Stuck in Auckland

NZ-wide house asking prices rise to record high

Realestate.co.nz spokesperson Vanessa Taylor now defines "market" based on "asking" prices.

Since November 2017 selling prices in my area are down 25% against 2017
RV.

Tells me the RV was based on earlier trend that has now dropped away.

I am going to place a $1 offer on all property in my area to self proclaim it a buyers market.

Timmy Chch

Isn't pretty much everything in the big centres these days 'by negotiation' or deadline sale or similar? Hardly ever see an asking price?

MrsFychan

its always going to be asking price all over with the lack of stock out there, sellers have a choice of buyers in most cases.

Any property is only worth what someone will pay for it so its down to the buyers what the price results are.

Charismatic

Looks like back to business as per usual after the election. Everyone’s realising that very little is likely to change any time soon despite all the hot air from the new government. Reserve Bank have also stoked the fire a bit by talking about another cut to the OCR and winding back LVR restrictions.

Off we go again .

john_hepburn

The prices in that article are absolutely eye watering. How does anyone ever afford to buy a house when the prices are so high?

Clappy

It is no problem because debt is so cheap.

Stuck in Auckland

I am only looking at a particular area of Auckland and its the higher range where against RV settlement prices are dropping.

If agents are quick to compare settlement prices in the past against RV (2014) they should now professionally be comparing against RV (2017).

Against 2014 they show growth, against 2017 they show a decline. My point is this is deliberate misleading (an offence under NZ law).

In one instance the 2014 to 2015 RV was just $5k movement but vendor expects $200k on what they paid in 2013. With all comparative in 5 square miles averaging 20% decline. (based on recent post October sales).

Timmy Chch

Sounds like you're levelled headed and trying to get your head round mental Auckland prices, it's a crazy bubble, good luck. I doubt it's against any law if they quote a 2014 rv or 2017 rv as that is a fact - they haven't lied. Kinda my earlier point, the article discusses asking prices, yet most houses don't have an asking price - no, you have to play a silly game with old rv dates and try to guess value added stuff etc

Justcol

That would hint at a basic level of professionalism in a sector where it is widely known there is none

jmh

If you have a look on Trade Me Property Insights you will find their actual sale price - link below. Houses that don't sell at auction (quite common) are worth targeting for a good offer. Keep your eyes open and allow some time to learn the market in your favoured areas. I got a lovely 3 bed home with a sea view in Auckland (nice part of a less popular suburb) for just over $500K in 2014. No regrets.

https://www.trademe.co.nz/property/insights

Note, if you chose an expensive area, your costs (school 'donations' etc) will be higher).

Edit to add: The property insights listed above on gives six months of sales prices but does give estimates. The app I downloaded from Trade Me onto my ipad gives historical sales data.