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  1. #51
    Speedy Az winner69's Avatar
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    Quote Originally Posted by skid View Post
    He sure seems to be in bed with the USA
    Yep, John over there now getting a pat on the back the next set of instructions

    Maybe they asking to sort the Japanese out re the trade agreements

    But whatever John just make sure that the good times keep rolling to the elections, ours we mean not yours

  2. #52
    Legend Balance's Avatar
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    Quote Originally Posted by belgarion View Post
    The Elephant in the room is in fact the absence of a Capital Gains Tax to stop "investors" driving up Auckland house prices. ... Alas the RB of NZ can not introduce such a change. Only our short sighted government can do that. The "provinces" should rise up and biff this short-sighted, extremely mediocre National govt out of office.
    Capital gains tax has not stopped property prices going to all time highs in Sydney, Melbourne, London etc etc.

    The real answer is supply - and that is where central and local governments are absolutely useless with their myriad of rules, regulations and bureaucrats.

    In fact, they hinder development and the supply.

  3. #53
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    Quote Originally Posted by belgarion View Post
    The Elephant in the room is in fact the absence of a Capital Gains Tax to stop "investors" driving up Auckland house prices. ... Alas the RB of NZ can not introduce such a change. Only our short sighted government can do that. The "provinces" should rise up and biff this short-sighted, extremely mediocre National govt out of office.
    Not just a Capital gains tax, Govt needs to remove all incentives to invest in residential property. Since Govt introduced the min 20% dep for 1st home buyers, the 3 house sales in my street have gone to investors at premium prices as rentals, would rather have seen home owners buying. These knobs should be investing in something more beneficial to the country, commercial property / shares etc. Leave the houses for families to buy and live in.

  4. #54
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    Quote Originally Posted by In4a$ View Post
    Not just a Capital gains tax, Govt needs to remove all incentives to invest in residential property. Since Govt introduced the min 20% dep for 1st home buyers, the 3 house sales in my street have gone to investors at premium prices as rentals, would rather have seen home owners buying. These knobs should be investing in something more beneficial to the country, commercial property / shares etc. Leave the houses for families to buy and live in.
    Labour's CGT will catch many assets as well as residential property - shares, most businesses and farms for example.

    As to incentives for residential property - what are they do you think? Not tax incentives, according to the IRD.

    Why should there be different rules for businesses owning rentals compared to businesses owning say commercial buildings?

    As to the 20% LVR, it is clear that banks have been too restrictive and are now loosening up on this. And how do you know that investors paid premium prices in your street? Do you mean they paid more than others were prepared to pay? The vendor has skin in the game too - do you think they should be forced to sell more cheaply depending on the intention of the buyer? A very slippery slope. And surely you are aware that investors usually make their money when they buy, as they say, so they are not going to overspend unless they have other reasons to buy.

    There has been a lot of hype politically and in the press about house prices mainly in Auckland, the rest of the country not so much. Suggest you don't buy uncritically into it.

  5. #55
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    Quote Originally Posted by artemis View Post
    Labour's CGT will catch many assets as well as residential property - shares, most businesses and farms for example.

    As to incentives for residential property - what are they do you think? Not tax incentives, according to the IRD.
    .
    I agree... many promote CGT as a way of controlling house prices but it is a blunt instrument for that. A Capital Gains Tax (as applied in the UK and other countries) would only marginally alter the appeal of NZ residential housing as an investment destination. Owner occupied housing (most of the housing market) would be exempt (as otherwise would be political suicide!). So it would become more tax-advantageous to invest more heavily in your own home (as an extra private pension plan perhaps) especially since share and financial investments would become liable to the new capital gains tax unlike owner-occupied housing! There would be no new advantage for share investments...as they would be liable for CGT as well as rental housing investments.

  6. #56
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    Quote Originally Posted by artemis View Post
    Labour's CGT will catch many assets as well as residential property - shares, most businesses and farms for example.

    As to incentives for residential property - what are they do you think? Not tax incentives, according to the IRD.

    Why should there be different rules for businesses owning rentals compared to businesses owning say commercial buildings?

    As to the 20% LVR, it is clear that banks have been too restrictive and are now loosening up on this. And how do you know that investors paid premium prices in your street? Do you mean they paid more than others were prepared to pay? The vendor has skin in the game too - do you think they should be forced to sell more cheaply depending on the intention of the buyer? A very slippery slope. And surely you are aware that investors usually make their money when they buy, as they say, so they are not going to overspend unless they have other reasons to buy.

    There has been a lot of hype politically and in the press about house prices mainly in Auckland, the rest of the country not so much. Suggest you don't buy uncritically into it.
    When they are sold at auction and the only buyers left at the end are investors, its pretty obvious they can afford to pay more than the families they out bid. I was looking at buying one as a do up, sold way above what I was prepared to pay.

  7. #57
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    Quote Originally Posted by artemis View Post
    ...
    As to incentives for residential property - what are they do you think? Not tax incentives, according to the IRD.....
    There is an explicit incentive to own your own home especially as you get older. If you need to apply for a subsidy for long-term residential care, the asset threshold if you do not own your own home is $215,132. Whereas if you own your own home, the threshold is $117,881 PLUS your home. As the value of the average home in Auckland is way more than $100,000, this government test is a way of encouraging people to keep as big and as expensive house as they can afford as a way of passing their wealth to their beneficiaries. http://www.health.govt.nz/our-work/l...sset-threshold

    Another incentive to own your own home (as opposed to investing in rental housing) is the fact that the benefit you derive from it, accommodation, is untaxed. Whilst if you decide to invest in financial assets and live in rental accommodation, you need to find rent out of your taxed income.
    Last edited by Bjauck; 18-06-2014 at 09:43 AM.

  8. #58
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    Quote Originally Posted by turmeric View Post
    Again, exactly right! That is a BS argument used by political parties like National and ACT in the hope of fooling the average Jo voter....
    Was it CGT in the UK and USA that kept their prices from going even higher? They also have tax-favourable non-pension financial asset investment plans. These schemes could partly off-set the advantage owner occupied homes gain when a capital gains tax with exemptions is introduced.

  9. #59
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    Quote Originally Posted by nextbigthing View Post
    Of course Winner.

    The big question is when?
    Every 8 years

  10. #60
    Speedy Az winner69's Avatar
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    Amazing tirade from Mike Hosking this morning on the radio saying how useless the RBNZ has been with its LVR restrictions and how they stuffed a whole generation of NZers and how the RBNZ couldn't forecast their way out of a paper bag

    Quite passionate was Mike

    Can't fid it on online yet but often his tirades are put up or all to listen to

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