| 51 | Jeepers where have you guys been? I feel like I have been paddling almost solo for YEARS! lakeview3 - 2021-03-23 21:20:00 |
| 52 | Anyway we have one more hour folks before trademe shuts down for the night for their big ‘changes’. Hope I see you all on the other side! Lol lakeview3 - 2021-03-23 21:21:00 |
| 53 | solster wrote:
Perhaps we will now start to see purpose build high density rentals instead of investors snapping up family homes.
It's possible
Good thinking rojill - 2021-03-23 21:21:00 |
| 54 | market1 wrote:
Yes there is a sliding scale as the tax change come in like a creeping tide. God help tenants in the future. This will impact on them severely as the Government takes away what was a win for Landlords and a win for Tenants. For some Landlords, the tax on interest deduction being taken away, then applies the landlord to look for more income. That will be the tenancy income. Bad decision by Labour. Sliding scale for tax changes? I cannot find any info on that https://www.interest.co.nz/sites/default/files/embedded_imag
es/IR%20FACTSHEET%20Bright-line%20test_0.pdf There is a sliding scale for existing houses re: interest expenses. |
| 55 | mlarkin wrote:
It would seem as usual the people drafting the legislation have not looked at consequences. I agree with other posters that rents will go up to cover the lack of tax benefits. We have a property in Raumanga Whangarei which possibly may be taken under the Public Works Act. We have owned it for approx. 7 years - if this happens under the 10 years will we have to pay tax on the increase in value?
As I see it, technically yes. Don't know much about the ins and out of the Public Works Act, but would it be possible to delay the sale sate tunder the act past the 10 year mark,
Is that feasible ? rojill - 2021-03-23 21:29:00 |
| 56 | This message was deleted. |
| 57 | From Andrew King, NZ property investors: proving the reason why this kind of activity should never have been allowed in the first place: Andrew King, NZ Property Investors Federation president, said the Government's "crazy" change had blindsided investors. He said rents often failed to cover the cost of managing a rental property. If investors couldn't offset that as a business cost, many would be unable to afford their repayments and forced to sell. "When you've just bought a rental property, the cost of the mortgage is the biggest single cost for an investor. This will add a huge amount to the cost of providing rental property." lakeview3 - 2021-03-24 07:27:00 |
| 58 | vintage_betty wrote:
So just out of curiosity, all you people complaining, how would YOU fix the housing problem?
The issue is lack of houses. There are more people wanting one than are available, leading to rising prices.
Allow 3 or 4 storey buildings anywhere in Auckland, thus allowing more multi residential blocks .
Infrastructure bonds to pay for Infrastructure.
We have a nationwide building code. Building consents are a roadblock and expensive as they are a monopoly money earner for councils. Allow people to apply for a building consent from any consent authority that is qualified in that building type.
Remove joint and several liability and replace it with proportionate liability like the rest of the world. At present, council pays for leaky building cases when they are only 20 percent liable based on past cases, leading to risk adverse behavior. Have compulsory insurance for quality for builders and developers would sort out the fly by nighters geoff_m - 2021-03-24 07:27:00 |
| 59 | geoff_m wrote:
The issue is lack of houses. There are more people wanting one than are available, leading to rising prices.
Allow 3 or 4 storey buildings anywhere in Auckland, thus allowing more multi residential blocks .
Infrastructure bonds to pay for Infrastructure.
We have a nationwide building code. Building consents are a roadblock and expensive as they are a monopoly money earner for councils. Allow people to apply for a building consent from any consent authority that is qualified in that building type.
Remove joint and several liability and replace it with proportionate liability like the rest of the world. At present, council pays for leaky building cases when they are only 20 percent liable based on past cases, leading to risk adverse behavior. Have compulsory insurance for quality for builders and developers would sort out the fly by nighters while I agree the mass immigration policy of the previous govt did not help things, in my local town there are are 700 whole houses for air bnb. THAT is a large part of the problem, and numerous other empty homes. Also what we need are pensioner townhouse units. My street is full of 1 occupant housing. Of course they may want to stay there but if they did want to move there really is no safe low maintenance alternatives. Edited by lakeview3 at 7:45 am, Wed 24 Mar lakeview3 - 2021-03-24 07:36:00 |
| 60 | loud_37 wrote:
Rents can't keep going up as people don't have that much money, property investors like any other business need to get there product cheaper, or not be so leveraged up.
