The markets turned, prices stopped rising.

[Lucy]

You can buy a house at auction now if you have finance, more to choose from now.

[king1]

that was long overdue, do you think we will see any decline in prices?

[jackford]

Daughter put offer on a new build Townhouse Sept '21 priced @ 1.275.000 m, after due diligence wasn't satisfactory her solicitor withdrew offer.

When relisted was priced @ 1.310.000m.
 Not sure whether there will be significant reduction, however anything heading South will be better than continuing North.

PS: She has now purchased a property.

[Oh_hunnihunni]

Wait till they open up the borders and all the sanctuary seekers flood in again. They have to have homes...

[jackford]

Just noticed this
Auckland house prices and sales volumes fall in January: Barfoot & Thompson - NZ Herald

Perhaps this will confirm that prices are/about to head in the opposite direction of North

Tony Alexander: WeÔÇÖre in a buyerÔÇÖs housing market now, All things property, under OneRoof

[Magoo]

real estate prices dont go backwards.
they take longer to sell, there will be bargains to be had
but i dont see anyone losing money

[jackford]

Should they do so they will bounce even stronger is my thinking

[harm_less]

real estate prices dont go backwards.
they take longer to sell, there will be bargains to be had
but i dont see anyone losing money

Being forced into a sale due to an inability to service a huge mortgage would be a pretty easy way to lose money I would have thought, and there's no shortage of over-leveraged home owners out there in danger of suffering that fate currently.

[king1]

real estate prices dont go backwards.
they take longer to sell, there will be bargains to be had
but i dont see anyone losing money

Being forced into a sale due to an inability to service a huge mortgage would be a pretty easy way to lose money I would have thought, and there's no shortage of over-leveraged home owners out there in danger of suffering that fate currently.

along with the odd relationship breakdown...

[Magoo]

real estate prices dont go backwards.
they take longer to sell, there will be bargains to be had
but i dont see anyone losing money

Being forced into a sale due to an inability to service a huge mortgage would be a pretty easy way to lose money I would have thought, and there's no shortage of over-leveraged home owners out there in danger of suffering that fate currently.

as i said there will be bargains to be had, so yes im sure there will be some mortgagee sales, but that will be interest rate driven, not market driven. the mortgagee only hurts when his interest rate increases beyond his means, and is forced to sell back into a soft market. 
we arent going to see the wholesale carnage of the market as we did in 2008, and even then houses didnt get cheaper, they stopped selling altogether., overnite. the GFC was driven by the sub prime bust in the usa.
so it might take 6 months or a year to sell your house, instead of three days, but i dont think we will see big capital losses.

[jackford]

Perhaps a precursor to their introductions...

Associate Housing Minister Poto Williams floats rent controls as cost of living bites | Newshub

[Oh_hunnihunni]

real estate prices dont go backwards.
they take longer to sell, there will be bargains to be had
but i dont see anyone losing money

Well no, because except for that moment when the transfer of cash for property happens, the value is just imaginary. It only exists on paper. So, losing money is a concept, not a reality.

The trouble is, we let greed overcome commonsense.

---

Perhaps a precursor to their introductions...

Associate Housing Minister Poto Williams floats rent controls as cost of living bites | Newshub

Ha!

I will believe anything beyond ideas when they happen. Politics is 90% talk, 10% action.

[jackford]

Well Poto Williams struggled under Campbell's questioning, speaking of which where was Woods?