auction. B&T ask Bobster what is the reserve price he says $100k plus whatever you guys are charging. The property sells after several bids for $150k to the jubilant purchaser. Bobster takes $100k back to his boss, B&T keep $30k and he sends a cheque for $20k to Jim.

If you think this is the end of the story Bobster you are sadly mistaken. Do you want me to tell you how it ends?....

by Bobster | 20th Jun 18, 12:07pm 1529453277

The valuation is NOT a floor below which a mortgagee may not sell. A property is sold at a mortgage sale with no vendor warranties “as is”, without vacant possession. You should know what the market value is (hence the valuation) but if after a reasonable sales process you cannot achieve the valuation you are not bound by it. See the attached, requoted:

“A mortgagee sale for a price less than the current market value usually does not in itself establish a breach of the bank’s obligation ..... If the real estate agent followed a reasonable marketing plan, the property was appropriately advertised and was reasonably available to potential purchasers to view, we are likely to find that the sales process was fair.”

https://bankomb.org.nz/guides-and-cases/quick-guides/lending/mortgagee-…

Seems pretty definitive....

by Pragmatist | 17th Dec 19, 9:01pm 1576569703

.
.

by HeavyG | 20th Jun 18, 1:04pm 1529456687

What if it grinds to a halt at $275K and the bank wants to cut its losses and sell anyway?

You indicate 30% (your educated guess) would be a reasonable discount from registered valuation in a falling market. Would this be your reserve or do you think that the bank is able to sell at $275k (i.e. a 75% discount on the registered valuation)?...

Do you accept that a reserve price must be set? I never said a reserve is set at market/registered value, rather it is used as a reference for setting a reserve.

I've given up on Bobster but let's see if you have half a brain.

by Bobster | 20th Jun 18, 1:13pm 1529457188

by Bobster | 20th Jun 18, 1:12pm 1529457122

No, you need to reread my answer, I would set the reserve at bottom range of market value but if I got bids within 30% I would waive that reserve and sell. A bid of $275k would indicate there was a problem with process, or at least raise a question as to whether I could defend that process. As I said, your examples seem a bit silly.

The “falling market” reference is irrelevant, even in a stable market if I was comfortable with the integrity of the process if the best bid I got as mortgagee vendor was market -30% that seems to me a not unreasonable result for a mortgagee sale and I would let it go

by HeavyG | 20th Jun 18, 1:21pm 1529457710

You're not "Pragmatist" too are you?...

God help us if you are running 2 accounts. Double trouble.

Anyway, you have answered the question (as or for "Pragmatist") which is you would use the market valuation to set an appropriate reserve (somewhere between a 75% to 30% discount apparently).

That wasn't too hard was it?....

by Bobster | 20th Jun 18, 1:40pm 1529458848

No, your point was that you could not sell below the valuation. Which was 100% wrong. It’s a question of a fair and reasonable process. Good grief....

You said “The auctions are still required to set a reserve price based on valuations so there is not a fire sale that leaves the mortgagor in an even worse position“. You can split hairs about what you meant by “fire sale”, but it is pretty clear a mortgage sale can (and often does) result in the sale of a mortgaged property at a material and possibly significant discount to the market value that might be achieved by sale by another method that is not a forced sale. And provided the sales process is reasonable it is totally ok for a lender to sell at level of discount.

by HeavyG | 20th Jun 18, 2:00pm 1529460010

"Based on" does not mean "set at". You have straw manned my comment. "Fire sale" is neither here nor there and is just another example of you missing the point.

Of course property can sell below a market value at a mortgagee auction but there will be a limit to the discount that will be allowed.

The original poster asked how does a property not sell at mortgagee sale. All the Chicken Lickens pipped up with their conspiracy theory that the banks had over lent and didn't want to take a hair cut. Instead they would make the decision to hold the property in the vain hope they would somehow make their money back when property prices double next year. In the mean time they are happy for the mortgagee and their family to continue living in the house rent free until the big bounce arrives rather then taking the best offer and re-lending the cash. Your tale is the wacky one.

