House prices show double-dip
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- Date published:
12:00 pm, November 12th, 2010 - 14 comments
Categories: Economy, housing -
Tags: banks, reserve bank, state housing
House prices are a pretty good indication of how the economy is going. They rose rapidly in the 2000s, stalled in 2007, plummeted in 2008, and made a slight recovery in 2009. But now they’re heading downward. The median house price is over 16%, adjusted for inflation, below the peak in late 2007 and I reckon they’ve got a long down way to go yet.
Houses are still way over valued as you can see from these graphs: the inflation-adjusted median price from REINZ and the total value of housing divided by the total incomes of households from the Reserve Bank.
It’s remarkable how few houses are selling. This October’s house sales were the lowest since at least 1992 when the records begin. People are staying put because they can’t afford to realise losses on their properties and no-one can afford to buy at the prices those who do sell are insisting on with real incomes falling and unemployment still far too high.
There may be another element. In the US, banks are not foreclosing on delinquent mortgages for fear of having to realise the losses on their books and because they don’t want to place even more properties on a sinking market, forcing the prices even lower and putting more of their customers underwater. The Reserve Bank says our banks have $6 billion in non-performing loans (ie. they’re not being paid back). Nearly 1.5% of mortgages are not being paid, up from less than 0.5% in 2008 and still climbing. Mortgagee sales account for 5% of all sales compared to 0.5% three years go but are the banks holding back on forcing more of them for fear of depressing the market even further?
There’s not a hell of a lot that can be done to avoid this. We let the bubble grow, now it’s got to deflate. And there’s still a long way to go.
The crucial thing is that we don’t let investment in new housing and housing improvements dry up, as they naturally will with falling house prices. This is where the government needs to lead with a big programme of eco-smart State House building to keep our builders in work and improve the quality of our housing stock for decades to come.
On a side note, I looked at the decreases in house price by decile. All the deciles are at their lowest levels since the peak except the top decile, which is up 4% from its low point. It is also down the least from its peak of any decile. Which give you an idea of who has weathered the economic crisis the best, although even the resurgence in that top decile seems to be faltering.
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- Fast-track submissions period must be extendedThe Green Party has joined the call for public submissions on the fast-track legislation to be extended after the Ombudsman forced the Government to release the list of organisations invited to apply just hours before submissions close. ...2 weeks ago
- Release: Progress on climate will be undone by GovtNew Zealand’s good work at reducing climate emissions for three years in a row will be undone by the National government’s lack of ambition and scrapping programmes that were making a difference, Labour Party climate spokesperson Megan Woods said today. ...2 weeks ago
- Release: Dark day for Kiwi kids as a third of Govt cuts affect themNews that 1000 jobs at the Ministry of Education and Oranga Tamariki could go is devastating for future generations of New Zealanders. ...3 weeks ago
- Release: Alarm as Government signals further blow to school lunchesMore essential jobs could be on the chopping block, this time Ministry of Education staff on the school lunches team are set to find out whether they're in line to lose their jobs. ...3 weeks ago
- Oranga Tamariki cuts commit tamariki to state abuseTe Pāti Māori is disgusted at the confirmation that hundreds are set to lose their jobs at Oranga Tamariki, and the disestablishment of the Treaty Response Unit. “This act of absolute carelessness and out of touch decision making is committing tamariki to state abuse.” Said Te Pāti Māori Oranga Tamariki ...3 weeks ago
- Release: Quick, submit – stop Govt’s dodgy approvals billThe Government is trying to bring in a law that will allow Ministers to cut corners and kill off native species, Labour environment spokesperson Rachel Brooking said. ...3 weeks ago
- Government throws coal on the climate crisis fireThe Government’s policy announced today to ease consenting for coal mining will have a lasting impact across generations. ...3 weeks ago
- Agreement delivers Local Water Done Well for Auckland
The Government has delivered on its election promise to provide a financially sustainable model for Auckland under its Local Water Done Well plan. The plan, which has been unanimously endorsed by Auckland Council’s Governing Body, will see Aucklanders avoid the previously projected 25.8 per cent water rates increases while retaining ...11 hours ago - Gaza and the Pacific on the agenda with GermanyForeign Minister Winston Peters discussed the need for an immediate ceasefire in Gaza, and enhanced cooperation in the Pacific with German Foreign Minister Annalena Baerbock during her first official visit to New Zealand today. "New Zealand and Germany enjoy shared interests and values, including the rule of law, democracy, respect for the international system ...1 day ago
