Aren’t you sick and tired of hearing “news” about the affordability, boom, bust of Auckland Property. I am! Property buying is about demand and confidence. Demand is over because government measures and because the majority of eligible Auckland house buyers purchased or upgraded in the 4 years starting in 2013. So without demand people lose confidence. And that requires no analysis, postmortem or further agonising media commentary.
What does require analysis commentary and discussion is this supposed shortage of housing in Auckland. What shortage? There are empty rental houses North, South, East and West. It can take a month to rent out a brand new house! This is no indication of a shortage in general. Yes there is shortage of student (slums of the future) apartments in the CBD but that is solely due to short term student immigrants.
So please, someone analyse this shortage as currently Auckland Council are spending millions in studies and activities to house this shortage and making decisions based on the repeated “fact” that Auckland has 40,000 fewer homes than it needs.
As for house prices; construction prices, land, subdivision and Council costs just keep on increasing. This cannot lead to a reduction in prices for new homes.
So yes it is good time to buy a finished new home as vendors need to sell them and will be more negotiable. Other than that, put the commentary on NZ housing in the same place you put Trump “news ” !!!