Friend of mine just sold a house in Christchurch for $90000.00 Less than it was valued a year earlier
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Craigs reckon $106 mill underlying profit for 2019.
I make that a PE of 11.9
Lol, so much scaremongering going on on here, this is not just a property company it's a needs based business with strong tailwinds for many years to come.
Okay I am bored with this now Balance. You think by way of example that the dynamics of the Auckland market might be different to say Napier or Nelson or to illustrate my point even more pointedly, Invercargill ? All I will reiterate is that in the Auckland market it is incredibly easy to get myopic vision that this somehow represents an accurate proxy for the rest of the country. Normally I have a lot of respect for your posts...let's just agree to disagree regarding opinions on the future movement of the national average real estate price. The FACTS on the real estate market for the year to March have been reported in the media and this trumps anyone's future opinion at this stage anyway.
I don't want to be rude but honestly I couldn't care less about individual anecdotal evidence. National average is all that's relevant and is up 2.5% year on year.
That's still profit growth and they are probably the most bearish of the brokers given their recent bizarre call.
Good. That's why the sharemarket is such a wonderful place - a market where different perceptions of value and expectations differ.
Sp was $7.50+ in October 2018 when data of Auckland's struggling property market started emerging - discounted at that time by the real estate industry of course!
Those who took heed vs those who believe it's just temporary.