Ah yes, but still - the cost of the house itself is fairly good (and the build time is quite a bit quicker than usual).

https://www.stuff.co.nz/business/money/300721499/anz-house-prices-likely-to-fall-27

27% is quite a fall - indeed, almost wiping out the gains made since the start of the pandemic. I wonder if they could go even further?

One property expert I heard several years ago on the radio said 20% was a crash.

This article below  also hasn't dated well, because it is interest rate rises that are causing prices to drop and the number of house sales to drop significantly. WE also now don't have a shortage of houses for sale. Also apparently there are a lot of new townhouses that are going to be coming online over the next year, and with NZs population growth at record lows, I can see this having an effect. 

https://www.oneroof.co.nz/news/ashley-church-dont-expect-higher-interest-rates-to-crash-the-housing-market-40824 

quickymart:

 

https://www.stuff.co.nz/business/money/300721499/anz-house-prices-likely-to-fall-27

 

27% is quite a fall - indeed, almost wiping out the gains made since the start of the pandemic. I wonder if they could go even further?

 

they said that at the start of covid and what happened?

mattwnz:

 

One property expert I heard several years ago on the radio said 20% was a crash.

 

 

 

This article below  also hasn't dated well, because it is interest rate rises that are causing prices to drop and the number of house sales to drop significantly. WE also now don't have a shortage of houses for sale. Also apparently there are a lot of new townhouses that are going to be coming online over the next year, and with NZs population growth at record lows, I can see this having an effect. 

 

https://www.oneroof.co.nz/news/ashley-church-dont-expect-higher-interest-rates-to-crash-the-housing-market-40824 

 

Its all balancing out. If housing prices did go back to re pandemic, thats not a crash, its a correction. In a stock market crash people lose cold hard cash. Or they lose artificial gains that they didnt cash in. We live in houses we dont spend houses, so IMO its just a correction as interest rates and house prices go hand in hand, the only constant is the monthly mortgage payment, which if incomes are relatively unchanged, the amount people can pay on a mortgage remains relatively constant. Buyers buy based on the mortgage they can service, the house price is just a number.

Plus we whine, complain, comment about how bad it is that house prices have rocketed up. Now, we can be pleased. comment, that they are rolling back. 

mattwnz:

 

One property expert I heard several years ago on the radio said 20% was a crash.

 

 

 

This article below  also hasn't dated well, because it is interest rate rises that are causing prices to drop and the number of house sales to drop significantly. WE also now don't have a shortage of houses for sale. Also apparently there are a lot of new townhouses that are going to be coming online over the next year, and with NZs population growth at record lows, I can see this having an effect. 

 

https://www.oneroof.co.nz/news/ashley-church-dont-expect-higher-interest-rates-to-crash-the-housing-market-40824 

 

LOL, nothing Ashley Church ever writes dates well. He's a property investor with blatant (but poorly-disguised) interest in house prices going as high as possible forever to line his pockets even more.

I roll my eyes when I see him writing stories along the lines of "how easy it is to buy a house - therefore no housing crisis" or "prices won't drop, that's bad for people - PS no housing crisis".

I would take everything that guy says with a grain of salt (or a sack, if you prefer).

quickymart:

 

mattwnz:

 

One property expert I heard several years ago on the radio said 20% was a crash.

 

 

 

This article below  also hasn't dated well, because it is interest rate rises that are causing prices to drop and the number of house sales to drop significantly. WE also now don't have a shortage of houses for sale. Also apparently there are a lot of new townhouses that are going to be coming online over the next year, and with NZs population growth at record lows, I can see this having an effect. 

 

https://www.oneroof.co.nz/news/ashley-church-dont-expect-higher-interest-rates-to-crash-the-housing-market-40824 

 

 

LOL, nothing Ashley Church ever writes dates well. He's a property investor with blatant (but poorly-disguised) interest in house prices going as high as possible forever to line his pockets even more.

 

I roll my eyes when I see him writing stories along the lines of "how easy it is to buy a house - therefore no housing crisis" or "prices won't drop, that's bad for people - PS no housing crisis".

 

I would take everything that guy says with a grain of salt (or a sack, if you prefer).

 

How is affordability looking after the anticipated 20% drop? :)

Example:

1M property, 200K deposit, 800K loan for 30Y at 3% => $1557 / fortnight

Let's say, 20% srop

800K property, 200K deposit, 600K loan for 30Y at 6.54% => $1758 / fortnight

Interest rates rising wiped any "savings" to be made with house prices declining. A pity really - although they're still far too over-priced.

https://www.stuff.co.nz/business/130931411/high-house-prices-resulting-in-prenups-and-contracting-out-boom

A very good point raised here, worth considering if you're buying as a solo then later planning on coupling up with someone.

quickymart:

 

Interest rates rising wiped any "savings" to be made with house prices declining. A pity really - although they're still far too over-priced.

 

Only in the short term. Interest rates always go up and down - it's still going to be cheaper to buy now, long term than it was before.

I wouldn't want them buying any house of mine anyway.

PS @freitasm - welcome back!

https://thespinoff.co.nz/business/12-04-2023/what-its-like-buying-and-selling-in-aucklands-frosty-property-market

Selling seems to be a ticket to downhill-trending prices at the moment.