Sales on just over a third at Barfoot & Thompson's auctions

Property

At Barfoot & Thompson's larger auctions the sales rates ranged from 22% to 57%

26th Jun 18, 10:31am by Greg Ninness

Barfoot & Thompson achieved a sales rate of just over a third at its auctions last week.

The agency, which is Auckland's largest by far, had 110 properties scheduled for auction and achieved sales on 39 of them, giving an overall sales clearance rate of 35%.

The sales rate was 50% or more at a couple of the larger auctions where 10 or more properties were offered. At the on site auctions spread across the city the sales rate was 50%.

At the Shortland Street auction on 21 June, where the properties were mainly in central and central fringe suburbs such as Greenlane, Mt Roskill, Epsom, Onehunga and Sandringham, the sales rate was 57%.

At the big Manukau auction the sales rate was 22% and on the North Shore it was 34%.

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

**Barfoot & Thompson Auction Results 18-24 June 2018**
Date	Venue	Sold	Not sold	Total	% Sold
18-24 June	On site	5	5	10	50%
19 June	Manukau	4	14	18	22%
19 June	Shortland St, CBD.	4	6	10	40%
20 June (Mortgagee/Court)	Shortland St, CBD	1	3	4	25%
20 June	Shortland St, CBD.	6	11	17	35%
20 June	Pukekohe	1	1	2	50%
21 June	Shortland St, CBD.	7	6	13	57%
21 June	North Shore	8	15	23	34%
21 June	Kerikeri	0	3	3	0
22 June	Shortland St, CBD.	3	7	10	30%
Total	All venues	39	71	110	35%

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93 Comments

by Nic Johnson | 26th Jun 18, 10:34am 1529966075

Only 1 of 4 of the mortgagee auctions... what a buggers muddle the banks have created here. 'No need to worry about the value of the asset, just lend the money' - Did Fred Goodwin and his mates move here in 2009?

by Averageman | 26th Jun 18, 10:50am 1529967016

Yep - to much debt to clear. Would have thought the usual suspects who indicate they are looking for bargains are not swooping on the mortgagee market?

by Nic Johnson | 26th Jun 18, 10:50am 1529967015

Too early for that averageman. My old mate Tom Cruise has a song about this

https://www.youtube.com/watch?v=pa98yttfhMY

by Averageman | 26th Jun 18, 2:48pm 1529981305

Let me guess....Highway to the danger zone?

Haha checked it and got the wrong movie, but the same sentiment. I wonder how many other Tom Cruse moments would apply

by HeavyG | 26th Jun 18, 10:49am 1529966987

Please don't make me go through the whole reserve price mortgagee auction process again. It's like trying to teach calculus to chimps.

by Nic Johnson | 26th Jun 18, 11:07am 1529968073

Only one stupid enough to try would know I guess, I'll take your word for it.

by Houses Overpriced | 26th Jun 18, 11:00am 1529967649

You sound more like a rapper than a mathematician. . Well never know these days

by Bobster | 26th Jun 18, 11:24am 1529969058

Indeed, educating you on how banks enforce secuity and the mortgagee sale process was a bit painful, but I am sure you are now a better person for it

by HeavyG | 26th Jun 18, 11:51am 1529970661

As long as we all agree a reserve price is set for mortgagee auctions and this requires reference to (although not necessarily set at (and likely at a discount to)) a market valuation.

(I hope your answer is "yes" or I will need to pull out the banana treats again).

by HeavyG | 26th Jun 18, 10:48am 1529966908

Yeah the banks are bleeding money. No profits for them and soon they will be going under... Wait a minute:

https://www.interest.co.nz/business/92387/anz-nz-posts-big-jump-quarter…

by Nic Johnson | 26th Jun 18, 11:16am 1529968567

That was then and this is now Heavy Gearing!

