Market Correction: Mega landlord drops property price $100k

PHOTO: Matthew Ryan received criticism in December when he said the market had turned, but says the signs continue to mount. FILE

According to STUFF landlord Matthew Ryan came under fire in December when he said the housing market had turned and prices could fall 20 per cent, but he says the evidence is mounting, and he’s dropping asking prices to match.

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Ryan said he would drop the price of one of his Kāpiti Coast properties by $100,000, and accepts he may make a loss when he sells.

It was a reality investors and home-sellers alike would have to accept, Ryan said.

Ryan first listed the property in Raumati Beach in early November for offers over $799,000, according to CoreLogic.

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he wording on one of the listings, as recorded by the property data firm, reflected Ryan’s confidence of a sale: “Fancy appearing on Crimewatch? At this price, you will literally steal this extraordinarily meticulously renovated home,” it read.

At that time, a buyer offered $750,000, and Ryan said no.

“Now I’d be jumping as fast as I could on them,” he said.