- Decision allows for housing growth in Western Bay of PlentyThe Minister Responsible for RMA Reform, Chris Bishop today released his decision on four recommendations referred to him by the Western Bay of Plenty District Council, opening the door to housing growth in the area. The Council’s Plan Change 92 allows more homes to be built in existing and new ...2 days ago
- Speech to New Zealand China CouncilThank you, John McKinnon and the New Zealand China Council for the invitation to speak to you today. Thank you too, all members of the China Council. Your effort has played an essential role in helping to build, shape, and grow a balanced and resilient relationship between our two ...3 days ago
- Modern insurance law will protect Kiwi householdsThe Government is modernising insurance law to better protect Kiwis and provide security in the event of a disaster, Commerce and Consumer Affairs Minister Andrew Bayly announced today. “These reforms are long overdue. New Zealand’s insurance law is complicated and dated, some of which is more than 100 years old. ...3 days ago
- Government recommits to equal payThe coalition Government is refreshing its approach to supporting pay equity claims as time-limited funding for the Pay Equity Taskforce comes to an end, Public Service Minister Nicola Willis says. “Three years ago, the then-government introduced changes to the Equal Pay Act to support pay equity bargaining. The changes were ...3 days ago
- Transforming how our children learn to readStructured literacy will change the way New Zealand children learn to read - improving achievement and setting students up for success, Education Minister Erica Stanford says. “Being able to read and write is a fundamental life skill that too many young people are missing out on. Recent data shows that ...3 days ago
- NZ not backing down in Canada dairy disputeTrade Minister Todd McClay says Canada’s refusal to comply in full with a CPTPP trade dispute ruling in our favour over dairy trade is cynical and New Zealand has no intention of backing down. Mr McClay said he has asked for urgent legal advice in respect of our ‘next move’ ...3 days ago
- Stronger oversight for our most vulnerable childrenThe rights of our children and young people will be enhanced by changes the coalition Government will make to strengthen oversight of the Oranga Tamariki system, including restoring a single Children’s Commissioner. “The Government is committed to delivering better public services that care for our most at-risk young people and ...4 days ago
- Streamlining Building Consent ChangesThe Government is making it easier for minor changes to be made to a building consent so building a home is easier and more affordable, Building and Construction Minister Chris Penk says. “The coalition Government is focused on making it easier and cheaper to build homes so we can ...4 days ago
- Minister acknowledges passing of Sir Robert Martin (KNZM)New Zealand lost a true legend when internationally renowned disability advocate Sir Robert Martin (KNZM) passed away at his home in Whanganui last night, Disabilities Issues Minister Louise Upston says. “Our Government’s thoughts are with his wife Lynda, family and community, those he has worked with, the disability community in ...4 days ago
- Speech to New Zealand Institute of International Affairs, Parliament – Annual Lecture: Challenges ...Good evening – Before discussing the challenges and opportunities facing New Zealand’s foreign policy, we’d like to first acknowledge the New Zealand Institute of International Affairs. You have contributed to debates about New Zealand foreign policy over a long period of time, and we thank you for hosting us. ...4 days ago
- Accelerating airport security linesFrom today, passengers travelling internationally from Auckland Airport will be able to keep laptops and liquids in their carry-on bags for security screening thanks to new technology, Transport Minister Simeon Brown says. “Creating a more efficient and seamless travel experience is important for holidaymakers and businesses, enabling faster movement through ...4 days ago
- Community hui to talk about kina barrensPeople with an interest in the health of Northland’s marine ecosystems are invited to a public meeting to discuss how to deal with kina barrens, Oceans and Fisheries Minister Shane Jones says. Mr Jones will lead the discussion, which will take place on Friday, 10 May, at Awanui Hotel in ...5 days ago
- Kiwi exporters win as NZ-EU FTA enters into forceKiwi exporters are $100 million better off today with the NZ EU FTA entering into force says Trade Minister Todd McClay. “This is all part of our plan to grow the economy. New Zealand's prosperity depends on international trade, making up 60 per cent of the country’s total economic activity. ...5 days ago
- Mining resurgence a welcome signThere are heartening signs that the extractive sector is once again becoming an attractive prospect for investors and a source of economic prosperity for New Zealand, Resources Minister Shane Jones says. “The beginnings of a resurgence in extractive industries are apparent in media reports of the sector in the past ...5 days ago
- Ō-Rākau Remembrance Bill passes first readingThe return of the historic Ō-Rākau battle site to the descendants of those who fought there moved one step closer today with the first reading of Te Pire mō Ō-Rākau, Te Pae o Maumahara / The Ō-Rākau Remembrance Bill. The Bill will entrust the 9.7-hectare battle site, five kilometres west ...5 days ago
