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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- New Zealand First Party List 2023New Zealand First is proud to announce the Party List for the upcoming 2023 General Election. We have had a great number of applicants and potential candidates moving through the selection process over the past few months. Our final selection for our list proves we have a wide range ...1 week ago
- A National/ACT Government would make life miserable for those already worst offOnly a party vote for the Greens will end poverty. ACT’S welfare policy announced today is as cruel as it gets. ...1 week ago
- Release: Willis’ resignation call means only one thing – $2 billion more cutsMassive cuts to public service are on the cards as Nicola Willis has promised to resign if she doesn’t deliver tax cuts but is refusing to make the same commitment if she doesn’t raise enough income from her bungled foreign buyer’s tax. ...1 week ago
- Release: A faster justice system focused on victimsLabour will help more victims of crime achieve justice faster by introducing a formal class-action regime, modernising consent laws and increasing the use of technology to speed up hearings. ...1 week ago
- Release: Gaping hole confirmed in National’s tax planA whopping $2.1 billion dollar hole has been confirmed in National’s tax scheme in a new report released today. ...2 weeks ago
- Labour pledges biggest ever increase to training DoctorsLabour will deliver the largest ever increase to the number of doctors trained each year, adding an additional 335 doctors a year to our health workforce from 2027, Labour Leader Chris Hipkins has announced. ...2 weeks ago
- PREFU Exposes Political PromisesToday’s PREFU has some alarming statistics showing an economy deteriorating and the cost of unaffordable government expenditure, mainly in the 2022 and 2023 budgets. Despite this alarming economic and fiscal picture, political parties are making unaffordable promises, talking about a surplus by 2027, or four years time, all of which ...2 weeks ago
- State of books makes clear case for wealth taxThe case for a wealth tax has never been stronger. ...2 weeks ago
- Release: Labour pledges free cervical screeningIf re-elected Labour will make cervical screening services free to all women and people with a cervix aged 25 – 69 years, delivering better cancer care for over 1.4 million New Zealanders. ...2 weeks ago
- Chris Hipkins sets out 9 key pledges to New ZealandLabour Leader Chris Hipkins has set out nine key pledges to be achieved in his first full term as Prime Minister. ...2 weeks ago
- Labour's Plan 2023Labour is running a positive, forward-looking campaign that's focused on fixing the cost of living, keeping people and communities safe and investing in education, health and housing. ...2 weeks ago
- Release: Coalition of Cuts and Chaos would be NZ’s most unstable governmentStatements from David Seymour and Winston Peters have called into question whether National would be able to lead a functional government if they were in a position to do so after the election. ...2 weeks ago
- Healthy Ocean Act – Marama Davidson SpeechHe mōhio ō tātou tīpuna ki te tirotiro taiao. ...2 weeks ago
- Greens will demand Minister for Oceans and Fisheries to lead ocean rescue planThe Green Party will protect 30% of the ocean by 2030, create an independent Ocean Commission to advise the government, and put a Green Minister for Oceans and Fisheries in charge of making it happen. ...2 weeks ago
- Plan for 3,000 more public homes by 2025 – regions set to benefit
Regions around the country will get significant boosts of public housing in the next two years, as outlined in the latest public housing plan update, released by the Housing Minister, Dr Megan Woods. “We’re delivering the most public homes each year since the Nash government of the 1950s with one ...1 day ago - Immigration settings updatesJudicial warrant process for out-of-hours compliance visits 2023/24 Recognised Seasonal Employer cap increased by 500 Additional roles for Construction and Infrastructure Sector Agreement More roles added to Green List Three-month extension for onshore Recovery Visa holders The Government has confirmed a number of updates to immigration settings as part of ...2 days ago
