Post by catweasel on Oct 29, 2015 23:04:41 GMT
to divest
if youre in it
id get out
asap
www.stuff.co.nz/business/money/73493977/prices-too-high-for-aucklands-cooling-property-market
methinks
the prices will begin to soften
many are reluctant to take less
but that will change as needs require
if youre in it
id get out
asap
www.stuff.co.nz/business/money/73493977/prices-too-high-for-aucklands-cooling-property-market
Prices too high for Auckland's cooling property market
An empty lot of land on Godden Cresent, Mission Bay, passed in for $2 million.
Barfoot and Thompson.
An empty lot of land on Godden Cresent, Mission Bay, passed in for $2 million.
Overseas investors are deserting Auckland's property market as the Government crack down on foreign buyers works, but experts say asking prices now remain too high for the remaining local buyers.
Managing director of Strategic Risk Analysis, Rodney Dickens, said the Government changes which came into force at the start of October had worked, driving overseas buyers out of the market.
An empty lot of land on Godden Cresent, Mission Bay, passed in for $2 million.
Barfoot and Thompson.
An empty lot of land on Godden Cresent, Mission Bay, passed in for $2 million.
Overseas investors are deserting Auckland's property market as the Government crack down on foreign buyers works, but experts say asking prices now remain too high for the remaining local buyers.
Managing director of Strategic Risk Analysis, Rodney Dickens, said the Government changes which came into force at the start of October had worked, driving overseas buyers out of the market.
the prices will begin to soften
many are reluctant to take less
but that will change as needs require
Dickens agrees with John Bolton, head of Auckland's biggest mortgage broking chain Squirrel, who previously said the absence of Chinese buyers in the Auckland market was already obvious.
But Dickens said people selling property in Auckland had not adjusted their prices down - still leaving local buyers high and dry in trying to afford to buy into the market.
"Prices have been bid up, and what is going to auction now is reflective of that. But the bidders that are willing to pay those prices just aren't there anymore," said Dickens.
But Dickens said people selling property in Auckland had not adjusted their prices down - still leaving local buyers high and dry in trying to afford to buy into the market.
"Prices have been bid up, and what is going to auction now is reflective of that. But the bidders that are willing to pay those prices just aren't there anymore," said Dickens.
