Good news Stories

[Dr_Who]

Wheres all the doomsayers posters that predicted the property will drop 30-40% gone??

Still renting?

[minimoke]

Wheres all the doomsayers posters that predicted the property will drop 30-40% gone??

Still renting?

Perhaps wondering if they should buy some land and build instead. Except the good news is median section prices increased last month from $170,00 to $178,250 and up from the september 08 low of $167,000.

[miner]

Depends where your looking,as have watched quiet a few drop 20-30 %,including one on the weekend that has just recently dropped in asking price by 25%,as for sections try a subdivision that started at 169k-187k(cheap compared to others) and are now down to 150k as only one has sold,each to there own.

Cheers
Miner

[fungus pudding]

Depends where your looking,as have watched quiet a few drop 20-30 %,including one on the weekend that has just recently dropped in asking price by 25%,as for sections try a subdivision that started at 169k-187k(cheap compared to others) and are now down to 150k as only one has sold,each to there own.

Cheers
Miner

Yep. seems prime sections are selling well - but below previous prices in many areas, but there are plenty that just won't sell, particularly at lower end. So medians are up, but values are down. Pretty much the same with housing overall.

[minimoke]

Yep. seems prime sections are selling well - but below previous prices in many areas, but there are plenty that just won't sell, particularly at lower end. So medians are up, but values are down. Pretty much the same with housing overall.

The good news is that in May average prices were at $219,128, up from the Sept 08 average of $200,736.

And in June time on market time had dropped down to 91 days after a few months at over 100days.

[fungus pudding]

The good news is that in May average prices were at $219,128, up from the Sept 08 average of $200,736.

And in June time on market time had dropped down to 91 days after a few months at over 100days.

I'm not sure why that's good news. The average is up because lower priced stuff just isn't rating. Time on market for sections is a joke - don't believe what you read about that. There is a tendency for agents to fudge those figures by 'relisting' a section at a new price and forgetting about the two years it had been for sale before that - perhaps previously listed with the agent down the road. Fact is sections are cheaper now in many parts of NZ. Average up, median up, value down. Fools a few and the REINZ love quoting medians and values, but they never ever report values. Mind you value is what they quote when listing, pricing or persuading a buyer to accept an offer. They obtain it through a CMA or comparative market analysis. It's a rough method, but nearer the mark than meaningless medians or averages.

[Dr_Who]

If you cant see that the Auckland property have turned you must be blind. I suggest you go visit your local optometrist.

[ari]

Yep it's turned in Auckland...just sold house privately (with 2 buyers interested same weekend) after 2 years on trade me and over 6000 hits. Last 2 months have shown a definite increase in daily hits.

[minimoke]

In todays news from QV:
"
Nationwide property values were up 0.7 per cent in July, and have now gained 1.3 per cent since hitting a low in April, Quotable Value says in its latest survey.




The national average sale price was up $4223 to $382,758 from June.


The market seems to have returned to some form of normality," QV valuations manager Glenda Whitehead said. "Buyers are making rational, carefully considered decisions based more on fact than emotion."

[fungus pudding]

In todays news from QV:
"
Nationwide property values were up 0.7 per cent in July, and have now gained 1.3 per cent since hitting a low in April, Quotable Value says in its latest survey.




The national average sale price was up $4223 to $382,758 from June.


The market seems to have returned to some form of normality," QV valuations manager Glenda Whitehead said. "Buyers are making rational, carefully considered decisions based more on fact than emotion."

Don't fall into the trap of interpreting the average price increase as a value increase. For instance in my area averages and median are both up, but $400,000 will buy a very much better property than it would have around 18 months ago, so values are down. The same applies broadly across the price ranges. QV and the REINZ both use the misnomer 'value increase' to describe any numbers that show an increase. It's deceptive.