- Poroporoaki: Tā Patrick (Patu) Wahanga HohepaTangi ngunguru ana ngā tai ki te wahapū o Hokianga Whakapau Karakia. Tārehu ana ngā pae maunga ki Te Puna o te Ao Marama. Korihi tangi ana ngā manu, kua hinga he kauri nui ki te Wao Nui o Tāne. He Toa. He Pou. He Ahorangi. E papaki tū ana ...3 days ago
- COVID-19 funding returned to GovernmentThe lifting of COVID-19 isolation and mask mandates in August has resulted in a return of almost $50m in savings and recovered contingencies, Minister of Health Dr Ayesha Verrall announced today. Following the revocation of mandates and isolation, specialised COVID-19 telehealth and alternative isolation accommodation are among the operational elements ...3 days ago
- Appointment of District Court JudgeSusie Houghton of Auckland has been appointed as a new District Court Judge, to serve on the Family Court, Attorney-General David Parker said today. Judge Houghton has acted as a lawyer for child for more than 20 years. She has acted on matters relating to the Hague Convention, an international ...3 days ago
- Government invests further in Central Hawke’s Bay resilienceThe Government has today confirmed $2.5 million to fund a replace and upgrade a stopbank to protect the Waipawa Drinking Water Treatment Plant. “As a result of Cyclone Gabrielle, the original stopbank protecting the Waipawa Drinking Water Treatment Plant was destroyed. The plant was operational within 6 weeks of the ...4 days ago
- Govt boost for Hawke’s Bay cyclone waste clean-upAnother $2.1 million to boost capacity to deal with waste left in Cyclone Gabrielle’s wake. Funds for Hastings District Council, Phoenix Contracting and Hog Fuel NZ to increase local waste-processing infrastructure. The Government is beefing up Hawke’s Bay’s Cyclone Gabrielle clean-up capacity with more support dealing with the massive amount ...4 days ago
- Taupō Supercars revs up with Government supportThe future of Supercars events in New Zealand has been secured with new Government support. The Government is getting engines started through the Major Events Fund, a special fund to support high profile events in New Zealand that provide long-term economic, social and cultural benefits. “The Repco Supercars Championship is ...4 days ago
- There is no recession in NZ, economy grows nearly 1 percent in June quarterThe economy has turned a corner with confirmation today New Zealand never was in recession and stronger than expected growth in the June quarter, Finance Minister Grant Robertson said. “The New Zealand economy is doing better than expected,” Grant Robertson said. “It’s continuing to grow, with the latest figures showing ...4 days ago
- Highest legal protection for New Zealand’s largest freshwater springsThe Government has accepted the Environment Court’s recommendation to give special legal protection to New Zealand’s largest freshwater springs, Te Waikoropupū Springs (also known as Pupū Springs), Environment Minister David Parker announced today. “Te Waikoropupū Springs, near Takaka in Golden Bay, have the second clearest water in New Zealand after ...4 days ago
- More support for victims of migrant exploitationTemporary package of funding for accommodation and essential living support for victims of migrant exploitation Exploited migrant workers able to apply for a further Migrant Exploitation Protection Visa (MEPV), giving people more time to find a job Free job search assistance to get people back into work Use of 90-day ...5 days ago
- Strong export boost as NZ economy turns cornerAn export boost is supporting New Zealand’s economy to grow, adding to signs that the economy has turned a corner and is on a stronger footing as we rebuild from Cyclone Gabrielle and lock in the benefits of multiple new trade deals, Finance Minister Grant Robertson says. “The economy is ...5 days ago
- Funding approved for flood resilience work in Te KarakaThe Government has approved $15 million to raise about 200 homes at risk of future flooding. More than half of this is expected to be spent in the Tairāwhiti settlement of Te Karaka, lifting about 100 homes there. “Te Karaka was badly hit during Cyclone Gabrielle when the Waipāoa River ...5 days ago
