I don't know what to do, thinking out loud - online
#31
Forum Regular
Joined: Mar 2015
Location: Scarborough
Posts: 92
Re: I don't know what to do, thinking out loud - online
It wasn't a dig at you LoCarb. And that stinks, doesent inspire confidence in anyone, inside or outside NZ to invest there does it?
#32
BE Enthusiast
Joined: Jul 2011
Posts: 439
Re: I don't know what to do, thinking out loud - online
New Zealanders got badly burned by the sharemarket crash in 87. So much so that most won't invest in shares ever again. The share market here is still below it's high of 87 using the old index (which excludes dividends).
People flocked into Finance Companies instead for the higher interest rates and were encouraged by celebrities in ad campaigns to risk all there wealth. Some lost their homes, inheritances, house deposits, businesses etc.
One older friend has had to keep working until 70 just to pay off debt (and they lost their house of 40 years).
All major banks here are Australian owned. All the Australian banks are 50% owned by British & US banks.
They are all interdependent.
The Reserve Bank has just warned that the Auckland housing market is endangering our banking industry. Things are ripe for a monster crash.
Martin Armstrong has an impeccable reputation for predicting major changes in business cycles to the day, using his computer 'Confidence Model'.
He is predicting a Sovereign Bond collapse later this year as governments debts have become so extreme no one will purchase bonds, therefore defaulting, as with Greece.
Can anyone have confidence in giving away your money for other's to play with after what has transpired previously and what is about to happen?
They will hunt down cash to fill the holes in their balance sheets, that is why John Key changed the law last year to allow confiscation of bank deposits. They know what is coming!
People flocked into Finance Companies instead for the higher interest rates and were encouraged by celebrities in ad campaigns to risk all there wealth. Some lost their homes, inheritances, house deposits, businesses etc.
One older friend has had to keep working until 70 just to pay off debt (and they lost their house of 40 years).
All major banks here are Australian owned. All the Australian banks are 50% owned by British & US banks.
They are all interdependent.
The Reserve Bank has just warned that the Auckland housing market is endangering our banking industry. Things are ripe for a monster crash.
Martin Armstrong has an impeccable reputation for predicting major changes in business cycles to the day, using his computer 'Confidence Model'.
He is predicting a Sovereign Bond collapse later this year as governments debts have become so extreme no one will purchase bonds, therefore defaulting, as with Greece.
Can anyone have confidence in giving away your money for other's to play with after what has transpired previously and what is about to happen?
They will hunt down cash to fill the holes in their balance sheets, that is why John Key changed the law last year to allow confiscation of bank deposits. They know what is coming!
#33
Re: I don't know what to do, thinking out loud - online
Banks have been piling in on Auckland, even those that have little experience of the local market. Booms last longer than most people expect however and the factors that are driving the bubble are still in place like very low rates, resource consent that constricts supply, strong regional economic growth and lack of a moiderating tax system.
There was a good bit in the Herald talking about trends.
There was a good bit in the Herald talking about trends.
Last edited by Charismatic; Apr 19th 2015 at 2:25 am.
#34
BE Enthusiast
Joined: Jul 2011
Posts: 439
Re: I don't know what to do, thinking out loud - online
A newly released European documentary about Martin Armstrong:
The Forecaster
The Forecaster
#35
Forum Regular
Thread Starter
Joined: Jul 2012
Posts: 98
Re: I don't know what to do, thinking out loud - online
Just an update, my sister who is 3 years younger than me and earning half as much has just bought herself a 3 bedroom brand new home.
I know I shouldn't care about what other people are doing but my heart is broken, that is all.
I know I shouldn't care about what other people are doing but my heart is broken, that is all.
#36
MODERATOR
Joined: Oct 2011
Location: Wellington - I miss Castles, the NHS & English school system
Posts: 9,077
Re: I don't know what to do, thinking out loud - online
I wouldn't really worry, gone are the days when property was your retirement fund and and investment for life. Lots of European countries have far fewer house owner occupiers than UK as its not seen as that important to own your own home but to rent.
#37
Re: I don't know what to do, thinking out loud - online
Is this the sister in Scotland? Not sure what prices are like there but it's not really comparable. I think there is more underneath this than buying a house. It might be what the house represents for you. My younger brother has a bigger house worth 3x what mine is, and I'm not at all bothered. I suspect there's something else going on here related to your emotions.
#38
Forum Regular
Thread Starter
Joined: Jul 2012
Posts: 98
Re: I don't know what to do, thinking out loud - online
Yep I would say so, fair enough. I worked like a dog to get myself over here and worked like a dog to stay and have a decent career without anyone's help. I basically feel like I've got nothing to show for it after 10 years. Sorry I don't want to bring down the tone and sound ungrateful but it doesn't feel fair. I just thought I was more resilient than that, it makes me question every decision I have made in the past 10 years when really I should be focusing on the future.
Sorry, I know there are people worse off than me and I should shut my trap ( as my mum would say).
Sorry, I know there are people worse off than me and I should shut my trap ( as my mum would say).