That’s what I was thinking. What happens when prospective tenants just won’t pay the rent LL are asking? chiz - 2021-03-24 07:47:00 |
| 61 | geoff_m wrote:
The issue is lack of houses. There are more people wanting one than are available, leading to rising prices. Yes and want wants more. Need is satisfied by one to live in for warmth and stability. So many multiple house owners now and so many left empty or rented out at rates that many can not afford. Is it the numbers or is it something else? mkr_ahearn - 2021-03-24 07:59:00 |
| 62 | ian1990 wrote:
Auctions might be interesting in the next few weeks if investors start pricing in the non deductibility of interest into pricing. I think people will still keep an investment property as part of a retirement plan if it's generating an income stream. There is still probably $150 billion in term deposits so plenty of money around to buy if some current investors want out. I guess investors will really start screaming like a stuck pig if the RBNZ removes IO loans for non owner occupiers.
???? ???? ????
Where will the domestic landlords park their profits when or if they sell? The banks interest rates are pathetic and being a commercial landlord has been tipped on its head since New Zealand caught the consequences of covid. (Some of my friends have had a 50% reduction in their rent and still their business isn’t viable so commercial buildings are likely to sit empty) I don’t think budding entrepreneurs are waiting to pounce on a business lease currently either which is a worry for the boomers amongst us who were planning to sell their businesses and retire. It’s not looking good ???? |
| 63 | chiz wrote:
That’s what I was thinking. What happens when prospective tenants just won’t pay the rent LL are asking? They get to live in their cars? pcle - 2021-03-24 08:58:00 |
| 64 | rojill wrote:
AGREED
Current system and laws have not caught up with modern day thinking regards equality practices. This system just a hangover from earlier 18 and 19 century landlords who were influential when these laws were created to make sure they were they were the real beneficiaries.
Times do change, but very slowly in the legal world as why would a lawyer, as a person with a vested interest in maintaining the current level of cash flow, agree to simplify the system and make them equitable for all
LL lives matter! |
| 65 | geoff_m wrote:
The issue is lack of houses. There are more people wanting one than are available, leading to rising prices.
Allow 3 or 4 storey buildings anywhere in Auckland, thus allowing more multi residential blocks .
Infrastructure bonds to pay for Infrastructure.
We have a nationwide building code. Building consents are a roadblock and expensive as they are a monopoly money earner for councils. Allow people to apply for a building consent from any consent authority that is qualified in that building type.
Remove joint and several liability and replace it with proportionate liability like the rest of the world. At present, council pays for leaky building cases when they are only 20 percent liable based on past cases, leading to risk adverse behavior. Have compulsory insurance for quality for builders and developers would sort out the fly by nighters
Well said. |
| 66 | vintage_betty wrote:
So just out of curiosity, all you people complaining, how would YOU fix the housing problem? I just wrote a massive reply and deleted it!! Tax and regulate air bnb Don’t lend cheap money for investment properties Build the right houses in the right places Reframe the conversation, let/get prices to drop a bit take away the appeal. What I wouldn’t do is increase costs to landlords and go on about how I was ‘fixing things’ anything that increases costs to landlords will increase rents we’ve hammered this one recently. I’m not qualified to comment on infrastructure/consent issues so I’d find someone who was and go from there!! Edited by magicroundbout at 11:35 am, Wed 24 Mar |
| 67 | vintage_betty wrote:
So just out of curiosity, all you people complaining, how would YOU fix the housing problem? Reduce taxes and compliance costs. Government and Councils need to get out of the way. What’s the best cure for high prices? High prices. But only if the market isn’t strangled to death by taxes and red tape. Edited by pcle at 12:14 pm, Wed 24 Mar pcle - 2021-03-24 12:11:00 |
| 68 | pcle wrote:
Reduce taxes and compliance costs. Government and Councils need to get out of the way. What’s the best cure for high prices? High prices. But only if the market isn’t strangled to death by taxes and red tape. You'll have an up hill battle to try and get city councils off the "compliance gravy train".. Compliance costs are a money spinner.. bright and shiny new convention centres do not get built on the revenue from providing a rubbish service.
Also the RMA and consents etc are the city councils way of throttling back progress, which would otherwise cost them money to provide the necessary infrastructure to support this progress !! onl_148 - 2021-03-24 13:47:00 |
| 69 | pcle wrote:
It looks like destroying the private rental business is the plan.
