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  1. #1
    Join Date
    Oct 2005
    Location
    Auckland, NZ.
    Posts
    621

    Default Housing Market Still Hot - According to Latest QV Figures

    http://www.nzherald.co.nz/section/8/story.cfm?c_id=8&objectid=10444801

    Looks like the vultures will have to keep circling for a while yet...

  2. #2
    Join Date
    Jun 2004
    Location
    Kapiti
    Posts
    622

    Default

    Give it a year, I reckon. Meanwhile, let's act in the spirit of the economy & get those rents up!

  3. #3
    Join Date
    Jul 2006
    Location
    Waikato
    Posts
    358

    Default

    Quote Originally Posted by Hound View Post
    Meanwhile, let's act in the spirit of the economy & get those rents up!
    This would be great but I see this as only being in the 'spirit' of the property investor. To act in the spirit of the economy would be to increase productivity so businesses can pay their workers a higher wage/contract therefor they are able to pay a higher rent or purchase their own home.

    The red army 'lefties' could help by making things easier for developers to increase the supply of housing. I believe the real problem is the supply/printing of credit (Inflation) which has halved the purchasing power of our currency over the last 10 years. The same thing has happened in the US.

    We profit from many of the governments mistakes directly and indirectly. So It could be said that the long term future looks good for property investors.
    No price is too high to pay for the privilege of owning yourself. - Friedrich Nietzsche

  4. #4
    Join Date
    May 2007
    Location
    Waiwera
    Posts
    63

    Default

    Quote Originally Posted by SwissKiwi View Post
    http://www.nzherald.co.nz/section/8/story.cfm?c_id=8&objectid=10444801

    Looks like the vultures will have to keep circling for a while yet...

    Problem here being that QV are 3 months behind whats happening in todays market.

  5. #5
    Join Date
    May 2007
    Location
    Wellington
    Posts
    1,520

    Default

    Good call Riviera
    These stats are old hat and reflecting March maybe a bit of April. The key indicators are what agents and others in the industry are really saying (honestly) out there and there is a glut I can assure you, things are stabilising quickly and this won't be reflected in stats till September.

    Did anyone see the news tonight on TV1?

  6. #6
    Join Date
    May 2007
    Location
    Waiwera
    Posts
    63

    Default

    Quote Originally Posted by Commercial Dan View Post
    Good call Riviera
    These stats are old hat and reflecting March maybe a bit of April. The key indicators are what agents and others in the industry are really saying (honestly) out there and there is a glut I can assure you, things are stabilising quickly and this won't be reflected in stats till September.

    Did anyone see the news tonight on TV1?
    Yes I saw one news tonight and that was the opinion of one real estate agents, some homes are taking longer to move so a slow down is on the way. Although Bollards intervention with the dollar will probably be a big mistake! As Gareth Morgan said on Closeup making our currency dog tucker
    Last edited by Riviera; 11-06-2007 at 08:55 PM. Reason: typo!

  7. #7
    Join Date
    May 2007
    Location
    Wellington
    Posts
    1,520

    Default

    Mr Morgan could be right, but he might have just lost a big sum at GMI on currency hedges before the announcement. I think he is probably right though, there are a lot of huge investors out there in the world that could toast our economy and Reserve Bank.

    I just worry about 'property intervention', this is a possibility now...

  8. #8
    Join Date
    Oct 2005
    Location
    Auckland, NZ.
    Posts
    621

    Default

    How is this data 3 months old?
    Quote from the article:
    Quotable Value's monthly index rose at an annual rate of 11.1 per cent in May, up from 10.6 in April and 9.8 per cent in March. The average New Zealand sale price increased from $366,032 to $372,552.

  9. #9
    Join Date
    May 2007
    Location
    Wellington
    Posts
    1,520

    Default

    Settlement dates are up to 6 weeks after sales, this is what is recorded.

  10. #10
    Join Date
    Jun 2005
    Location
    Auckland
    Posts
    5,086

    Default

    The complaint about QV data being 'out of date' has been made before, with anecdotal stories of how the market 'today' is so much more encouraging for investors, but 3 months go by and still the indices keep rising.

    One pertinent point made about the QV and REINZ indices is that they reflect only the properties that have sold - not how many were not marketed or withdrawn from the market because the vendor could not achieve the price they hoped for/needed.

    cube
    DFTBA


 

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