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  1. #291
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    Quote Originally Posted by macduffy View Post
    No, actually it's worse that that because in the current Auckland property market it won't be long before all your modest three bedroom homes are valued around $10m!

    Auckland owner-occupier ownership of housing would be about 30% then. However possibly, the next financial shock strikes / overseas investors turn their attentions elsewhere and the $10m mansion reverts to a more realistic $5m and the average $800,000 home becomes a more affordable $600,000.

    Perhaps Auckland Super City will suffer a rates rebellion from the citizens in the old ACC areas that have seen greater capital appreciation and greater rates rises. Central government will disband the Super City and re-establish the old council areas including the old Otahuhu and Onehunga etc. citing Sydney as a successful overseas example . However rates continue to rise as more "targeted levies" are introduced for infrastructure, global warming and etc.
    Last edited by Bjauck; 15-07-2015 at 04:10 PM.

  2. #292
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    Yes I have little sympathy for those able to afford a $10m mansion either but a hard working professional with a nice home in XYZ suburb now theoretically worth $2m, (not really worth any more to them seeing as they don't want to move) is now facing being extorted, opps sorry rated, for circa $5,500 per annum. This is an absurd situation, heads must roll starting with the philandering weasel at the top.
    Last edited by Beagle; 16-07-2015 at 09:13 AM.

  3. #293
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    Quote Originally Posted by Roger View Post
    Yes I have little sympathy for those able to afford a $10m mansion either but a hard working professional with a nice home in XYZ suburb now theoretically worth $2m, (not really worth any more to them seeing as they don't want to move) is now facing being extorted, opps sorry rated, for circa $5,500 per annum. This is an absurd situation, heads must roll starting with the philandering weasel at the top.
    What else could be the solution though? Granted everyone hates the high rates increases, however how else can we cope? We're land-locked and all we can do is build further & further away from the city centre - we're facing mammoth infrastructure costs.

    So, what could the alternative solution be? Impose an additional rego-fee? Toll everyone till the cows come home? What do you guys think the best alternative is?

  4. #294
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    Have not thought about this too much (as you will see) but has a study/costing ever being done on spreading the rates evenly across all residential properties. (Commercial different)
    It still only costs $100 per year(no idea just a figure plucked out of the air) to pick up rubbish from a $400K house as it does a $5M one.
    As you say roger not worth any more to you the owner if you have no plans to move or downgrade.

  5. #295
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    The actual $ rates bill in Auckland for most properties doesn't look too outrageous compared to Wellington
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  6. #296
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    Yeah, I thought super city was created to reduce rates...when we have consultants based in UK and US etc...why the costs won't go up. When the Mayor entertaining mistress in the office, what else could be happening. Council hasn't stream lined many processes...there is so much wastage and repetition of work. I think an independent body of people should audit their books, systems and processes.

  7. #297
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    What I find interesting is that no one remarks on the following;
    1 Interest rates overseas for borrowing are far lower than NZ, in fact in some places they are negative, which means that anyone overseas, not just China, or Asia, can borrow money to invest in NZ, at a cheaper rate than us.
    2.I do not have the figures, but what percentage of New Zealanders own a property? And I mean own, mortgage free. I would think that would be quite a low number, although many have mortgages.
    3. Which leads to point 3. People do not want to buy a home, most want to get on the property ladder. After all, if most people have not paid off their mortgage, and sell after about 7 years, (I think that is the average that a house is held for). then it is just an ongoing cycle which has been going on for years.
    4. And for those older people who are making a fortune due to price increases, will their children not benefit, either when it is left to them, or immediately, when the bank will lend based on the increased value.

  8. #298
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    Quote Originally Posted by Roger View Post
    Yes I have little sympathy for those able to afford a $10m mansion either but a hard working professional with a nice home in XYZ suburb now theoretically worth $2m, (not really worth any more to them seeing as they don't want to move) is now facing being extorted, opps sorry rated, for circa $5,500 per annum. This is an absurd situation, heads must roll starting with the philandering weasel at the top.
    Philanderer or Embezller, if they were the two choices for a mayor, I know which I would opt for. I did not have a relationship with that credit card should be a worse lie. Philandering is a problem between his wife and himself
    Last edited by Bjauck; 16-07-2015 at 02:56 PM.

  9. #299
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    Quote Originally Posted by stanace View Post
    What I find interesting is that no one remarks on the following;
    1 Interest rates overseas for borrowing are far lower than NZ, in fact in some places they are negative, which means that anyone overseas, not just China, or Asia, can borrow money to invest in NZ, at a cheaper rate than us.
    2.I do not have the figures, but what percentage of New Zealanders own a property? And I mean own, mortgage free. I would think that would be quite a low number, although many have mortgages.
    3. Which leads to point 3. People do not want to buy a home, most want to get on the property ladder. After all, if most people have not paid off their mortgage, and sell after about 7 years, (I think that is the average that a house is held for). then it is just an ongoing cycle which has been going on for years.
    4. And for those older people who are making a fortune due to price increases, will their children not benefit, either when it is left to them, or immediately, when the bank will lend based on the increased value.
    re 1. People who advocate curbs on overseas investors do not single out those from China. The disparity in interest rates is one of the main reasons for the need for controls on off-shore buying of our homes. The Labour Party statistics and analysis are interesting to show that there could be significant demand for residential properties from a certain ethnic group (whether residents or not). Also interesting was that those with Pacifica names were under-represented in the house buying stats.

    re 2. Many elderly have mortgage free homes. In fact for many it was their pension plan. Many younger Aucklanders won't be so lucky when they are old. There will be some younger Aucklanders who will be lucky enough to inherit a house, as long as it was not needed to pay the nursing home fees of the Landowner (see 4 below)

    re 3. I think many actually want a home and hope it will also be a good investment. The property ladder and hoping to end up with a good debt free real estate investment has been around for yonks. It is the NZ way of saving for retirement rather than building up a portfolio of financial investments. You may well have to sell your final house if you need nursing home care.

    re 4. Not good for grandma to go into to debt to support the family. Also see 3 Above. If you have wealthy old relatives with lots of real estate you may become a trust fund beneficiary and inherit a fortune and become part of the developing aristocracy based on inherited wealth.

  10. #300
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    Concern over foreign buying of housing is increasing in Aussie too.

    http://www.smh.com.au/business/marke...0150721-gigfaz

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