APRIL 2021 Have the new rules had any effect yet?

[McDuck]

I find the Barfoot auction results informative. A month or so ago the clearance rate was 80-90%. Last week 35% this week 48% on a reduced volume

It seems to have reduced further again this weekend.
Buyers I know are getting a little more picky.
Looks like the new rules are having a gentle but noticeable effect .

[McDuck]

I'm surprised no one has mentioned The Great Reset in all this commentary ?

It's an interesting topic.
Best that you start up a separate thread in Coffee lounge, if you want to explore it thoroughly.
Or at least show how it relates to "APRIL 2021, Have the new rules had any effect yet?".
(Which is the topic of this thread).

[mrsaneperson]

I'm surprised no one has mentioned The Great Reset in all this commentary ?

The plan from the World Economic Forum, which includes all the big game players like Bill Gates etc. is that by 2030 "you will own nothing and be happy".

And no this is not a conspiracy theory , their intentions are very real with much support from Governments around the world:

https://youtu.be/aztvWxRKqDQ

[McDuck]

Same can be said of United States and Australia.

Is it blue kiwi or blue lady?
Seems everything is for sale with you.
Yes ,this is just a weak excuse to showcase some NZ talent.

[Bluekiwi]

你好，我是麦克鸭，我忘记了我的祖先偷走了这片土地，所以认为这是唯一的公平购买。

Same can be said of United States and Australia.

Poor Mc Duck

[McDuck]

Go any day to the Barfoot Auctions Bruce Mason to Highbrook, spend an hour there, and tell me I am wrong.
90% of properties go to Asians with all sorts of names.
Not all Chinese, but 70% of that 90% are.
Its also a fact that a lot of money comes from Asian citizens and organizations, through resident networks in NZ.

Has anyone (who has been frequenting Auckland auctions in the last few months) seen this high level of Asian purchasing?
Or evidence that these individuals are acting as fronts for overseas buyers?

Historically, my first experience of China distorting the New Zealand housing scene was back in the 90's.
In Howick first.
Streets of tall thin houses with huge redundant pillars and entrances out front, and the expected backlash form Howick locals.

Then the City, my local city pub, and local carpark, were erased to build apartments for Chinese interests.
100 years of history, gone in a flash.
One social hub, one social group, one culture erased and supplanted by another.

Then whole new streets in Hobsonville all bought out.

and so on.

I've not been to many auctions recently, reducing that Covid risk,

Good up to date personal experiences of recent auction bidding would be useful.

[McDuck]

你好，我是麦克鸭，我忘记了我的祖先偷走了这片土地，所以认为这是唯一的公平购买。

https://nzhistory.govt.nz/war/new-zealands-19th-century-wars/the-musket-wars

[Jeffa]

你好，我是麦克鸭，我忘记了我的祖先偷走了这片土地，所以认为这是唯一的公平购买。

[Sanya]

I don’t live in Auckland. Nonetheless, the 90% “Asian” buying rate at auctions surprises me.

That said, a much as we moan about high house prices and housing affordability in New Zealand the price to income ratio in a city like Shanghai is over 35 and new inner ring developments currently sell for around NZD 25k per square meter.

Viewed through that lens Auckland property is cheap, very cheap.

[Bluekiwi]

You would have to be living under a rock Sanya to not see it.

I assume you are in Auckland Sanya ? - if you are not then you have an excuse.

Go any day to the Barfoot Auctions Bruce Mason to Highbrook, spend an hour there, and tell me I am wrong.

If you dont get out of your comfy lounge chair and actually go to the coal face and get some real life experience then you cant really comment.

After 20 years of experience at auctions, and based on real life events of the last 10 years at auctions.

90% of properties go to Asians with all sorts of names.
Not all Chinese, but 70% of that 90% are.

I am not making comment on whether it is good or bad.
I am just saying its a fact.

Its also a fact that a lof ot money comes from Asian citizens and organisations, through resident networks in NZ.

I am not complaining.
I once accepted a Europeans pre auction offer on my house at 750k, which was about 25k above the agents estimate.
Then had a Zhing, a Zhou, and Zhang, bid it up to 886k.

That 136k is better off in my bank account than somewhere in China.

[Sanya]

I am not sure what some nobody labour politicians statement has anything to do with reality.

But 40% is certainly an understatement.

What is your point exactly ?

The point being sometimes there is a gap between perception and reality.

Where are the auctions you see “every day” where “Chinese buyers take 18 out of 20 properties”?

What types of properties are being auctioned and in what location?

How do you know the buyers are Chinese?

[chris_gee]

I read Adrian Orr's speeches - pretty much what you would expect him to say.

[Bluekiwi]

I am not sure what some nobody labour politicians statement has anything to do with reality.

But 40% is certainly an understatement.

What is your point exactly ?

[McDuck]

Yes, good question...!

[Sanya]

[...]

What will be interesting is how the real culprit of the problem is going to react.
I see everyday at auctions the chinese buyers who take 18 out of 20 properties at auction, mostly money funnelled from China through residents here.
How will they react ?

Will they replace debt here in NZ with equity funding from China.
Or sell as they feel the market is going to be ripped apart.

Does this just mean that Asian money now takes 19 out of 20 ?

Quite a statement Bluekiwi.

So are you saying the "real culprit" of house price inflation in NZ are Chinese buyers?

It was only 5 years ago when Labour was criticised after its housing spokesman, Phil Twyford, released figures from an unnamed real estate firm showing 40% of houses sold in Auckland in a three month period had purchasers with Chinese sounding surnames.