my wife totally agrees with your viewpoint
she thinks of it as two separate markets, too. And she believes that if the prices in Auck, Welly or Church go down by 10%, those in the holiday areas where "second", less than essential houses are located will go down a whole lot more, say by 25%, because every second house will be for sale there. Basically, the level of 10% down in main centres must have been caused by some economic hardship so the numerious holiday house owners feeling the pressure to sell somthing (due to unbearable total mortgage burden or loss of job or a combo) is much more likely to want to get rid of the unnecessary 500k Coromandel bach than the (not much more expensive) family home in Auckland. I am not 100% sure, although it does sound like common sense.
Originally posted by flyernzl
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