Auckland a buyer's market as stock of properties for sale builds up and asking prices ease on Realestate.co.nz

On the other hand, there are those that have their finger on the pulse, and some of them are working hard to get rid of stock. A developer thats completed 8 houses & apartments at 19 Court Crescent in Panmure, 5 price drops since they listed on 19th Feb, Now they are all 10% to 12.5% off what they went on the market for initially. $12k - 14k/week price drops on brand new homes.

I thought the Man said it was going gangbusters.
You can rarely trust the opinions of people with strong vested interests.

Rick, yes it is an interesting fact, that they say that 12.1 per cent have lost money!
Fact is that many people do not make very good decisions, and that is why I say that property investment done correctly is a great investment option!
Personally never ever lost money on property and never will, but the fact that some have lost money, clearly shows that there will be winners as well!
I am well aware that some people do pay overs for property, whereas they should get advice from seasoned successful people in property.

The data in the Stuff article is "based on sales information lodged with the local council". As 'local councils' know Jack Squat about the sales history (that's held by competent hands such as QV and LINZ) I would surmise that:

• The sales are being compared with Rating Valuations (RV's) because that's all the 'local council' can easily access in mass form
• As RV's are generally re-done on a triennial basis, the comparison is with the peak of the respective markets
• So the Stuff article should not be regarded as statistically relevant....

Truth is people will be quick to tell others how well they did in any money making scheme and very quiet when they are losing money. I was thinking of some big players in CHCH.

Wow!!!! Wow wow wow! Hamilton has come of age, your posts are proof. Hamilton is doing well and has shifted up a gear in the consciousness of aucklanders, DGMs included. Until last year Hamilton did not rate and was the butt of jokes. Since then I haven't heard those Hamilton jokes and there is now far more news and comments about growth and people moving there from Auckland. It is great what a housing shortage and expressway can do.

TTP was the one sitting in the restaurant with a beer in one hand, a smoke in the other. He was yelling out other fleeing passengers 'she'll be right, it's certified as unsinkable".

Permanent residency is going down. Remove the partners from the stats (since they ought to be simply sharing a bed not buying a house) and that drop may be a quarter. The work visa holders make up much of the immigration figures but they are often very low paid and from countries where living with large numbers sharing quite common. Govt is trying to push immigrants out of Auckland. It must be having an effect.

The days of Chinese millionaires laundering their money in Australian and NZ real estate are over.
That's the key right there....

Yes, a point I've made many times on this website in the past
The people who push the 'immigration boosting housing' narrative are either a bit dumb, have vested interest, or both.

Introductory economics introduces the concepts of supply vs demand which determine market prices.

The issue is that people are mistaking these two definitions of supply and demand with respect to the property market. They may not fully understand how the following numbers are determined, and may be using the numbers in the wrong context

1) underlying supply and underlying demand
2) effective supply and effective demand

Most economists & property market commentators are using the level 1 definition to rationalise and justify rising property market prices. There are groups who use the narrative for their own financial gain
a) real estate agents use this narrative as the reason to convince buyers to buy.
b) property mentors use this narrative to attract students.
c) people posing as bank economists to attract potential borrowers for financial institutions who provide mortgage financing

However, it is the level 2 definition that determines market prices.

Wait wait.. QE means sharemarket should rally high ,right ?
rates down, prices up ?? Thanks

That's a nice house. What's wrong with it? Is it not selling because it's plaster on top?

Maybe the Vendor had their offer on the next place accepted, but forgot to include a condition "Subject to Sale of Existing Property"?

He has never sounded so defensive and desperate Solidname. It really is very sad but he has consistently shown that all he cares about is money. People are secondary to him especially those scummy tenants who prop him up. If in fact he has any property all.

Not perturbed at all about misrepresentation of facts!
To say that 1 in 8 properties that have sold in ChCh over the last 3 months is less than the owners paid for them, is rubbish!
Let’s see these examples of these properties, as I can tell you now the ChCh market is as solid as!
Seems very odd that the average is up!!!!!
I have not been seeing these properties selling for less than Owners paid for them, however there are always opportunities around!

Chamomile, with a dash of punctuation should do the trick.

I'd be interested to hear what people in Christchurch are paying now?

Chairman, you can get insurance for As is where is properties providing they have been repaired and certified!
I purchased one for a good price and got full insurance cover for it without much trouble.
Insurance premiums depending on insurance company are around $1500 per annum for $450k of cover in ChCh! Sometimes can be more depending on add ons!