House price predictions for 2010
This prominent item appeared in the NZ Herald early in January 2009. I wonder what these chaps will think is in store for 2010? These predictions from Rodney Dickens, Tony Alexander, Allan Bollard etc just prove that nobody has a clue what the market will actually do from one year to the next.
By August the crystal ball gazers had changed tack and Infometrics came out with a report predicting house prices would rise by 24% in the next three years. This video of Bernard Hickey is great for a laugh – he got it very wrong but many people listened to him!
Latest data from REINZ indicates that the NZ median house price hit a record high in October and Westpac say house prices have risen 8% since January.
This morning Barfoot and Thompson report that house prices are back to the peak levels of 2007. Straight away yet another expert responds.
PRICE SURGE
2002 – $367,036
2003 – $414,742
2004 – $439,215
2005 – $476,916
2006 – $507,470
2007 – $546,364
2008 – $500,840
2009 – $550,217
2010 – ??????????
Anyone brave enough to make a prediction for 2010?
December 02 2009 09:57 pm | Pt Chev News
Ross Brader AREINZ
Mike on 03 Dec 2009 at 2:17 pm #
Ross,
We have people actually listening to these guys…..we’ve just had an article in the NZ Herald about coastal property taking a bath……our phone rings hot with people full of doom and gloom when will Kiwi’s learn that the media is there to sell papers and don’t really give a stuff or care what they say….we are a gullible lot. I never read the papers and my days great and so is business!!!!
Cheers for the read and laugh
Gary on 04 Dec 2009 at 9:35 am #
Mike,
Perhaps coastal property is doing well where you are but you need to go visit the far north. It’s taking a bath up there. Talk to some of the real estate agents trying to sell Karikari, Taipa, Cable Bay. No demand and vendors still with their heads in the sand, pointing to unrealistic CV’s issued by the FNDC to generate more rate revenue.
Ross,
Who is buying? Is it investors? Is it renters looking for their first home and now scared of missing the boat again or are they immigrants or Kiwis returning home? I know of several individuals and families looking for their first homes or homes they will live in and finding it hard because they are being priced out of the market again?
I’m not going to predict anything. This last year has proved that no one knows anything about what is happening whether it be in the financial markets or the real estate market.
Ross Brader on 05 Dec 2009 at 4:32 pm #
Gary – our last few sales comprise:
Buyer who sold 2 years ago buying back in the area
Kiwi couple just arrived back from UK
Local investor buying a bungalow to rent out
Kiwi couple back from Australia
Local couple who just sold and buying a new home to renovate
Family on transfer from the South Island
UK migrant just arrived here
Family who sold in Westmere buying Pt Chev for the school zone
Couple who sold in One Tree Hill buying here for school zone
Couple who sold bungalow to buy a low maintenance townhouse
Lady moving from large family home into single level townhouse
Rental Investor buying a bungalow on a full site (five of these)
Buying north of Meola having sold south of Meola (three of these)
Renting in Waterview – decided to buy in Pt Chev close to the school
Very little speculative or investor activity – pretty much a similar mix of buyer profiles to that of other years.