- Government to boost public EV charging networkEnergy Minister Simeon Brown has announced 25 new high-speed EV charging hubs along key routes between major urban centres and outlined the Government’s plan to supercharge New Zealand’s EV infrastructure. The hubs will each have several chargers and be capable of charging at least four – and up to 10 ...5 days ago
- Residential Property Managers Bill to not progressThe coalition Government will not proceed with the previous Government’s plans to regulate residential property managers, Housing Minister Chris Bishop says. “I have written to the Chairperson of the Social Services and Community Committee to inform him that the Government does not intend to support the Residential Property Managers Bill ...5 days ago
- Independent review into disability support servicesThe Government has announced an independent review into the disability support system funded by the Ministry of Disabled People – Whaikaha. Disability Issues Minister Louise Upston says the review will look at what can be done to strengthen the long-term sustainability of Disability Support Services to provide disabled people and ...6 days ago
- Justice Minister updates UN on law & order planJustice Minister Paul Goldsmith has attended the Universal Periodic Review in Geneva and outlined the Government’s plan to restore law and order. “Speaking to the United Nations Human Rights Council provided us with an opportunity to present New Zealand’s human rights progress, priorities, and challenges, while responding to issues and ...6 days ago
- Ending emergency housing motels in RotoruaThe Government and Rotorua Lakes Council are committed to working closely together to end the use of contracted emergency housing motels in Rotorua. Associate Minister of Housing (Social Housing) Tama Potaka says the Government remains committed to ending the long-term use of contracted emergency housing motels in Rotorua by the ...6 days ago
- Trade Minister travels to Riyadh, OECD, and DubaiTrade Minister Todd McClay heads overseas today for high-level trade talks in the Gulf region, and a key OECD meeting in Paris. Mr McClay will travel to Riyadh to meet with counterparts from Saudi Arabia and the Gulf Cooperation Council (GCC). “New Zealand’s goods and services exports to the Gulf region ...6 days ago
- Education priorities focused on lifting achievementEducation Minister Erica Stanford has outlined six education priorities to deliver a world-leading education system that sets Kiwi kids up for future success. “I’m putting ambition, achievement and outcomes at the heart of our education system. I want every child to be inspired and engaged in their learning so they ...6 days ago
- NZTA App first step towards digital driver licenceThe new NZ Transport Agency (NZTA) App is a secure ‘one stop shop’ to provide the services drivers need, Transport Minister Simeon Brown and Digitising Government Minister Judith Collins say. “The NZTA App will enable an easier way for Kiwis to pay for Vehicle Registration and Road User Charges (RUC). ...6 days ago
- Supporting whānau out of emergency housingWhānau with tamariki growing up in emergency housing motels will be prioritised for social housing starting this week, says Associate Housing Minister Tama Potaka. “Giving these whānau a better opportunity to build healthy stable lives for themselves and future generations is an essential part of the Government’s goal of reducing ...6 days ago
- Tribute to Dave O'SullivanRacing Minister Winston Peters has paid tribute to an icon of the industry with the recent passing of Dave O’Sullivan (OBE). “Our sympathies are with the O’Sullivan family with the sad news of Dave O’Sullivan’s recent passing,” Mr Peters says. “His contribution to racing, initially as a jockey and then ...6 days ago
- Speech – Eid al-FitrAssalaamu alaikum, greetings to you all. Eid Mubarak, everyone! I want to extend my warmest wishes to you and everyone celebrating this joyous occasion. It is a pleasure to be here. I have enjoyed Eid celebrations at Parliament before, but this is my first time joining you as the Minister ...7 days ago
- Government saves access to medicinesAssociate Health Minister David Seymour has announced Pharmac’s largest ever budget of $6.294 billion over four years, fixing a $1.774 billion fiscal cliff. “Access to medicines is a crucial part of many Kiwis’ lives. We’ve committed to a budget allocation of $1.774 billion over four years so Kiwis are ...7 days ago
- Pharmac Chair appointedHon Paula Bennett has been appointed as member and chair of the Pharmac board, Associate Health Minister David Seymour announced today. "Pharmac is a critical part of New Zealand's health system and plays a significant role in ensuring that Kiwis have the best possible access to medicines,” says Mr Seymour. ...1 week ago
- Taking action on Fetal Alcohol Spectrum DisorderHundreds of New Zealand families affected by Fetal Alcohol Spectrum Disorder (FASD) will benefit from a new Government focus on prevention and treatment, says Health Minister Dr Shane Reti. “We know FASD is a leading cause of preventable intellectual and neurodevelopmental disability in New Zealand,” Dr Reti says. “Every day, ...1 week ago
