{"id":18658,"date":"2026-10-06T05:49:38","date_gmt":"2026-10-05T16:49:38","guid":{"rendered":"https:\/\/thebuzz.apnanetwork.co.nz\/?p=18658"},"modified":"2026-10-06T05:49:38","modified_gmt":"2026-10-05T16:49:38","slug":"aucklands-not-so-great-housing-correction","status":"publish","type":"post","link":"https:\/\/thebuzz.apnanetwork.co.nz\/?p=18658","title":{"rendered":"Auckland&#8217;s not-so-great housing correction"},"content":{"rendered":"<div class=\"[&amp;_h2]:text-md [&amp;_h3]:text-md [&amp;_h4]:text-md clear-left *:pb-12 *:pt-16\">\n<h3 class=\"text-fluid-md-lg leading-snug [&amp;_em]:font-sans-italic [&amp;_cite]:font-sans-italic font-sans-semibold\">It&#8217;s supposed to be a buyers&#8217; market when it comes to property sales, but buyers are just as unhappy as sellers right now, and investors are taking losses<\/h3>\n<\/div>\n<div class=\"pt-4 mb-16 print:hidden\">\n<div>\n<div class=\"h-screen max-h-[calc(10rem*var(--base-multiplier))] min-h-[calc(6rem*var(--base-multiplier))]\">\n<section class=\"@container\/queue-media relative w-full h-full bg-surface-muted\" aria-label=\"Audio player - Auckland&apos;s not-so-great housing correction\">\n<div class=\"flex h-full\">\n<div class=\"@[16.25em]\/queue-media:block bg-theme-primary relative hidden aspect-square h-full flex-none overflow-hidden\"><img loading=\"lazy\" decoding=\"async\" class=\"absolute h-full w-full object-cover\" src=\"https:\/\/media.rnztools.nz\/rnz\/image\/upload\/s--5iRpwpei--\/t_kt-podcast-internal-cover-high\/f_auto,w_100\/4KLVOEA_the_detail_internal_cover_2024_png?_a=BAMAPqkS0\" alt=\"\" width=\"100\" height=\"100\" aria-hidden=\"true\" \/><\/div>\n<div class=\"@container\/queue-media-content h-full w-full\">\n<div class=\"flex h-full w-full flex-grow flex-col justify-between overflow-hidden p-8\">\n<div class=\"text-foreground-primary flex flex-col gap-4 light-theme\">\n<h2 class=\"order-2 mb-4 text-pretty line-clamp-2 text-sm\"><span class=\"block\">Auckland&#8217;s not-so-great housing correction<\/span><\/h2>\n<div class=\"order-1 flex items-baseline gap-8 text-xs leading-snug\"><a class=\"font-sans-semibold underline-brand-hover line-clamp-1 pb-1\" href=\"https:\/\/www.rnz.co.nz\/podcast\/the-detail\">The Detail<\/a><span class=\"whitespace-nowrap tabular-nums text-xs text-foreground-primary\"><time datetime=\"2026-10-06\">6 October 2026<\/time><\/span><\/div>\n<\/div>\n<div class=\"flex items-center justify-between gap-4\">\n<div class=\"@[6.5em]\/queue-media-content:gap-8 flex flex-grow items-center gap-4\"><button class=\"group\/button font-sans-semibold flex-shrink-0 items-center justify-center gap-8 whitespace-nowrap rounded-full border leading-normal flex h-24 w-24 [&amp;&gt;svg]:h-[calc(1.8rem*var(--base-multiplier))] [&amp;&gt;svg]:w-[calc(1.8rem*var(--base-multiplier))] hover:bg-surface-hover hover:text-white dark-theme bg-surface-accent text-foreground-primary border-transparent\" type=\"button\" aria-label=\"Play Auckland&apos;s not-so-great housing correction\"><\/button><\/p>\n<div class=\"@container\/queue-add-button inline-flex w-full\"><button class=\"group\/button font-sans-semibold flex-shrink-0 items-center justify-center gap-8 whitespace-nowrap rounded-full border leading-normal flex gap-[calc(0.5rem*var(--base-multiplier))] px-8 pb-[calc(0.25rem*var(--base-multiplier))] pt-[calc(0.15rem*var(--base-multiplier))] text-sm hover:bg-surface-hover hover:text-white light-theme border-stroke-strong text-foreground-primary bg-transparent hover:border-surface-hover @[4.38em]\/queue-add-button:flex hidden\" type=\"button\" aria-label=\"Queue Auckland&apos;s not-so-great housing correction\"><span class=\"inline-flex items-center gap-[calc(0.3rem*var(--base-multiplier))]\"><span class=\"font-sans-normal\">Queue<\/span><\/span><\/button><\/p>\n<div class=\"sr-only\" aria-live=\"polite\"><\/div>\n<\/div>\n<\/div>\n<div class=\"ml-auto flex h-full items-center gap-4\">\n<div class=\"relative -top-4 right-2 h-24 w-24\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"font-serif-text mb-12 leading-normal\">\n<p class=\"[&amp;_em]:font-serif-text-italic [&amp;_cite]:font-serif-text-italic\">Kerry Buttler and Reece McVinnie followed all the rules when they invested in two Auckland micro apartments in 2018.