NZ interest rates in 5% range. Auckland has boomed, now moving to Wgtn. Friend in Wgtn says missing out on tenders by 10% over registreed valuation. I live 50km up coast from Wgtn. Away working for 4 weeks, back on Sept 10. Listed property in our beach side town has been cleaned out, over this period. Problem properties that sat on market since 2008 now have sold stickers (my wife's comment was she feels like she's in the twilight zone). My wife and I drove around minimal property on market. Definite start of boom in NZ. Our market peak was Sept 2007, will clear this soon, will be all over media in next month. Falling interest rates in Aus will insulate against property price falls. At the end of the day Kiwis and Aussies love property, and it is their preferred investment vehicle (rightly or wrongly). Just a heads up for those who may be waiting/ hoping for 20% falls. That there is a strong likelihood this may not eventuate, and that if there is some panic re end of mining boom, there may be some good buys if you keep your eyes open.
