mattwnz:joker97:mattwnz: I would never buy a house at an auction, as you have to make sure you have done full due diligence before hand, such as building inspections, lawyer checking everything, lim etc. So you are down probably more than 2k before you even put in a bid. Auctions though can be good for sellers when there is a lot of interest in the property. Tenders are also not great for buyers, although unlike an auction, you can put in conditions on the tender.
if you have this mentality it will be incredibly tough to buy a house in auckland or perhaps even christchurch
That's why I wouldn't buy in those two areas. At some stage the bubble is going to burst, as the property bubble in those areas is being fueled by greed and cheap credit. As soon as interest rates rise, there will be people who will be left exposed.
Then, because it will have flow-on effects on the entire country, the government will step in to stop it turning into a huge economic disaster and the provinces will be further screwed.
People are already hurting out there and I expect it's going to get worse.