The better answer to why they didn't sell is that a reserve price is still required to be met, not a reserve "set at" a market valuation but a reserve which takes into account (includes as its basis e.g. based on) the market valuation. This will obviously be a discount to the market valuation in light of the mortgagee sale but there is no "no reserve fire sale" as implied by the original post.

You guys are so lost in your conspiracy theory you cannot accept a reasonable alternative to your world view.

by Bobster | 20th Jun 18, 12:14pm 1529453661

Your example is silly. The reserve would be (say) the market value as per the valuation. Bids come in to market value less 25%. The bank has run a reasonable sales process and would be entitled to waive the reserve and let it go for that. Again, no vendor warranties, no chattels, no vacant possession (indeed, grumpy owner is still in it and refuses to leave). The result is not unreasonable. If the bank only gets a bid for 10% of market value then that may be evidence that the sales prices was not a reasonable one, your example is a bit silly.

by HeavyG | 20th Jun 18, 1:14pm 1529457259

So you accept a reserve price of at least 10% of market value would be required?....

You may not want to answer this Bobster as if you say "yes" you admit a market value is relevant in setting a reserve price for a mortgagee auction so all your previous babble is exactly that....

I recommend you go with the "silly question" defense again.

by Bobster | 20th Jun 18, 1:22pm 1529457732

Err...no, if you only got a bid of 10% of the market value that would indicate to me that the sales process you followed was not a reasonable one. And again, your example is silly because it is highly unlikely that you would be limited to a bid of 10% in a competitive bid situation. If in fact that was all that you could achieve in a competive auction following a reasonable sales process then you could have to question that valuation and you may well take 10%.

No more silly examples please...

by Nic Johnson | 19th Jun 18, 4:37pm 1529383029

The likelihood will be that any bids were below the level of the mortgage debt. The banks will be getting very concerned now because each time they lower the bar the market gets to see how bad it really is.

What happened in the UK was that the banks had to bury their heads in sand, extend peoples loan terms even further and switch debtors onto interest only.... Some just let the debts build up on the balance sheet rather than recognise the reality of the losses.

Its amazing how quickly the market is falling apart now and we haven't even had a proper shock yet.

by Bobster | 19th Jun 18, 5:56pm 1529387771

“Extend and pretend”, yes I remember that happening at the corporate level

by Nic Johnson | 19th Jun 18, 6:11pm 1529388663

It's still happening Bobster.

by saving_for_aus… | 19th Jun 18, 12:19pm 1529367566

Forget buying a house, or investing... at this point I'm worried about this housing crisis taking the whole economy. I think it's time to stash my cash savings somewhere overseas with deposit insurance.

by Houses Overpriced | 19th Jun 18, 12:42pm 1529368935

gold is your friend

by Mrs The Point | 19th Jun 18, 12:47pm 1529369233

Any suggestions for the easiest way to do this?

by Withay | 19th Jun 18, 5:02pm 1529384540

Check youtube for some of the work the CEC Australia have done on their deposit insurance, I wouldn't take it for granted. Maybe I'm way to paranoid but I've moved my money back to NZ and have it physically sitting in a vault with my gold.

by BuyLowSellHigh | 19th Jun 18, 1:15pm 1529370929

This comment section has devolved into the tinfoil hat brigade. Sad to say, but the only bubble here is you folks and your conspiracies of impending doom.

by Mrs The Point | 19th Jun 18, 1:23pm 1529371394

Don't be sad, you are entitled to your own opinion.
I would rather take action to protect my investments and have it prove pointless, than to ignore warning signs and take an OBR haircut. Then I really would be sad, and bald.

by BuyLowSellHigh | 19th Jun 18, 1:33pm 1529372034

I'd read a bit more broadly and take independent financial advice before making any big investment decisions like selling up to buy gold. If you calm down and take a step back, you'll find that this comment section really is an insular microcosm talking itself into a frenzy.

