Originally Posted by
Ggcc
Not everyone can or wants to own a house and I know many that never want one. Too much restricted, as they want to be able to live the way they choose. Plus do you really want houses to go down to $400,000, if so that is the only way people will get into houses in this current market. It will destroy more than 50% of home owners retirement plans.
Look at what it costs to build a house and look at the property value. Sections are selling in Napier for a minimum of roughly $350,000 and most of these sections have conditions. Building on there is roughly $3000-3200 per square metre for a basic spec home. Older homes should be less to buy than new homes, for similar houses but not by $400,000-500,000, maybe $200,000.
I own 2 houses freehold and I want to sell both eventually to buy one house, but it has to be at a price I want. I got what I did by sacrificing 25 years of my life to work 7 days per week. People can do the same, although I agree it is tougher today. I am 48