After the heads up i got from this site last week i have been looking for information to support the idea that NZ property is heading down

And its coming fast and furious

A local Megacentre is being sold due to debt problems stemming from 'US subprime' and inability to refinance hedges beyond 2008

http://www.stuff.co.nz/4592554a13.html

A nation wide estate agent has set up a mortgagee sales site ......but only 27 listed now

http://www.stuff.co.nz/4592519a13.html

And generally i have the impression that prices are recognised to be peaked and heading down

I am not yet sure how NZ has funded mortgages but i was amazed to see a major player was GE. Thats ominous to me as surely that means NZ is well caught up in all of the securitization stupidity and is going to be hit hard as funds dry up worldwide as seems at the moment inevitable. And there is also the relationship NZ has with Britain. The British mortgage scene seems like a disaster zone to me........does not bode well for NZ

It would be interesting to know what the spun version for NZ is.

More info:

http://www.realestate.co.nz/blog/nz-proper...s-may-2008.html

http://www.nzherald.co.nz/section/8/story....jectid=10517715

http://www.nzherald.co.nz/section/8/story....jectid=10517467

Pretty amazing how NZ has really turned.

Wellington only issued 22 consents for building work last month:-) Even though i have a house there i kind of like the idea that i can get my basement sorted out and a bathroom put in with a kind of gold plated grovelling from staff who must surely be worried about losing their jobs, rather than it being the other way around where i have to grovel to do the good works i want to do to my own house . What could be relatively exciting becomes some kind of paperwork nightmare. Meanwhile some crap houses have been built using silly approved practices.

NZ seems a great place to me to ride out a financial storm.....meanwhile the Finnish employed wife is pregnant and we are in over priced Finland sniffing around for a project to keep me busy. Life can be complicated!

Interesting, houses are still moving here but quite slowly.
Interest rates ave just been cut by 0.25% and are tipped to be cut twice in the next 2 months.

Largest NZ real estate agency reports 5.3% *july* fall for Auckland, thats now over 11% falls since peak last november.

http://www.interest.co.nz/ratesblog/index....y-says-barfoot/