Going back to an article and figures from before the Royal Commission got properly underway is a bit misleading. RBS (That was the bank that Fred 'the shred' Goodwin ran) also posted fantastic profits on equity until it all went pop. When it comes to banking and credit I would recommend that you read a little further than the Tony Alexander column in the Propery Press.

https://www.youtube.com/watch?v=D7aHOsxFP4w - You'd best skip past the Harmony Finance Advert Heavy Geared before you get to this bit of financial advice.

by HeavyG | 26th Jun 18, 11:25am 1529969112

So when will they start making a loss from all these mortgagee properties they can't sell. Next quarter? Next year? Be specific as you come across as an airy fairy conspiracy nut.

I'll put the date in my diary and check back with you then.

by Nic Johnson | 26th Jun 18, 11:33am 1529969600

No problem. I'll predict that before the end of 2019 one of the major Australian Banks will require a government bail out. If I were to take a guess on which bank that would be, I'd probably say Westpac will just win the race to the Aussie governments purse strings from ANZ. Happy to have a cheeky tenner with you and we can post the bet to interest.co.nz

by HeavyG | 26th Jun 18, 11:41am 1529970069

I'd prefer a cheeky $1,000 but good on you for backing yourself.

by Ex Expat | 26th Jun 18, 11:43am 1529970188

That's a bold prediction, but the money at risk would barely cover my morning coffee at Café on Kohi so I'm not motivated to take it on. Maybe a bigger amount, wagers deposited at Interest.co.nz and loser's money goes to a pre-determined beneficiary of the winners choice?

by Bobster | 26th Jun 18, 11:57am 1529971048

I’d say that timing of 2019 was a bit early, and I would put the chance of an Aussie bank going bust as things currently look as very much a worst case, but yeah it’s a possibility. I think Martin north says that if Aussie gets to a 30% fall in prices and 15% or so delinquencies then yeah 1 or more may well suffer an “adverse credit event”. That sounds to me like something that may take 3 years or so. Right now it’s not obvious to me what the price floor under the Sydney and Melbourne markets actually is.....a 30% fall seems farfetched, but their bubbles are just so crazy, who knows....

by Andrewj | 26th Jun 18, 12:02pm 1529971376

How many years ago were AKL houses %30 below current valuations?

by Nic Johnson | 26th Jun 18, 12:09pm 1529971788

2014. When NZ household debt levels were around 60% of where they are today.

by Bobster | 26th Jun 18, 12:16pm 1529972185

Crikey, that’s a scary thought. Even then prices were flirting at the edge of bubble territory, see schillers commentary from around that time. IMHO house price growth since then has been mostly based on fluff

by Andrewj | 26th Jun 18, 12:18pm 1529972329

Especially when the RBNZ's main role is banking stability.

by Nic Johnson | 26th Jun 18, 12:39pm 1529973557

I do feel for Mr Orr because he has the unenviable task of trying to deny the existence of the plague whilst at the same time trying to hide the bodies and stop it becoming contagious.

by Bobster | 26th Jun 18, 1:01pm 1529974872

Haha

I actually think his most thankless task is explaining the credit bubble to our useless politicians. “Oh I thought all we needed to do was build more houses....what’s a credit bubble....what day is it again?!”

Although thankfully Jacinda’s life experience is so limited, she will an empty and receptive vessel for his thoughts.

by Nic Johnson | 26th Jun 18, 1:07pm 1529975224

I'm not entirely sure if any of them really get it, including the Reserve Bank, certainly none of them learnt any lessons from the debacle of the UK banking crisis and mortgage lending principles.

Everyone here seems to have a 1950's 'he's a good bloke, good rugby player, knew his father so sure they'll be behaving' trust, that banks would look at long term interests (ie their own good health).. When we all learnt in the UK that they aren't smart enough to look beyond the Aston Martin showroom and whether next years bonus check will get them one... none of them have a genuine care about their businesses because they are all mercenaries.

