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Housing confidence rebounds - TVNZ and NewstalkZB

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  • Housing confidence rebounds - TVNZ and NewstalkZB

    Housing confidence rebounds

    There has been a rebound in housing confidence with people feeling positive about buying across two quarters for the first time in three years.

    The ASB Housing Confidence Survey says attitudes improved by 5% in the past three months, the first time they have remained positive for two consecutive quarters since 2003.

    There's also been a 13% jump in sellers' price expectations, with 20% of respondents expecting them to increase.

    The fresh optimism is reflected in Barfoot and Thompson's October figures for its Auckland market.

    The average house sale price broke the $500,000 mark for the first time in the company's 83-year history, to over $502,000.

    Barfoot and Thompson director Peter Thompson says demand is particularly high at the top end of the market with a quarter of the company's sales being for $750,000 or more.

    The company also signed up nearly 1,800 new listings, compared with just under 1,400 in September.
    Source:
    http://tvnz.co.nz/view/page/411749/880438

    So is it a bounce of a dead cat or something else?
    Don't argue with idiots, they'll drag you down to their level and beat you with experience.

  • #2
    The leap of the idiots...
    Lets call it the lemming leap
    David
    New to property investing? See: Best PropertyTalk Threads for New and Old Investors And/Or:Propertytalk Wiki

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    • #3
      ASB Press Release

      Read the ASB Article here

      Have a great week
      Walter

      "Carpe Diem"

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      • #4
        So is it a bounce of a dead cat or something else?
        It was always expected that summer there may be a slight bounce back.
        I guess we will have to wait and see if it is just a dead cat bounce. All depends on the level of growth that occurs. If it is too much then we may get a correction come winter.

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        • #5
          If it is too much then we may get a correction come winter.
          That's my concern too - from my "in the field" experiences I see uncomfortably high level of growth - at least in my local market. I'm talking about things happening NOW (so it will take a while for this data to be reflected by official statistics) - to give you an example - valuer looks at comps covering 6 month period and comes up with a figure (210k) next day property is under contract 240k. Is it too high? No, it's current market value defined by TODAYS market, not what it used to be couple of months ago. And it's not only one property - whole areas.
          Don't argue with idiots, they'll drag you down to their level and beat you with experience.

          Comment


          • #6
            What I see is a massive pressure from cash buyers (they will normally be high-leveraged, 95-100% finance) and for traders/douppers margins either ridiculously low or they bank on further price inflation.
            Don't argue with idiots, they'll drag you down to their level and beat you with experience.

            Comment


            • #7
              House in Glen Eden, going for auction. Realistic price $260- $280 (a bit of a do-up).

              Sold pre-auction for $315K !

              That's one pretty bouncy cat!

              cube
              DFTBA

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