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Ryan Bridge: The state of the housing market · Early Edition with Ryan Bridge

• 0:00
  Speaker 1: Got the numbers for you this morning. QV House Price Index.
• 0:02
  Speaker 1: This is for the September quarter going backwards and Auckland
• 0:06
  Speaker 1: leading the fall. Homes are worth an average of one
• 0:08
  Speaker 1: point one percent less Auckland's two and a half percent less.
• 0:12
  Speaker 1: This is over the quarter. And how does that make
• 0:14
  Speaker 1: you feel? Really? Most homeowners, of course, won't care because
• 0:18
  Speaker 1: they're not trying to sell their houses right now. But
• 0:20
  Speaker 1: for those who aren't depressing, first home buyers love it.
• 0:24
  Speaker 1: They're cranking at the moment. They're a quarter of new
• 0:26
  Speaker 1: mortgages first home buyers first half of this year a quarter.
• 0:31
  Speaker 1: So we've got to ask ourselves, is this really what
• 0:33
  Speaker 1: we want? When the numbers are bad for owners and
• 0:36
  Speaker 1: for homeowners, they're good for would be owners. We're forever
• 0:40
  Speaker 1: complaining about the press of property until we need to
• 0:42
  Speaker 1: sell it. So if this is the new normal, then
• 0:46
  Speaker 1: we better get used to it. It's interesting to look
• 0:48
  Speaker 1: at what is selling as well, because we had another
• 0:51
  Speaker 1: developer this is an Auckland apartments go bust yesterday and
• 0:55
  Speaker 1: have a look at the apartments, even the nice ones
• 0:58
  Speaker 1: that they were building. Is that really somewhere you would
• 1:01
  Speaker 1: want to live? Guess what's not selling? It's the new
• 1:05
  Speaker 1: builds without car parks. This idea that somebody will want
• 1:09
  Speaker 1: to buy a shoe box and catch a bus is
• 1:10
  Speaker 1: clearly not working out in the way that they intended.
• 1:13
  Speaker 1: That are taking the longest time to sell. Turns out
• 1:16
  Speaker 1: people also like privacy, who would have thought quite an
• 1:19
  Speaker 1: important factor. The biggest story here is that prices are
• 1:22
  Speaker 1: lower and deep down. Even though we say we want
• 1:25
  Speaker 1: to fix the housing crisis, most people aren't happy about it.
• 1:30
  Speaker 1: For more from Early Edition with Ryan Bridge, listen live
• 1:33
  Speaker 1: to News Talk Set B from five am weekdays, or
• 1:36
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