Jacinda the biggest destroyer of private businesses and wealth in NZ history.
More big government and poverdy for all.
its NOT private rental business that is the target , its all private home owner ship that is the targart why do you think the iwis have allowed to grow so big by the banks , no private land owener ship in the iwi .
been looking into private land owner ship and world wide ,its quite a new thing |
| 70 | magicroundbout wrote:
I just wrote a massive reply and deleted it!! Tax and regulate air bnb Don’t lend cheap money for investment properties Build the right houses in the right places Reframe the conversation, let/get prices to drop a bit take away the appeal. What I wouldn’t do is increase costs to landlords and go on about how I was ‘fixing things’ anything that increases costs to landlords will increase rents we’ve hammered this one recently. I’m not qualified to comment on infrastructure/consent issues so I’d find someone who was and go from there!!
you missed the only reason we have high prices , to much social walfare .
all the while a landlord can put some one in his house , who is getting social walfare , its gets a house paid for by the govt . its the best tax brake there is |
| 71 | kamo631 wrote:
well i just read that 40% of homes are being sold to investors. This should turn things around a little to people buying their own homes to live in. When I think back to my teens, most rentals were crappy old villas that were divided up into little apartments. Some of those building were decaying and rotten but hey it was cheap rent. Homes as such were not rentals. They were owned by families. The idea of a three-bedroom house being a rental just didn't happen. That was an owner occupier home. It should get back to that.
hit the nail on the head |
| 72 | robertchestnut wrote:
you missed the only reason we have high prices , to much social walfare .
all the while a landlord can put some one in his house , who is getting social walfare , its gets a house paid for by the govt . its the best tax brake there is yeah talk about triple dipping. About time the playing field was leveled so other people also get a chance to own their own home. lakeview3 - 2021-03-24 14:23:00 |
| 73 | funkydunky wrote:
Who complained when they cut interest rates in half 5 times since the GFC?
hit the nail on the head |
| 74 | loose.unit8 wrote:
Kiwibuild was 9 years in the planning and they didn't even get the basics right. If anyone has any faith left in this government's ability to build houses then they are an idiot.
9years would make kiwi build a national idea |
| 75 | market1 wrote:
Discrimination against those in business who happen to derive income from their business investment- property.
Time the government housed all the about to become homeless.
thats not a problem sir john key made sure the iwi have the money to buy all the cheep housing , as i said , this is the great reset in action ,
you will own nothing and be happy |
| 76 | puddleduck00 wrote:
Hardly. Miners actually work for their money, they don't turn a basic human need into a commodity and push the market out of reach for first home buyers.
very well said |
| 77 | puddleduck00 wrote:
I agree with CGT and taking away the ability to offset your gross profit with mortgage interest. If you want to gobble up property by using your borrowing capacity/equity and push housing out of reach for people who work hard and save hard to own a home, then it serves you right. Save up yourself and buy property outright. Build new homes instead of taking existing ones. Start a business and make some productive income. Actually contribute something to society rather than taking from it. Buying up existing houses and renting them out is not a business. Profiting off inflation that you, yourself have caused is not a business. It's society subsidising your profits.
a lot failed business men in kiwi land , our richest man did very well out of sir roger douglas |
| 78 | bryshaw wrote:
Bob Jones got out of domestic rentals in his first years as a landlord. You can see why.
he also started the new zealand party to split the national vote to bring sir roger douglas to power |
| 79 | mlarkin wrote:
It would seem as usual the people drafting the legislation have not looked at consequences. I agree with other posters that rents will go up to cover the lack of tax benefits. We have a property in Raumanga Whangarei which possibly may be taken under the Public Works Act. We have owned it for approx. 7 years - pen - tenant is inif this happens under the 10 years will we have to pay tax on the increase in value?
