Good thoughts…
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Indications of residential house price correction are appearing.
The consequences will be significant.
Only any good to the reduced pool unscathed out of the carnage so far & ready / game enough to jump in..
might be plenty on offer in a newly reappearing Buyer's Market & sea of high usary rates however,
with so many running for the door overseas, those trying to escape Equity wipe-out oblivion or slow
punishment by ever inflating costs, etc . The waiting buyer interest might be only a very brave bunch, no queue either seen & encouraged by the Gods of Inspired Crisis in recent past now largely absent ..
REINZ HPI data out today
National median house price down to $770k in May down from $790 and $800 in April and March, respectively
HPI decline a further 2.9% three months to May with Auckland prices down 4.2% for the same period
NZ GDP data out Thursday. I fear it will make for sad reading, especially when taking all that immigration into account
Volume of sales has been increasing all year.
At the start of a turn in a market, first volume increases and as supply gets sucked up then prices start to move.
Re immigration, most immigrants can't buy as they need to gain residency first. This is why rents spiked so hard last year. We should be at the start of those new residents, the ones that can afford to buy at least, start entering the market.
Sharon at ANZ says annual house price inflation in +ve territory
I would ignore that. Just look at sales volume compared to a year ago.
Cyclone Gabriel was a factor to take into account for sure, but March volume for instance was the highest month in two years.
I'll take a deeper look at the report over the next 24 hours and revert with more.
Winner, perhaps we should be backing up the truck to load with OCA. 🤣