- New sports complex opens in KaikoheRegional Development Minister Shane Jones today attended the official opening of Kaikohe’s new $14.7 million sports complex. “The completion of the Kaikohe Multi Sports Complex is a fantastic achievement for the Far North,” Mr Jones says. “This facility not only fulfils a long-held dream for local athletes, but also creates ...1 week ago
- Diplomacy needed more than everForeign Minister Winston Peters’ engagements in Türkiye this week underlined the importance of diplomacy to meet growing global challenges. “Returning to the Gallipoli Peninsula to represent New Zealand at Anzac commemorations was a sombre reminder of the critical importance of diplomacy for de-escalating conflicts and easing tensions,” Mr Peters ...1 week ago
- Anzac Commemorative Address, Buttes New British Cemetery BelgiumAmbassador Millar, Burgemeester, Vandepitte, Excellencies, military representatives, distinguished guests, ladies and gentlemen – good morning and welcome to this sacred Anzac Day dawn service. It is an honour to be here on behalf of the Government and people of New Zealand at Buttes New British Cemetery, Polygon Wood – a deeply ...1 week ago
- Anzac Commemorative Address – NZ National Service, Chunuk BairDistinguished guests - It is an honour to return once again to this site which, as the resting place for so many of our war-dead, has become a sacred place for generations of New Zealanders. Our presence here and at the other special spaces of Gallipoli is made ...1 week ago
- Anzac Commemorative Address – Dawn Service, Gallipoli, TürkiyeMai ia tawhiti pamamao, te moana nui a Kiwa, kua tae whakaiti mai matou, ki to koutou papa whenua. No koutou te tapuwae, no matou te tapuwae, kua honoa pumautia. Ko nga toa kua hinga nei, o te Waipounamu, o te Ika a Maui, he okioki tahi me o ...1 week ago
- PM announces changes to portfoliosPaul Goldsmith will take on responsibility for the Media and Communications portfolio, while Louise Upston will pick up the Disability Issues portfolio, Prime Minister Christopher Luxon announced today. “Our Government is relentlessly focused on getting New Zealand back on track. As issues change in prominence, I plan to adjust Ministerial ...2 weeks ago
- New catch limits for unique fishery areasRecreational catch limits will be reduced in areas of Fiordland and the Chatham Islands to help keep those fisheries healthy and sustainable, Oceans and Fisheries Minister Shane Jones says. The lower recreational daily catch limits for a range of finfish and shellfish species caught in the Fiordland Marine Area and ...2 weeks ago
- Minister welcomes hydrogen milestoneEnergy Minister Simeon Brown has welcomed an important milestone in New Zealand’s hydrogen future, with the opening of the country’s first network of hydrogen refuelling stations in Wiri. “I want to congratulate the team at Hiringa Energy and its partners K one W one (K1W1), Mitsui & Co New Zealand ...2 weeks ago
- Urgent changes to system through first RMA Amendment BillThe coalition Government is delivering on its commitment to improve resource management laws and give greater certainty to consent applicants, with a Bill to amend the Resource Management Act (RMA) expected to be introduced to Parliament next month. RMA Reform Minister Chris Bishop has today outlined the first RMA Amendment ...2 weeks ago
- GCSB foreign spying capability under scrutiny
The Government Communications Security Bureau denies hosting a foreign spying capability flagged by the watchdog, differentiating it from the system recently criticised. ...7 hours ago - Auckland academics call out university stance over pro-Palestine protest
RNZ News A group of academic staff at New Zealand’s largest university have expressed concern at the administration’s move to block a protest encampment that was planned to take place on campus calling for support for the rights of Palestinians. This week, the University of Auckland warned that while it ...10 hours ago - Auckland's new water plan unveiled by Mayor Wayne Brown and Local Government Minister Simeon Br...The government claims Aucklanders will avoid a projected 25.8 percent water rates increase with the coalition's Local Water Done Well plan. ...10 hours ago
- 'Māori Seabed, For Shore!' – Two decades on from the largest hīkoi in a generationTwenty years has passed since the historic hīkoi against the controversial Foreshore and Seabed Act reached Parliament. ...15 hours ago
- An Ode to .. Julie Anne Genter
Genterwocky After a hard days marching, Sir Doocey calls in at the Village Tavern For a pint of ale and a pork pie. The grim villagers stare at him. “Do not be travelling on the forest road,” warns a crusty old beak. “And why is that, antique peasant?” Grins Sir ...15 hours ago - National aims high while struggling to take offPolitical conferences after a party returns to power are usually a chance for some healthy, even unhealthy backslapping. Yet National Party president Sylvia Wood’s address to its mainland representatives on Saturday hardly contained the unalloyed delight that one might have expected following National’s escape from the wilderness of opposition. Yes, ...15 hours ago
- Real journalists can lead the war against deepfakesComment: Almost half the world is voting in national elections this year and artificial intelligence is the elephant in the room. There are genuine fears AI-generated or AI-edited deepfakes will potentially manipulate election outcomes not just in the US and UK, but critically in countries such as India. For that ...17 hours ago
- Meet the cast of Married at First Sight NZ for 2024
