NZ 1st homebuyers are ScReWeD...

[ynot]

Quoting Bernard
"Those parents still renting and those just graduating into Covid without assets should move now. Giving up hope seems a capitulation. It is. But sometimes discretion is the better part of valour. Sometimes there is no hope. Move to Australia and you’ll find wages are 30-40% higher and rents have fallen $50-100 in the last year."

Unfortunately, as much as it deeply disturbes me to say this, I think Bernard is correct, I think for many young kiwis, greater opportunities for home ownership lie in Australia.

[TeslaGod]

Quoting Bernard
"Those parents still renting and those just graduating into Covid without assets should move now. Giving up hope seems a capitulation. It is. But sometimes discretion is the better part of valour. Sometimes there is no hope. Move to Australia and you’ll find wages are 30-40% higher and rents have fallen $50-100 in the last year."

Unfortunately, as much as it deeply disturbes me to say this, I think Bernard is correct, I think for many young kiwis, greater opportunities for home ownership lie in Australia.

Quoting Corelogic:

"despite escalating prices, the proportion of homes being bought by first-home buyers was holding"

In other words it's the same amount for first home buyers as has always been.

If they want to buy move to Australia and buy an affordable apartment in Sydney or home in the outskirts, I'm very experienced in the Australian housing market.

Don't expect these affordable housing to increase in value at the rate of New Zealands.
It can stay the same price for 15 years, but if that's what you want, move there because like anything in this world

you get what you pay for.

[101nick101]

I'm sorry any advice for a first home buyer looking to stay in NZ?

Not overly fond of having huntsman spiders nipping me on the butt and the female Aussie accent is worse than nails on a chalkboard to my ears.

[TeslaGod]

Looking to buy my first home in Auckland at the end of next year and will no doubt be bitten hard in the rear. Can't stomach paying ground/body corp fees and non-apartments in or near the CBD are extremely expensive, a 1 beddy 1 bathroom in Mt Eden will set you back 900k - 1.1m. Wonder what things will be like in 10 years time for those trying to buy.

If you're in the Auckland market already you've won, aside from apartments or a long commute to the CBD from Waiku young kiwis are going to get priced out.

Wow, your aiming as a first home buyer to enter the market in one of the top suburbs in New Zealand.

Enough said.

Good luck anyway.

[TeslaGod]

This issue has been hit many times. To get you up to speed have a listen here:

https://thespinoff.co.nz/business/25...tion-was-lost/

He says, some sort of land tax or any tax to discourage the high demand done by property investors.

The Spin off + Bernard Hickey + Land tax = communist China.

[SBQ]

The Spin off + Bernard Hickey + Land tax = communist China.

Sez the guy that already has the houses. Bernard is not preaching communism here. He's is simply stating that to live in NZ and own a home, the massive rise in price only adds on to the mortgage to those needing to buy their first home, and the winners are the banks through higher compound interest (40 year mortgages?). Clearly the losers are those paying for it, and the winners are those that own the houses mortgage free... with tax free capital gains. You identify yourself as the latter so it's easy for you to say you won't be happy for any form of taxation.

[TeslaGod]

The Bank's are not the winner's, it's a well known industry dirty little secret the bank's can't stand the fact the can't get there greedy hands on any of the capital gains they helped create for the mortgage holder.

Anyone trying to tax grab is a RED COMMIE MARXIST, that tax doesn't go to help a first home buyer it goes straight to government bureaucrats

Apart from Billions spent on housing the unhousable .

[ynot]

Quoting Corelogic:

"despite escalating prices, the proportion of homes being bought by first-home buyers was holding"

In other words it's the same amount for first home buyers as has always been.

If they want to buy move to Australia and buy an affordable apartment in Sydney or home in the outskirts, I'm very experienced in the Australian housing market.

Don't expect these affordable housing to increase in value at the rate of New Zealands.
It can stay the same price for 15 years, but if that's what you want, move there because like anything in this world

you get what you pay for.

Capital value increase is probably not in the forefront of mind for the NZ first home buyer.
He is struggling to save his ass from a lifetime of $500pw plus rent while he watches as house prices continue to move even higher !

[TeslaGod]

Capital value increase is probably not in rhe forefront of mind for the NZ first home buyer.
He is struggling to save his ass from a lifetime of $500pw rent !

The he should buy a house.

Were he can afford

Not in one of the most expensive suburbs in the developed world.

[ynot]

The he should buy a house.

Were he can afford

Not in one of the most expensive suburbs in the developed world.

Exactly, which begrugingly (as i personally would rather live in nz) i have to agree with Bernard and recommend he bites the bullet and gets across the ditch where at least he has the possibility of attaining some resemblance of a normal life.