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  1. #46
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    Quote Originally Posted by Beagle View Post
    We don't have a mortgage so no interest.
    Good on you, I asked because IRD used to send a form letter to landlords asking if property was let to friends or relatives, and if so they questioned if the rent was below market, and if so could disallow interest claim. That was way back when I was involved with residential investments. I'm not sure if they do that nowadays.

  2. #47
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    Quote Originally Posted by SBQ View Post
    That's not what i'm seeing. The trend is more and tenants are being crammed into accommodations. Clear example is the house sold last year on my street; purchased by one of these 'investment property conglomerates where they pool individual investors to buy properties all over NZ'. For a 4 bedroom house, i'm seeing 8 parked cars (2 on the driveway, 2 on the grass by the driveway and 4 along the street). My guess there's at least 8 people living in the house which all appear to be university student age. The turnover of tenants moving in and out is like a train station. Oh and did I mention the brick mail box by the driveway has been ran over 2 times?

    In other threads in this forum, i've expressed that the NZ housing shortage is due solely on NZ's RMA being extremely restrictive to increase housing density in areas that need it most. Issues like recession plane angles (which are rarely an issue over in N. America) usually is a stopper for any multi-accommodation project. Even here in Christchurch CCC has a max restriction of no more than 6 bedrooms in a single dwelling complex.
    I think you misinterpreted my post. How is the above example that you make (totally agree) good for renters? I would not want to be crammed into accomodations. And paying a lot for it as well. Totally agree too that the RMA is far too restrictive in NZ and the supply of housing needs to be increased asap.

  3. #48
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    Owner occupiers can cram people in with little if any comeback.

    Under the proposed new regulations it is unclear whether one or more unauthorised occupants would be official cause to terminate in the eyes of the Tenancy Tribunal. Going to be a can of worms, if it ever makes it through the legislative process.

    Used to be common for state house tenants to take in extras, not necessarily willingly, but that is cracked down on now with tenants told to get the extras to leave, if known. In any case rents should rise in those cases (household income related rent) if correct income is declared LOL.

  4. #49
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    Quote Originally Posted by Bjauck View Post
    Yep a burgeoning climate crisis, student debt, mortgage debt (if they can afford to get on the ladder), ridiculously high deposits for pokey flats...they do have it tough. It looks like they will be saddled with mortgages even in retirement....unless they have a landowning family that has not disinherited them!
    This is not true. I am part of the generation you are talking about and all I see around myself are people who are unwilling to work hard, cut unnecessary expenses and sacrifice their comfort.

    It is really easy in NZ to save for deposit, but you actually do have to be smart about it. If you choose either trade or STEM uni, you will have no problems getting well paid job. On 50k, I was able to save 20k a year, now that my salary increased, I didn't increase my expenses and therefore save even more. In 10 years, I'll have enough to retire if I want to.

    On the other hand I see my colleagues with same or higher salaries actually live paycheck to paycheck due to stupid decisions like having 10 different netflix type subscriptions, drinking every weekend and buying new phones every 1-2 years. Not to mention using uber-eats and uber on regular basis. Ohh and cars...

  5. #50
    ShareTrader Legend Beagle's Avatar
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    Vodaphone used to run a marketing campaign with the catch-phrase "make the most of now" I suspect a lot of young people have embraced that idea and not just with their communication equipment ! I think social media plays a big part in the younger generation thinking everyone else is out their living from one exciting party and event to the next and the amount of money some people waste each week on alcohol, cigarettes, socialising and generally doing exactly that, "making the most of now" is staggering. Some young people I know on a quite a good wicket think nothing of blowing $300-400 per week on having a "good time"
    If they're not out there doing it they're at home getting off their face with their mates and wrecking the landlords property.
    Who'd be a landlord to teens or a flat with twenty somethings
    Last edited by Beagle; 22-11-2019 at 10:08 AM.
    No butts, hold no mutts, (unless they're the furry variety).