Ahead of the reality franchise’s return to New Zealand, allow us to introduce the eight brides and grooms. Chuck on a veil and tie back your man bun, because it’s time to say “I do” to a new season of Married at First Sight NZ. The reality TV “social experiment” ...18 hours ago - The good news is the government plans to cancel $3 billion in student debt. The bad news is indexati...Source: The Conversation (Au and NZ) – By Andrew Norton, Professor in the Practice of Higher Education Policy, Australian National University Every year on June 1, student debt in Australia is indexed to inflation. In 2023, high inflation pushed the indexation rate to 7.1%, the highest since 1990. This ...20 hours ago
- Albanese government to wipe $3 billion in student debt, benefitting three million peopleSource: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Changes in the May 14 budget will cut the student debt of more than three million people, wiping more than $3 billion from what people owe. The government will cap the HELP indexation rate ...23 hours ago
- ICC demands end to threats against court amid Gaza war probeAsia Pacific Report The prosecutor’s office at the International Criminal Court (ICC) has appealed for an end to what it calls intimidation of its staff, saying such threats could constitute an offence against the “administration of justice” by the world’s permanent war crimes court. The Hague-based office of ICC Prosecutor ...1 day ago
- New Caledonia’s women sit-in to support smeared Kanak journalistBy Patrick Decloitre, RNZ Pacific correspondent French Pacific desk A women’s union in New Caledonia has staged a sit-in protest this week to support senior Kanak indigenous journalist Thérèse Waia, who works for public broadcaster Nouvelle-Calédonie la Première, after a smear attack by critics. The peaceful demonstration was held on ...1 day ago
- New Zealand signs deal with Germany on Antarctica cooperationThe memorandum of understanding with Germany's Alfred Wegener Institute is expected to foster cooperation between the two polar science bodies. ...1 day ago
- NZ food safety agency monitoring Indian spice mix recallsNew Zealand Food Safety is monitoring overseas recalls of Indian packaged spice products manufactured by MDH and Everest due to concerns over a cancer-causing pesticide. ...1 day ago
- Fiji’s media freedom ranking jumps, Papua New Guinea’s plummetsBy Stephen Wright and Stefan Armbruster of BenarNews Fiji’s ranking in a global press freedom index has jumped into the top tier of countries with free or mostly free media after its government last year repealed a draconian law that threatened journalists with prison for doing their jobs. Fiji’s improvement ...1 day ago
- The Boy in the Water: ‘I just can’t do this anymore’We might be in Invercargill but all anyone can talk about is Gore. Specifically, Salford Street. That’s where three-year-old Lachlan Jones lived, south of the centre of town, between the A&P Showgrounds and the Mataura River. Roughly 1.2 km away from the single level home he lived in with his ...2 days ago
- 'Data is the new oil': Call to save jobs of data security guardsNew Zealanders' data is at risk with the government's "unintelligent" proposal to cut information security jobs, the Privacy Foundation says. ...2 days ago
- The Secret Diary of .. Coalition Sheriff LuxonMONDAY I lined up the latest round of civil servants from city hall against the wall, and signalled for the firing squad to drop their rifles. I stepped up onto a wooden crate to look at the office workers in the eye. But that didn’t feel right, so I found ...2 days ago
- Liam Hewson seeks answers in natureKeen hiker and second-year MSc student Liam Hewson wears two hats when he’s in the great outdoors. “The scientist in me appreciates nature and goes, ‘Oh, there’s that thing and there’s another thing,’ but then the tramper and the outdoorsy person in me thinks, ‘Cool bush.’” Born and bred in ...2 days ago
- Dan Carter won’t stop kickingAfter a long and illustrious career as a goal kicker, Dan Carter’s favourite way to unwind is… kicking goals. Why can’t he get enough of it? And what it’s like to watch him do it for an hour straight? A semicircle of people wielding cameras and phones has formed in ...2 days ago
- ‘Everybody rolls their eyes’: Dame Susan Devoy’s guilty TV pleasureDame Susan Devoy takes us through her life in television, including late night ER debriefs, her proudest CTI moment and the show she watches in secret. Quite aside from her four world champion squash titles, Dame Susan Devoy will likely go down in history as one of the best Celebrity ...2 days ago
- Dunedin’s secondhand bookshops, ranked and reviewedHera Lindsay Bird reveals the best places in Ōtepoti to score more for your apocalypse-prep book hoard. Sometimes I get the feeling I’ve been killed in a car crash, and this second half of my life is just the brain unspooling itself, like one of those episodes of a hospital ...2 days ago
- Review: High Country is the ideal crime drama for a cold winter nightThreeNow’s new murder mystery series takes us on a dark, damp journey into the Australian wilderness. This is an excerpt from our weekly pop culture newsletter Rec Room. Sign up here. High Country is ThreeNow’s new Australian eight-part crime drama, set in a remote part of the Victorian highlands. It tells ...2 days ago