Jacinda spent a bit of time advising cabinet in UK during her OE so she may have a better idea than we think.. If not I'm sure she will get in touch with you and me for some advice Bobster.

by Nic Johnson | 26th Jun 18, 12:08pm 1529971683

Any lending over 6 times multiples (remembering that much of Westpac debt over last few years is on 6-9) combined with the interest only risk will see this unwind in a heartbeat. This isn't the 1990's where you had to gradually see the prices go down in the newspaper and no one other than the agents had access to real time sales prices. This time around the crash will go in a flash and don't be at all surprised if you see borrows take bankruptcy as the favoured option to never getting out of the hole. I genuinely believe that what has happened in Australia will make Northern Rocks obliteration of the North East of England look like a childrens party. Will stick to end of 2019, happy to have a tenner with Heavy G and or Ex pat but don't want to promote interest.co.nz as a gaming community...... NZ has already built up enough social problems and future risks because of a leveraged gambling addiction.

by tothepoint - d… | 26th Jun 18, 2:15pm 1529979340

The doom and gloom merchants are out in force today!

Notably, there's a correlation between their negative sentiment and the strength of the housing market....... The more buoyant the market, the gloomier the doomsters become (and vice versa).

Auction clearance rates in Auckland are significantly higher than they were 2-3 months ago.

And look at the most recent figure for Shortland Street (57%). Despite it being mid-winter, demand for properties in Auckland's inner-city suburbs remains considerable.

TTP

by Yankiwi | 26th Jun 18, 2:30pm 1529980247

For the past week, the Shortland St auctions had (edit to 39%) success. Yes, happy days are here as it is above the 33% recent average...

Cherry picking the one of five Shortland St auction results that was highest. It is to be expected from you.

Add2: for accuracy, the most recent Shortland Street auction had 30% success rate. This is almost 50% lower than your claimed success rate...

by tothepoint - d… | 26th Jun 18, 3:01pm 1529982065

Ok - that's a fair enough point Yankiwi.

My eye didn't catch the one at the bottom of the list.

But the one above that (and just a day earlier) was 57% - which stands out as being one of the highest auction clearance rates reported here in recent months.

TTP

by Yankiwi | 26th Jun 18, 3:12pm 1529982740

There will always be outlier data points. As there are a total of five CBD auctions for the week, it is misleading to use only one of the five auction results from the weeks data to claim that the market is healthy in the CBD.

by tothepoint - d… | 26th Jun 18, 3:55pm 1529985346

Hi Yankiwi,

Often (but not always) there will be outlier data points. (Sometimes data is bunched.)

Anyway, in this case, Greg presents (all) the results from a group of auctions and one auction clearance rate stands out as being a particularly high percentage - both in terms of the auctions in this report AND in his other recent reports.

It is a significant/interesting "outlier", worthy of comment in itself for a number of reasons - not the least being that it occurs at a time when clearance rates are trending upward. Clearly, that adds to its noteworthiness. Why should it not be commented upon? Plenty of people will be interested in this new "peak".

There is nothing misleading. My comment adds to the breadth of comments here on the data presented - and serves to counterbalance the many (overly) negative comments recorded. Further, it refutes such facile comments as the one yesterday when a (very biased) person claimed there was "zero demand" for houses in Auckland.

TTP

by Bobster | 26th Jun 18, 4:21pm 1529986912

You are starting to sounds a bit desperate. Please stop digging yourself a hole

by theglc | 26th Jun 18, 10:40am 1529966436

Once again, no early spring for TTP.

Looks more like an ice age approaching

by Mrs The Point | 26th Jun 18, 11:29am 1529969344

What do you mean? After striking out 3 times in a row Pukekohe posts an impressive 50% sales rate. Time to update recommendation on the onion fields to a BUY. Spring is here, I can tell as there are tears from heaven constantly at my place.

by tothepoint - d… | 26th Jun 18, 2:35pm 1529980512

Thegic (above) is a serious case of melancholy, if ever there was.

Would someone kindly bundle him up and attempt to humour him.