Also, I hear a well-made tinfoil hat is a top notch way to conceal a bald head.

by Mrs The Point | 19th Jun 18, 1:46pm 1529372769

I was actually talking about cash holdings, rather than gold (I have already gone down the Mr T route for that metal).Seems like a simple insurance policy to keeps cash funds in an insured account.
Do you know where I can buy a gold foil hat?

by BuyLowSellHigh | 19th Jun 18, 2:00pm 1529373649

I'm pretty sure Whittakers chocolate bars come wrapped in the stuff.

by Bobster | 19th Jun 18, 9:00pm 1529398806

I find the only use for gold is to adorn my many body piercings

by BadRobot | 19th Jun 18, 1:36pm 1529372173

If things get to OBR - the banks will be in serious trouble and most likely the entire economy.

by Houses Overpriced | 19th Jun 18, 1:36pm 1529372216

You must be such a doomster to keep coming back

by BuyLowSellHigh | 19th Jun 18, 1:43pm 1529372627

I keep coming back for the articles. The comments are generally face-palm material though.

You created your username 'Houses Overpriced' 7 years and 2 weeks ago. Suggests you've been advising people to stay out of the housing market and talking up the impending collapse since then. Still waiting ay.

by Houses Overpriced | 19th Jun 18, 2:24pm 1529375080

Read the articles and then get out, no one is forcing you to read the comments, obviously you want to hear what suits you. .

Any of your business what I am doing?

by BuyLowSellHigh | 19th Jun 18, 2:33pm 1529375617

Calm down sunshine, no need to be hostile.

And I'll take that as a yes (waiting for 7 years 2 weeks). I'd be grumpy too if i'd been wrong and waiting for that long.

by Houses Overpriced | 19th Jun 18, 2:37pm 1529375839

You calm Mrs grumpy. .

You seem grumpy anyway

by BuyLowSellHigh | 19th Jun 18, 3:26pm 1529378796

Haha. If that is the best comeback you can muster, I'm guessing that 7 long years of 'wrong and waiting' has turned your mind to mush :)

I can assure you I'm not grumpy. About 7 years ago when you had the bright idea of declaring 'Houses Overpriced', I was settling on a rental in the North Shore. More than doubled in value today. I'm actually pretty happy.

by Houses Overpriced | 19th Jun 18, 3:28pm 1529378931

You don't come across that way, must be a grumpy old fart

by BuyLowSellHigh | 19th Jun 18, 3:32pm 1529379176

I sense that me calling out your nonsense has upset you. Sorry poppet. I'm 31.

by Houses Overpriced | 19th Jun 18, 3:41pm 1529379672

Hahaha I'm 2 years younger. . Mrs grumpy

by BuyLowSellHigh | 19th Jun 18, 3:48pm 1529380133

I actually thought younger than that. The standard of your comebacks suggests 13 years old.

So you've been bitterly complaining about house prices and expecting a drop since you were 22! Being wrong year after year for that long must be a confidence killer.

by Houses Overpriced | 19th Jun 18, 3:54pm 1529380490

No, I'm pretty content with my investments, it's muppets like you that rake in such comments

by Nzdan | 19th Jun 18, 3:42pm 1529379753

You know, 7 years is a long time to be holding on......Talk to TTP there might be a spot next to him at the Respite Centre in Palmy.

by Houses Overpriced | 19th Jun 18, 3:44pm 1529379840

I've made other investments, I'll ask for your advice if I need to

by BuyLowSellHigh | 19th Jun 18, 3:55pm 1529380536

Term deposits? KiwiSaver?

Flatting still?

by Houses Overpriced | 19th Jun 18, 3:58pm 1529380684

Any of your business?

by BuyLowSellHigh | 19th Jun 18, 4:18pm 1529381925

No, but I'm still interested. But in the same way that I would find a train wreck or car crash interesting.

Lets have a crack at summing up your life thus far shall we. 29 years old, male, flatting, no girlfriend, net worth sub 50K (kiwisaver, maybe term deposit), bitter, perhaps a qualification (but not a useful one), introverted, risk-averse, easily flustered.

by Houses Overpriced | 19th Jun 18, 4:25pm 1529382313

Clearly shows your a dumb freak to poke your nose into someone else's business. .

