Editors choice comments
Auckland now costs 50.12% for a couple. If you want kids, your mortgage will only be 100.24% of an individual's pay. Nevermind rates, food, clothing, commuting, student loan etc
This is called a housing CRISIS.
Students coming to NZ have some big up front costs, agent commissions, education fees, accomodation.
To benefit they need the prospect of residency and they understand the points system backwards.
The proposed changes are tilted towards mature well qualified post grads, away from younger undergrads.
Some will gamble but the stakes are high and they can try another country.
In other words, i believe the changes will have effect.
Good on Toronto.
It's been patently clear for a long time that National's singular focus on 'market enabled' supply has been a failure.
Talking to a developer yesterday, he told me out of every 10 potential developments he looks at, 9 don't stack up. Mainly due to build costs and unrealistic vendor expectations.
Much more needs to be done on the demand side, plus freeing up say 30% of Auckland's hinterland for cluster housing development, which can readily stack up because of the low land values.
This all seems pointless to me until we start asking where do we want our population to be long term. Do we just want to ramp up then cut down our immigration every economic cycle and just see what happens long term?
New Zealander's need to be asked what sort of population size do we want in New Zealand and why?
Here is a better video -it only has the 4 minutes or so where John talks about housing back in 2007.https://www.youtube.com/watch?v=cWPgoAI1cLE
Just because everyone else is ignoring the risks is a very poor reason we should turn a blind eye to them here. When markets are seriously distorted, "leaving it to the market' is inviting a firece correction when it comes. Sensible prevention would be far better than going through an addict's cold-turkey. The cries of "why didn't 'they' do something?' will come loudest from those who don't want 'interference' now.
by: David Chaston
... oh come on Infometrics ... buck up boys , and join the party ... we've not so much forgotten the lessons of the GFC , but realized we're totally immune to them ...
If it all goes to hell in a hand-basket , we can rely on the Gnats to bail us out , at the tax-payers' expense ...
... and until such time , we're into the deep end of the property pool ... hoovering up the goodies , and flipping them faster than the Russian gymnastics team on steroids ...
Sorry high flier ... but the voting feature at interest.co.nz is deeply symbolic of our housing market ...
... it can only ever go UP .... mate !
Haw haw .....double haw haw for DGZ and ZS ....or should that be Double "Gloat" Zone and Dr (of property spruiking) Zachary Smith.
Why don't you 2 little boys just run along and play and leave it to us 0.01%ers !! ......the likes of moi and my ilk.
Instead of wearing out the keyboard, get out there and buy, buy and buy !
We need those mortgage interest payments rolling in ......profit, pure profit... haw haw
Until you can come up with anecdotes ....true or otherwise....tell the local mortgage serfs about your New York, Paris and London property deals .......minimum price worthy of mention...
... so . .. little Andy says that $ 600 000 is the price for an affordable house in Auckland ...
Does this imply that all the staff at McDonalds , Countdown , and the Ryman retirement villages have been given a 1000 % pay rise overnight ?
... flipping heck ! ... that is good news , is it not ....
About time these murky practices were closed. I personally would like to see some mortgagee sales as a result of the investigation.
Thank you Gareth and interest.co.nz for your ongoing efforts with shinning the light on these dodgy companies. It seems these are different regulations and compliance standards applied in NZ and its on a sliding scale, the more dodgy you are the less you have to do to comply. We pride ourselves on being a corruption free, open and transparent country for business, this tells a completely different story. If the people doing the surveys considered this information, I wonder how much lower on the ratings NZ would feature. I hope the gate keepers plan to do something considering you have done...by: GS
This is a $247m tax payer bail out. It's not printed money either, it's come right out of the public coffers of the new owners. What idiots approved the wording of the bonds, and what idiot lawyer decided it would be a good idea to structure them in a way that breaches the banking regulations? The people in these positions will be highly paid and yet completely incompetent. This is very much a case of: they only had one job.
They are not listening
With 120 MP's in parliament do none of them ever spend time in their electorates, at their electoral offices, talking to their constituents?
Doesn't seem like it
The entire Nat team are rusted on to the "supply side" of housing and mesmerised by Dr Nick Smith
by: two otherguys
But do we really need a change in government to achieve outcomes? Or do we really need a change in culture in our society to ask for goverment to do the right things?
As Shamubeel points out, these issues have been building for decades and we've had a number of different leaders at government and council levels - all who have failed to address the issues - mainly because it hasn't really been a priority to the voters.
Land is not simply there, take Albany and its busway terminal for example. From 400 m north of the busway terminal all the way through to Dairy Flat the land is classed as large lot or rural-countryside living and we are not allowed to build (because Auckland Council hates the environment and wants us to commute all the way from north of Dairy Flat producing tonnes of carbon dioxide). Now this has made all the land from Albany south very high in value (as the people of Auckland love the environment and don't wish to commute from miles away). However when love of the environment of...by: unaha-closp
by: Joe Public
I know said it before - but, I guess that's a fail then?
The new Registrar of Companies has signalled a crackdown on dodgy shell companies that take advantage of New Zealand's reputation for clean business." Low-profile public servant Mandy McDonald took over from the long-serving Neville Harris earlier this month and in one of her first speaking engagements, at the Corporate Registries Forum in Auckland, said New Zealand had to be vigilant in protecting its reputation.
QV are lagging figures, this is what the market was doing a few months ago -
Seeing an identical pattern to last LVR round : a few months of restructuring (re-fi to a new bank best LVR house(s), re-fi is exempt); then carry on as you were...
Auckland growth has to be limited by the theory of large numbers..
Outside Auckland, as in 2004-2007, another few years of catch up, Golden corridor welly-palmy (inclusive) is where the smart money is starting to pour into
In fact many banks are now doing just that....recognising people with on average 3 or more residential investment properties as "Commercial" customer's and charging them risk based interest rates as a result....rather than just carded home loan rates available to owner occupiers. This became a much more prudent approach following the 60/40 reserve bank lending changes that came into effect late last year. And with even more pressure now on banks when trying to secure funds to lend for "Commercial property" (whether actual commercial zoned property or a residential property in a larger...by: Rustee1970
10 years ago to get elected John Key and National promised;
1. To restore the kiwi dream of being able to buy a house
2. To fix the RMA to stop land banking
3. To only sell state houses to tenants not developers and to replace the state houses sold so that housing waiting lists would fall and homelessness would be addressed
National said housing is important because it provides New Zealanders with a stake in society, the ability to see a future, that it is great for the family unit and great for children -they can stay in the same school.....
In 2017 we get to hold National accountable for...by: Brendon
Auckland's societal fabric is slowly crumbling under the weight of this obscene housing farce.
'Middle' Auckland is seriously hurting, not only those at the bottom.
At mass this morning I will pray for our esteemed catholic leader that he 'sees the light'
So officially we still don't have much more than a vague idea about the levels of foreign buying. The impression Mitchell gave that the Stats NZ changes were significant and would enhance our knowledge about the extent, is clearly not correct. It was either an attempt to mislead or shows he doesn't have a handle on his portfolio.