Good news Stories

[fungus pudding]

A little surprisingly REINZ data out for June shows Median prices up in June to $352k - just a tad off the all time recent highs and up $12k on this time last year. And bang on the high achieved in Nov '07

That's not suprising at all. Lending is tighter; the bottom end of the market is hardly moving, so naturally the average and the median rise. But has value risen or fallen?

[winner69]

Interesting article on Vancouver's drop in property sales (just like in NZ). And the "Housing Collapse Cascade Pattern" is even better - it smells of NZ all over:

http://tinyurl.com/2gylt6h

That was an interesting article .... and you can see where NZ is on the path

had to laugh today as house sales data cme out .... amount of sales tumbling but heck it looks like 'successful vendors are being realistic in assessing the market value of their home,"

[Dr_Who]

On a lighter note, you can always tell where the property market is by weighing the realty sales booklet. The thicker and heavier the book the weaker the property prices.

[fungus pudding]

On a lighter note, you can always tell where the property market is by weighing the realty sales booklet. The thicker and heavier the book the weaker the property prices.

The really interesting data - which is never published - is the number of properties listed each month instead of just the the number sold. That tells you the current state of the market, but more importantly gives a great indication of the future.

[George]

That's not suprising at all. Lending is tighter; the bottom end of the market is hardly moving, so naturally the average and the median rise. But has value risen or fallen?

Article from Aus - perhaps hope for bottom end of kiwi property market if there is any truth in the saying that we follow Aus by 6-12 months. (Could you relate the likes of South and West Auckland to Footscray and Frankston?)
http://www.smh.com.au/business/marke...718-10g05.html

[miner]

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[minimoke]

Wow - two good news stories in one day!.

Some optimists reckon the $1.6b South Canterbury Finance money will flow into the property market. Effects are banks will have more money to lend which will keep lending costs down. More money to lend will equal a more relaxed lending criteria. This all equals more demand and as we know demand leads to price increases.

Also apparently th number of new listings has dropped back prompting suggesting we are moving into a sellers market - which again will lead to price increases.

[miner]

Some have gold fever some have property fever,SCF had it that bad it died from it along with the other 62.

[fungus pudding]

Wow - two good news stories in one day!.

Some optimists reckon the $1.6b South Canterbury Finance money will flow into the property market. Effects are banks will have more money to lend which will keep lending costs down. More money to lend will equal a more relaxed lending criteria. This all equals more demand and as we know demand leads to price increases.

Also apparently th number of new listings has dropped back prompting suggesting we are moving into a sellers market - which again will lead to price increases.

I think I'd call them predictions rather than stories. The unsold inventory is far higher than normal, which always slows down new listers, and there is really no reason for money to go chasing real estate for a good while yet. Residential prop. is still overpriced by world standards and won't react to a bit of money floating around. That is not necessarily the case with selected commercial or industrial R.E.

[Ptolemy]

The early signs from Barfoot and Thompson for August in the Auckland market is that August will be another poor month with prices down 4% from a year ago and 4% from July and volumes down 23% from a year ago. Inventories continue to climb.

I think it might be wishful thinking to say money from the SCF collapse will flow into property - although it may via the banks. The banks are likely to be the receipients of the repaid cash IMO.