.....what's the news?
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Here is some evidence to back this one..but more like 50% It seems (people have a habit of exaggerating the truth a bit )
tbh there is a lot of anger and resentment among my fellow Millennials on this topic, so watch this space i guess...
http://www.nzherald.co.nz/property/n...ectid=11727694
REINZ data out this morning
http://www.interest.co.nz/property/8...ountry-buoyant
Auckland Median price drops
Auckland volumes down 23% pcp
Fresh record highs elsewhere in the country (Usually lags Auckland)
Also drop in sales numbers in Waikato/BOP (-22% pcp)
Adjusted median days to sell lifted for first time in 5 months
Looks like new LVRs are having an effect on investor demand, along with a general tightening of credit conditions.
This guy is my hero http://www.nzherald.co.nz/property/n...lery_id=168322
It is hard to spot a bull market top for any asset. The best example is Auckland housing market. It is still roaring despite being one of the most overvalued property markets in the world.
http://www.radionz.co.nz/news/busine...-up-13-percent
Auckland house listings up 13 percent
A generation more or less shut out of home ownership without wealthy family help?
PM John Key's legacy of doing too little too late?
http://www.nzherald.co.nz/personal-f...ectid=11767878
Yep...limited new supply and demand for property from owner-occupiers, local investors, returning Kiwis, migrants, foreign investors and a government (both the previous Labour and current National) saying for so long there is no problem or it is Council's responsibility. For a start, is it time to prioritise those who want to buy a house to live in and introduce stamp duties for other purchasers? Or is too late for that, as a bubble could be burst?
Or Auckland Councils' legacy of restricting land availability? And developers going bust in the GFC didn't help.
That article quotes the average national price in November 2016 as $624,675 and Auckland average as $1,051,000. But the median prices were $520,000 and $852,000. So nationally half of all sales were less than $520,000 and in Auckland less than $852,000.
Still big numbers for Auckland but not nearly as bad as banging on about averages as the media does.