Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


House Prices -- The Worst Is Yet To Come

FOR IMMEDIATE RELEASE

HOUSE PRICES -- THE WORST IS YET TO COME, SAYS INVESTOR AND TOP SELLING AUTHOR OLLY NEWLAND

Statistics released yesterday by Auckland's largest real estate agent Barfoot and Thompson, which show house prices in a "big slide", come as no surprise to property investor and top selling author Olly Newland.

The figures show top end properties losing as much as $500 a day in value. Mr Newland accurately predicted these events in his latest book, "The Day The Bubble Bursts" released in June 2004 and written earlier this year. In the book Mr Newland correctly predicted the growing woes of expensive homes (page 90), the continuing slippage of the median price (page 79), the scandal of leaky homes and collapsing balconies (page 62) and the effects of continuing interest rate rises.

Mr Newland continues to predict that for some people things will only get worse with a "one-two-three whammy" hitting those who believe the hype merchants and spruikers who continue to push the line that endless profits from property investment are a foregone conclusion.

Increasing interest rates, falling capital values and a glut of cheap rentals will all combine over the next 12-18 months "to send some investors to the wall", he says.

Mr Newland's further predictions include: a massive over supply of cheap shoddy and unsaleable apartments, a sudden capitulation by novice investors all scrambling to get out of the housing market at the same time, a big rise in forced sales with problems for the banking industry faced with a flurry non-performing loans, and the disppearance of the spruikers and "Johnny Come Lately" property gurus who have shamelessly taken advantage of people's naivity in promising "instant wealth" for the asking.

Mr Newland's other best sellers include, "The Rascals Guide to Real Estate" ( 2002), "Lost Property " (1994), "The Property Boom" (1982), and "The Coming NZ Property Boom" (1978). These books are published by Empower Leaders Publishing and distributed in New Zealand by Addenda Publishing Limited.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news