Property Market Still Rising

Readers of my posts will be forgiven  if they think I only tell good stories that will “hype” the market up still more. That is patently not true. I just report on what the facts are and not just select “hype” for its on sake. In other words I  have no agenda, I do not have properties for sale  on a regular basis, nor do I try talk my clients into buying or selling without careful analysis of their particular circumstances.

The good times are often followed by not so good times. The lesson is clear. Get going  while times are good but do it carefully and with good advice at all times.

I am never too proud to get advice myself. As evidence I have a horde of accountants, lawyers and advisers noted as dependents on my tax returns.

On another note regarding the hysteria about the so called housing shortage, If we have a housing shortage where are the homeless?
Where are the hordes of people sleeping in the streets?
Why aren’t there gangs of roving shelterless people breaking into houses to get a roof over their heads?

The answer  is there is no shortage.
There are plenty of houses and flats to go around for all to be housed in reasonable comfort and reasonable prices.
No body is just hanging in space. Everyone is either renting or owning.
The housing shortage is a myth perpetrated by the left wingers and whipped up for political  gain.
The only victim in all this hype is the truth.

Property values still going up, again led by Auckland, Canterbury
Friday March 08, 2013

New Zealand property values continued to rise in February, with most of the increase still coming from Auckland and Canterbury.

National property values rose 3.2 percent in the three months ended February 28 to $428,692 and have gained 6.3 percent over the past year, according to state valuer Quotable Value.

Property values are now 3.2 percent above the last peak in late 2007.

In Auckland, values are up 10.4 percent over the past year while in Christchurch the gain was 7.5 percent. Among other centres, Hamilton is up 4.6 percent, Wellington up 1.7 percent and Dunedin up 3.7 percent.

“As has been the case for several months, there are a low number of properties for sale and low numbers of new listings coming to the market,” QV research director Jonno Ingerson says in a statement.

“This continues to constrain choice for buyers, many of who are keen to buy but cannot find a suitable property.”

Heat in the housing market has been cited by Reserve Bank governor Graeme Wheeler as an area of concern and is partly why the central bank is considering the use of macro-prudential tools, such as limits on loan-to-value ratios, to more specific

NBR

Posted in News & Articles | 1 Reply

One thought on “Property Market Still Rising

  1. This up turn has no foundation for property to keep going up it is only driven by 3 Things.
    1. Low interest rates (the only pay rise anyone’s had in two years)
    2. The Asian community pooring petrol on the market only in parts of it i.e. Forrest Hill Northshore good school zone.
    3. Real-estate agents (the Clowns) and the Real-estate industry (The circus) talking up a lot of hot air.
    Anyone of these top two reasons could change at anytime. Number 3 will never change.
    Things are not looking that great we are looking down the barrel of a major drought $1 Billion +++ dollars out of economy. When framing is not strong in NZ we are all in the poo.
    Big business struggling.
    Telecom about to cut jobs.
    Mainzeal construction in receivership
    Silverfern farms (Big meat company maybe following)
    Solid energy $389 +++ million in the red (Who is going to pay for this)

    There is a very easy way for the buyers to take control back of the market.
    STOP BIDING AT AUCTION.
    Why as buyers are we allowing Real-estate agents (The Clowns) and the Real-estate industry (The circus) to dictate to the buyer how we purchase?
    Stop BIDDING AND BUYING by auction and the market will even out very quickly.

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