TTP

by Chairman Moa | 26th Jun 18, 11:05am 1529967920

Can we talk about baby? This auction gobbledigook is getting a bit long in the tooth

by BacktoPerth | 26th Jun 18, 11:07am 1529968026

Houses of cards... cant even sell at mortgagee sales...

by Nic Johnson | 26th Jun 18, 11:26am 1529969188

The Mortgagee Auctions more than anything else show how reckless it has been. These sales don't even have enough buyer interest to clear a mortgage debt. If this is the state that we are in already then heaven knows where it finishes. I have a feeling that there are an awful lot of people out there who have no idea about the true level of equity they have and will have a nasty shock when they try to cash out of the gamblers den.

by Conrad | 26th Jun 18, 11:39am 1529969987

Indeed, and we're not even in a recession or had a material rise in interest rates.

by Roving Gambler | 26th Jun 18, 11:43am 1529970210

Any price estimates on this DGZ listing? https://www.trademe.co.nz/property/residential-property-for-sale/auctio…

by Houses Overpriced | 26th Jun 18, 11:47am 1529970442

DgZ ,were you tired of your old name .

by Double-GZ | 26th Jun 18, 2:13pm 1529979238

Somehow I knew I was going to be mentioned in this article lol. This is obviously a plaster leaky home so I'd say around $1M. Take it or leave it peeps.

by Nic Johnson | 26th Jun 18, 11:50am 1529970630

Roving gambler, if you start with $30, that should be enough for petrol and some matches.
.

by Mrs The Point | 26th Jun 18, 12:03pm 1529971422

OMG, they could do with some "splay and walk away" on that patio. That will devalue this place hugely (this will be Dubby G's reasoning) if the price below 2017 RV.

by Chairman Moa | 26th Jun 18, 1:12pm 1529975527

I like the nice outdoor green carpet!

by Zachary Smith | 26th Jun 18, 12:17pm 1529972238

Roving Gambler, using the Zachary Smith patented pricing system I estimate that this place will get somewhere around 1.1M in today's market.

by Chairman Moa | 26th Jun 18, 1:14pm 1529975660

Buy it for 1.1m. Put a new white bench top, paint everything in whiter shade, park a used Jap imported Audi in the garage, borrow some King furniture and you can flick that off for 2 mil.

by Roving Gambler | 26th Jun 18, 2:09pm 1529978994

Tu meke! But alas, tis only EGGS zoned.

by theglc | 26th Jun 18, 12:21pm 1529972510

looks leaky

by Alter Ego | 26th Jun 18, 12:48pm 1529974080

Now the potential is enormous. What would you chose?.

https://www.frenchestateagents.com/french-property-for-sale/view/43507E…

https://www.trademe.co.nz/property/residential-property-for-sale/auctio…

by WestieAJ | 26th Jun 18, 12:50pm 1529974234

Any ideas WTF happened here? 43 Candia Rd Swanson
Was being marketed as Mortgagee sale. In any case, someone took a bath on paper.
3rd May 2018 $1,150,000 Sale type: (S11)
29th September 2015 $4,890,000 Sale type: (S12)
22nd September 2015 $1,200,000 Sale type: (S11)

by Houses Overpriced | 26th Jun 18, 12:58pm 1529974685

Something is not right with the 29 September sale

by Kate | 26th Jun 18, 12:58pm 1529974739

Speculation on land for development gone wrong. Adjacent two sites, 41 and 41A also for sale. Assume they are all the one developer/owner.

by Mrs The Point | 26th Jun 18, 1:01pm 1529974891

all Augustine Lau scams.

by Mrs The Point | 26th Jun 18, 1:00pm 1529974832

This was an Augustine Lau special. Gotta be fraud here, how did the bank (WP) lend so much on this place?

by HeavyG | 26th Jun 18, 1:14pm 1529975680

Do we know the lending on this? Smells like a GST refund claim fraud.

by Mrs The Point | 26th Jun 18, 1:25pm 1529976302

Property Zero rated for GST.
Only thing I can think of is a bribe of the person preparing the loan, massively inflated loan, so deposit input is not a problem. Wpac left holding an empty bag.

by HeavyG | 26th Jun 18, 1:47pm 1529977658

Only if buyer and seller are GST registered. 2nd hand input claim can be made when purchasing property from an unregistered vendor. I don't want to teach people how to commit GST fraud but not rocket science if you have a couple of complicit crooks.

by WestieAJ | 26th Jun 18, 1:53pm 1529978033

Well on this one they stole 3.6 million from Westpac with no gun or balaclava required. A bit of GST fraud would just be icing on the cake. Wonder where all the money went. Hope they used some of it to at least service the interest payments.

by HeavyG | 26th Jun 18, 2:04pm 1529978676

That's assuming the purchaser borrowed 100% of the $4.8m purchase price from Westpac which is very unlikely. The fact the property sold for $1.2m a week earlier would put the bank off lending $4.8m (or even $3.6m) to a purchaser a week later.

