Auckland slowing down

[rocket]

In the last 5-7 days I have felt that Auckland is now cooling down. Market is becoming buyer centric slowly and sellers asking price coming down. What do you guys think

[AucklandInvestor]

Over the past couple of months it feels like a bit of heat has come out of the market... good properties are still going for ridiculous prices, but it feels like buyers are less desperate to "buy anything at any cost"

Having said that, if interest rates stay low I highly doubt prices will drop any time soon.

[Damap]

Definitely not becoming buyer centric at all but not as manic. Only Asian likey properties going for mad money same say as listed.
Isn't the weather really bad there at the moment though could be just that?

[PTILoveYou]

I think there will be an adjustment period till 1 Oct, because also most banks are in a bit of flux with policy changes and LVR stuff.

After that, things will become normal, and demand (or lack of) will take care of things.

[eri]

if you're looking for evidence of a slowdown

over a period of 7 days

you'll find it

i know

i've been looking for it

and finding it

for years now

it's always been wrong

but 1 of these days...

[BlueSky]

Eastern Beaches area figures for July 2015

These figures include all sales by all agencies for the suburbs of Bucklands Beach, Eastern Beach, Half Moon Bay, Howick, Cockle Bay, Shelly Park, Highland Park, Farm Cove, Sunnyhills, Pakuranga, Edgewater, Botany Downs, Northpark, Dannemora, East Tamaki, Flat Bush, Whitford, Beachlands & Maraetai.

	July 2015	June 2015	% change	July 2014	% change
Total number of sales	259	236	↑ 10%	232	↑ 12%
Average Price	928,000	971,000	↓ 4%	824,000	↑ 11%

Total sales for the 12 months to July 2015 for the Eastern Beaches
2942 sales, of which 84% were houses. The top sale in the area last month was in Bucklands Beach, for a sale price of $1,980,000.

Property Values Less than $400,000 2.3% $400,000 - $600,000 10.5% $600,000 - $800,000 29.5% $800,000 - $1,000,000 32.0%

Its early days ...

how much do you think this one sold for ?

http://www.trademe.co.nz/property/re...-924119881.htm

[BigDreamer]

Its early days ...

how much do you think this one sold for ?

http://www.trademe.co.nz/property/re...-924119881.htm

Not sure about this are but only 3 years ago I purchased a brand new 4 bedrooms, 2.5 bathrooms, stand alone house in Addison for only $497k and now they are selling for almost $800k last time I checked.

[Tomo]

Im intrigued BlueSky, when will you reveal?

Im not familiar with Papakura but it looks like a shared driveway, small section with a low spec newish house, 4bed 2bath, 2 gar at a guess around 170m2 minimum. Say land at 300K plus house at 350K plus site development costs, they would be looking for mid 7s with market movement possibly close to 800K

[Frezzinghot]

$580,000

fh

[Damap]

Not too close to Chichester shouldn't be all bad.

[JABlog]

Not too close to Chichester shouldn't be all bad.

Darn! I asked you and you said "Jupiter is not good"

[JABlog]

$580,000

fh

4.3% yield , 500pw

[Damap]

Darn! I asked you and you said "Jupiter is not good"

Well it's not good but the further away from Chich is better than worse. I wouldn't own it.

[Bluekiwi]

I think there will be an adjustment period till 1 Oct, because also most banks are in a bit of flux with policy changes and LVR stuff.

After that, things will become normal, and demand (or lack of) will take care of things.

The 70% LVR moved to 1/11, have the IRD and bank account requirements also moved to 1/11 ?

I am thinking we will see the same thing that happened around the election last year, some uncertainty, some people holding back.
Maybe a couple of months of weaker than normal demand as people (chinese) grapple with new rules, and a resultant slow down as a few people have rushed to get in prior to the new rules.

So October / November / December, a 3 month pause.
And then back into it once the new year, or more likely, the chinese new year, come into play.

With interest rates low and immigration strong, demand is still there right through 2016.
Only a significatn econominc down turn or significant increase in building could force a sentiment change through 2016.

2017 could be different, or maybe its 2018.

[speights boy]

Maybe a couple of months of weaker than normal demand as people (chinese) grapple with new rules, ....

In your market observations; what's your guess as to the ratio of overseas Chinese to NZ Chinese ?