pippalonghorn

Hi folks, I cannot believe that NZ is still advertising itself as a fab place to raise a family. A lot of people in England look on the lifestyle over here as being perfect. If only they knew. We knew our dreams would not come true after being here a month! and believe me.. Our dreams were not unrealistic. people should be warned about the property and low wages. It is hard to get negative info about NZ when living in England. Sadly I only found this forum after we moved here. The country is giving a lot of people no other choice than to return home. They will happily take your money to get into the country and once your here that's it..

jmh

I'm guessing (which is just as accurate as any expert opinion ) that prices will continue to rise as people panic before the deadline. Then there will be a very mild stagnation before they take off again. Probably a good time to buy is in the Spring.

Tom1983

I know what you mean, our house is being sold on November 27th in England and it's kind of put us in a backward step

The wife has talked me round it mind and to be fair gave some good advice. She argued we rent until we become citizens and then decide whether to buy here or buy in England. Hopefully things may have changed in 6 years time

The market may have died down by then or changes for the better have happened

We may also be in a better situation in 6 years time

I was all ready to say tarra NZ but as the wife is really happy here, she's worked her magic and given a decentish explanation.

Plus after seeing the costs for bedding, furniture etc in this country, it'll probably take 5 years just to save up to get one of those. Or I could fall for the silly trap and pay double on finance

davros1984

Just saw this btw:
http://www.nzherald.co.nz/residentia...ectid=10914144

Purrball

Is that true? Seems to me that many British people are much more aware of NZ's pros and cons than say, 20 years ago.

Perhaps some people think the worst won't happen to them, or they think that people who are having problems are just some isolated cases... or they're so taken with the idea, a vision, of living over there, with the beaches and the outdoors, they overlook some of the very real drawbacks. Or perhaps, for various reasons, they're immune and protected from them.

As a Kiwi, though, I'll tell you this. Unlike Brits who can be realistic, even self-deprecating, about the UK's shortcomings, most Kiwis would never dream of honestly admitting their country's assorted problems to foreigners. You won't get the full picture from most Kiwis, that's for certain.

Mark Smith

Glad I've not got their repayments - perhaps the kids can take over the mortgage

kiwigeordie

Back to topic...

When we arrived here 27 years ago we landed with nothing in our pockets or the bank as we had been moving around Europe, renting and having a high old time.

Within a year (to the day) we moved into our own home. Mortgage rates at that time were 19% (yes nineteen - it's not a typo) and we struggled for years. Let's face it, buying a home anywhere has never been easy.

If you are selling a home in the UK and don't do anything silly like moving to an expensive Auckland/Wellington/Christchurch suburb, it should be possible to find a decent and affordable property.

Granted, things are more expensive here due to our remoteness so you have to decide what is important in your life.
The weather? It's no better or worse than the UK.
Cost of living? Higher no doubt.
Security? We don't have anyone bombing the public transport system (though I sometimes am tempted myself) and for the most part you can walk the streets safely and sleep soundly in your bed.

Most people's lives involve compromise. Decide what you want out of life and put up with the bits that don't fit.

Rant over.

Pete

shocked kiwi

its because of the free trade agreement with china, part of the deal is unrestricted access to our property market to wealthy asian buyers who come to the house auctions in auckland and can buy several houses. In auz it is restricted by capital gains taxes and they can't buy existing properties and can only build new ones. This new 20% deposit will only help them as less and less kiwis can afford to buy.

Charismatic

This will be a temporary measure because:
1. It will only reduce demand while people to scramble to increase deposits. There is no material change in the supply demand situation.

2. Banks will circumvent rules where possible with cross securitisation between properties.

3. Second-tier lenders will step in and finance deposits allowing people to circumvent the rules.

4. Lenders will look at blurred lines. What is the difference between, for example, business lending and a mortgage?

moonie2011

But this is in Auckland, yes I realise that people have to live there, Auckland is comparable to London where a studio/one bed flat could sell for over £300k yet I couldn't sell my 5 bed country house in Devon for the same price.
There are cheaper parts of NZ buy houses

davros1984

Please stop comparing London to Auckland.

London has a population of over 8 million. It is also the capital city.
Auckland has a population of 1.5 million. It is not the capital city.

You are better off comparing Birmingham to Auckland.

As I said previously in another post, there are many more affordable houses in London than Auckland. I can easily get a 3-bed house in London for 250K GBP or under AND it will have good public transport options into the city. Trying to buy a 3-bed house in Auckland with good transport links into the city is near impossible given the current panic in the market.

I can understand you comparing Sydney to London (as that has a population of over 4.5 million), but not Auckland.

Please look at the following:
a) http://www.nzherald.co.nz/business/n...ectid=10881687
b) http://www.bloomberg.com/news/2013-0...mortgages.html

I quote:
"Prices in New Zealand’s largest city have already surpassed four of New York’s five boroughs with an average of NZ$768,664 in July, the equivalent of $617,852. While short of Manhattan levels, prices are rising 13 percent a year."

It is nothing but ignorance and greed by homeowners and the national government that has caused this. Sadly without the decency of the old British system, where the wealthy had a responsibility for those worse off than them - greed is being allowed to spiral out of control. Thatcherism killed this off in comparison with American economics and the situation is only going to get worse.

Woodlea

marblep

I truly despair. Viewed a house in Glen Eden (West Auckland) on the weekend. Tiny place that had obviously had a rush job renovation. There was nothing redeeming about it. Driveway needed replacing, house needed more work. Some idiot has paid $585k for it at auction.

moonie2011

London is the most densely populated city in the UK as Auckland is the most densely populated city in NZ. The both have large international populations. The both have overheated housing markets fuelled by the disproportionate amount of people who want to live in them rather than elsewhere.

Other than one having the title of Capital city and one not (although Auckland has previously held that title) they are very comparable.

barnsleymat

I'd feel ripped off paying $58k to live in Glen Eden, it's bloody awful.