The GST fraud possibility is pretty easy to work out if you try.

by Kate | 26th Jun 18, 1:51pm 1529977911

My guess is they will only have secured the mortgage on the first of the Sept 2015 sales. The second Sept 2015 "sale" is the fraudulent one - to an "associate" who never paid/purchased at that price - no bank officer/lender would have been involved in that one. This second "sale" was recorded with LINZ for the purpose of using it (the unrealised/fake capital gain) fraudulently with respect to the next borrowing and/or selling exercise in the overall portfolio.

by HeavyG | 26th Jun 18, 2:59pm 1529981946

GST refund of $480k is also a great incentive. (edit: GST refund on $4.89m purchase price is $637k).

by Mrs The Point | 26th Jun 18, 2:35pm 1529980513

Your 480k GST refund conveniently covers your 40% deposit input on the first loan.

by HeavyG | 26th Jun 18, 3:05pm 1529982324

Sorry, used the wrong calculator and purchase price.

GST on $4.89m purchase price is $637,826.09.

The first loan was probably to a supposed "owner occupier" at 20% ($240k), who then "on-sold" to an associate/conspirator for the $4.89m leaving $400k or so cash in hand ($640k GST refund less $240k deposit) to either develop or just run off into the sunset.

As Kate points out no need for bank to be involved in second fraudulent sale. Original purchaser and fraudulent buyer walk away and bank left to clean up mess with $240k or so deposit as the buffer although bank will have to pay GST on sale ($156k approx) so will likely lose money but not a blood bath.

Taxpayer takes $484k hit ($640k-$156k).

GST fraud 101.

by Mrs The Point | 26th Jun 18, 4:15pm 1529986537

Seems there won't be any blow back for Mr Lau either as both the seller and "buyer" are Chinese citizens, who I believe never even resided in NZ. The perfect crime. So far the only penalty for him is a couple of weeks in jail for cutting down a Pohutakawa. He is even still collecting rent from these properties while they are Mortgagee sales.

by Mrs The Point | 26th Jun 18, 2:28pm 1529980095

I believe Nic Johnson can tell us the amount lent on this one?

by Nic Johnson | 26th Jun 18, 6:17pm 1529993827

I'm going to be away for a few days but here's the link you need MTP.

https://www.linz.govt.nz/land/land-records/order-copy-land-record/land-…

If the pervious mortgage is available still on file, then a $15 search fee should do the job, type in address and request the mortgage instrument for the property. This is great fun, but be careful, my brother in law still isn't talking to me after I snapped out his boat purchase as being a re-mortgage rather than a bonus... His Mrs put him firmly in the dog house as he'd fed her the same line..

by Mrs The Point | 26th Jun 18, 9:31pm 1530005495

Thanks for that useful link Nic.

by Nic Johnson | 26th Jun 18, 11:08pm 1530011329

MTP.. my pleasure. If you do get the information and the instrument is still with LINZ do be sure to let us all know how big the mortgage was.

I tell you what if I was a property speculator and I started to find out that I had been bidding against false money and fraud and that possibly there were bidders in the market that combined with reckless bank lending had led me to pay too much for other over-geared sheds in Auckland. Well you know what, I think I would probably be having a few sleepless nights about now. Lack of sleep would explain some of the ramblings that have been posted here over the last few weeks.

