Good article mate. Good to see it getting significant traffic on twitter etc.
Someone has to call this stuff out.
Couple years ago I was watched as a friend and partner (mid 30's) purchased a normal/nice seeming 4-bedder for $2.9M in Sandringham Auckland. I thought he said $1.9M and I was holding my mouth (holy shiit), but it was $2.9M.
Its down at least $500K in 3 years. Serious money for a young family, thinking they are making a safe investment. Not to mention their loan is probably around $1.5-2.0M, meaning at least $100K/year of interest payments.
I have no clue on what planet this makes sense. Unfortunately it looks like it was peak market pricing.
I swear people won't believe anything about housing ever going down, until it literally slaps them in the face.
Nice Piece. I’m receptive to property falling another 15-30%. I think when The trifecta of further house price falls, more recession and higher unemployment continues the RBNZ will cut. A higher inflation regime will cause the NZD to fall if the reserve bank is cutting . They will sacrifice the currency to cushion a big chunk of the fall in property prices. In other words the 35-50% fall from peak prices won’t also include a NZD that is 20-30% lower in USD terms in most punters heads
Good article mate. Good to see it getting significant traffic on twitter etc.
Someone has to call this stuff out.
Couple years ago I was watched as a friend and partner (mid 30's) purchased a normal/nice seeming 4-bedder for $2.9M in Sandringham Auckland. I thought he said $1.9M and I was holding my mouth (holy shiit), but it was $2.9M.
Its down at least $500K in 3 years. Serious money for a young family, thinking they are making a safe investment. Not to mention their loan is probably around $1.5-2.0M, meaning at least $100K/year of interest payments.
I have no clue on what planet this makes sense. Unfortunately it looks like it was peak market pricing.
I swear people won't believe anything about housing ever going down, until it literally slaps them in the face.
Nice Piece. I’m receptive to property falling another 15-30%. I think when The trifecta of further house price falls, more recession and higher unemployment continues the RBNZ will cut. A higher inflation regime will cause the NZD to fall if the reserve bank is cutting . They will sacrifice the currency to cushion a big chunk of the fall in property prices. In other words the 35-50% fall from peak prices won’t also include a NZD that is 20-30% lower in USD terms in most punters heads