[Kieran]

With the advent of the high interest rates in NZ, has this caused house prices to fall.
I assume people are struggling to meet their current mortgages or afford buying for the same reason.
Have you noticed more houses on the market, or just not selling as a result of lack of potential buyers.
We are out in Sept, so was looking to bag a bargain, or indeed drive a hard bargain with vendors.
look forward to hearing from you.

[neilw71]

It really depends where you are looking at? Most of Auckland is still rising (allbeit a bit slower) due to demand for limited housing stock.

I have heard comments that some regions are flattening out, but I don't think we are at the stage of prices falling much yet.

Neil

[Caroline and Dave]

As Neil says,it all depends on where you are looking to live,despite high interest rates anywhere near a major city property prices are still rising and are expected to keep rising albeit a bit slower.
We have spent the last few weeks with property analysts,specialist estate agents,who know their market very well and we have built up a trust with them.
Auckland is booming as regards property sales and will continue to do so as demand in quality property outweighs availability. You can buy a run down or a bodged up house for a lower price but then you have all the problems associated with it and the cost of doing it up to an acceptable standard will leave you no better off plus give you a lot of worry and stress.
In December this year the westgate centre in Albany will be completed and this will be the largest shopping centre in Australasia. Already,this is pushing up house prices,once built, anywhere North of Auckland will be very desirable according to the experts. People are selling their houses in rural areas and moving to the Albany area .There are much cheaper places but you have to live where the work is unless you do not mind a long commute.

Kindest regards

Dave and Caroline

[Trigirl]

wellington prices are also still rising.

[katandbob]

haven't seen much change in our area either - there is a wide range of houses for sale though - ranging from $152,00 for a 1st time buyers/renovator brick & roughcast house http://www.invercargillproperty.co.nz/index.php?pageLoad=11&houseID=1700
to $69,000 for a Vila thats in need of TLC! and then some!
http://www.invercargillproperty.co.nz/index.php?pageLoad=11&houseID=1684

Some houses go for $500,000+ it depends on location.

Kat

[stu70]

The article Auckland property market takes a breather (http://www.scoop.co.nz/stories/BU0705/S00075.htm) might give you some indication of the impact of a tightening monetary policy on the property market in NZ. Another thing to keep in mind is that all markets are cyclical and law of gravity just doesn't apply to human anatomy...

[jen]

This was quoted in the re/max (local estate agency) newsletter I got today - no figures for April yet so it wouldn't reflect the latest interest hike.

Wellington prices and sales increase

Wellington’s median sales price rose from $370,500 in February to $375,000 in
March (March 2006: $322,000). Sales turnover also increased significantly with 1,251 properties selling during the month, up on the 972 houses sold in February and the 1,142 sold in March 2006.

[whiskythedog]

interest rates have historically been higher in nz average rate has been around 7.5% (apparently they hit 20% in the 80's!)
from my extremely limited experience working for an auckland property investment company (1 week) everything still appears to be fairly bouyant - location location location is still an important factor

[willowshouse]

Definitely no tail-off yet .. houses still selling for way more than estimated, which is IMO panic buying :wah

Dawn

[Tia Maria]

This out today:

www.stuff.co.nz/4050351a13.html

For all those looking to buy:

House prices were tipped to rise by a net 55 per cent of respondents in the three months to April, up from 44 per cent for the three months to January.

ASB chief economist Nick Tuffley said the result was in line with other housing statistics, which showed that the market was gaining steam this year. "The housing market has been clearly gaining momentum since late 2006, and the price expectations of the latest survey suggest this momentum will be sustained."

And for all those with mortgages:

Floating mortgage rates are expected to rise above 10 per cent soon. Homeowners coming off a two-year fixed mortgage rate of about 7.8 per cent face rates now of at least 8.6 per cent.

10%! :wah

Cheers

Tia

[Riddley]

10%? Eek!
we need to get over there and get something bought while we still can!!!!

[Moorf]

I missed the main evening news today - there was supposed to be an article on why house prices are about to take a dive? Anyone?

[Tia Maria]

I thought it was about the same thing as this article about price expectations versus house buying confidence:

The overall results for the three months were a contrast with the survey's general trend over the past 11 years, which showed that confidence and price expectation generally followed each other.

This time, price expectations had risen despite a fall in the number of people believing the time was right to buy. A net 3 per cent said it was a bad time to buy, against a net 7 per cent who believed it was a good time to buy in the last survey.

Aucklanders were the exception, with a net 8 per cent believing the time was right to buy, despite a net 70 per cent also holding the view that prices would rise and a net 68 per cent tipping higher interest rates.

But I only caught the headline and missed the news also, so I'm not sure :confused:

Cheers

Tia

[Oregonkiwi]

in today's Herald - prices still rising:
http://www.nzherald.co.nz/section/1/story.cfm?c_id=1&objectid=10439567

[swissmissdesigner]

Great news, thanks

The Kiwi dollar is still too high!

[katandbob]

http://www.stuff.co.nz/southlandtimes/4058415a6011.html

this is the headlines in the southland times today.

Lets hope they cut the tax rate soon

Kat

[movefromus]

My parents bought an apartment in the city last year and it's gone up in value by at least 10% since then.
Carly