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notices and features - Date published:
5:30 pm, March 11th, 2021 - 11 comments
Categories: Daily review -
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DANGEROUSLY OUT OF CONTROL
In a clear sign the housing frenzy is well out of control, the national median house price rose +$50,000 in February from January, and the Auckland median price is up by +$100,000 for the month, the REINZ says. In one year, the Auckland median price is up +24%, freezing out even more aspiring home owners and leaving a market that only existing owners can transact in. From the start of 2020, there have been almost zero policy actions taken to restrain this frenzy and the ones that have been taken are being shown to be ineffective. The Jan-20 to Feb-21 increase in Auckland is the fastest rise in either percentage terms or dollar terms, ever. There is no evidence this frenzy is winding down.
https://www.interest.co.nz/news/109471/review-things-you-need-know-you-go-home-thursday-house-prices-frenzy-stage-rents-flat
Forget about tulips
what's driving that? Are more houses being sold? Or the normal amount but there's such a shortage people are paying more?
FOMO on steroids(aka greed)..record feb sales for 14 years so lack of listings isnt the issue…..reintroduction of LVRs in March will have played a role but even with the Govs obvious reticence to address the issue the levels these buyers are willing to pay is foolhardy (as is the banks willingness to finance)…..we are witnessing market euphoria….and I suspect simultaneous profit taking….the last stages before a bubble bursts
Just saw Stuart Nash on the news, he's gone grey virtually overnight.
Must be really stressful for him. Move him over to the nat party where he belongs and he'll have his colour back before you can say lock 'em up.
Blue rinse.
…then off to NZ First.
Private sector to the rescue and a nice little earner for some "The Community Bond is paying investors, such as the Tindall and Lindsay Foundations and Generate KiwiSaver Scheme, up to 2.30% pa."
https://www.scoop.co.nz/stories/BU2103/S00162/top-nz-companies-and-foundations-behind-100-million-pledge-to-build-more-homes.htm#:~:text=Community%20Finance%2C%20an%20impact%20investment,tackle%20New%20Zealand's%20housing%20shortage
https://www.rnz.co.nz/news/country/438165/tomatoes-on-sale-for-8-cents-per-kilogram-as-prices-slump-to-12-year-low
Why can the supermarket not get more than 8c a kilo? It sounds like throwing growers to the wolves for the sake of a notable low price being a PR point. Meanwhile the poor growers! This is not how we should act.
Will need to see what happens with the price of NZ grown apples.
I paid $1.99/k for tomatoes yesterday. And this was at PaknSave.