Retirement village operators

[winner69]

In 1972 I bought a house in Houghton Bay for $14,100

It’s no longer there

Land must be have worth a goldmine as 6 town houses adorn the property now

[percy]

Really interesting if really scary numbers, Percy.

I just can't imagine what's happened to that house in Speight Street to account for such an amazing rise. Did someone wrap it in gold leaf or something?

Just looked at it on Google Maps.
New roof,chimney removed..Looks good but basically the shell or core of the property looks the same.,
What I did not mention was the house my mother bought in 1956 or 57 in Kahu Road,ChCh for 5,000 pound ie $10,000 is now valued at $1.57 mil.

[bull....]

amazing gains percy you must be in the top 10 % as far as wealthy nz people go.
anyway yours is a small club the majority of upcoming retiree's i imagine only own 1 house and there circumstances thru life may be all different
how many of them have owned it the whole time and never borrowed against it or lost money in finance co's etc etc

[Marilyn Munroe]

A speculation: If there is a change of government this year interest deductability on property will be reinstated.

Those of us with longer memories will the recall the haste with which a previous incoming National government sorted out an issue with expense deductability for real estate agents. Methinks National has a soft spot for the property owning class and their hangers on.

This may reverse the current decline in property prices.

Boop boop de do
Marilyn

[Rawz]

Interest rates... interest rates dropping will reverse the current decline in property prices.

Pure and simple imo

[Rawz]

In 1972 I bought a house in Houghton Bay for $14,100

It’s no longer there

Land must be have worth a goldmine as 6 town houses adorn the property now

You boomers had it so easy back in the day. That house valued at $220k in todays dollars. https://www.rbnz.govt.nz/monetary-po...ion-calculator

Must have been easy living back then.

[troyvdh]

I share Percy's story..1980 I started with 2 houses..10k or 13k..even by late 80s a place in Albany St 85k ...now we still own it...who knows 1.3 1.4.
There must many folk with similar stories.I find it puzzling..costs to build/land gone crazy...I find it difficult to believe property values will fall much further.

[RTM]

You boomers had it so easy back in the day. That house valued at $220k in todays dollars. https://www.rbnz.govt.nz/monetary-po...ion-calculator

Must have been easy living back then.

Yep, it was a breeze. On our 2nd house, three mortgages, 18, 21 & 24%.
Luckily we could get rid of two higher ones reasonably quickly.
Jeeze…don’t wanna go there again.

[Fortunecookie]

Banks were deregulated around the mid 1980s, hence interest rates reduced over time. Obviously there is a correlation with asset prices.
Of course there were other factors.

Will it be the same going forward. I'm sure everyone has got their opinions.

[winner69]

Yep, it was a breeze. On our 2nd house, three mortgages, 18, 21 & 24%.
Luckily we could get rid of two higher ones reasonably quickly.
Jeeze…don’t wanna go there again.

And cost of living was high too eh mate ……and we couldn’t even afford a car