- Welcome to The WeekendIntroducing a new way to read The Spinoff every weekend. After nearly 10 years of being an online magazine, we’re finally embracing the weekend liftout. Despite our best efforts to convince you otherwise, writers and editors at The Spinoff don’t work weekend. It is through the sheer power of technology ...2 days ago
- Tips and tricks for when your therapist looks like your dadTip one: let yourself be nurtured by this big old man. Tip two: don’t ask him to adopt you. So, you’ve arrived at your first session with a new therapist. He tells you to make yourself comfortable and you opt for the tweed armchair, hoping it makes you look like ...2 days ago
- The Sunday Essay: The books that electrify and consume youI didn’t know books could open you back up; that there were books that stayed with you, where reading was like a chemical event. I knew nothing. The Sunday Essay is made possible thanks to the support of Creative New Zealand. Not too long ago, I was listening to the American ...2 days ago
- The Enhanced games, where drug use isn’t cheatingFormer Olympic swimmer James Magnussen has already started training for the Enhanced games, though says he won’t start taking performance enhancing substances until about nine months out from the competition. The Australian world champion was the first athlete to be announced by Enhanced, but he says the organisation has had ...2 days ago
- Short story: The boat in the shed, by Kyle MewburnEveryone thinks he’s dead. Every day they expect his body to be washed up along the coast. Most likely up Karitane way, the way the tide’s running. But nobody’ll be too surprised if his body’s never found. Even in death he wouldn’t have wished for such attention. He would have ...2 days ago
- USP Council votes to bring controversial VC back to FijiCouncil members voted 21 to 4 in favour of Ahluwalia returning to the Laucala campus following a much-awaited meeting in Vanuatu this week. It comes as USP and its two unions — the Association of the University of the South Pacific Staff (AUSPS) and the Administration and Support Staff Union ...2 days ago
- Public health expert urges govt to focus on disease preventionThe government needs to step up in the wake of a report showing a third of Kiwis have unmet health needs, Professor Boyd Swinburn says. ...2 days ago
- Figures like Andrew Tate may help spread misogyny. But they’re amplifying – not causing – the ...Source: The Conversation (Au and NZ) – By Nicola Henry, Professor & Australian Research Council Future Fellow, Social and Global Studies Centre, RMIT University Shutterstock Following an emergency meeting of the National Cabinet this week, Prime Minister Anthony Albanese has announced a raft of measures to tackle the problem ...2 days ago
- Free speech debate back on as Victoria University expands diversity on panelA perceived right-wing bias and concerns about panellist diversity have pushed Victoria University to reformat its debate. ...2 days ago
- Week in Politics: Polls, pay rises and a Green MP in troubleAnalysis - A poll showing the opposition is more popular than the government raises questions, politicians go through their 'trial by pay rise' and a Green MP loses her cool in the debating chamber. ...2 days ago
- Māori win customary title over Tokomaru Bay on East CoastThe entire stretch of Tokomaru Bay on the East Coast will be subject to a joint customary marine title for two hapū, and extending up to four miles out to sea. A High Court judge has found the two groups, who during the case settled a dispute over boundaries for ...2 days ago
- Universal’s music is returning to TikTok, ending a spat that hurt fans more than anyoneSource: The Conversation (Au and NZ) – By James Hall, Lecturer, Media & Cultural Studies, Edith Cowan University A longstanding feud between TikTok and Universal Music Group seems to have finally reached an end, with both parties signing a deal that will see Universal-backed music returned to the social media ...2 days ago
- To tackle gendered violence, we also need to look at drugs, trauma and mental healthSource: The Conversation (Au and NZ) – By Siobhan O’Dean, Postdoctoral Research Associate, The Matilda Centre for Research in Mental Health and Substance Use, University of Sydney After several highly publicised alleged murders of women in Australia, the Albanese government this week pledged more than A$925 million over five years ...2 days ago
- National raised $10.4m in donations in 2023Political parties have now fully disclosed the donations they received last year - with National getting more than double the cash of any other party. ...2 days ago
- Don't 'mistake' Pacific leaders 'quietness' on AUKUS as support for NZ'...A Pacific regionalism expert has called out New Zealand's Foreign Affairs Minister Winston Peters for withholding information from the public on AUKUS military pact. ...2 days ago
- Florist says Julie Anne Genter exchange was 'massive imbalance of power'The Wellington woman says she felt degraded and humiliated after being confronted by the Green MP. ...2 days ago
- China’s new Moon mission is about to launch, and it’s a rare example of countries working togeth...Source: The Conversation (Au and NZ) – By Richard de Grijs, Professor of Astrophysics, Macquarie University Bruno Scramgnon/Pexels All systems are “go” for tonight’s launch of China’s next step in a carefully planned lunar exploration program. Placed on top of a powerful Long March 5 rocket, the Chang’e 6 ...2 days ago
