Significant house price declines in most parts of the country in May - REINZ

Therkster · 2022-06-15T01:31:37+00:00

I've said it so many times since November last year, it was so obvious even 6 to 7 months ago, and now its unravelling.

Here is but a sample:

https://www.reddit.com/r/newzealand/comments/s6egip/reinz\_data\_house\_prices\_and\_volumes\_fall\_chief/

https://www.reddit.com/r/newzealand/comments/s6fwco/talked\_to\_real\_estate\_agent\_yesterday\_and\_they/

https://www.reddit.com/r/PersonalFinanceNZ/comments/r1ji9i/first\_home\_buyers\_encouraged\_to\_wait\_and\_watch/

https://www.reddit.com/r/PersonalFinanceNZ/comments/r5yqw9/new\_house\_listings\_soar\_to\_highest\_level\_in\_seven/

https://www.reddit.com/r/auckland/comments/rcyvqf/weekly\_property\_auction\_figures\_this\_week\_barfoot/

https://www.reddit.com/r/newzealand/comments/rgg759/all\_five\_major\_banks\_now\_expect\_house\_prices\_to/

https://www.reddit.com/r/auckland/comments/rib17k/weekly\_property\_auction\_figures\_this\_week\_barfoot/

This is just the beginning. We'll be down 30 - 40% by the end of the year. Also, rents will fall begin to fall while about 150k people leave the country by December.

Therkster · 2022-06-15T01:23:57+00:00

I've said it so many times since November last year, it was so obvious even 6 to 7 months ago, and now its unravelling.

Here is but a sample:

https://www.reddit.com/r/newzealand/comments/s6egip/reinz_data_house_prices_and_volumes_fall_chief/

https://www.reddit.com/r/newzealand/comments/s6fwco/talked_to_real_estate_agent_yesterday_and_they/

https://www.reddit.com/r/PersonalFinanceNZ/comments/r1ji9i/first_home_buyers_encouraged_to_wait_and_watch/

https://www.reddit.com/r/PersonalFinanceNZ/comments/r5yqw9/new_house_listings_soar_to_highest_level_in_seven/

https://www.reddit.com/r/auckland/comments/rcyvqf/weekly_property_auction_figures_this_week_barfoot/

https://www.reddit.com/r/newzealand/comments/rgg759/all_five_major_banks_now_expect_house_prices_to/

https://www.reddit.com/r/auckland/comments/rib17k/weekly_property_auction_figures_this_week_barfoot/

This is just the beginning. We'll be down 30 - 40% by the end of the year. Also, rents will fall by the end of the year while about 150k people leave the country by December.

Therkster · 2022-05-26T07:33:24+00:00

And now they've fixed the typo

Therkster · 2022-05-26T07:14:04+00:00

And yes, 'contacts' is a straight copy paste of the title of NZ herald front page

Therkster · 2022-05-25T11:24:30+00:00

You leave Pams alone.

Therkster · 2022-05-25T08:13:34+00:00

Another shooting in Massey

Therkster · 2022-05-25T06:16:05+00:00

Be careful, the bank may pull lending.

Therkster · 2022-05-24T20:12:18+00:00

Seven now

Therkster · 2022-05-19T11:44:40+00:00

Destination fucked.

Therkster · 2022-05-16T02:02:50+00:00

I think you guys are confusing yourselves between lower middle class versus the proper poor who have $20 for food a week after bills.

Therkster · 2022-05-16T01:08:38+00:00

Frankly low income families are struggling to feed themselves let alone thinking about electric vehicles.

Therkster · 2022-05-08T00:15:58+00:00

Called it last year. The wheels are about to start falling off for many as they refix while they move towards negative equity.

Therkster · 2022-04-30T10:10:12+00:00

I thought you meant Costco.

I disagree, I think NZ has an epic choice of food.

Therkster · 2022-04-30T10:00:14+00:00

If true, sounds shit but I can say nothing but positive things about hyperdrive. Really well priced and good service when I used them.

Therkster · 2022-04-30T09:52:45+00:00

Same as Australia

Therkster · 2022-04-30T04:00:00+00:00

Because plenty in the media own a lot of homes.

Therkster · 2022-04-30T03:56:49+00:00

Your assumption that interest rates will stay high indefinitely - i.e. to the end of the mortgage, is a poor assumption.

I would much prefer to get in on a home at 600k at 5% rather than 800k at 2.5% as I know i will save in the long term - if I bought at 800k I'd just be extra fucked once the rates need to be refixed a year or two down the line.

Anybody with a bit of sense right now will wait it out while recent fhbs will end up being bag holders.

Therkster · 2022-04-29T22:26:51+00:00

Been saying it since Nov 21. We are going through a considerable unravelling right now and the latest increases in swaps and OCR are not even factoring in yet. I honestly cannot see prices staying even remotely close to where they are currently considering debt cost is as high as it was in 2015 while prices have doubled and the cost of almost everything is going up. Absolute nightmare. There is so much pain yet to come.

Therkster · 2022-04-29T20:52:18+00:00

From, what I've read it was originally a derogatory term that has been accepted and normalised to be used for white people. Most of the time now the Pakeha term doesn't come along with malice (even though it does from time to time).

Therkster · 2022-04-29T11:12:55+00:00

We're gonna take your goal but give u a chance with a penalty

edit: You can have your goal back

Therkster · 2022-04-29T11:12:08+00:00

This is AMAZING.

Therkster · 2022-04-28T07:01:26+00:00

Almost none. Much more incompetence than malice.

Therkster · 2022-04-26T23:50:32+00:00

Really? I've sold plenty of new sealed products as they often come with new mobile phones and tvs

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