Re: Property in NZ
afaik the stat includes everyone.Originally Posted by Lurking
tho my point was more about the huge big country where you can go anywhere and they buy/sell houses less than kiwis in a tiny country.
an old stat was that the average kiwi lives within 100km of where they where born. ie they don't actually move very far.
a lot of buy/sell but not really changing the location a whole lot.
Tweak it till it breaks
Re: Property in NZ
the catch here is people buy a family home, then sell at a profit, buy a better house etc. aka climb the ladder, invest in your home.
then retire, sell and downsize and reap the profit tax free.
the family home doubles as a profit making venture. however its at the expense of the next generation, the generation after that etc.
if its function is to be a home then why should you even be allowed to make a profit off your family home.
why should it be tax free?
the whole point of tax on homes is to discourage people using them to make profit which is one of the factors that leads us to insane house prices.
Tweak it till it breaks
Re: Property in NZ
Tried downsizing lately? Napier is no good for that. We did the excercise during 2019. Our house is 25 years old, nice condition with lots of maintenance done recently. After costs, we would be in a smaller house, similar condition with bugger all cash out of the deal. Very few available. Small houses are bringing premium prices here because everyone wants to get into them.
I don't know about other places though?
Ken
Corgi Ben Kenobi.......Related by Corgi to the Queen
Re: Property in NZ
we have tons of ex jaffas moving up here and retiring. quite a lot just near me due to the only fully manned ambo service in the area.
tho at the moment prices have gone crazy with all the $$$ coming in from overseas due to covid.
but the point being one of the many parts of the housing problem is the amount of people making money out of it.
its gotten so stupid that first home buyers that have struggled to buy a house, are flipping them to make $$ which ups the price to the next first home buyer.
if you took profit away, people will buy homes rather than houses. they will put money into other ventures which would be a massive boost to the economy.
most likely stay in houses a lot longer and i suspect the boom/bust cycles will be dampened.
Tweak it till it breaks
Re: Property in NZ
Haha....yes.
Nowhere except a few places like parts of the West Coast, SOuthland (The teeny tiny towns there) and the like are left.
Ex-pctek
Re: Property in NZ
btw i should add that its all relative.
"downsizing" to a $400-500k house from the $1-1.5m house with no mortgage.
while the houses are expensive they are also selling in the same market as well.
the catch is those trying to buy their first house and i suspect what will happen when interest rates go up a moderate amount.
Tweak it till it breaks
Re: Property in NZ
Yes....every time we moved peole wanted to know how much we sold for in Akld...expecting exactly that.
They were all shocked when we told them the sale price of (less than the medium to higher prices in their area)
All of Akld is not Takapuna or Remuera....
Ex-pctek
Re: Property in NZ
but keep in mind the retirees are at the end of the "climb the ladder" not mid way through. you start with the cheaper places and move on up (all going well).
its also depends on what income you have ie "invest in your home".
if you have money you can make money and keep it tax free.
the thing with the family home is people know that they can simply hang onto it until the prices go up. as a lot of people can do that, which in turn increase demand which increases prices.
one big factor thats changed in the last generation is the easy access to information. this makes it much easier to see whats going on and what other people are doing.
Tweak it till it breaks
Re: Property in NZ
The sole problem is demand for houses caused by an avalanche of immigrants from India and China. End of story.
The problem can only be fixed by turning off the immigration tap and possibly by deporting most them back to their home.
Its amazing how Potatoes give us chips,fries and Vodka.
Get your s*** together every other vegetable.
Re: Property in NZ
no. we had housing issues even when we had negative immigration. not to mention that most immigrants came from the UK at one point.
its also not the sole issue. things like single person households, divorce that means they take up two houses instead of one.
most of all red tape slowing down development and people sitting on their house instead of building new.
Tweak it till it breaks
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