Auckland slowing down

[PTILoveYou]

I think we have seen the peak, but remember the peak was a short 5 month period of madness.
That the last 8 weeks was a madness of people getting in before 1/10 and 1/11.
And there is a natural drop off, a market fluctuation that you would expect.
Much the same as when LAQC's went, when the election last year stalled the market.

The IRD and bank rules for oversease investors, will take some adjustment.
I am thinking from now to Dec / Jan.

But the market fundamentals of high immigration and low interest rates, and weak new constuction of supply, are still there.
And I think the market will recover from Feb through 2016, but more muddling along rather than anything else.

I agree.

South Auckland Barfoot auction was very quiet I heard, 1/8 successful on auction day... and lots more listings coming online

[eri]

yup...............

[Bluecoat]

I agree.

South Auckland Barfoot auction was very quiet I heard, 1/8 successful on auction day... and lots more listings coming online

Those that are not selling in auctions are relisted for ridiculous asking prices still?

[PTILoveYou]

plenty of conditional offer buyers around

[Bluecoat]

plenty of conditional offer buyers around

on Finance?

even if you are unconditional, they still want close to middle of last years so nothings changes, its just we will have more listing and a rut until the next cycle begins

[Bluekiwi]

on Finance?

even if you are unconditional, they still want close to middle of last years so nothings changes, its just we will have more listing and a rut until the next cycle begins

Only around 750 trademe listings on the shore.
Still very very low levels.

When listings hit 1,300 that is when I get concerned, has been a while since that high.

[Tomo]

attended and auction in Royal Heights at the weekend. if it was any indication of the market no signs of slowing down. competitive bidding from 5 parties, CV 860K sold 1,130,000. A comparable up the street sold less well before Christmas, CV 790, sold 900K

[Damap]

No sign of any slow down, other than usual late December to February cycle. Any thing listed before about now in early Jan you know they were under pressure to sell.

[Bluekiwi]

No sign of any slow down, other than usual late December to February cycle. Any thing listed before about now in early Jan you know they were under pressure to sell.

Could you explain that comment in more depth Dean.
Are you saying that anyone listing in early Jan does so as they are under pressure to sell.
With same thing applying late Dec through to mid Jan.

Meaning settlement prices and number of sales and listings, low Jan / Feb, due to this pattern ?

[Damap]

Yes Blue if you think about it who would list from around 10th December to mid late January? Generally only someone who the bank is forcing to sell or other similar pressure. Of course the odd person may list not thinking about the time of year but no decent agent would let anybody list in that period. So GENERALLY any new listing then has potential to be a very motivated seller. And yes this affects the stats. I was buying a unit for a friend in papatwotoes during that time and there were from memory 5 new listings over a 3 week period. We bought one of them!

[Bluekiwi]

Talking with Malcolm and Sussie about you today Dean.
Amongst other things of course.

[Damap]

Don't know them? Who are they?

[Bluekiwi]

Sussie Synam I think is second name, Malcolm Hesseltine.
Sussie was a student of yours maybe or at least knows your wife and MH I assume you remember.

[Damap]

Oh yes Malcolm had just started a meet up in Auckland not long before I finished coaching. Your spelling on Susie is wrong but yes now I know who you mean. How is she going?

[Bluekiwi]

Yep I am a useless speller sorry.
Doing very well property trading in Papatoetoe.