Did I even once ask you to prove anything, cause I just know that you're a fake. Your comments thus far has proven that

by BuyLowSellHigh | 19th Jun 18, 4:43pm 1529383411

A fake what?

by Houses Overpriced | 19th Jun 18, 4:50pm 1529383828

Look at the mirror, you'll see one

by Double-GZ | 19th Jun 18, 5:54pm 1529387689

^^LOLdgz^^

by HeavyG | 20th Jun 18, 10:33am 1529447585

You won this one a long time ago and are just being mean now. Stop playing with your food.

by saving_for_aus… | 20th Jun 18, 11:08am 1529449707

I know a lot of people from lower-middle class backgrounds about that age with networth around (or less than) 50k. Shit I know a lot of people that age and older with a negative net-worth.

I also don't think someone as confident and secure in themselves as you try and portray would spend all this time trying to dig into a posters personal details and - when they didn't get them - invent their own personal details. I mean the girlfriend thing was really reaching - you're seriously sheltered if you don't think poor people get laid lol. But I'm just not really buying the image you're projecting. Maybe you managed to have a large amount of cash in your early 20s - well done (or maybe - well done to your mum and dad) but if you weren't having second thoughts about it - why so spiteful?

Being triggered by the name 'Houses Overpriced' - when by all global standards they are - doesn't really suggest to me someone brimming with confidence. You've had a good start in life (if you're telling the truth) - learn to be content.

by Houses Overpriced | 20th Jun 18, 11:20am 1529450451

its alright mate, I didn't take it personal, as only I know my personal circumstances and I don't have to go down to his level to prove anything...

It was proved long ago that he is fake.. and the last thing we should ever do is feel awkward about fake people asking for your details .. cause they want to pretend to feel better than you..

by BuyLowSellHigh | 20th Jun 18, 11:41am 1529451706

No doubt in my mind that the wisest and most good natured people on this planet are among the poorest. That has been my experience. Didn’t intend to come off as elitist. I’m simply giving Houses Overpriced grief as he is asking for it and I obliged. I gave as good as I got, so my conscience is clear.

by Houses Overpriced | 20th Jun 18, 11:54am 1529452469

you didn't give me grief, you muppet.. you received it...

you aint fooling anyone with your fake profile

by tothepoint - d… | 19th Jun 18, 4:43pm 1529383432

I've heard that Houses Overpriced has his money tied up in Post Office Bonus Bonds.

You see, he's very adventurous and radical with his high-level investment strategy.

TTP
P.S. Also, he drives a Morris Minor van.... another radical choice.

by Houses Overpriced | 19th Jun 18, 4:49pm 1529383793

You should be the Last one to comment, Mr pointless

by PointMade | 19th Jun 18, 5:43pm 1529387001

Dear Houses Overpriced (HO),

You write "you should be the last one to comment, Mr pointless".

TTP is not pointless. Pointless means "not having a point, or being without a point" You will note that TTP made an incredibly funny joke about your Morris Minor driving. That was hilarious and I believe a point very well made indeed!! Well done TTP, well done !

MTP

by Houses Overpriced | 19th Jun 18, 5:51pm 1529387481

You definitely sound like ttps partner. .

Partners in crime. ..

by PointMade | 19th Jun 18, 6:07pm 1529388429

Dear Houses Overpriced.

You write " You definitely sound like ttps partner. .Partners in crime. .."

In fact I am not. I have never met TTP. I just have a healthy respect for him and I believe all DGMs on this site would do well by honouring and respecting his intellect. If you actually read what he writes, he is very well rounded, polite and above all intelligent. Well done TTP, well done.

MTP

by Houses Overpriced | 19th Jun 18, 6:11pm 1529388665

Oh gosh, just come out of the closet.

We know who you are

by Mrs The Point | 19th Jun 18, 8:05pm 1529395538

I swear it is not me, he has forged my signature!