- Further business support for cyclone-affected regionsThe Government is helping businesses recover from Cyclone Gabrielle and attract more people back into their regions. “Cyclone Gabrielle has caused considerable damage across North Island regions with impacts continuing to be felt by businesses and communities,” Economic Development Minister Barbara Edmonds said. “Building on our earlier business support, this ...5 days ago
- New maintenance facility at Burnham Military Camp underwayDefence Minister Andrew Little has turned the first sod to start construction of a new Maintenance Support Facility (MSF) at Burnham Military Camp today. “This new state-of-art facility replaces Second World War-era buildings and will enable our Defence Force to better maintain and repair equipment,” Andrew Little said. “This Government ...5 days ago
- Foreign Minister to attend United Nations General AssemblyForeign Minister Nanaia Mahuta will represent New Zealand at the 78th Session of the United Nations General Assembly (UNGA) in New York this week, before visiting Washington DC for further Pacific focussed meetings. Nanaia Mahuta will be in New York from Wednesday 20 September, and will participate in UNGA leaders ...6 days ago
- Midwives’ pay equity offer reachedAround 1,700 Te Whatu Ora employed midwives and maternity care assistants will soon vote on a proposed pay equity settlement agreed by Te Whatu Ora, the Midwifery Employee Representation and Advisory Service (MERAS) and New Zealand Nurses Association (NZNO), Minister of Health Dr Ayesha Verrall announced today. “Addressing historical pay ...1 week ago
- New Zealand provides support to MoroccoAotearoa New Zealand will provide humanitarian support to those affected by last week’s earthquake in Morocco, Foreign Minister Nanaia Mahuta announced today. “We are making a contribution of $1 million to the International Federation of Red Cross and Red Crescent Societies (IFRC) to help meet humanitarian needs,” Nanaia Mahuta said. ...2 weeks ago
- Government invests in West Coast’s roading resilienceThe Government is investing over $22 million across 18 projects to improve the resilience of roads in the West Coast that have been affected by recent extreme weather, Prime Minister Chris Hipkins confirmed today. A dedicated Transport Resilience Fund has been established for early preventative works to protect the state ...2 weeks ago
- Government invests in Greymouth’s futureThe Government has today confirmed a $2 million grant towards the regeneration of Greymouth’s CBD with construction of a new two-level commercial and public facility. “It will include a visitor facility centred around a new library. Additionally, it will include retail outlets on the ground floor, and both outdoor and ...2 weeks ago
- Nanaia Mahuta to attend PIF Foreign Ministers’ MeetingForeign Minister Nanaia Mahuta will attend the Pacific Islands Forum (PIF) Foreign Ministers’ Meeting, in Suva, Fiji alongside New Zealand’s regional counterparts. “Aotearoa New Zealand is deeply committed to working with our pacific whanau to strengthen our cooperation, and share ways to combat the challenges facing the Blue Pacific Continent,” ...2 weeks ago
- PREFU shows no recession, growing economy, more jobs and wages ahead of inflationEconomy to grow 2.6 percent on average over forecast period Treasury not forecasting a recession Inflation to return to the 1-3 percent target band next year Wages set to grow 4.8 percent a year over forecast period Unemployment to peak below the long-term average Fiscal Rules met - Net debt ...2 weeks ago
- New cancer centre opens in ChristchurchPrime Minister Chris Hipkins and Minister of Health Dr Ayesha Verrall proudly opened the Canterbury Cancer Centre in Christchurch today. The new facility is the first of its kind and was built with $6.5 million of funding from the Government’s Infrastructure Reference Group scheme for shovel-ready projects allocated in 2020. ...2 weeks ago
- Government invests in top of the south’s roading resilience$12 million to improve the resilience of roads in the Nelson, Marlborough and Tasman regions Hope Bypass earmarked in draft Government Policy Statement on land transport $127 million invested in the top of the south’s roads since flooding in 2021 and 2022 The Government is investing over $12 million to ...2 weeks ago