<\/p>\n<\/div>\n<div class=\"font-serif-text mb-12 leading-normal\">\n<p class=\"[&amp;_em]:font-serif-text-italic [&amp;_cite]:font-serif-text-italic\">They went to property investor talks, engaged an expert agent and carefully weighed up the costs versus income.<\/p>\n<\/div>\n<div class=\"font-serif-text mb-12 leading-normal\">\n<p class=\"[&amp;_em]:font-serif-text-italic [&amp;_cite]:font-serif-text-italic\">&#8220;We were a little bit late to the game really,&#8221; says McVinnie. &#8220;Really it was because we discovered that we were being a bit lazy with our money. Very good savers and so on, but not actually good investors.&#8221;<\/p>\n<\/div>\n<div class=\"font-serif-text mb-12 leading-normal\">\n<p class=\"[&amp;_em]:font-serif-text-italic [&amp;_cite]:font-serif-text-italic\">When they recently sold the property after seven months on the market <a class=\"underline-brand-hover visited:text-foreground-secondary hover:visited:text-foreground-primary\" href=\"https:\/\/www.rnz.co.nz\/news\/personal-finance\/986477\/thousands-sell-houses-for-less-than-they-paid\">they lost more than seven percent<\/a> of the price they paid.<\/p>\n<\/div>\n<div class=\"font-serif-text mb-12 leading-normal\">\n<p class=\"[&amp;_em]:font-serif-text-italic [&amp;_cite]:font-serif-text-italic\">They sold into a market at a time where the average asking price had fallen below $1 million for the first time in six years.<\/p>\n<\/div>\n<div class=\"font-serif-text mb-12 leading-normal\">\n<p class=\"[&amp;_em]:font-serif-text-italic [&amp;_cite]:font-serif-text-italic\">Would they do it all again?<\/p>\n<\/div>\n<div class=\"font-serif-text mb-12 leading-normal\">\n<p class=\"[&amp;_em]:font-serif-text-italic [&amp;_cite]:font-serif-text-italic\">&#8220;Even knowing what we know, yes,&#8221; says McVinnie. &#8220;It&#8217;s just that we got caught. You know, a massive market correction, and it doesn&#8217;t really look like it&#8217;s going to change.&#8221;<\/p>\n<\/div>\n<div class=\"float-right ml-16 max-w-[47.5%] pb-8 pt-4 print:hidden\">\n<div class=\"grid justify-center\">\n<figure class=\"mx-auto table\">\n<div class=\"image-ring flex w-full max-w-full\"><img loading=\"lazy\" decoding=\"async\" class=\"ml:max-h-[50rem] max-w-full aspect-[16\/10] object-cover\" src=\"https:\/\/media.rnztools.nz\/rnz\/image\/upload\/s--sOCySmDB--\/t_kt-crop-16x10\/w_292\/f_auto\/q_auto:eco\/4JHBVG5_IMG_2417_jpg\" alt=\"Kerry Buttler and Reece McVinnie standing by a tree on a beach.\" width=\"292\" height=\"183\" \/><\/div><figcaption class=\"border-stroke-default w-full border-b py-12 text-sm *:inline table-caption caption-bottom mt-auto\">Kerry Buttler (L) and Reece McVinnie<\/p>\n<p class=\"text-foreground-secondary flex-shrink-0 ml-4\">Supplied \/ Pietra Brettkelly<\/p>\n<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<div class=\"font-serif-text mb-12 leading-normal\">\n<p class=\"[&amp;_em]:font-serif-text-italic [&amp;_cite]:font-serif-text-italic\">The Detail talked to buyers and sellers in Auckland&#8217;s <a class=\"underline-brand-hover visited:text-foreground-secondary hover:visited:text-foreground-primary\" href=\"https:\/\/www.rnz.co.nz\/news\/business\/1548599\/six-to-nine-months-more-of-flat-housing-market-cotality-says\">depressed market<\/a>, and compared it with property trends in the South Island.