Good luck with your search MTP. let me know

Best Nic

by Mrs The Point | 26th Jun 18, 2:31pm 1529980283

@ Kate. So a dodgy lawyer required to lodge the fake sale with LINZ?

by HeavyG | 26th Jun 18, 2:59pm 1529981997

Apparent willing buyer and seller does not make the lawyer dodgy.

by Kate | 26th Jun 18, 3:02pm 1529982153

It does if he/she isn't involved in the funds transaction - given there likely wasn't one.

by HeavyG | 26th Jun 18, 3:33pm 1529984035

If A wants to transfer their property to B that is of no concern to the lawyer. They don't even have to worry about the fact that A has an undischarged mortgage over the property. That is now B's problem and the bank will need to rely on whatever security they have to enforce the debt owed by A.

Lots of property transfers occur (e.g. between family members, trustees etc) without any funding transactions.

by Kate | 26th Jun 18, 11:44pm 1530013442

Yes and no. Thing is, technically you can do lots of things but you cannot commit fraud, and/or aid and abet those attempting to commit fraud - be it tax fraud or company/trust accounting fraud or valuation fraud or mortgage fraud or whatever type of fraud.

An asset does not rise in value by that amount over the course of a few days, as was the recorded case here.

The value nominated as the sale/transfer price in that second transaction was therefore fraudulent. I'm sure the lawyer entering the data in the LINZ system will be questioned on it in any investigation of fraud that might arise.

by Kate | 26th Jun 18, 3:00pm 1529982050

Absolutely.

by Mrs The Point | 26th Jun 18, 3:47pm 1529984830

Surely this lawyer with an "indian sounding " name has a duty of care, to have an understanding of the transaction involved, so that he is not a party to a fraud.

by Nic Johnson | 26th Jun 18, 1:20pm 1529976011

I think I mention Westpac higher up in the comments section as being somewhat reckless with their loan book. Can you imagine if these figures were out in the mainstream media. There would be panic... Anyone ever heard of the expression 'pump and dump' - that's what we've been. Be prepared for the Chinese to offer to bail us out (individually or via our banks) one by one at the bottom of the crash.

by HeavyG | 26th Jun 18, 2:15pm 1529979320

C'mon Nic. You have called the Westpac bail out in December 2019 and I have put it in my diary. Can you stop harping on about it. You can do your "I told you so" chicken dance when Westpac folds but until then the incessant nattering is just boring.

Don't be like the other chicken littles on this site. We heard you all scream "the sky is falling" the first time, second time, third time, f............................................

At least give us some peace until December 2019.

by Nic Johnson | 26th Jun 18, 11:12pm 1530011529

No chance of peace when you keep tagging onto my posts 'Heavy Geared.'

The unravelling of this debt binge and the unravelling of the various commentators sanity will be far too much fun for me to want to miss out.

Good luck Heavy Geared

Best Nic

by Nzdan | 27th Jun 18, 7:40am 1530042047

You know, I’ve stumbled on the odd interest.co article which date a few years back and I’m always drawn to the comments section. One thing i noticed is the lack of recognisable usernames.

I always wonder if shit hits the fan which commentators will disappear. Probably create a new alias to save face so they can continue to participate in this community without shame.

by HeavyG | 27th Jun 18, 9:29am 1530048594

Do you think Nic Johnson will fly the coup when December 2019 rolls around and Westpac are still making money hand over fist?

Probably, I thought he was a newbie but it is likely just a new alias for one of the old crew. I see a number of them have being caught out with multiple accounts. He is probably Bobster (who I have caught before using a 2nd account) or Rastus in disguise.

by Bobster | 27th Jun 18, 9:55am 1530050111

What are you on about? Why would I need a second account!? Sheesh, there are some weirdos on this site.....

by Nic Johnson | 27th Jun 18, 10:25am 1530051904

Heavy Gearing - Just because you don't like what I post doesn't mean that you need to go making things up about usernames. I use the same one here as I do on Stuff and I've only been posting for a little while.