- New Zealanders continue to support the revitalisation of te reo as we celebrate Te Wiki o te Reo Mā...Ko tēnei te wiki e whakanui ana i tō tātou reo rangatira. Ko te wā tuku reo Māori, e whakanuia tahitia ai te reo ahakoa kei hea ake tēnā me tēnā o tātou, ka tū ā te Rātū te 14 o Mahuru, ā te 12 o ngā hāora i te ahiahi. ...2 weeks ago
- New Wildlife Act to better protect native speciesThe 70-year-old Wildlife Act will be replaced with modern, fit-for-purpose legislation to better protect native species and improve biodiversity, Minister of Conservation Willow-Jean Prime has announced. “New species legislation is urgently needed to address New Zealand’s biodiversity crisis,” Willow-Jean Prime said. “More than 4,000 of our native species are currently ...2 weeks ago
- Further safety initiatives for Auckland City CentreCentral and Local Government are today announcing a range of new measures to tackle low-level crime and anti-social behaviour in the Auckland CBD to complement Police scaling up their presence in the area. “Police have an important role to play in preventing and responding to crime, but there is more ...2 weeks ago
- Govt confirms additional support for Enabling Good LivesThe Government has confirmed $73.7 million over the next four years and a further $40.5m in outyears to continue to transform the disability support system, Minister for Disability Issues Priyanca Radhakrishnan has announced. “The Enabling Good Lives (EGL) approach is a framework which guides positive change for disabled people, ...2 weeks ago
- New Zealand gets AAA credit rating from S&PStandard and Poor’s is the latest independent credit rating agency to endorse the Government’s economic management in the face of a deteriorating global economy. S&P affirmed New Zealand’s long term local currency rating at AAA and foreign currency rating at AA+ with a stable outlook. It follows Fitch affirming New ...2 weeks ago
- Appointment of Environment Court JudgeChristchurch barrister Kelvin Reid has been appointed as a Judge of the Environment Court and the District Court, Attorney-General David Parker announced today. Mr Reid has extensive experience in Resource Management Act issues, including water quality throughout the South Island. He was appointed to the Technical Advisory Group advising the ...2 weeks ago
- NZ’s biggest ever emissions reduction project hits milestoneNew Zealand is on track to have greener steel as soon as 2026 with New Zealand Steel’s electric arc furnace project reaching a major milestone today. The Government announced a conditional partnership with New Zealand Steel in May to deliver the country’s largest emissions reduction project to date. Half of ...2 weeks ago
- Poroporoaki: Paki Leslie Māngai NikoraPokia ana te tihi Taiarahia e Hine-Pūkohu-rangi Hotu kau ana te manawa! Horahia ana te whārua o Ruātoki e te kapua pouri Tikaro rawahia ko te whatumanawa! Rere whakamuri kau ana te awa o Hinemataroa Ki te kawe i te rongo ki te mātāpuna i nga pōngaihu Maungapōhatu, tuohu ...3 weeks ago
- 50,000 charges laid in crack down on gangsPolice Minister Ginny Andersen has today congratulated Police in their efforts to crack down on gangs, after laying 50,000 charges against gang members and their associates through the hugely successful Operation Cobalt. As at 31 August, Police have: Laid 50,396 criminal charges against gang members and their associates Issued 64,524 ...3 weeks ago
- Farmers and cyclone-affected properties supported with tax rule changesThe Government has confirmed details of the tax changes to the bright-line test for cyclone-damaged properties, with the release of the required legislative amendments. Revenue Minister Barbara Edmonds has released a Supplementary Order Paper (SOP) to be considered by the Finance and Expenditure Committee in the next Parliament, as it ...3 weeks ago
- New Zealand wins CPTPP dispute against CanadaMinister for Trade and Export Growth Damien O’Connor has welcomed the CPTPP Panel’s ruling in favour of New Zealand in our dispute against Canada, a significant win for our primary sector exporters. The Panel found that Canada’s dairy quota administration is inconsistent with its obligations under the Comprehensive and Progressive ...3 weeks ago
- The RMA is dead, long live the RMA: why NZ’s resource laws won’t change overnight after this ele...
