Many of you have asked my opinion on this. The answer is I honestly don’t know.

Despite the election, the fundamentals haven’t really changed. We still have a growing population. Housing supply is not keeping up with demand. The Reserve Bank has already taken some of the heat out of the market by requiring first-time buyers to have a 20% deposit. Investors have been forced to find 40% deposits.

In my opinion, the local market is more vulnerable to offshore events, such as a global leap in interest rates, than anything the New Zealand government might do. But here’s a possible pointer to the future.

In early October I attended an auction in west Auckland to support a client who was bidding. The property was very ordinary – just a pair of tired-looking houses with no outstanding qualities. The price expectation was under a million.

The hammer fell on a winning bid of $1.205 million dollars. I was astounded.

With more than 30 people at the auction, huddling under umbrellas on a miserable spring day, it was clear that buyers were back in the market. I can’t tell if the interest came from offshore, but who knows? The latest figures from Barfoot and Thompson suggest that house prices are not slipping – if anything they’re moving sharply upward.

So what are the implications for homeowners? My advice is to be wary of selling a house in Auckland and expecting to get back into the market at a later date. You may be left behind.

If you’re a first-time buyer or planning to move, the fundamentals still apply. Strip out wasteful spending, save all you can, and don’t commit to a house purchase until you’ve got finance lined up

Above all, talk to us first. It costs you nothing, and it could save a lot of extra expense and heartache later on.

Are you looking to change your mortgage or apply for a new one? Make sure you talk to us as soon as possible. Make an appointment.