#39
Lost in BE Cyberspace
Joined: Feb 2013
Posts: 6,148
Re: I don't know what to do, thinking out loud - online
Well it seems that home ownership is very important to you, so do you actually want a home where you can feel at home, or is it just the fear you don't have an investment? You don't have to have a great career to own a home and some locations work out better for others. For me it's important to have a detached house with garden and low mortgage and I don't need a career in my location. Some people I know are probably on 4 times my salary, but still can't afford much in their location.
#40
Re: I don't know what to do, thinking out loud - online
Yep I would say so, fair enough. I worked like a dog to get myself over here and worked like a dog to stay and have a decent career without anyone's help. I basically feel like I've got nothing to show for it after 10 years. Sorry I don't want to bring down the tone and sound ungrateful but it doesn't feel fair. I just thought I was more resilient than that, it makes me question every decision I have made in the past 10 years when really I should be focusing on the future.
Sorry, I know there are people worse off than me and I should shut my trap ( as my mum would say).
Sorry, I know there are people worse off than me and I should shut my trap ( as my mum would say).
Another thing I would like to point out is that your life is not over. You may not have realised the profits of all your hard work yet, but you will when the time is right. In the meantime you have substantial savings which are there for when you need them. I know some rich people who couldn't say that.
Last edited by jmh; May 14th 2015 at 8:11 am.
#41
Re: I don't know what to do, thinking out loud - online
There's never any guarantees. I live in the UK and have spent the last 30 years working towards a dream. Due to an industrial development being permitted right next to our house in a very rural area the house has crashed in value and most estate agents are telling me they won't even put it on their books as it's unsellable.
As the development means I can't live in the house I'm faced with having to cull our smallholding animals, move out and leave it vacant while still paying all the bills on it plus pay rent on whatever bedsit I can afford. The developer has described me as being unreasonable for wanting compensation and there's no state protection to force them to give us any.
It's not much fun when I was within three years of downshifting into job of my dreams after moving to NZ. I'll now have to work full time until I die and NZ is becoming a more and more distant daydream.
As the development means I can't live in the house I'm faced with having to cull our smallholding animals, move out and leave it vacant while still paying all the bills on it plus pay rent on whatever bedsit I can afford. The developer has described me as being unreasonable for wanting compensation and there's no state protection to force them to give us any.
It's not much fun when I was within three years of downshifting into job of my dreams after moving to NZ. I'll now have to work full time until I die and NZ is becoming a more and more distant daydream.
#42
Forum Regular
Joined: Mar 2015
Location: Scarborough
Posts: 92
Re: I don't know what to do, thinking out loud - online
There's never any guarantees. I live in the UK and have spent the last 30 years working towards a dream. Due to an industrial development being permitted right next to our house in a very rural area the house has crashed in value and most estate agents are telling me they won't even put it on their books as it's unsellable.
As the development means I can't live in the house I'm faced with having to cull our smallholding animals, move out and leave it vacant while still paying all the bills on it plus pay rent on whatever bedsit I can afford. The developer has described me as being unreasonable for wanting compensation and there's no state protection to force them to give us any.
It's not much fun when I was within three years of downshifting into job of my dreams after moving to NZ. I'll now have to work full time until I die and NZ is becoming a more and more distant daydream.
As the development means I can't live in the house I'm faced with having to cull our smallholding animals, move out and leave it vacant while still paying all the bills on it plus pay rent on whatever bedsit I can afford. The developer has described me as being unreasonable for wanting compensation and there's no state protection to force them to give us any.
It's not much fun when I was within three years of downshifting into job of my dreams after moving to NZ. I'll now have to work full time until I die and NZ is becoming a more and more distant daydream.
If that's your dream, as with any dream.. If you want it, go get it. It might be a bumpy ride, it might cost you a few bruises, but if you want to get there then you have to ride the rollercoaster.
Sometimes doing what's familiar is comfortable, even if we don't like it, but its easier than rolling up your sleeves.
What I'm saying is, don't give up. Dig deep, and fight on. If you have to sell your house at a loss to make the move, then you might have to.
Its money you never really had in your hands anyway. Value in a house where you don't want to be, or living your dream and being where you want?
Good luck!
#43
Re: I don't know what to do, thinking out loud - online
There's never any guarantees. I live in the UK and have spent the last 30 years working towards a dream. Due to an industrial development being permitted right next to our house in a very rural area the house has crashed in value and most estate agents are telling me they won't even put it on their books as it's unsellable.
As the development means I can't live in the house I'm faced with having to cull our smallholding animals, move out and leave it vacant while still paying all the bills on it plus pay rent on whatever bedsit I can afford. The developer has described me as being unreasonable for wanting compensation and there's no state protection to force them to give us any.
It's not much fun when I was within three years of downshifting into job of my dreams after moving to NZ. I'll now have to work full time until I die and NZ is becoming a more and more distant daydream.
As the development means I can't live in the house I'm faced with having to cull our smallholding animals, move out and leave it vacant while still paying all the bills on it plus pay rent on whatever bedsit I can afford. The developer has described me as being unreasonable for wanting compensation and there's no state protection to force them to give us any.
It's not much fun when I was within three years of downshifting into job of my dreams after moving to NZ. I'll now have to work full time until I die and NZ is becoming a more and more distant daydream.