Not a clean history. A miserable story, sad for developers.
All the key areas are lower level projects being caught up by the market. Strong signs of turbulence in the market for developments.
Not in City way yet.
Sad to see banks are unable to tempt or protect the drivers of ” speedy market” any longer now the tides out.
The related operators and their high priced /upset lifestyle behind the growth will be out in public too. Owing commission or investing in wrong direction of marketing is what I can see to be some of the real problems.
For any products, if the marketing agency has no vision of the potential market changes and potential risks, it just lead to go ” louder” in marketing, to get it in sky/ news….Does not work.
Not proved to be safe solutions in a changing market at all.
Could be the making of a ‘sour /bitter’ memory in the end.
As investment consultancy.
We do expect the lending released for its own pressure to the market gradually,
before the whole market got “frozen and dead”
PRESS RELEASE REINZ
Brian Peacocke, Rural Spokesman, at REINZ says: “Sales volumes for the 3 month period ending June 2019 are at their lowest level for several years, and to some extent, reflect the easing of sales volumes experienced in the residential sector.
“The median price for the period is consistent and at $690,000, is in line with the strong levels of recent months, perhaps also reflecting a shortage of stock in some areas.
“Consistent also are the reports from around the country indicating a much harder stance being adopted by the trading banks, where strong equity levels and good healthy cash flow are not necessarily a guarantee of success in applications for funds,” he concludes.
Points of Interest around New Zealand include:
- Northland/Auckland – a holding of sales volumes in Northland but an easing in the Auckland area where the market is now deemed challenging, this following a period of good sales which in turn follows a good period for listings; reports currently suggest listings are harder to obtain with indications of sales being harder to achieve in the higher level of the market, above $2.5m, where prices have eased by up to 5%; by contrast the lower end from under $1m and up to $1.3m is solid and holding; on a different note, premium prices previously relating to future urban land have eased with purchasers being more selective in choice and criteria.
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