wannabekiwi

Just found this one regarding the NZ housing market and falling prices:
http://www.bloomberg.com/apps/news?p...efer=australia
Great News for those who are currently renting and waiting for affordable house prices .
Enjoy.

eddie_nz

Yeah great news for those who will lose their jobs due to he economy being in recession or due to working in the housing industry...

wannabekiwi

of course I feel for them too. Especially the property developers and the buy to let investors and the housing speculators and the estate agents...not.

We were the "not haves" for too long. Now we feel it's our turn to get our own roof over our heads as a family.

whitesand

Phew! You had me worried there for a moment until I got to the end of your sentence!

IPOTRADER

Well here in the UK property prices are almost totally out of reach for first time home owners.

The worst part is what you get for that money!

eddie_nz

Don't worry they still can't get a mortgage in the uk so they are still homeless

wannabekiwi

yes and they are probably all off to NZ now...

BEVS

EErr Squooze me. Some of us are none of those things. We waited for over two years to buy our house. I am sure you are not suggesting that we now loose decades of savings & hard graft and work ,having spent many years slogging our guts out just to get the cash that we did have?!. I worked for 30 years plus in a full time job, a part time job and a weekend end job just to maker the mortage and make ends meet. I went through the Uk recession with nowt and I mean nowt . Are you dancing on my possible financial grave then, after a lifetime of my hard slog?

lapsed kiwi

Yep - have a look on housepricecrash.co.uk if you want more of the same.
Despicable vultures, the whole lot of them. Too feckless to get in the property market previously and want to make profit out of others' misery now a recession looks likely

BEVS

Does that mean you are or you are not.

I went through that recession and clung in there and I mean clung on in there, with working as stated above. All week - full time , then 5 nights a week plus weekend work . By myself. No partner . That's how I just about survived that. There was no initialhelp onto the housing ladder. It was just me and only me. I worked and worked and worked. Would some want to see me lose all that now or should they work as I did .

lapsed kiwi

Some would be most happy to see you lose all that if it meant they could make an effortless entry to the property market. Even better if you become a "desperate seller" through divorce, redundancy or bereavement so you can't sit out the slump. The polite version of my opinion of them is above

wannabekiwi

making peace now....
I am sorry if anybody has any disadvantages because of the current house price crash in NZ.
Try to understand that I am only after a very basic thing in life. Getting my family our own place to thrive. At the moment with house prices coming down to hopefully a reasonable level (considering the salary to mortgage ratio) this looks like it is becoming more realistic.
I haven't got any equity from a house sale back in the UK to invest and have saved up for a long time for our new life in NZ.
I shall not post any more facts or news on the this site regarding the housing market trouble.
So please forgive me for getting too excited the Bloomberg article without considering other peoples personal situations

BEVS

I do understand wanting to own your own roof over your own head. I worked for decades to achieve that. Decades. The equity I came to NZ with was through my own hard work. No more . No less. My 1st house was a do up. No furniture. No carpets. No beds. No TV. No kitchen . No nothing. It really was floor boards and little else. I scraped to meet that mortage & to get that mortgage I had to grovel.
I had a few sticks of 2nd hand furniture given to me and a mattress. I came to NZ with those exact same sticks of furniture but not the mattress . My 2nd house was a do up. This is the first time I have ever lived in a reasonable house & it still has a sizeable mortgage. I am over 50 ! In that respect , you could say I saved up for a long time for my new life in NZ. Over 30 years .
The moral. If you want something bad enough , you will find a way. I did !

whitesand

I think the mistake many made was in thinking that you could use your house as an excellent investment which would double or triple within a few years. This assumption didn't really bare analysis, as it was obvious to many that this situation couldn't really continue without the repercussions now happening.

I think many are now relieved, including myself, that this pattern has now ended and that the housing market will fall back to a sensible level.

Many who are now lamenting being unable to sell their house - probably because it is overpriced - forget that they probably made a killing on their previous house, and will have to consider that profit when selling their present one.

wannabekiwi

absolutely 100% percent agree with that.
House price correction will hopefully get us on the yearly salary x 3 level again and leave us with more disposable income.
Also our next generation will be able to leave home and get onto the property ladder much more quickly and parents don't need to remortgage their houses anymore or use their savings to help their kids with a deposit.
Big sigh of relief...