MTP

by Houses Overpriced | 19th Jun 18, 8:17pm 1529396261

We know it's not you. Ttp is being a coward and hiding under an alias

by Double-GZ | 19th Jun 18, 8:30pm 1529397041

10°c tonight ^^LOLdgz^^

by tothepoint - d… | 19th Jun 18, 8:51pm 1529398317

Thanks PointMade.

TTP

by BuyLowSellHigh | 19th Jun 18, 6:18pm 1529389091

TTP, be careful about making fun of ‘Houses Overpriced’. With his mental capacity being what it is, your comments could be considered a hate crime.

by Houses Overpriced | 19th Jun 18, 6:41pm 1529390504

It takes one to know one. .....

by Retired-Poppy | 19th Jun 18, 3:33pm 1529379208

BuyLowSellHigh, why don't you sell, pay CGT and bank the rest. In such volatile times it would be wise to sell high since you bought low - right?

by Houses Overpriced | 19th Jun 18, 3:42pm 1529379761

From his comments, I wonder if he's knows the difference

by BuyLowSellHigh | 19th Jun 18, 3:42pm 1529379770

Retired-Poopy, nice to hear from you as always. As previously discussed, I'm predicting 1% YOY rise from this month, so going to stay put. As for you, you should be putting those retirement savings into a low maintenance flat in Dunedin. That nugget of advice is free for you.

by Retired-Poppy | 19th Jun 18, 4:17pm 1529381828

Hmmm, hanging out for 1% YOY after bagging 100% reads more like a Wannabe desperate to be taken seriously. Anyway, if there's some truth to it, I hope you make a better Landlord than a storyteller. Reading into your comments, I suspect you bought in the last 24 months and like DGZ you check the spot price of your rental daily and pin it to your fridge.

by Houses Overpriced | 19th Jun 18, 4:17pm 1529381851

Lol... one more fake joker. .

by BuyLowSellHigh | 19th Jun 18, 4:25pm 1529382342

1% YOY, but over the next 20 years I expect house prices to stay marginally ahead of inflation on average. No doubt there will be ups and downs. My stories are non-fiction. Most recent investment was just over 24 months ago, Tauranga.

by Retired-Poppy | 19th Jun 18, 4:33pm 1529382818

"1% YOY, but over the next 20 years, houses perform slightly ahead of inflation" So are you forecasting zero inflation for the next 20-years. Thats a bold call. How do you work this stuff out? Extraordinary. I trust that your Landlording is better than your forecasting. No offence but this is not the time to be heavily leveraged.

by BuyLowSellHigh | 19th Jun 18, 4:40pm 1529383256

All we can do is assess the information we have at hand and the lessons that the past has taught us, and play our cards as we think best - only time will tell if you played them wisely.

by Retired-Poppy | 19th Jun 18, 4:45pm 1529383555

One can't argue with that.

by Houses Overpriced | 19th Jun 18, 4:47pm 1529383634

Your last couple of comments doesn't equate to what you have been preaching all along.

By your definition, if you bought low and claim that you have made a shit load of money, then you would be looking to sell now

But eh, it's easy to pick a fake one

by BuyLowSellHigh | 19th Jun 18, 6:11pm 1529388708

I haven’t made any money sunshine, as I’ve yet to sell. While I expect prices to rise slowly over time (with ups and downs), I’m more concerned about interest rates and rents as I’m in it for the very long term.

by Houses Overpriced | 19th Jun 18, 6:03pm 1529388231

Ah no wonder you're grumpy, only paper money. .

Keep whinging

by Double-GZ | 19th Jun 18, 7:56pm 1529394964

Money is made of paper.

