Quote Originally Posted by minimoke View Post
Georege, usefully we will have shrewdies reference point of $330,000 house in January 07 (which was pretty much the median price at the time) with a 9.5% floating interest rate. My pick is that in Jan 09, 10, 11 and on some of us will have been right and others will have missed some great opportunities – but time will tell.
The people in SHREWDYS position who missed the chance of getting on the property ladder when deposits were low are now in the hopeless position of saving more for a much higher deposit, by which time the market will trend up leaving them behind once more. This has happened in the past over, and over again. They also think its smart to gamble with interest rates, forgetting that if they get back to 20% they go broke, against if they trend down a few percent they gain a few bob. The housing market in NZ will trend up faster than ever next time, once this money crisis is over. The first home buyers who were to smart to take advantage of low deposits because they thought the market would drop, are now left as tenants to the more astute. Macdunk