  6. #51
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    Quote Originally Posted by peetter View Post
    This is not true. I am part of the generation you are talking about and all I see around myself are people who are unwilling to work hard, cut unnecessary expenses and sacrifice their comfort.

    It is really easy in NZ to save for deposit, but you actually do have to be smart about it. If you choose either trade or STEM uni, you will have no problems getting well paid job. On 50k, I was able to save 20k a year, now that my salary increased, I didn't increase my expenses and therefore save even more. In 10 years, I'll have enough to retire if I want to.

    On the other hand I see my colleagues with same or higher salaries actually live paycheck to paycheck due to stupid decisions like having 10 different netflix type subscriptions, drinking every weekend and buying new phones every 1-2 years. Not to mention using uber-eats and uber on regular basis. Ohh and cars...
    Wow great for you being able to live on $21,700 a year or $471pw .and be able to save retire and continue to live at these levels is quite a feat ... but I guess if you eat and house yourself cheap(campervan/Flat ? at home with the parents) and generally live very basically it would be well achievable
    Last edited by JBmurc; 22-11-2019 at 10:42 AM.
    People don't have ideas, ideas have people

  7. #52
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    Quote Originally Posted by JBmurc View Post
    Wow great for you being able to live on $21,700 a year or $471pw .and be able to save retire and continue to live at these levels is quite a feat ... but I guess if you eat and house yourself cheap(campervan/Flat ? at home with the parents) and generally live very basically it would be well achievable

    https://www.forbes.com/sites/jackkel.../#12a35cbc6c4b

  8. #53
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    Quote Originally Posted by JBmurc View Post
    Wow great for you being able to live on $21,700 a year or $471pw .and be able to save retire and continue to live at these levels is quite a feat ... but I guess if you eat and house yourself cheap(campervan/Flat ? at home with the parents) and generally live very basically it would be well achievable
    I do flat, yes. I cook pretty complex meals with mostly free range or organic food, have occasional drinks out with friends, go to gym, go to movies etc. I'd not call it living basically, more like not living wastefully.

    I do come from post-soviet country, so I understand what it is growing up poor. I am also thankful my parents were able to teach me how to take care of myself.

  9. #54
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    Quote Originally Posted by peetter View Post
    I do flat, yes. I cook pretty complex meals with mostly free range or organic food, have occasional drinks out with friends, go to gym, go to movies etc. I'd not call it living basically, more like not living wastefully.

    I do come from post-soviet country, so I understand what it is growing up poor. I am also thankful my parents were able to teach me how to take care of myself.
    GREAT Posts. Can you post them somewhere somehow where all your peers will see them?
    Good luck.
    RTM

  10. #55
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    Quote Originally Posted by peetter View Post
    I do flat, yes. I cook pretty complex meals with mostly free range or organic food, have occasional drinks out with friends, go to gym, go to movies etc. I'd not call it living basically, more like not living wastefully.

    I do come from post-soviet country, so I understand what it is growing up poor. I am also thankful my parents were able to teach me how to take care of myself.
    That is amazing if you are a young adult, can live like that while still being able to save and have sufficient funds to be able to retire in ten years' time and live off the income from your savings. You must have received a very big pay rise. Certainly in Auckland that would necessitate a retirement investment pot well into seven figures to provide a return and resources for potentially many decades of accommodation and retirement.

    Being from a "Post Soviet" country does that mean you are used to little modern consumer technology, crowded flats and frugal living? The diet of organic food suggests an expensive non-Soviet style diet to me. A Soviet lifestyle suggests relying on public transport rather than a private car or taxis? That would save some money but would be difficult in Auckland let alone in many other parts of NZ.

    If only Boomers and previous generations had developed NZ cities around affordable accommodation, public transport and if only they had developed food production on free range and organic principles, do you think NZ would already be in a better place?
    Last edited by Bjauck; 23-11-2019 at 05:38 AM.

  11. #56
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    There are affordable rental options if renters choose them.