- National returned $200,000 donation day after Newsroom storyNational returned a massive donation the day after a Newsroom story linked the donors to a property being investigated for operating unlawfully as a migrant workers’ hostel. The party’s 2023 donation filings, released on Friday, show it returned a $200,000 donation from Buen Holdings on August 23. That was the ...2 days ago
- NZ slumps to 19th as RSF says press freedom threatened by global declinePacific Media Watch New Zealand has slumped to an unprecedented 19th place in the annual Reporters Without Borders World Press Freedom Index survey released today on World Press Freedom Day — May 3. This was a drop of six places from 13th last year when it slipped out of its ...2 days ago
- Access to documents about Australia’s political history is fraught and inadequate. It needs to cha...Source: The Conversation (Au and NZ) – By Joshua Black, Political Historian and Administrator Officer, Australian Historical Association, Australian National University Australia has had its fair share of public record-keeping controversies in recent years. Some have been mere farce, as in the case of two formerly government-owned filing cabinets (containing ...2 days ago
- Greens have 'historically bad' start to the year – political scientistThe party has had faced a challenging set of circumstances over the past five months, Lara Greaves says. ...2 days ago
- HWPL Calls For Peace Amid Rising Tensions Between Israel And Iran
Heavenly Culture, World Peace, Restoration of Light (HWPL), a United Nations-affiliated organization dedicated to fostering peace through civilian-led initiatives, has issued a statement in response to the escalating conflict between Israel and Iran. ...2 days ago - The Friday Poem: ‘Mātou’ by Tessa KeenanA poem by Tessa Keenan, from AUP New Poets 10. Mātou These days we are a photograph; one of a farm strewn with cows that used to be bright harakeke or swamp. The kids point at it and say the sun sits behind a smudge (left by someone at Christmas); ...2 days ago
- The Unity Books bestseller chart for the week ending May 3The only published and available best-selling indie book chart in New Zealand is the top 10 sales list recorded every week at Unity Books’ stores in High St, Auckland, and Willis St, Wellington. AUCKLAND 1 Small Things Like These by Claire Keegan (Faber & Faber, $25) The masterful Irish writer ...2 days ago
- Marriages, Civil Unions, And Divorces: Year Ended Dec 2023Marriage and civil union statistics record the number of marriages and civil unions registered in New Zealand each year, and divorce statistics record the number of divorces granted in New Zealand each year. Key facts Marriages and civil unions In ...2 days ago
- Marriages, Civil Unions, And Divorces: Year Ended December 2023Marriage and civil union statistics record the number of marriages and civil unions registered in New Zealand each year, and divorce statistics record the number of divorces granted in New Zealand each year. ...2 days ago
- How effective are domestic violence advertising campaigns for preventing violence against women?Source: The Conversation (Au and NZ) – By David Waller, Associate Professor, University of Technology Sydney shutterstock Cristina RasoBoluda/Shutterstock Domestic violence is a significant personal, community and social issue attracting much attention. After several recent horrific cases, media discussion, calls for a royal commission to end the violence and ...2 days ago
- Taiwan is experiencing millions of cyberattacks every day. The world should be paying attentionSource: The Conversation (Au and NZ) – By Lennon Y.C. Chang, Associate Professor of Cyber Risk and Policy, Deakin University Taiwan stands out as a beacon of democracy, innovation and resilience in an increasingly autocratic region. But this is under growing threat. In recent years, China has used a variety ...2 days ago
- ‘There was life in the old girl yet’: Dame Susan Devoy on taking reality TV by stormIn this excerpt from her new memoir, Dame Susan Devoy remembers her turn as star contestant on the 2022 season of Celebrity Treasure Island. The most anxious time of every day was pre-elimination, when you knew this could be your final day on the show. I felt such contradictory emotions, ...2 days ago
- Auditor-General criticises way University of Waikato contracted Steven JoyceJohn Ryan says the University of Waikato did not invite multiple contractors and reached out to the former finance minister directly. ...2 days ago
- 'Not my first legal rodeo' – Winston Peters on defamation threatForeign Affairs Minister Winston Peters says he will not be cowed by threats of legal action, having received a legal letter from Bob Carr. ...2 days ago
- Can the Green Party’s holy mission survive its fallible disciples?A week that began in triumph ended in an all-too-familiar disaster for the Green Party. Duncan Greive asks if there’s something in the mission that breaks its best and brightest. A long, strange week for the Green party began with a fantastic poll result. On one level this is hardly ...2 days ago
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This is where the government needs to lead with a big programme of eco-smart State House building to keep our builders in work and improve the quality of our housing stock for decades to come.
This is precisely why you don’t want a Do Nothing government in a recession. We (the economy, building industry, and for environment/health reasons) so need this.
Good post Marty.