Keep sobbing.

by Houses Overpriced | 19th Jun 18, 8:19pm 1529396382

Obviously you don't know the difference between the two.. quite sad dgz, I thought better of you..

by BuyLowSellHigh | 19th Jun 18, 8:26pm 1529396808

“Paper money”. Genius.

by HeavyG | 20th Jun 18, 10:41am 1529448108

He meant "paper profits"; this is just getting beyond a joke. It's like picking on the IHC kid in the playground. Please be the better people and walk away.

by BuyLowSellHigh | 20th Jun 18, 11:44am 1529451866

Yes, fair enough.

by Kakapo | 20th Jun 18, 12:03pm 1529453020

If you kids don't stop it I'm going to turn this bloody car around and go home.

by BuyLowSellHigh | 20th Jun 18, 2:24pm 1529461494

Are we there yet?

by saving_for_aus… | 20th Jun 18, 11:26am 1529450768

Retired-Poopy

This totally seems like something a successful 31 year old man would write.

by saving_for_aus… | 19th Jun 18, 3:35pm 1529379327

You created your username 'Houses Overpriced' 7 years and 2 weeks ago. Suggests you've been advising people to stay out of the housing market and talking up the impending collapse since then.

Doesn't suggest that to me.

Housing has been overpriced for a long time in NZ. And during a lot of that time it was still arguably a good investment. Not sure if that's the case today.

Regardless for us FHB millenial peons with poor parents, the investment potential of low-quality weatherboard shitboxes (aka most houses in NZ) is almost irrelevant.

by BuyLowSellHigh | 19th Jun 18, 4:08pm 1529381280

But I didn't say anything about houses being over-priced or not. All I said was that he has likely been advising people to stay out of the housing market and talking up the impending collapse for the last 7 years.

Also, weatherboards are the best cladding for NZ weather conditions!!!

by saving_for_aus… | 19th Jun 18, 4:13pm 1529381611

Also, weatherboards are the best cladding for NZ weather conditions!!!

LMAO, you don't buy this "unique NZ weather" crap do you? Mild temperatures, mild rain, the vast majority of the country has no snow. Weatherboards are cheap - that's it.

by BuyLowSellHigh | 19th Jun 18, 4:33pm 1529382816

Weatherboards are the second most expensive cladding system (of the types commonly used). Second only to brick.

Tell your "mild rain" story to the poor buggers in monolithic houses, lying awake at night, staring at the ceiling, wondering when those little droplets are going to find a way in. Mother nature has nothing on her hands but time - she will find a way in eventually. When she does, a cavity system is your only hope.

by tothepoint - d… | 19th Jun 18, 4:47pm 1529383661

Bricks are a problem in earthquakes.

Agree, weatherboards are best.

TTP

by BuyLowSellHigh | 19th Jun 18, 6:13pm 1529388813

Absolutely. Tried and tested over generations.

by TainuiBabe | 19th Jun 18, 7:50pm 1529394655

Agree 100%. I own a weatherboard house and when I recently renovated and stripped back the internal rooms to the bare wooden frames, their was zero mould, zero rot. The treated timber still looked new! Weatherboard houses also survive major earthquakes better than over and above other houses, because they will twist and turn during an earthquake and ince the shaking stops they pretty much return back to their original position. These houses are designed to move with momentum. Brick houses are designed to walk away and never go back.

by Double-GZ | 19th Jun 18, 7:54pm 1529394851

Agreed wholeheartedly TTP. That's why I'm living in a traditional 1900s villa...such fun, love it ^^LOLdgz^^

by Houses Overpriced | 19th Jun 18, 5:23pm 1529385821

by Houses Overpriced | 19th Jun 18, 5:24pm 1529385846

Can you prove to me that I have even once suggested to anyone not to buy?

Don't assume things, you know the saying about assumptions, don't you

by Averageman | 19th Jun 18, 1:59pm 1529373594

Vested interest to the right, vested interest to the left.

Options are a asset reset (including housing) or a wage in price spiral which will bail our the debt stacking ponzi and destroy the value of any savings (aka retired people). Hard to imagine Winston letting the second happen but you never know.

by theglc | 19th Jun 18, 2:58pm 1529377109

You know times are bad when only 1 out of 3 mortgagee auctions sells!!!!!!!!

TTP - clearance rates again back in the 30s, your early spring is mighty frosty!!!!

by tothepoint - d… | 19th Jun 18, 3:51pm 1529380270

Hi thegic,

I see the latest report shows the clearance rate approaching 40%.

That's well up on 2-3 months ago!

No frost here, my frustrated friend.

