I hope so cos this is what $150k will buy you today, assuming you can find another $10k as a deposit:
http://www.trademe.co.nz/Trade-Me-Property/Residential-Property/Houses-for-sale/auction-182564592.htm. A one bedroom 40sqm floor area unit in North Brighton.
Remember back in May there was a wee three bedroom, 683square section, close to golf, parks and schools. Sky installed, plenty off street parking, 10-15 minutes to CBD, quiet street for $189K. You could have probably have bought that property back then with your $40k (or even 20k) deposit. A couple of flatmates at $90 a room and you’d be looking sweet now.
So what has changed in the market – Your $189k buys you roughly comparable properties (each with a few different pros and cons – but you get the idea) but your deposit doesn’t get you a look in now. If you had bought in May your flatmates would now be paying off your mortgage now. If you were worried about loosing on the property value any loss (which by the looks of it would have been minimal, if any at all) would be offset by the flatmates contributions against lower interest rates.