[Kiwi-In-Texas]

For those people looking at buying a house in New Zealand, this website may be of interest too you.


http://www.nzherald.co.nz/section/8/story.cfm?c_id=8&objectid=10438158



Cheers,

Suzanne.

[liamnrach]

For those people looking at buying a house in New Zealand, this website may be of interest too you.


http://www.nzherald.co.nz/section/8/story.cfm?c_id=8&objectid=10438158



Cheers,

Suzanne.

Suzanne

Great link with some good information. It will be interesting to see what happens to house prices in the future. Given the lower levels of income in NZ, surely that cannot rise much further?:(

Liam

[speckythecky]

Only 3% net feel that now is a good time to buy, unfortunately some people do not have a choice, Sorry for those that have just bought but I would love a price crash sooner rather that later

[Lupin]

A price crash is a horrible thing to wish for, even in jest. A cooling off and a few stand-still years would be great.

[liamnrach]

A price crash is a horrible thing to wish for, even in jest. A cooling off and a few stand-still years would be great.

Here Here!!:nice1

We are not due to come over for a couple of years, so I would echo these thoughts entirely....having looked at house prices recently, they are beginning to get out of our price range; Auckland already is by the looks of things.....:wah

Liam

[bozandhelen]

Just like the UK I think a price crash (if any) will only happen in certain areas and other areas will either see a slowdown or no change. I agree something has got to give, the average wage in Blenheim is around $30-40K, the average house is around $300K but there are also very clearly a net influx of people from immigration and wealthier areas of NZ who are down-sizing and moving to lifestyle, low crime or sunny locations such as Marlborough and can afford this. $20K a year is very easy to live on if you have a well-built modern home, no debts, no kids and a hundred grand in the bank!

[swissmissdesigner]

I am wondering how long this the country can attract to immigrants with high properties prices and living expenses and such a low wages.

[bozandhelen]

I am wondering how long this the country can attract to immigrants with high properties prices and living expenses and such a low wages. It shouldn't if you think about it. If you have the choice between Australia and NZ then many people are now heading for Australia (Canada's Winters are far too cold! :)) also lots of Kiwi's are moving across the Tasman in their droves for higher wages and to cash in on the NZ$ buying power.

NZ is still probably easier to get into than Australia if your older, it's considered a very safe country (it definitely is in the south:nice1) and if low wages are not an issue then it's a great place to live.

[hball]

"I am wondering how long this the country can attract to immigrants with high properties prices and living expenses and such a low wages."

According to an article in last Sundays paper, immigration from traditional sources such as the UK is falling while immigration from Asian countries is rising. Figures given (as I recall and sorry can't remember where they originated from!) were: arrivals from UK 29% and still the no 1 source, China was noted as second with 13%, India was I think third, while Japan and Korea also scored highly (sorry can't remember the actual numbers). South Africa was 8%.

Perhaps those coming from the Asian continent are used to high property prices and low wages and so on?
:)

[swissmissdesigner]

You right, New Zealand is a great place to live.
However how long can we enjoy the beauty of the country if we can not all pay the bills?
I wish the housing prices cooling off, would be a big release for everyone.

[Super_BQ]

Don't expect property prices to fall. NZ is a small country on the world market and it doesn't take many wealthy immigrants to influence the housing prices.

As i've posted before, local Kiwis have been thrown in this situation where they're competing for houses. More demand = higher prices. Coupled with more gov't regulation in the building industry... no way housing prices will fall.

Fact: Wealthy people are recession proof. Have no mortgages, plenty of free time and don't worry if they have enough to pay their bills. When it comes to a house on a street ; really the average kiwi has no chance in competing.

The banks are laughing all the way at 9 - 10% mortgages

BQ

[swissmissdesigner]

When it comes to a house on a street ; really the average kiwi has no chance in competing.

This is sad, I feel bad for my kiwi friends.

[Super_BQ]

It is sad.

I should add that wealthy immigrants are only 1 of the reasons for insane housing prices. More could be said about the Kiwi culture. When you talk about investing in NZ, almost everyone thinks "Must go buy another house". Previous generations have been fixated that owning 1 house isn't enough. Get the 2nd house and fix it up and flip it. Investing means buying property.

Little they realise that all this does is perpetuates housing price so that newer generations have no chance in getting into a home.

I'm in Canada at the moment and it's interesting to see how almost all of my friends were able to buy their own home according to their job income. One being a cook was able to get into a small apartment. No hand-outs from their parents.

This is why i'm all for imposing capital gains tax in NZ on the sale of any home with the exception of your principal residence. Every person needs a place to live with a roof over their head. We're not talking commodities like coffee and beans where only those that choose to drink can buy coffee. Instead with houses, I don't think it's right that the typical kiwi has to suffer with high mortgage payments at the cost of wealthy people and real estate agents who try to milk as much profit they can - from those that just only want a roof over their head.

But of course there's always WINZ that can put you up for accomodation.