Originally Posted by
Balance
Of relevance to OCA :
Real estate industry trying to stoke the market up with all kinds of bullish comments about demand etc etc etc.
I talked to a real estate agent friend who works for Barfoot & Thompson who said it is a real struggle out there unless vendors are realistic with their asking prices.
All the talk about migrants pushing up house prices is just a load of BS & crxp with little substance.
The migrants currently pouring into NZ are mostly semi-skilled workers on work visas from India, Philippines and China - they cannot afford to buy a house in NZ, especially Auckland, where the jobs are even if they sell all their possessions in their home countries!
They are renters and that's why the rental market is so tight for family units ((rents have gone up by around $30 to $40 a room (yes, by room) in Auckland in the last year)).
Meanwhile, many of the NZers leaving NZ permanently to go to Australia especially are leaving behind a property or two to sell.
Property prices aren't going to go up in a big hurry until interest rates drop by 2% or more in her opinion.