Source: The Conversation (Au and NZ) – By Jeffrey McNeill, Senior Lecturer in Resource & Environmental Planning, Massey University RMA – three letters that have struck fear into a generation of farmers, developers, politicians and anyone building a house. Or so legend would have it. Whatever its original goal of ...24 mins ago - Luxon confident he could make three-way coalition work
Christopher Luxon has told reporters on the campaign trail in Matamata that he could manage a multi-party coalition with both Act and New Zealand First, if needed. In a social media video this morning, Luxon finally revealed that he was open to working with Winston Peters if the votes fell ...42 mins ago - Newsletter: September 25 2023 – Items of interest and importance todayNew Zealand Politics Daily is a collation of the most prominent issues being discussed in New Zealand. It is edited by Dr Bryce Edwards of The Democracy Project. NZ Politics Daily: 25 September 2023 NZ FIRST, COALITION WITH NATIONAL 1News: National’s Christopher Luxon would work with NZ First if he has to ...46 mins ago
- Rt Hon Winston Peters RE: The Call For Corporate Manslaughter Legislation
This matter begins with the Pike River investigation being inadequate, inexplicably lengthy, and after millions of dollars, the evidence that should have been placed before the public still has not been. We have always believed that Pike River is ...56 mins ago - Election 2023: Labour releases climate manifesto with more policy plans
Labour has revealed policies for a second emissions reduction plan, a new ministerial role, and increasing renewable electricity generation. ...1 hour ago - Election 2023: The tertiary education policies in two minutesHundreds of thousands of New Zealanders engage with the tertiary education sector each year. Here’s everything you need to know about funding, governance, student allowances, fees and research in two minutes. See more from our policy in two minutes series here. More than 300,000 New Zealanders are enrolled in programmes ...1 hour ago
- Government’s employment white paper commits to jobs for all who want them – and help to get themSource: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra The employment white paper, released on Monday, has outlined multiple measures the Albanese government will implement to assist the about three million people who want jobs or more hours of work. They include making ...1 hour ago
- Government’s employment white paper commits to jobs for all who want them – and help to get themSource: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra The employment white paper, released on Monday, has outlined multiple measures the Albanese government will implement to assist the about three million people who want jobs or more hours of work. They include making ...1 hour ago
- What it’s like to wear the most expensive diamond ring in New ZealandThe biggest and most expensive diamond ring to be auctioned in New Zealand went under the hammer in Auckland on Sunday. In the name of luxury, Gabi Lardies went and tried it on. The bubbles are on ice, the scented candles are lit and I am quite explicit about not ...1 hour ago
- Do blue-light glasses really work? Can they reduce eye strain or help me sleep?Source: The Conversation (Au and NZ) – By Laura Downie, Associate Professor in Optometry and Vision Sciences, The University of Melbourne Shutterstock Blue-light glasses are said to reduce eye strain when using computers, improve your sleep and protect your eye health. You can buy them yourself or your ...2 hours ago
- Do blue-light glasses really work? Can they reduce eye strain or help me sleep?Source: The Conversation (Au and NZ) – By Laura Downie, Associate Professor in Optometry and Vision Sciences, The University of Melbourne Shutterstock Blue-light glasses are said to reduce eye strain when using computers, improve your sleep and protect your eye health. You can buy them yourself or your ...2 hours ago
- Labour’s Climate Manifesto – Commendable Condiments But Missing The ‘main Meal’Greenpeace Aotearoa says the Labour Party’s Climate Manifesto, launched today, reads like a shopping list of condiments that has missed off the main meal: action on New Zealand’s biggest climate polluter, intensive dairy. "There are many ...2 hours ago
- Labour’s Climate Announcement Is Economically And Scientifically IlliterateResponding to the release of Labour’s Climate Manifesto, Taxpayers’ Union Deputy Campaigns Manager, Connor Molloy, said: "Yet again, we are seeing a swathe of policies that fail to recognise the genius and effectiveness of our existing Emissions ...2 hours ago
