"it will take 30 years to recover"

[mortgage broker]

If half the houses in NZ are mortgage free then this number must have a lot of mortgages with no loan against them.

[Shalodge]

I think that's very true .. Many farmers including myself have long since paid off amount owing on the mortgage but the bank continue to hold it as security for seasonal cashflow overdrafts etc..

I dont think the stats referred to are able to be interpreted without a lot more detail

[ENP]

Just a quick question, have been reading through this thread the past couple of days.

When interest.co.nz says house prices are going down 30% odd does this mean the actual price or the nominal price which includes inflation. So by 2012 if what he says is true, will a 100k house be 70k worth or will it remain 100k but inflation will have increased 30-40% so it's theoretically cheaper?

I'm a bit confused on this one...

[NovInvestor]

I love this Bernard "property hater" guy from Interest.co.nz, he's scaring out all the amateur investors, and pushing down the real estate prices, good work!

[AMR]

Depends on how Bernard words it...he can argue that house prices have fallend 30% against gold, the only true source of money

I think he has ended up saying "for some suburbs".

[NovInvestor]

I wonder if Bernard H gets money from the government to help damp down property speculation =/

[Bob Kane]

Just a quick question, have been reading through this thread the past couple of days.

When interest.co.nz says house prices are going down 30% odd does this mean the actual price or the nominal price which includes inflation. So by 2012 if what he says is true, will a 100k house be 70k worth or will it remain 100k but inflation will have increased 30-40% so it's theoretically cheaper?

I'm a bit confused on this one...

He means the actual price eg $350k house selling for $245k.
I think he made his prediction back in 2008 so he's expecting this to happen by next year.
Do you think you'll be able to buy a house that was valued in 2007 at $350k for $245k next year?

[eri]

He means the actual price eg $350k house selling for $245k.
I think he made his prediction back in 2008 so he's expecting this to happen by next year.
Do you think you'll be able to buy a house that was valued in 2007 at $350k for $245k next year?

think it has already happened with ak aparts...

[Davo36]

Yes but pretty much all other property is OK.

[ENP]

Do you think you'll be able to buy a house that was valued in 2007 at $350k for $245k next year?

Seems to be going down so you never know. Also thanks for clarifying my question before.

[eri]

Yes but pretty much all other property is OK.

many beach sections would be down about the same

but the average 3bd home has weathered the storm pretty well

as long as it doesn't leak

[drelly]

I think there are plenty of "bargains" out there if you can afford to hold them. However, I still see lots of property being sold for what I consider stupidly high prices.

[AMR]

I got smoked on a property recently. The two of us went to multioffer and I heard it went for above asking price and a whole 50k above my offer (which was already high). So there are some people prepared to fall in love and pay the price!

It had been on the market for months and no one had touched it until my offer. Grr!

[Property Trainer]

Amazing, Just goes to show that those who buy on emotion will pay a premium, just the sort of person you want when you're selling :-)

[ENP]

I got smoked on a property recently. The two of us went to multioffer and I heard it went for above asking price and a whole 50k above my offer (which was already high). So there are some people prepared to fall in love and pay the price!

It had been on the market for months and no one had touched it until my offer. Grr!

Where abouts was this and what did it sell for?