Auckland housing market

[Lewylewylewy]

Average property price fell for the 2nd quarter in a row in Auckland. I'm not reading too much into it as there are lots of dips in the graph, but my gut tells me that it's levelling off a bit. Can't say where I got the data from, but it's 100% reliable.

[iceman]

Spoke to a real estate friend in Nelson over the weekend. He said the local market has gone gangbusters for last couple of months and big shortage of properties for sale. Said many buyers are investors from Auckland, both looking for rental properties and retirement properties.
SO the Auckland effect is now stretching to the South Island as well as BOP, Waikato and Northland !!

[JBmurc]

Southern lakes also really hit it's straps this year .....been a few properties down our street that have been on the market for 2-4yrs both just sold within weeks breaking new highs for the area ...pure madness for the lower 400k-1mill price range here for couple years now

looks very Bubble like ...so much leverage ..interest only loans ...negative geared investments ...the world is awash with Debt ...Growth outside Property near stagnate to crashing won't be long IMHO

Glad to be wiping 500k in debt next few weeks...and finally be living in a debt free house

[iceman]

JbMurch, you don't need to answer, but if you are wiping $500k in debt, where does money come from. Selling shares , bonds, rental property ?

[JBmurc]

JbMurch, you don't need to answer, but if you are wiping $500k in debt, where does money come from. Selling shares , bonds, rental property ?

Brought house round half the price we sold the current one basically ... ...will wipe the 500k debt leaving only 150k to go >>(which is invested in the ASX Market and should if all goes to plan pay itself off next couple of years)

[Kees]

Spoke to a real estate friend in Nelson over the weekend. He said the local market has gone gangbusters for last couple of months and big shortage of properties for sale. Said many buyers are investors from Auckland, both looking for rental properties and retirement properties.
SO the Auckland effect is now stretching to the South Island as well as BOP, Waikato and Northland !!

Same here in Picton and the Bays property selling really quick now compared to 6 month or even 12 month ago .
real-estate agent finding it hard to get listings good place for retirees .

[JBmurc]

The biggest contributors to New Zealand's gross external debt are the registered banks which now account for $117.9 billion, or 48 per cent, of the country's gross overseas borrowings.

The banks steadily increased their overseas borrowings from $55.2 billion in 2001 to a high of $139.4 billion in 2008. A high percentage of this foreign-sourced debt was on-lent to house purchasers. The banks had to borrow overseas because there were insufficient domestic deposits to meet the borrowing demands of house buyers.
...

Wonder how high it is now esp with NZD falling hard against the USD (aka the leader of last resort!)

[NeverQuestion]

An Interesting article this morning

http://www.nzherald.co.nz/business/n...ectid=11615870

I tend to agree.. It is a little hard to believe that anyone in Parliament cares about sky rocketing prices in Auckland

Surely they are making a killing like the rest of those lucky enough to have property in Auckland

Personally hoping my shares pay-off just to get the deposit together to secure a property

[smpl]

Brought house round half the price we sold the current one basically ... ...will wipe the 500k debt leaving only 150k to go >>(which is invested in the ASX Market and should if all goes to plan pay itself off next couple of years)

It always amuses me to see that many New Zealanders don't know that there is a difference between 'brought' and 'bought'.

[voltage]

smpl, why the ASX? blue chip? or spec mining stock?