Kiwi Home Prices Continue To Drift Lower...
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- Опубліковано 3 лип 2024
- Data from CoreLogic shows the "dead cat bounce" in New Zealand home prices, driven by the higher for longer interest rates, and significant pressure to refinance,
Recent changes from 1st July will not have much impact on the market, while the Reserve Bank won't be cutting rates for some time. Demand will remain weak, as migration starts to turn negative.
Therefore expect more downside to prices, especially in areas of Auckland and Wellington!
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The obsession of house price only increases is just sickening.
Governments have incentivised this obsession! 😮
But the top wealthiest few percent of Australians profit from the 'consumption' and over inflated assets. Plus the government borrows from the wealthy instead of taxing them for this illusion of prosperity.
Now just need Australian prices to do the same. Outside of health and emergency services, we need significant cuts from our bloated public service. Public servants are tax consumers and contribute nothing to tax production.
It will never happen. Have you noticed how low AUD been trending in the past decade? The immigration? Loose lending standards? This bubble has hundreds of years to go.
@@InfinityIsland2203
💯 Go you good thing!
Nooooo...
What we need is backbone for management of our healthcare services. We allow patients and their family to dictate terms of service and goals of care. Had a patient who was over 87 years old and with blood disorder requiring transfusion every week or alternate week. She was bed bound and wanted to be left to die but due to mild cognitive decline, her children insist on keeping the transfusions. Eventually after almost a year, she managed to convince her children to let her go. In my 12 years as a healthcare professional i can easily count at least 14 cases a year, just in my ward, where our management should grab the bull by the horns put their foot down. Pts who are ned bound but broke their hip demanding surgery instead of conservarive management. Vrw a person can live and walk, with an aid, without their hip bone.
100%
NZ citizens leaving in record numbers, doesn’t bode well for the future of this country. Government back to it’s roots, enhance the rich, keep the poor hungry and keen to work for the rich, and flood the country with low skill immigrants. You are looking at Australia’s future on time shift.
Our ridiculous house prices adjusting a bit is just a reflection of NZ's steadily falling standard of living. Decades of cheap finance transferring wealth mostly to the old has years of impact ahead. Ever since interest rates finally went up it has been one rumour of "rate cuts next year" after another. This has years to play out.
Correct, and now, GDP, is on the menu.
@@znmcmhn Yup - GDP per capita falling. But NZ is sooo going to become the AI robotics tech hub knowledge economy of the future.
reckon they will drop another 20% by 2025
Australia is next.
Home price increases are a wealth tax, not wealth. Higher prices = higher rates & insurance, & if you did sell you may face a brightline tax, & have to buy a new home at similarly inflated prices.
It's a rort that suits the tax sucking Gov't.
I thought that new PM bloke was a genius and going to fix everything! Dud?
Thanks Martin
These home prices will soon return positive. A Kiwi builder, who has a YT channel, said his average build cost is now between $3500 and $4500 per square metre. This effectively puts a floor on existing home prices.
Price is not determined by the cost to make a product. It is the result of supply and demand. Its like, rule 1 of economics theory.
If someone erects a lemonade stand and it costs them 85 cents to make the end product, the price they sell at isnt necessarily slightly above 85 cents, it is determined by what the market is willing to pay based on the supply conditions. If everyone is selling lemonade and it is winter, and the lemonade tastes bad, and nobody comes, the vendor cant just say "but it cost me 85 cents, so you pay me x!". If they dont sell any at a dollar, or 90 cents, or 86 cents, they will either sell none, or continue to follow the price level below their cost price.
Again, this stuff is lesson 1 of economics.
Labor was deposed and immigration dramatically slowed?
Oh that faction of the uniparty?
most people i know want to leave..pies are $9 each. criminal
Yeah the pie price is hilarious. Even a Z pie is around $6 now lol.
That said... It's not a lot better elsewhere.
@@killjoyredux8361must be big pies.
It’s a pretty shit place full stop, not just economically but socio-politically too.
@krissolimmo I'm.going to live in thailand
Stop buying and let them keep their pies and go broke
God bless NZ.
I have not watched yet, but are they lowering purely due to being over inflated 🤷♀️
Sensationalistic nonsense yet again from Martin. A quarterly change of -0.8% and a 12 month change of +1.8% or ~$166,000.
@@James_Sovereign
Down 20% in Auckland.
"Drift Lower" is hardly sensationalist - and I am referring to externally provided data!
@@WalkTheWorldDFAHi Martin hope your well, just wondering if you can do a show on the fact that home prices are actually falling in many areas in Australia? I live on the northern rivers and home prices are down over 30%-40% since Covid.
It bothers me that the main stream media pretends property prices are rising when 90% of Aussies cannot afford their groceries.
@@James_Sovereigntake all into account, aggregate data including inflation, unemployment rising, interest rates rising, property tax and regulations rising, insurance rising etc
More data on Christchurch
Maybe NZ needs a good squirt or 2 of ketchup migration speak to albo