- National-Act-NZ First government would be ‘rightwing circus’, says HipkinsAt his press conference to launch Labour’s climate manifesto in New Plymouth today, Chris Hipkins was quick to offer his thoughts on Christopher Luxon finally admitting National would work with New Zealand First to form the next government if it needed to. “I want to for once in my life ...2 hours ago
- Labour and National bicker over climate policy as Hipkins releases manifestoChris Hipkins has released Labour’s “climate manifesto”, which brings together a range of existing policies plus adds a handful of new ones. These include a plan for a “minister for just transitions” to oversee New Zealand’s transition to a low-emissions economy, and to a plan to invest an additional $300 ...2 hours ago
- New to streaming: What to watch on Netflix NZ, Neon and more this weekWhat are you going to be watching this week? We round up everything coming to streaming services this week, including Netflix, Amazon Prime, Disney+, Apple TV+, ThreeNow, Neon and TVNZ+. The biggies Neighbours: The Return (on Prime Video from September 25) Neighbours is back, baby. The long-running Australian soap that ended ...2 hours ago
- Luxon's call on NZ First could come back to bite him
Christopher Luxon has given the voters what they wanted – transparency on who National will work with. But, in doing so, some of his supporters worry he may have given New Zealand First a boost. Comment: National Party supporters at a meet and greet in Matamata with Christopher Luxon were ...3 hours ago - Te Whatu Ora Must Stand By Employees’ Rights To Freedom Of Thought And Speech25 September 2023 FOR IMMEDIATE RELEASE Te Whatu Ora must stand by employees’ rights to freedom of thought and speech The Free Speech Union insists that Te Whatu Ora stand by their employees’ rights of freedom of thought and speech ...3 hours ago
- Te Whatu Ora Must Stand By Employees’ Rights To Freedom Of Thought And Speech...3 hours ago
- NZ election 2023: Bryce Edwards: The most hollow campaign in living memoryThe 2023 general election campaign must be the most hollow in living memory. There really isn’t much that is positive or attractive about the electoral options on offer. This is an election without inspiration. There is a definite gloominess among the public right now — with a perception that not ...3 hours ago
- Severe Weather Demands Voters' AttentionMore severe weather and floods in regions demand voters’ attention. Floods in Queenstown and Southland, wildfires in South Canterbury, and further risk of flood in Gisborne, are a warning that the biggest issue in this election has to be climate ...3 hours ago
- Labor and Albanese recover in Newspoll as Dutton falls, but the Voice’s slump continuesSource: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne A national Newspoll, conducted September 18–22 from a sample of 1,239, gave Labor a 54–46 lead, a one-point gain for Labor since ...4 hours ago
- Peters defends decision on 2017 coalition and repeats Bill English claimsWinston Peters has repeated his claim that Bill English said he was about to be rolled as National leader during negotiations after the 2017 election. According to the New Zealand First leader, English said during post-election negotiations that he was about to lose his position as leader of National. It’s ...4 hours ago
- Luxon left looking ‘slow and expedient’ after Peters rule-in announcementWe’ve been waiting weeks months for a captain’s call from Christopher Luxon on whether or not he’d work with Winston Peters – and that finally came today. As I detailed this morning, Luxon, in a video shared to social media, finally admitted he would work with Peters if necessary after ...5 hours ago
- Are fish oil supplements as healthy as we think? And is eating fish better?Source: The Conversation (Au and NZ) – By Evangeline Mantzioris, Program Director of Nutrition and Food Sciences, Accredited Practising Dietitian, University of South Australia Fish oil, which contains omega-3 fatty acids, is promoted for a number of health benefits – from boosting our heart health, protecting our brain from dementia, ...5 hours ago
- What lies behind Luxon’s change of heart on NZ First?The 11th-hour decision to rule in Winston Peters if necessary leaves the National leader looking slow and expedient. When Chris Hipkins declared last week that National’s polling was beyond its peak, it seemed born more of hope than data. It is hard to avoid concluding, however, that Christopher Luxon has ...5 hours ago