<\/p>\n<\/div>\n<div class=\"font-serif-text mb-12 leading-normal\">\n<p class=\"[&amp;_em]:font-serif-text-italic [&amp;_cite]:font-serif-text-italic\">&#8220;So North Island and the South Island are very much going their separate ways,&#8221; says Owen Vaughan, editor of NZME&#8217;s property publication, OneRoof.<\/p>\n<\/div>\n<div class=\"font-serif-text mb-12 leading-normal\">\n<p class=\"[&amp;_em]:font-serif-text-italic [&amp;_cite]:font-serif-text-italic\">&#8220;South Island is ticking along like a normal housing market. Like Christchurch, it&#8217;s got a vibe to it, but its houses are kind of selling well, but the prices aren&#8217;t astronomical.&#8221;<\/p>\n<\/div>\n<div class=\"font-serif-text mb-12 leading-normal\">\n<p class=\"[&amp;_em]:font-serif-text-italic [&amp;_cite]:font-serif-text-italic\">Vaughan says a lot of people blame the flood of cheap, badly built townhouses for Auckland&#8217;s property slump.<\/p>\n<\/div>\n<div class=\"font-serif-text mb-12 leading-normal\">\n<p class=\"[&amp;_em]:font-serif-text-italic [&amp;_cite]:font-serif-text-italic\">&#8220;Cotality (property experts) just recently did research into townhouses. Now, there&#8217;s a widely held belief that all the stock on the market that isn&#8217;t selling are crappy townhouses; or townhouses are to blame for Auckland&#8217;s malaise.<\/p>\n<\/div>\n<div class=\"font-serif-text mb-12 leading-normal\">\n<p class=\"[&amp;_em]:font-serif-text-italic [&amp;_cite]:font-serif-text-italic\">&#8220;What they found was that while house prices for townhouses, new build stock, have come down, they haven&#8217;t come down any sharper than normal housing stock. So to blame Auckland&#8217;s woes on the proliferation of townhouses that nobody wants isn&#8217;t really the case. It&#8217;s just there isn&#8217;t that huge buyer pool.&#8221;<\/p>\n<\/div>\n<div class=\"font-serif-text mb-12 leading-normal\">\n<p class=\"[&amp;_em]:font-serif-text-italic [&amp;_cite]:font-serif-text-italic\">Engineer Nathan Brown is steering clear of townhouses in his search for his first home in central Auckland. He tells <em class=\"italic\">The Detail <\/em>he&#8217;s confident he&#8217;ll find his dream home within his budget of $1.25 million.<\/p>\n<\/div>\n<div class=\"font-serif-text mb-12 leading-normal\">\n<p class=\"[&amp;_em]:font-serif-text-italic [&amp;_cite]:font-serif-text-italic\">&#8220;I&#8217;ve got AI to just kind of keep an eye out on all the websites which go up, and I&#8217;ve told it what I want, and what locations, and what kind of price range. And it will tell me every morning what&#8217;s popped up.&#8221;<\/p>\n<\/div>\n<div class=\"font-serif-text mb-12 leading-normal\">\n<p class=\"[&amp;_em]:font-serif-text-italic [&amp;_cite]:font-serif-text-italic\">The 28-year-old says he&#8217;s been saving nearly all his life for his first home, still lives with his parents and has worked lots of overnight and weekend shifts to save enough money.<\/p>\n<\/div>\n<div class=\"font-serif-text mb-12 leading-normal\">\n<p class=\"[&amp;_em]:font-serif-text-italic [&amp;_cite]:font-serif-text-italic\">&#8220;I feel like it&#8217;s just part of it is a good goal to work towards. Keep me focused at work, keep my eyes on the prize, but also it just kind of feels like a sense of security, like something, once you&#8217;ve got your name on it, it&#8217;s yours.&#8221;<\/p>\n<\/div>\n<div class=\"font-serif-text mb-12 leading-normal\">\n<p class=\"[&amp;_em]:font-serif-text-italic [&amp;_cite]:font-serif-text-italic\">Cramped townhouses are also off Briana Juretich-Greig&#8217;s search list. She and her partner Tom have about $850,000 to buy their first home in Auckland but it might not be her quintessential Kiwi dream home.<\/p>\n<\/div>\n<div class=\"font-serif-text mb-12 leading-normal\">\n<p class=\"[&amp;_em]:font-serif-text-italic [&amp;_cite]:font-serif-text-italic\">&#8220;The reality is maybe still two bedrooms or three bedrooms, maybe a smaller little section, not the huge backyard. We&#8217;ve been to a few open homes where you can&#8217;t have it all.