What’s the bets it’s a leaky one and doesn’t work quite the way intended…a bit like the HMNZS Otago
“a Do Nothing government in a recession”
We’ve been seeing the past two years of Jonkey and Bill English mismanaging the economy, wasting opportunities to rebuild the economy, and misjudging priorities with their cuts. VTBO!
Screw the housing market at the moment. I am just renting and putting $$ in the bank, not paying inflated prices and getting stuck in a giant mortgage. We do need more quality basic housing in this country not the flashy expensive developments that the property gurus love. Also we need skilled tradesmen here to avoid another stupid leaky homes fiasco, so I support state housing. Where’s VTO these days?
“Where’s VTO these days?”
Whitebaiting, at a guess.
Houses are for rich prigs 🙂
“House prices plummet” can also be headlined as “Housing affordability rises”.
Anyone who “invested” in inflated property, hoping to benefit from the (mostly artificially created) shortage of housing by bleeding workers (and taxpayers, if their tenant is a beneficiary) deserves what they have coming.
I’m not sure if they do it in NZ but I’m heartily sick of all the TV “current affairs” show “success story” pieces on people who’ve bought investment properties leveraged off the back of other investment properties, own 20 houses and are now multi-millionaires (on paper, at least), do no work and net a few thousand dollars a week.
This is constantly promoted as something to which everyone should aspire, with no thought whatsoever to the interest rate pressures this produces; to housing affordability for those on low incomes; to the drying up of capital that is desperately needed by the productive sector; and to what would happen if everyone did decide to become a non-working property magnate.
If the greedy dumped their investment properties then private debt levels would reduce, which would also be a good thing. That’d be the time for the government to exercise a bit of foresight and simply buy state housing stock (though I agree building them, to keep the building industry going, is also a wise suggestion).
Exactly. Reality shows are either about cooking, dating or house renovations! Sick to death of it.
Deb
Good post MartyG
I have had Sovereign basically confirm what you are saying. They are urging home owners in trouble to sell privately because if there is a rush of mortgagee sales on the market then Sovereign’s security will decrease dramatically in value.
We need leadership that will manage a soft landing. Right now we have leadership that has its head in the sand and will guarantee a crash landing.
I don’t believe commentary like that micky that Sovereign gave you.
It means that there can be such a dump of houses on the market that it actually sets the market. That can’t happen. Housing isn’t liquid enough, and there are not enough houses that can be dumped to set the market.
Review my link below and when did this house crazy commence and what measures were put into place to min the harm of when the crash really occurs, The adjustment for me should have ocurred in 04/05, the delay for the 1st trip of another 3 years just means that when the real adjusment hits (If it does) it will be very hard. And the honerable Nat govt (less2 ministers !!) has commenced with some management of the issue re tax (Where M.Cullen feared to go), but this is only the start. Another issue that has and will have an impact is immigration, cross ref the increase in houseing with the peak of immigration 45k immigrations p.a.. Curently the only thing that could “save” building is immigration (paradox) yet this is also the aspect that will delay or stop this adjustment, and bring back housing costs back by 20%. Hate to see an adjustment as there will be a huge no of Kiwis in real troble that we have not seen in any of our lifetimes (And hopefully will not) . Yet there is again no one in power that has the foresight to plan and manage an adjustment, and inform us as to the measures and what outcomes are expected and why these are not as bad as if left for the markets on device.
But keep smiling Mickey and hope your new venmture is goijng well 😉
So currently property developers are only making enough to cover finance costs, spec builders are selling houses at cost (If they are fortunate). there are 14k of houses being built (Height 28k). We have crap town planners that view development as if it was an undergrad project built on a 2 dimension landscape, stuff reality and topographic nature of the land.
Central govt e.g. Transit have gone missing expecting developers to cover motorway additions, local bodies expecting developers/builders to cover infrastructure costs, i.e. subsidising rate increases. As mentioned on another post 10k of new houses contributes over $500m in GST alone.
Thanks to the lack on magangement of our housing development (In allowing price to go way beyond and rational logic) , we have allowed for an essestial industry to become marginal. Hobsonville scheme plans based on 250- 330m2 sections. Houses built with no garages and limited on-street parking (This development being touted by both Lab and Nat as the way to go) More crap being sprewed by those inpower.
See how a plan change process works or doesn’t then you see the lack of co-hesion of what the ratepayer/resident wants to that of a disconnected council.
review page 8 house prices vs weekly wage currently 7 yrs to pay off a house. I am still amazed that when the trend was spiking those in charge just sat on their hands allowing many to have a false feel good of how rich they were and those who did not own a house to become even more dejected as to how to fulfill the Kiwi dream.
I agree AMrty House prices do need adjustment, yet where is the ability for this to happen without a: House owners having negative equity (Banks will not foreclose as long as the mortagages are being paid) and without the industry comming to a screaming halt with the ramifactions that will result in?
http://www.bnz.co.nz/static/www/docs/w2010-11-04.pdf