- Watch live: Election debate – Parties questioned on policies affecting PasifikaRNZ Pacific has partnered with Pacific Media Network to question major parties on how their policies will affect Pacific peoples. ...6 hours ago
- EPA Annual Charges On Forestry Participants Unlawful?...6 hours ago
- A teenager’s OCD journeyA 17-year-old shares their reality living with the ‘doubting disease’. A version of this essay was first published on Emily Writes’ Substack. Every day I return to my house, gently closing the door behind me. Each time I unpack my bag, wash my lunch box and water bottle, place my ...6 hours ago
- The ‘community of care’ improving the wellbeing of Sāmoan teachersAn ambitious initiative in Sāmoan early childhood centres is improving the health and wellbeing of children, families and teachers across Auckland – with aspirations to extend nationwide. The Seugagogo Aoga Amata Pre-School had humble beginnings. Situated close to the town centre of Auckland’s Ōtāhuhu and founded as a playgroup ...6 hours ago
- National would work with NZ FirstWelcome to The Spinoff’s election live updates for Monday, September 25. I’m Stewart Sowman-Lund: on deck today from the mighty Manawatū. Get in touch with me on [email protected] Find out more about the political parties at Policy.nz The agenda Christopher Luxon has confirmed he would work with Winston ...6 hours ago
- Election 2023: National Party confirms it could work with NZ FirstChristopher Luxon says his preference is to work with ACT in government, but could work with New Zealand First too. ...7 hours ago
- Is it ethical non-Indigenous people get to decide on the Voice? Is it OK for one group to have right...Source: The Conversation (Au and NZ) – By Paul Formosa, Professor and Head of the Department of Philosophy, and Co-Director of the Macquire University Ethics & Agency Research Centre, Macquarie University Australians will soon be asked to vote on whether we should “alter the Constitution to recognise the First Peoples ...7 hours ago
- America’s leaders are older than they’ve ever been. Why didn’t the founding fathers foresee th...Source: The Conversation (Au and NZ) – By Jared Mondschein, Director of Research, US Studies Centre, University of Sydney The US Congress has had no shortage of viral moments in recent months. Senator Dianne Feinstein seemingly became confused over how to vote. Senate Minority Leader Mitch McConnell experienced two extended ...7 hours ago
- We need urban trees more than ever – here’s how to save them from extreme heatSource: The Conversation (Au and NZ) – By Renée M Prokopavicius, Postdoctoral Researcher in Plant Ecophysiology, Western Sydney University Torychemistry, Shutterstock Australians are bracing for a hot spring and summer. The Bureau of Meteorology has finally declared El Niño is underway, making warmer and drier conditions more likely for ...7 hours ago
- How to manage exam season: don’t forget to take regular breaks and breatheSource: The Conversation (Au and NZ) – By Paul Ginns, Associate Professor in Educational Psychology, University of Sydney Oleksandr P/Pexels Around Australia, Year 12 students are heading into the final stretch of study before exams start in early term 4. This is typically seen as a very intense ...7 hours ago
- ‘An insatiable and unrestrained desire for passionate love’: the holy slut-shaming of Mary of Eg...Source: The Conversation (Au and NZ) – By Olympia Nelson, PhD Candidate in Modern Greek & Byzantine Studies specialising in Byzantine art and literature, University of Sydney Mary of Egypt, The Pantanassa Monastery, Mystras, Peloponnese, Greece Olympia Nelson, CC BY-ND Mary of Egypt, a fourth-century saint with a large ...7 hours ago
- How Māngere plans to become the cycling capital of the PacificA beloved community group is shifting transport habits in this Manukau suburb. As I biked down Coronation Road in Māngere, a driver beeped and yelled, “Get off the road and onto the footpath!” When I didn’t get out of their way, they yelled again, telling me it was for my ...7 hours ago
- It’s poll dayNewshub’s next poll will be revealed at 6pm tonight, teased by political editor Jenna Lynch as one that shows the face of the election is “changing in more ways than one”. Is that a reference to New Zealand First, especially given National’s decision to commit to working with them (if ...8 hours ago
- The Bulletin: Where’s the urgency on drinking water?Andrea Vance has been on a tear of late, publishing a series of fired up columns about the dire state of political discourse as we head towards the election. This week’s Sunday Star-Times column (paywalled) is on the “stonking great elephant in the room” that none of the party leaders want to ...8 hours ago
