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Who predicted this?
roperty investor Olly Newland sat down to write a book at Christmas with a sense of impending doom.
Inquiries for his real estate consultancy had dried up and calls for his Auckland office space were few, which led him to believe he had got the first whiff of a change.
So he wrote his fifth book on real estate, predicting an end to the good times. "We're in choppy waters, the peak has passed and there's conflicting advice," he said in Auckland yesterday of the market for residential and investment property.
"But I don't want to sound like Dr Gloom."
A survivor of the 1987 real estate crash which saw the demise of his listed Landmark Corporation, Mr Newland has produced The Day The Bubble Bursts - how to profit from the coming property slump (Addenda, $29.95).
His book, released this week, comes as Australia weathers a housing downturn.
New Zealand economists say the once-booming housing market turned in August last year. Sales volumes have declined and selling takes longer.
Mr Newland says says inner-city apartments will suffer the most from a slump.
He said yesterday that his book's predictions were all coming true. Even before many others noticed a change, he said, he penned a checklist of what to watch out for when the market was turning.
Mr Newland said he had cut his debt levels to make himself more financially secure, selling "millions of dollars" of underperforming investment property.
He advised other people to also reduce their debt.
roperty investor Olly Newland sat down to write a book at Christmas with a sense of impending doom.
Inquiries for his real estate consultancy had dried up and calls for his Auckland office space were few, which led him to believe he had got the first whiff of a change.
So he wrote his fifth book on real estate, predicting an end to the good times. "We're in choppy waters, the peak has passed and there's conflicting advice," he said in Auckland yesterday of the market for residential and investment property.
"But I don't want to sound like Dr Gloom."
A survivor of the 1987 real estate crash which saw the demise of his listed Landmark Corporation, Mr Newland has produced The Day The Bubble Bursts - how to profit from the coming property slump (Addenda, $29.95).
His book, released this week, comes as Australia weathers a housing downturn.
New Zealand economists say the once-booming housing market turned in August last year. Sales volumes have declined and selling takes longer.
Mr Newland says says inner-city apartments will suffer the most from a slump.
He said yesterday that his book's predictions were all coming true. Even before many others noticed a change, he said, he penned a checklist of what to watch out for when the market was turning.
Mr Newland said he had cut his debt levels to make himself more financially secure, selling "millions of dollars" of underperforming investment property.
He advised other people to also reduce their debt.
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