ADRIAN ORR our NEW RBNZ GOVERNOR

[Aaron]

Gareth Vaughan argues borrowers who bought their first home in 2020-21 face being let down by the system

https://www.interest.co.nz/property/...face-being-let

I read this as I was not sure where he would go, but he just points out all the ways the RBNZ encouraged buyers and drove up house prices to ridiculous levels.

As he points out

Scarily in March 2020 the national median house price was a then-record high of $665,000. That's still $115,000 below April 2023's $780,000, which in turn is $145,000 below the November 2021 peak.

He has no conclusions or suggestions for change unfortunately. The home buyers can safely assume interest rates will drop as soon as it visually decent to do so. The people who remain let down by the system are those that do not have parental support to help them attain the stability and security of owning your own home. Having an investment in your own country. No wonder they are leaving in droves, fortunately NZ is still preferable to India, China, The Phillipines, South Africa and plenty of other countries around the globe so we will have no problem replacing them.