Been a while since I have looked in here, is Massey (Tractor) and others that where predicting massive 50% drop in property values. As far as I know that never happen.
We did see property values drop back a bit, as it does after a property boom but as usual they creep back up.
More recently I have been looking at property values as talk has been saying they are going up, one house 70's built 3x1 730 sqm close by came onto the market as a close date sale with an indicative price of $465k. Close date came and sure enough under offer sign goes up.
Been watching to see the sold sticker go on but it has not but yesterday I see it is sold, what took me by surprise was it sold for $550k. That is well over the indicative price it was advertised for.
Looking at what else is for sale and I see the asking prices have risen quite a bit, another property close by 70's built 3x1 with bit of a granny flat out the back 720sqm they are asking $750k. Kid you not this place is quite ordinary, maybe they have just put a big price on it and may accept $100k less but even then.
Note both those properties are zoned R30 so can be subdivided but existing homes would need major reno's to make then modern and retained
So yet again we see property to be probably the safest investment
