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@anon95 Depends where you live but in Wellington yes, 3x as many rentals available in Wellington now, rents dropping across the board, a friend looked on trademe and a year ago there was 5 rentals allowing pets now theres 170, many giving away free two weeks rent to get a tenant.

@nowforever Perhaps you have missed a few posts in NZ finance. There was somebody a few backs who did exactly what you said, bought a 1.5m house last year, which is now worth about 1m and they can't pay the mortgage anymore due to rising interest rates. The guy with the 300k paid off...

@resjudicata Especially in examples knowing somebody else paid 300k 10 years ago or it still needs renovations.

@resjudicata They are busy crying "don't raise the OCR think of the first home buyers" and "Oh recession" and "Inflation is imported overseas so don't raise the OCR", the smart ones know full well that the party is over and cashed out and retired and the others are trying to keep interest rates...

@resjudicata Agree with you there. Alot have the attitude of just spending as much as the bank will give them not thinking of the risks.

@bi6lethump Thats true about the rates but as for not knowing, there was an RBNZ paper out early 2020 that laid out that asset prices would rise with the monetary policy and mortgage backed funding for lending programs, low interest rates and removal of LVRs.... they knew but they just didn't...

@kalenebari They will fall by more than that. If you take the 2020/2021 rates around 2.5% and then calculate the cost of money on 6.5% + retail rates, that is a reduction in purchasing power of 40% is so I predict a 40% drop bringing especially in Auckland and Wellington, bringing house prices...

@reathua9 Agreed, especially those investors using equity and interest only loans, adding nothing, just taking already established homes from families, often turning them into airbnbs.

@vartikasinha Yeah I agree with that, I also think 30% by October and you're right its all relative as all the other houses will be priced similar.

@globalharvest I saw a girl on tiktok in Canada, she was on there talking about how she put an unconditional offer on a house but now can't get the lending and might lose her deposit so she has started a gofundme lol

@dartmanii Definitely, you don't want your friends and family having to move two hours away or even to another country just to have a place to live.

@hanna123 lol that would be interesting, very creative, even if this wasnt this particular house

@hanna123 Doesn't look like a leaker, built in 84.

@hanna123 Saw this house recently sold in Waikanae in the 500s https://homes.co.nz/address/waikanae/waikanae/3-andrew-street/2gv9j Over 200 under RV and about 600k under previous homes estimate.

@hanna123 I think the multi decade mindset on expensive wellington sell up then retire to kapiti coast where you could get more land/house is still in the minds of many people, now with wellington doing what its doing where you can get a 3 bedroom near welly CBD same price as down pram beach...

Article out today. https://www.interest.co.nz/property/116741/house-prices-are-now-declining-all-main-urban-districts-according-latest-reinz This graph showing NZ housing drops compared to other major housing crashes. A sea of red. Theres nowhere now that isn't falling fast according to...