&#8221;<\/p>\n<\/div>\n<div class=\"font-serif-text mb-12 leading-normal\">\n<p class=\"[&amp;_em]:font-serif-text-italic [&amp;_cite]:font-serif-text-italic\">Despite the lower prices Juretich-Greig says they&#8217;re in no hurry and she&#8217;s learnt a lot during the house hunt.<\/p>\n<\/div>\n<div class=\"font-serif-text mb-12 leading-normal\">\n<p class=\"[&amp;_em]:font-serif-text-italic [&amp;_cite]:font-serif-text-italic\">&#8220;For example, we went into a home in New Lynn that I really liked, had good bones, thought this could be good, you know, do a bit of a facelift. So we brought a building inspector to come and have a look.<\/p>\n<\/div>\n<div class=\"font-serif-text mb-12 leading-normal\">\n<p class=\"[&amp;_em]:font-serif-text-italic [&amp;_cite]:font-serif-text-italic\">&#8220;He had his moisture meter out on the walls and said, there&#8217;s just moisture in all of these walls &#8230; he&#8217;s like, do not buy this house.&#8221;<\/p>\n<\/div>\n<div class=\"font-serif-text mb-12 leading-normal\">\n<p class=\"[&amp;_em]:font-serif-text-italic [&amp;_cite]:font-serif-text-italic\"><em class=\"italic\">The Detail<\/em> also meets Richard, whose Auckland family home is on the market for a second time in a few months, but who is unfazed by the ongoing slump in prices.<\/p>\n<\/div>\n<div class=\"font-serif-text mb-12 leading-normal\">\n<p class=\"[&amp;_em]:font-serif-text-italic [&amp;_cite]:font-serif-text-italic\">&#8220;Yeah, I think the market at the moment has sort of changed quite a bit, and spring&#8217;s good, and all the flowers are looking good. So just want our jasmine to come out now, and I think that&#8217;ll make everything look really shiny.&#8221;<\/p>\n<\/div>\n<p>rnz<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It&#8217;s supposed to be a buyers&#8217; market when it comes to property sales, but buyers are just as unhappy as sellers right now, and investors are taking losses Auckland&#8217;s not-so-great housing correction The Detail6 October 2026 Queue Kerry Buttler and Reece McVinnie followed all the rules when they invested in two Auckland micro apartments in [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":18659,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[222,174],"tags":[],"class_list":["post-18658","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news","category-nz-news"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/thebuzz.apnanetwork.co.nz\/index.php?rest_route=\/wp\/v2\/posts\/18658","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thebuzz.apnanetwork.co.nz\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thebuzz.apnanetwork.co.nz\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thebuzz.apnanetwork.co.nz\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/thebuzz.apnanetwork.co.nz\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18658"}],"version-history":[{"count":1,"href":"https:\/\/thebuzz.apnanetwork.co.nz\/index.php?rest_route=\/wp\/v2\/posts\/18658\/revisions"}],"predecessor-version":[{"id":18660,"href":"https:\/\/thebuzz.apnanetwork.co.nz\/index.php?rest_route=\/wp\/v2\/posts\/18658\/revisions\/18660"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thebuzz.apnanetwork.co.nz\/index.php?rest_route=\/wp\/v2\/media\/18659"}],"wp:attachment":[{"href":"https:\/\/thebuzz.apnanetwork.co.nz\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18658"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thebuzz.apnanetwork.co.nz\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18658"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thebuzz.apnanetwork.co.nz\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18658"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}