  12. #57
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    Quote Originally Posted by Bjauck View Post
    That is amazing if you are a young adult, can live like that while still being able to save and have sufficient funds to be able to retire in ten years' time and live off the income from your savings. You must have received a very big pay rise. Certainly in Auckland that would necessitate a retirement investment pot well into seven figures to provide a return and resources for potentially many decades of accommodation and retirement.

    Being from a "Post Soviet" country does that mean you are used to little modern consumer technology, crowded flats and frugal living? The diet of organic food suggests an expensive non-Soviet style diet to me. A Soviet lifestyle suggests relying on public transport rather than a private car or taxis? That would save some money but would be difficult in Auckland let alone in many other parts of NZ.

    If only Boomers and previous generations had developed NZ cities around affordable accommodation, public transport and if only they had developed food production on free range and organic principles, do you think NZ would already be in a better place?
    I do make a good salary, but still short of 6 figures. I work in IT with no uni education. I rent a 4 bedroom house in North shore where I live with my partner and another couple. And I bus to work, as it makes sense both financially and time wise, I don't have to stress in traffic and can relax while listening to audio book or watching some sharetrading video .

    I said, I'll have enough to retire in case I want to, not that I will. In that case, I'd bugger off Auckland. I think 700-800k is enough to theoretically retire on somewhere outside of Auckland. I also expect, I'll move up at my job and will be able to save even more in another 3-5 years.

    Style of living out of post-soviet country would be more of a grow your own veggies, breed animals, cook at home, repair everything yourself. I think big difference between west and east is, that westerners are used to other people doing stuff for them. Easterners usually don't have money to pay for services, so they do it by them selfs. Organic style foods is just a life style we chose to do, we are not strict about it, but we do try to buy quality food etc.

    I agree public transport is not great in Auckland, but I'd argue the problem is in the style of the city. Auckland should start building apartment buildings, city this size cant afford to build suburbia forever. Say proposed light rail... it makes 0 sense in Auckland, because light rail is useful for high density population. What is a way to go in my opinion is to build public transport hubs across the city, build huge parkings there. People would only drive there and then continued on bus/train/ferry. Then do connections between these hubs and you can practically get anywhere in the city using public transport. In addition you could do commerce centers around these hubs. The CRL in CBD is a great first step to this.

    Boomers could not anticipate the migration waves coming to NZ and with limited resources of 4-5 million people I think NZ infrastructure is not so bad. Problem is, there is nobody in politics now who would be willing to actually fight for the projects necessary. Everyone is just playing it safe and nothing is happening.

  13. #58
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    To retire on 800k? Maybe if you have a mortgage free house as well.

    Do-it-yourself services? It sometimes becomes more expensive when a pro is needed to repair the amateur botch ups. The garage drill makes a mess of filling dental cavities!

    If Auckland were like Budapest or London it would be easier to be within walking distance of a bus route or train. Lots of migrants originally came here because Auckland was not like London or Budapest though! Good luck with encouraging landowners or taxpayers to cough up the necessary dough to fund big strategic public transport hubs and other infrastructure...

    Who oversaw the migration policies and the lack of infrastructure planning to cater for the resultant population increase? Indeed who benefited most from the demand for housing and constricted supply of new housing as a result of this state of affairs?

    Why Are Kiwi Houses So Expensive? Video From Stuff..
    https://play.stuff.co.nz/details/_6091048203001
    Last edited by Bjauck; 23-11-2019 at 01:47 PM.

  14. #59
    ShareTrader Legend Beagle's Avatar
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    No butts, hold no mutts, (unless they're the furry variety).

  15. #60
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    That article is pure and simple click bait from Stuff.
    A screaming inaccurate headline on a Hot button issue.
    The Landord with a dozen properties was well experienced and his two 2017 tribunal cases ended with sizeable payouts for himself. He admitted he stopped regularly inspections and with his portfolio of properties, why didn't he get an agent in to help?
    He claimed there were $25,000 in damages yet he applied only for $5040. Why only claim that if his recent cases gave him sizeable payouts?

    He did not just get $50 he got the bond as well. The article is click bait. An accurate headline would not have drawn in as many clicks.

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