- Gloves come off as Robertson and Willis show their leaders how it’s doneThe finance chiefs’ Q&A debate was some of the most compelling TV of the election season so far, writes Catherine McGregor in this excerpt from The Bulletin, The Spinoff’s morning news round-up. To receive The Bulletin in full each weekday, sign up here. Tempers flare in the TVNZ studios Grant ...8 hours ago
- Act And National A Coalition For Change“ACT and National are on the same page about a future coalition Government, with both parties working together in a strong coalition to overcome the significant challenges New Zealand faces,” says ACT Leader David Seymour. “Christopher Luxon confirmed ...8 hours ago
- Political Leaders Must Back Corporate Manslaughter Law – Pike FamiliesPike River family members Anna Osborne and Sonya Rockhouse have called on political leaders to agree to introduce a corporate manslaughter law following charges for Whakaari deaths being dropped. Anna Osborne, who lost her husband Milton in the Pike ...8 hours ago
- Providing Real Choice In Education“We need to get the politics and bureaucracy out of New Zealand’s education system, bring high standards for attendance and learning in, and treat the profession with respect. While Labour is responsible for lowering the bar and leaving kids even ...9 hours ago
- National would work with NZ First, confirms LuxonAfter months of speculation and countless questions from journalists, Christopher Luxon has confirmed he would work with Winston Peters – if required to. In a video posted to social media, Luxon made it clear that his preference was for “strong and stable” two-party coalition between National and Act. “I believe ...9 hours ago
- Think Before You Speak – Ethnic and Faith Community Leaders urge politicians“Think before you speak” urges Ethnic and Faith Leaders to election candidates. The national network of ethnic and faith leaders of the Chinese, Indian, Sikh, Muslim, Jewish and African communities has urged civility and respect by politicians during ...10 hours ago
- Election 2023 updates: Latest developments on 25 SeptemberParty leader Christopher Luxon has for months refused to explicitly state whether or not he could work with New Zealand First's Winston Peters. ...10 hours ago
- Election 2023 updates: Latest developments on 25 SeptemberParty leader Christopher Luxon has for months refused to explicitly state whether or not he could work with New Zealand First's Winston Peters. ...10 hours ago
- Duelling fiscal plans: Labour-National economic rivalry comes to a headNational and Labour are both promising to front up with their full fiscal plans this week, their rhetoric over the economy growing increasingly feisty. ...11 hours ago
- Duelling fiscal plans: Labour-National economic rivalry comes to a headNational and Labour are both promising to front up with their full fiscal plans this week, their rhetoric over the economy growing increasingly feisty. ...11 hours ago
- Did National really just simply sell off state houses?New Zealand has a massive deficit in state housing, but is that all National’s fault? Max Rashbrooke runs the numbers. It has become a truth universally acknowledged, at least on the left, that the last time National was in power, its only interest in state houses lay in selling them ...11 hours ago
- Who dares challenge Chlöe? The race for Auckland CentralChlöe Swarbrick’s victory was one of the biggest surprises of the 2020 election, but in the past three years she’s made the seat her own. Can the high-profile Green hold on to Auckland Central, or will it flip to a National or Labour newbie? Read the other battleground electorate profiles ...11 hours ago
- Council decided to leave slash in forest above Queenstown cemetery
Questions asked of Queenstown’s council about tree harvesting ...11 hours ago - Gone are the days of political leaders being mobbed
The risk of protesters and unwanted guests has spoiled the election campaign. Over back-to-back days in Auckland with the two Chrises, political editor Jo Moir observed increased security and vetting, and safe party-faithful crowds. Analysis: At Auckland’s Viaduct on Friday afternoon Luxon bounced from one restaurant to another chatting with ...11 hours ago - Economy bounces back after flooding, but primary industries fall
Business & investing: Economists warn better-than-expected GDP data likely to be temporary ...11 hours ago - Daily crossword, Monday 25 September
...11 hours ago - Political and business leaders still living in Fantasyland
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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