Auckland housing market

[winner69]

... Well, it looks like the property market has had it's pause and is starting up again

.....what's the news?

[NeverQuestion]

Talking with one of the Guys at work around the housing situation in Auckland.

He was saying that he is moving because the landlord is trying to sell up.

So he decided to go to the action and see how much it went for.

According to him the place didn't sell and alot of the other places didn't either.

Talking with one of the officials at the Auction room apparently sales are down 80%.

Ever since the new LVR was applied to investors a few weeks back

Here is some evidence to back this one..but more like 50% It seems (people have a habit of exaggerating the truth a bit )

tbh there is a lot of anger and resentment among my fellow Millennials on this topic, so watch this space i guess...

http://www.nzherald.co.nz/property/n...ectid=11727694

[Mush]

REINZ data out this morning

http://www.interest.co.nz/property/8...ountry-buoyant

Auckland Median price drops
Auckland volumes down 23% pcp
Fresh record highs elsewhere in the country (Usually lags Auckland)
Also drop in sales numbers in Waikato/BOP (-22% pcp)
Adjusted median days to sell lifted for first time in 5 months

Looks like new LVRs are having an effect on investor demand, along with a general tightening of credit conditions.

[Lewylewylewy]

REINZ data out this morning

http://www.interest.co.nz/property/8...ountry-buoyant

Auckland Median price drops
Auckland volumes down 23% pcp
Fresh record highs elsewhere in the country (Usually lags Auckland)
Also drop in sales numbers in Waikato/BOP (-22% pcp)
Adjusted median days to sell lifted for first time in 5 months

Looks like new LVRs are having an effect on investor demand, along with a general tightening of credit conditions.

It did hault after the LVR change, but it looks like sales are starting up again

[NeverQuestion]

This guy is my hero http://www.nzherald.co.nz/property/n...lery_id=168322

[Valuegrowth]

It is hard to spot a bull market top for any asset. The best example is Auckland housing market. It is still roaring despite being one of the most overvalued property markets in the world.

http://www.radionz.co.nz/news/busine...-up-13-percent

Auckland house listings up 13 percent

[Bjauck]

A generation more or less shut out of home ownership without wealthy family help?
PM John Key's legacy of doing too little too late?
http://www.nzherald.co.nz/personal-f...ectid=11767878

[fungus pudding]

A generation more or less shut out of home ownership without wealthy family help?
PM John Key's legacy of doing too little too late?
http://www.nzherald.co.nz/personal-f...ectid=11767878

The result of too many people wanting to live in the same street, suburb or city? a.k.a demand?

[Bjauck]

The result of too many people wanting to live in the same street, suburb or city? a.k.a demand?

Yep...limited new supply and demand for property from owner-occupiers, local investors, returning Kiwis, migrants, foreign investors and a government (both the previous Labour and current National) saying for so long there is no problem or it is Council's responsibility. For a start, is it time to prioritise those who want to buy a house to live in and introduce stamp duties for other purchasers? Or is too late for that, as a bubble could be burst?

[artemis]

A generation more or less shut out of home ownership without wealthy family help?
PM John Key's legacy of doing too little too late?
http://www.nzherald.co.nz/personal-f...ectid=11767878

Or Auckland Councils' legacy of restricting land availability? And developers going bust in the GFC didn't help.

That article quotes the average national price in November 2016 as $624,675 and Auckland average as $1,051,000. But the median prices were $520,000 and $852,000. So nationally half of all sales were less than $520,000 and in Auckland less than $852,000.

Still big numbers for Auckland but not nearly as bad as banging on about averages as the media does.