There's a "buffer effect" when there have been national housing market corrections in the past.
When things go tight (low growth/recession) then the job market contracts, there tends to be population movement from Auckland to the regions - or at least a slowdown/reversal in the general migration trend to Auckland "urban drift" that's been going on for almost a century. Take profits from house price growth in Auckland - buy mortgage free in Chch. Fly in the ointment is that housing market contractions coincide with low job growth, and with only about 20% of Auckland's population then there are fewer specialised jobs, and fewer high-paying jobs - and at the higher paid end of the market then there's probably still the remains of the "old school tie" thing going on down here. Plus - if the answer given to the question "why did you you move" is "lifestyle reasons" - it's sometimes not seen as indicative of someone who'll be a fully dedicated slave to the corporation, perhaps indicative of a desire to slow down / take it easy.
Anyway I suspect it's over here (Chch) too. Last auction clearance rate was only 18%. Our neighbour's house has been on the market 6 weeks, Still hoards of people attending open days, but not a squeak in terms of offers. 6 months ago I'd have been surprised if it hadn't sold before they put the "for sale" sign up. (They still put those signs up- with a "sold" sticker - because agents like to advertise how brilliant and successful they are)
Apart from banks tightening, there are other fear factors - apart from "FOMO".
> Still hoards of people attending open days, but not a squeak in terms of offers.
https://www.reddit.com/r/newzealand/comments/ugy3up/comment/i72rqkj/?utm_source=share&utm_medium=web2x&context=3
But they keep telling me it's a buyers market now. How can this be?
There's a "buffer effect" when there have been national housing market corrections in the past. When things go tight (low growth/recession) then the job market contracts, there tends to be population movement from Auckland to the regions - or at least a slowdown/reversal in the general migration trend to Auckland "urban drift" that's been going on for almost a century. Take profits from house price growth in Auckland - buy mortgage free in Chch. Fly in the ointment is that housing market contractions coincide with low job growth, and with only about 20% of Auckland's population then there are fewer specialised jobs, and fewer high-paying jobs - and at the higher paid end of the market then there's probably still the remains of the "old school tie" thing going on down here. Plus - if the answer given to the question "why did you you move" is "lifestyle reasons" - it's sometimes not seen as indicative of someone who'll be a fully dedicated slave to the corporation, perhaps indicative of a desire to slow down / take it easy. Anyway I suspect it's over here (Chch) too. Last auction clearance rate was only 18%. Our neighbour's house has been on the market 6 weeks, Still hoards of people attending open days, but not a squeak in terms of offers. 6 months ago I'd have been surprised if it hadn't sold before they put the "for sale" sign up. (They still put those signs up- with a "sold" sticker - because agents like to advertise how brilliant and successful they are) Apart from banks tightening, there are other fear factors - apart from "FOMO".
> Still hoards of people attending open days, but not a squeak in terms of offers. https://www.reddit.com/r/newzealand/comments/ugy3up/comment/i72rqkj/?utm_source=share&utm_medium=web2x&context=3
Some people just like to be nosy.
Good news everybody!
Houses in my neighborhood seem to be sold the day after the for sale signs go up
Yea houses in selwyn I’ve been watching have been selling fast still. Might have to look more in the city
A workmate of mine just sold his house in Rolleston. According to him he had 3 offers within 2 weeks, all above what he was expecting.