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Originally Posted by stoploss
So higher interest rates surely the serviceability for a first home buyer will Decrease ?
My bad , bank's will likely increase ( if they haven't already) serviceability test rates.In other words they will require more income,as most first home buyers are on entry level incomes this will lock them out for now anyway, but I always say there's always a way to break through.
You just have to solve the problem in front of you.
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Originally Posted by TeslaGod
My bad , bank's will likely increase ( if they haven't already) serviceability test rates.In other words they will require more income,as most first home buyers are on entry level incomes this will lock them out for now anyway, but I always say there's always a way to break through.
You just have to solve the problem in front of you.
Just for your guide the first home buyers I see in Wellington paying around a mil, some more are Absolutely Positively not on “entry level incomes”.
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Originally Posted by stoploss
Just for your guide the first home buyers I see in Wellington paying around a mil, some more are Absolutely Positively not on “entry level incomes”.
Yes I invest in Wellington here's my reason why are bought multiple properties 6 to 8 years ago.
-House prices didn't move when I was buying then , They were flat for 8 years .
- Wellington is in a gorge with very little land supply
-I predicted when National would eventually get turfed out of power leading the way for highly paid government bureaucrats from an incoming socialist government to flood Wellington pushing up house prices.
Those properties were a great investments.
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Originally Posted by TeslaGod
Yes I invest in Wellington here's my reason why are bought multiple properties 6 to 8 years ago.
-House prices didn't move when I was buying then , They were flat for 8 years .
- Wellington is in a gorge with very little land supply
-I predicted when National would eventually get turfed out of power leading the way for highly paid government bureaucrats from an incoming socialist government to flood Wellington pushing up house prices.
Those properties were a great investments.
Wellington has rocketed recently. Do you have a trustworthy property manager for them?
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Yes, and Wellington has been rocketing for the past 6 years.
I'm confident that it is coming to an end as all boom's do,if National get into power in 2023 I wouldn't be surprised if Wellington house prices stagnant for up to a decade.
Young people will have plenty of time to buy then, I have seen it all before.
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Remember when I could buy 5 aniseed balls for a penny at the corner diary
Wonder what they cost now?
”When investors are euphoric, they are incapable of recognising euphoria itself “
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Originally Posted by winner69
Remember when I could buy 5 aniseed balls for a penny at the corner diary
Wonder what they cost now?
The 5 aniseed balls value is the same, your purchasing power has decreased..or 1 penny had a lot more purchasing power than a 10c coin of 2021.
Last edited by TeslaGod; 06-08-2021 at 09:58 AM.
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Originally Posted by winner69
Remember when I could buy 5 aniseed balls for a penny at the corner diary
Wonder what they cost now?
I'm still amazed how NZ has a large culture of seniors that insist putting their cash in term deposits. If inflation has any reckoning, consider how much other asset classes (shares and houses) have gone up vs those that kept their $ in the bank collecting measly 1-2% p.a. returns.
I'm not saying cash is bad but over a year ago we've had some stellar opportunities to invest into houses and shares. I've moved almost all my liquid cash reserves during in early 2020 into equities which resulted in considerable gains. The old people I know living back in Canada know the value of money - they typically view cash in the bank is a waste of time and only have 'sufficient' amounts there for monthly living expenses. The vast majority of their wealth is invested in stocks - a very different mix to what I see in NZ.
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Today it was announced our only oil refinery is closing, to go with the closure of the Norske Skog paper mill in Kawarau, Methanex mothballing their Waitara Valley plant, and New Zealand Steel reducing production. Meanwhile New Zealand is likely to import more coal this year than it has in any other year, in the midst of a government-declared climate emergency.
As our strategic industries close down & our dependence on imported energy increases, at least we can take comfort in our state-sponsored, debt fuelled ‘housing market’ - which draws more lemmings into a colossal bubble every day.
The emperor has no clothes. The lemmings cannot connect the dots it seems.
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