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  1. #1
    Join Date
    Jul 2003
    Kapiti in New Zealand

    Default 'The nutter in the room' is the one buying Auckland houses, says mortgage broker...

    The red hot Auckland housing market may be peaking with sellers' expectations getting really high and potential buyers waking up to these, says a central city mortgage broker.

    John Bolton, principal of Squirrel Mortgage Brokers, who also has interests in property investment and development, told interest.co.nz in a Double Shot interview the Auckland residential property market was currently "pretty crazy." He also noted the traditional New Zealand residential property investor who is "all about capital growth and not too focused on cashflow" is back in the market.

    "There's certainly a lot of buying activity out there," Bolton said. "My sense though is it might be just starting to peak now."

    "I think vendors have got really high expectations now in terms of the sort of prices that they can get. There have been some stellar sales around Auckland and I guess everyone's looking at those and is thinking that's the new price. Whereas buyers, I think, are starting to look at some of these prices and take a little bit of a step back."
    Read more: http://www.interest.co.nz/property/6...-going-auction
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