TTP

by Chairman Moa | 19th Jun 18, 4:32pm 1529382723

Forget Auckland property market or even gold.. Bitcoin is pretty low at the moment, it's a bargain! It will double its value shortly..

by tothepoint - d… | 19th Jun 18, 4:49pm 1529383762

....... and halve again shortly after that.

TTP

by Nic Johnson | 19th Jun 18, 6:54pm 1529391274

TTP

I think you have highlighted the similarities of Bitcoin and Auckland housing very well.. Both subject to Chinese speculation, booms followed by major corrections in value. Well done TTP.

Buy now? Probably best not as likely to get a lot cheaper.. Thanks for the advice

by Brock Landers | 19th Jun 18, 8:18pm 1529396321

So place a sell order at double and a buy order at half.

Easy money.

by custard | 19th Jun 18, 5:49pm 1529387365

A quick look at Auckland Trade Me listings show quite a sharp decline – I simply can’t imagine that’s due to sale numbers flying out the door.

Is it fair to assume this market is now creating seller reluctance to throw their property to the wolves – enter the traditional winter of discontent?

But a glorious spring – maybe – or the eventual unleashing of a wave of supply?

by Nic Johnson | 19th Jun 18, 6:25pm 1529389531

Good post custard reckon we have just met the first phase of a crash..... Sellers start living by a River in Egypt.. DENIAL.

The real Estate Industry here have no idea how to do anything other than talk it up or blame the weather (and most don't read beyond the Dom post or Herald so have no clue on anything beyond their suburb..., so it's highly likely that the next wave of houses that come to market in Spring will be theirs! Advice to sellers.. If your real estate agent start selling, undercut them and get out of the River in Egypt... Phase 2 is acceptance...My guess would be Christmas time.

Third phase - Capitulation.
Fourth - Panic
That will be 2019...and it all turns to custard then... No real value, just hope there is a buyer who will give you anything...

by custard | 19th Jun 18, 7:11pm 1529392260

“Capitulation”!!

That is truly a brutal phase – don’t know if things would get that bad – that really is the end.

I think capitulation would require a black swan to bump into a somewhat dire market – is it really that gloomy?

by Nic Johnson | 19th Jun 18, 8:35pm 1529397351

Yup...you should see the data that I've seen.

by THE MAN 2 | 19th Jun 18, 6:59pm 1529391551

Nic Johnson, you have made up another fictitious house and amount borrowed against it story again.

I would’ve thought that you would have learnt after that BS a week or two ago?

Why on earth you need to make up these stories defies logic!

What is the address of this so called property and seem you reckon you know how much has been lent against it, you will be able to advise us all, who the lending institution was!

If the lender has lent over 1.3 million on it would’ve valued the property at in excess of $1.7 million.

Stop making up BS Nic.

by Nic Johnson | 19th Jun 18, 7:14pm 1529392496

Westpac.

BNZ leant $1,125,000 in 2016 on a house that was purchased that same year for $795,000. Just around the corner from the other one.

Give me an address and 3 days and I'll let you know the mortgage amount of the most recent loan secured against that property, the date it was taken out and the lender. You really have no clue at all do you TM2?

by Zachary Smith | 19th Jun 18, 7:27pm 1529393239

You're selecting extreme examples Nic. These mortgages probably have multiple properties securing them. Banks will sell all your houses to get their money back, not just the one. To you it looks like one mortgage, one house, but that's not the case. Sigh, fake news.

by THE MAN 2 | 19th Jun 18, 8:34pm 1529397289

Nic, what was the address of this property and the one last week?

As far as I am aware nowadays the amount borrowed is not on public record anymore.
If you are obtaining these figures, then someone is severely breaching the Privacy Act!
I can guarantee that no Bank nowadays is going to lend $1,125,000 on a house purchased the same year for 795k .

With the lending requirements nowadays it is impossible unless there were already other mortgages on other properties already held.

We can borrow any amount really by leveraging against our other property equity.

