Cryoslider

I'm moving to South Auckland next March with my Kiwi wife and baby boy, she has family all around Auckland but we will be based near her sister in Red Hill Papakura. We will rent first then look to buy after a year to 18 months if all works well..... Hoping the housing market will slow down or even stop so we are not priced out but will probably buy further south in the end.

Justcol

no sigh of that, the average Auckland price rose today to $1 million...

Moses2013

And IT salaries have dropped by 2.5% in Auckland. I suppose salaries in retail have gone up again, so the 1 million makes sense.

Charismatic

The closer rates get to 0% the less the numbers matter really.

Basically the Reserve Bank targets CPI inflation which excludes the price of land and existing dwellings. If those things had been factored in CPI inflation would likely be within the CPI inflation target band but it's probably a bit late in the housing cycle to change the measures. Could have been added about 8 years ago but we opted not to.

Debt-to-Income ratios should be interesting, median household income is approx. $76,500 in Auckland. The UK capped loans at 4.5x income, apply the same here for buyers with a 20% deposit and they could afford a house of perhaps $413,000. Median house price in Auckland is approx. $1m so the debt to income ratio to afford the average house will need to be over 10x even if they introduced the cap today.

A Rush And A Push

I've just watched an episode of Wanted Down Under, they've started showing it on UKTV. I've noticed they have taken the families to New Plymouth and Christchurch in the 2 episodes I've watched so far - they always used to take them to Auckland. I guess property prices are meaning it's not a viable option for most people on the show.

chocolate cake

Yeah, quiet ridiculous isn't it.

scrubbedexpat094

I've seen a couple from Auckland and one in New Plymouth and was slightly aghast at the prices. Turns out that they were filmed in 2008 and broadcast in 2009. No wonder Auckland looked quite reasonable.

A Rush And A Push

Yeah, I was wrong about them being new episodes - I realised when I watched another episode last night and they were talking about buying a character villa in Ponsonby for £300K 😀

LittleGreyCat

That looks more like a mobile home you get in seaside caravan parks for a lot less than that.

Luxury Lodges & Park Homes

You can, of course, find them a lot cheaper.

Justcol

Thats exactly what I think when I see them

SSky

Maybe that's the way to go, just burn that house down and plonk a couple of static caravans on it from the UK. Rent them out and Bob's your Uncle.