Housing bust could be looming

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Tue, 10 Jul 2012 6:07p.m.

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A shortage of quality housing has pushed up prices to a record high across the country. But one property commentator is warning that an even bigger bust than the last one could be looming on the horizon.

A shortage of quality housing has pushed up prices to a record high across the country. But one property commentator is warning that an even bigger bust than the last one could be looming on the horizon.

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12/07/2012 11:16:36 p.m.

john wrote:

The government view is to much borrowing by kiwis being put into the property sector. So where is the governments effective policy to curb such borrowing for all but 1st home buyers? Wouldn't such a policy put some control on house prices? like most policies this government has they don't have one.

12/07/2012 11:48:27 a.m.

robbie wrote:

Well this is a surprise. For the first time since maybe ever - Ollie Newland is speaking about the possibility of another bust. Generally he is all about talking the market up. I honestly believe that the worst possible scenario for the real estate market is too much unsubstantiated comment being produced for the public. All real estate markets are "micro" so the facts that drive the prices are locallised and yet all our reports are Auckland & Canterbury driven. So the media runs the risk of sending out dangerous signals to other areas. If you want some genuine advise talk to a real estate agent THAT only your best friend and your Mother & Father would recomend.

10/07/2012 8:25:07 p.m.

Jeff Cate wrote:

Commentators should look into the micro markets that exist in the Auckland Property Market. The market is price range specific, construction critical, education driven and suburb selective. If you have a property that includes all the best factors for these 5 criteria, then you will be well surprised with you selling price. On the other hand if you lack most of these criteria then your market is just normal so don't get to excited. The central Auckland market has been condensed from the bottom up and the top down, if you are in the upper price range you are in for a long wait. The Auckland house price average is currently a bit deceptive as the lack of recent high price sales above $2m is portraying only fractional increase but don't tell that to the buyers in the $600k to $1.4m range. Central Auckland suburbs all seriously lacking quality homes for sale so the market is not in any kind of a bubble. Over the last 33years I have never see so few quality listing available.