Having got ourselves into a debt-induced economic crisis, the only permanent way out is to reduce the debt – either directly by abolishing large slabs of it, or indirectly by inflating it away.
2nd consecutive month of house sale value increase (up 3% this year) and less time on market and more sales. Sections holding their value at a 10 month high and at the same level as the 07’ peaks.
This is the idiot that was telling everyone a few months back that the property market was going to fall over 30% and now he sudden turns around and tells everyone it is a good time to buy. Hey, guess what, the market have only fallen slightly. What a joke! They are all just a herd of sheep.
As I said before and will say again, the so called "experts" got it wrong the last bubble and they will get it wrong this bubble.
disclosure: been accumulating a property portfolio in the last few months.
Last edited by Dr_Who; 12-04-2009 at 08:34 AM.
Having got ourselves into a debt-induced economic crisis, the only permanent way out is to reduce the debt – either directly by abolishing large slabs of it, or indirectly by inflating it away.
Westpac New Zealand has confirmed a 0.4 percent cut to its 6-month fixed housing lending rate. This brings its 6-month home loan rate to 5.39 percent. The rate will be effective from Friday
The Reserve Bank couldn't have been more explicit to the banks today ... there is no need to have such high long term rates as we will be here ( at 2.50% or lower ) until late next year.
Only 1 rate change so far today ... Westpac 6mth dn 40bps
Why are our banks so slow in reacting to such positive news for mortgage payers !!
Why are our banks so slow in reacting to such positive news for mortgage payers !!
Thats the "Good News" bit to the shareholders. Id imagine an honest Bank announcement to the market today would go something like this: "Don't worrry: we've got our hands squeezing the balls of the homeowner and he simply ain't squeeling loud enough. And until that noisy RB gnat does something to bite and hurt us we'll keep ignoring it and rake in the profits for you."
Maybe you would like the banks to get all there money from the reserve bank at official cash rates. Then they will have to put your tax rates up to supply them with money.
I track the number of properties listed for sale on TradeMe as a useful tool to get a feel for nationwide trends. Number peaked just under 94,000 earlier this year ... is 91,270 this morning which I would say is the lowest number for a good six/nine months. Still a big number but the trend is certainly down which is good news.
Reply With Quote
Originally Posted by The Great Gold Guru
Bookmarks