March 2022 Property prices correcting down even more?

[McDuck]

There seems to be a general consensus - in the financial sector (and related groups), that the property market is well on the way to its long needed downward correction.

Although, it's worth noting, that even a severe drop won't take much off the top of the previous two decade long price spikes.

Anyone on the ground noticed the effect at auctions?

[brokerman]

Hmmm, I'm reading a lot about this but not seeing too much proof. Two Auctions yesterday exceeded expectation although both properties were exceptional.

Seeing a heap of Registered Valuations coming in from across the Country and little evidence there either.

Demand from Kiwi's overseas still very strong and we have not started to see the impact of returnees as yet.

If the average price for Auckland has risen by 34% in the last two years then a 10% correction (if it happens) is hardly likely to have much impact anyway. In my view a lot of hot air and of course people buy and sell in the same market.