As for having no clue Nic, what I don’t do is BS!!

by BadRobot | 20th Jun 18, 8:06am 1529438804

Mortgages will be on public record - the LINZ website has a process for ordering a property title - which includes a mortgage if there is one one the property (it does not say what level of detail is provided)

https://www.linz.govt.nz/land/land-records/types-land-records/property-…

by Nic Johnson | 20th Jun 18, 12:38pm 1529455106

TM2 - Badrobot has provided the source below... There are thousands of these loans fortunately most of the country have been sensible with their borrowings but there is probably 10% who should have been locked into the TAB rather than being given access to leverage.

I have never told BS on this site. And I have never accused you of it either, partly because I think you'd probably struggle to be that clever.

by Houses Overpriced | 19th Jun 18, 7:46pm 1529394378

https://www.landlords.co.nz/article/6492/demand-cools-in-auckland

by custard | 19th Jun 18, 8:45pm 1529397906

And then I rethink “black swans”.

One of the key drivers in the US housing collapse was the failure of the banks – and the disintegration of credit.

Looking at China’s markets today – and the rhetoric flying around – is Australia somewhat at the mercy of all this carry-on.

A debt mountain, ultra-loose lending books, management asleep at the wheel, or simply not caring or too incentivized to not care – what begets the Big 4 if the worst case comes to pass.

However – no one wants that on their watch – another bail-out?

by custard | 19th Jun 18, 8:48pm 1529398083

Ohh – I didn’t see this advertised.

There appears to be a mid-winter sale on with the $NZ.

by Double-GZ | 19th Jun 18, 8:51pm 1529398260

All the apartments will be snapped up by Shanghai ^^LOLdgz^^

by Houses Overpriced | 19th Jun 18, 8:59pm 1529398773

which RE company do you work for?

is that why you are in china, to convince as many to buy up before the ban?

by Double-GZ | 19th Jun 18, 9:04pm 1529399068

"...to convince as many to buy up before the ban"

Have you not read this HO my friend?
https://www.nzherald.co.nz/property/news/article.cfm?c_id=8&objectid=12…

Under the new regime, overseas investors would be able to invest in new housing, particularly apartments, new rentals and homes in rent-to-own or shared-equity arrangements, Parker said.

Lefever said some of the amended provisions included developers being allowed to retain interests in new projects if it was 20-plus residences.

Developers of 20+ apartments per building could apply for an exemption certificate, allowing them to sell a certain percentage of the apartments to overseas buyers without those buyers requiring OIO consent, she noted.

by Houses Overpriced | 19th Jun 18, 9:09pm 1529399372

dgz,, my friend, why are you proving to be less intelligent as the days go by???

if you read the above article, its very obvious that foreign buyers are not going to have the same luxury as they have today. please dont try to pull wool over peoples eyes, ah but that is exactly what RE agents do

by Double-GZ | 19th Jun 18, 9:53pm 1529402014

My dear friend HO, that's why I only mentioned apartments. Be not afraid my dear HO, I am not some kind of RE agents and I am not in China to convince my fellow Chinese to buy before the ban. I am merely home for an extended holiday 妳现在高兴了吗？

My fav Chinese songs to share with you my dear HO enjoy.
https://www.youtube.com/watch?v=rwxE6G_ZbeQ
https://www.youtube.com/watch?v=lWchGLnPrKM

by Houses Overpriced | 19th Jun 18, 9:27pm 1529400456

happy holidays mate,

hope you didnt invest in the shanghai stock exchange, down 4%

by saving_for_aus… | 20th Jun 18, 10:02am 1529445755

妳现在高兴了吗

Is Houses Overpriced a woman? Or are you trying to be funny?

by Houses Overpriced | 19th Jun 18, 9:11pm 1529399477

http://money.cnn.com/2018/06/18/investing/stock-markets-trade-war-china…

i can only imagine that people will move to safer havens, nz property is def, the last thing they will bet on..

by custard | 19th Jun 18, 11:13pm 1529406834

$NZ down to 0.6885 earlier.

A brave new world – and a trade war that the US may well win.

by exiled | 20th Jun 18, 1:32pm 1529458320