There will be no changes to my posting name, if I am wrong on Westpac I'll put my hands up next December, but I have probably investigated the banks a little bit more than you have. What will you be changing your name to after the crash, I've got a couple of suggestions for you;

'Opps I borrowed too much' or perhaps, 'Westpac did this.' or maybe 'Should have listened to Nic Johnson'

Anyway, you chill out, remember that you got into it for the long term and just make sure you enjoy every one of those 30 years of no property price growth, that bizarrely is not something I said but came from the mouth of the CEO of Westpac and was quoted a couple of weeks ago, in an article on interest.co.nz.

by Bobster | 27th Jun 18, 10:13am 1530051232

If you think the banks will continue to make money “hand over fist” from mortgage lending perhaps the attached will enlighten you. Note the comments from 7 mins onward about the extent of the banks current reliance on mortgage lending. Note also the comments from 8.20 mins on the current crazy leverage on shareholders equity. How much of a downtown would you needs before your 6% equity was underwater? Have a good listen, and come back when you are ready. Take your time.

https://youtu.be/I-Z9bgaGq7o

by rastus1 | 27th Jun 18, 10:40am 1530052845

..eh me! Thats funny...Ive been posting on and off from the days of Wally (I miss that man's humour). well before your time I'd say.

Too many posters on here taking themsleves far too seriosly...a second account...wouldnt waste me time matey -in fact says a lot about you to consider a few posts are so important. Time for you mother to restrict your pc time my friend.

by THE MAN 2 | 26th Jun 18, 1:12pm 1529975544

When auction rate success rates are low is when you should be buying, as it represents a great opportunity should you know what you are doing.
When people are selling is when you should be buying providing the no.s stack up and there is definite upside with the property.
DTI’s are irrelevant with rental property if you have enough property to leverage off them.
Don’t beleive what the Doom and Gloom Merchants on here are saying as they will put you crook most times.
They have been talking about huge price drops for the last 8 to 10 years and if you listened to them, you would be hundreds of thousand of dollars down the drain.
Make up your own mind on any particular property, if it looks right and is affordable and there is upside, then go for it!
If you are unsure, all you need to do,is get advice from people who have been successful in property investment, as despite what some on here say, there are people who have more ability with property than others, and nothing at all to do with luck!!!!

by Nzdan | 26th Jun 18, 1:37pm 1529977037

Does anybody else read THE MAN 2's posts in the trombone voice of the teacher from Peanuts?

by THE MAN 2 | 26th Jun 18, 2:16pm 1529979367

Don’t care what voice you hear, as long as you read the posts, and learn.
Take notice and you will be better off, rather than the negativity that gets preached by the majority on here!

by gordon | 26th Jun 18, 2:44pm 1529981095

Why would anyone with half a brain take notice of someone who is obviously uneducated as evidenced by your inability to spell and put together a coherent sentence paragraph. You only talk in platitudes. You give no concrete examples. To boot you buy properties in a falling market and expect everyone to think you are amazing. You are a one trick act and a poor performing one. Nothing special. Just a grumpy angry boomer who is pissed off the new government is making your play ground a more difficult place to play in.

by Pragmatist | 26th Jun 18, 2:21pm 1529979684

You mean people actually read his ramblings? I gave up long ago. Empty can and all that.

by Nic Johnson | 26th Jun 18, 11:24pm 1530012240

Brilliant Nzdan and you've made the editors pick of comments.

THE MAN2 does read best in the trombone voice of the teacher from Peanuts but if you want to try a variation for fun, pretend to be Stephen Hawking and read his posts with the electric synthesizer.

by Nzdan | 27th Jun 18, 7:50am 1530042619

When his posts are semi legible it transitions to more of a Gilbert Gottfried.

I guess the Editors saw some merit in my contribution.

by custard | 26th Jun 18, 1:38pm 1529977126

In the meantime it seems the word “third” has become a compulsory requirement for every auction result headline…..

by Didge | 26th Jun 18, 1:58pm 1529978312

Meanwhile UKIP in Britain is currently becoming ever more popular but I doubt if any property porn addicts have a clue as to why.

by MiniCat | 28th Jun 18, 1:19pm 1530148761

Barfoot & Thompson embed to sell by auction to their staff and they give statistics based on there company's turnover (sales) but not on the actual sell price of the property. How many properties have they sold 50K-100K below the RV?