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Is there a fear of a property-bubble in NZ?

Is there a fear of a property-bubble in NZ?

Old Nov 29th 2010, 11:52 pm
  #16  
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Default Re: Is there a fear of a property-bubble in NZ?

I don't know about NZ and OZ but Northern-Europe and the UK are markedly places of mortgage-culture. In these countries anyone over 30 who is still renting is considered, if not downright untrustworthy, then at least a bit sad. In Southern-Europe there is nothing stigmatic about renting all through your life.

Well, perhaps that was a bit exaggerated description of the things but that is the general idea of many people's mindset regarding renting and owning.
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Old Nov 30th 2010, 2:05 am
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Default Re: Is there a fear of a property-bubble in NZ?

When you've done the going round the rental agents looking for a home for you and your kids and experienced their unique brand of humanity (!) then you realise that in NZ the general mindset is that renting is not for decent folk.

My kids get asked at school when they're moving into their own home or where we're building- they can't get their heads around that we're just renting. We can afford mortgage repayments but we don't have a deposit, nor can we really save for one in under five years whilst paying rent. <shrug>
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Old Nov 30th 2010, 4:56 am
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Default Re: Is there a fear of a property-bubble in NZ?

We rent a house in Lower Hutt, Wellington thats worth probably 1.4m at least and rented a place in Auckland that was worth considerably more.

Rent on high end houses is much much cheaper than buying them for sure.....

I really don't see an issue with renting and glad we haven't bought a house here as we've moved from Auckland to Wellington and now look likely to move to OZ.
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Old Nov 30th 2010, 8:01 am
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Default Re: Is there a fear of a property-bubble in NZ?

Originally Posted by RobClubley
That graph's kinda scary. The average house costs 5x the average salary?
That can't be good.

Our house is worth about 25k more than we paid for it 5 years ago and I reckon we've spent at least 75k on it bringing it up to 20th century standards. (Yes I'm aware it's now the 21st )
But apparently insulation and double glazing don't increase the value

No intention of moving though, so current value is not relevant.

I don't understand the whole Kiwi attitude of buying a house, fully intending to move in 3 years, with the expectation of a large profit.
What's that about?
Agree, may make a profit, but the next will also risen by the pretty much same percentage, so no gain there, especially with the transactional costs.
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