If you bought it 7-years ago, you're not caught by the Brightline Test. So, no taxable gain on the disposal of the property allan_mac - 2021-03-24 15:05:00 |
| 80 | robertchestnut wrote:
9years would make kiwi build a national idea No it wouldn't. 9 years in the *PLANNING* I said. And an official Labour party policy since 2012. "The KiwiBuild scheme was first announced as Labour Party policy in 2012 by then leader David Shearer" https://en.wikipedia.org/wiki/KiwiBuild Edited by loose.unit8 at 3:52 pm, Wed 24 Mar |
| 81 | geoff_m wrote:
The issue is lack of houses. There are more people wanting one than are available, leading to rising prices. .... What's wrong with the 10,000 rental ads and 20,000 for sale ads just on Trademe? artemis - 2021-03-24 15:55:00 |
| 82 | Well, the only reason we have “ high rents” and a rental property shortage is because there is a lack of them ...... in nz. For a start the government is not the one that surpluses most rental propertys in nz and is not capable of providing them either ( no matter how much they talk about it) and if the private sector has not supplied them ( hence he shortage of them) it probably is not worth investing in them ( if it was, we probably would have them in plague proportions out there by now) especially if you consider the love affair with property's we have here in nz , maybe the dilution is to make it more attractive to invest in rental properties? So, more getting build , and sooner or later the market would be flooded with them, which would bring the rents f dd own, and also make houses more affordable —— it’s all about supply and demand that stipulates prices ( it’s not really rocket science)???? argentum47 - 2021-03-24 15:58:00 |
| 83 | argentum47 wrote:
Well, the only reason we have “ high rents” and a rental property shortage is because there is a lack of them ...... in nz. For a start the government is not the one that surpluses most rental propertys in nz and is not capable of providing them either ( no matter how much they talk about it) and if the private sector has not supplied them ( hence he shortage of them) it probably is not worth investing in them ( if it was, we probably would have them in plague proportions out there by now) especially if you consider the love affair with property's we have here in nz , maybe the dilution is to make it more attractive to invest in rental properties? So, more getting build , and sooner or later the market would be flooded with them, which would bring the rents f dd own, and also make houses more affordable —— it’s all about supply and demand that stipulates prices ( it’s not really rocket science)???? Not that old chestnut. There isn’t a shortage of houses. There are THOUSANDS of homes all over New Zealand that are either empty or used for air bnb. This was never the intention for these houses when they were built. What there IS a shortage of, is over 65s safe low maintenance townhouses. Then these people could move out of their large homes and make them available for a family. Edited by lakeview3 at 4:51 pm, Wed 24 Mar lakeview3 - 2021-03-24 16:51:00 |
| 84 | artemis wrote:
What's wrong with the 10,000 rental ads and 20,000 for sale ads just on Trademe? A house for sale doesn't mean 'a vacant house'.
A house advertised for rent doesn't either.
Eighty thousand homeless people is a problem though. Edited by apollo11 at 4:59 pm, Wed 24 Mar apollo11 - 2021-03-24 16:58:00 |
| 85 | apollo11 wrote:
A house for sale doesn't mean 'a vacant house'.
A house advertised for rent doesn't either.
Eighty thousand homeless people is a problem though. its just the result of years of uncontrolled immigration. We should be more like the Japanese. They are very picky. I have never been comfortable with the mass immigration polices. National really ramped it up whrn they launched their study for residency and work while you study schemes. Rockstar economy......pffffft lakeview3 - 2021-03-24 17:01:00 |
| 86 | Now investors can still get the deductions for interest if they build a new house. That does make sense. There is something abhorrent about investors outbidding a family that wants to live in that home. There just is, investors knew that they had all these benefits over and above the homeowner. But. If they build a new home and pay for it to get built then that is different. They are adding to the supply. kamo631 - 2021-03-24 17:10:00 |
| 87 | lakeview3 wrote:
its just the result of years of uncontrolled immigration. We should be more like the Japanese. They are very picky. I have never been comfortable with the mass immigration polices. National really ramped it up whrn they launched their study for residency and work while you study schemes. Rockstar economy......pffffft
The issue with immigration is that it's usually people from developing countries, usually their best and brightest, and the developing countries have a sore need to hang onto their educated, wealthier people. (Their doctors come here and end up driving taxis or similar). Bonkers. apollo11 - 2021-03-24 17:11:00 |
| 88 | apollo11 wrote:
The issue with immigration is that it's usually people from developing countries, usually their best and brightest, and the developing countries have a sore need to hang onto their educated, wealthier people. (Their doctors come here and end up driving taxis or similar). Bonkers. I know. I feel sorry for South Africa - they have lost lots of medical professionals that they have trained. Highly skilled ones. My dentist and a recent doctor were both from South Africa. Their loss our gain. I mean I am happy to have those people obviously but it’s no good for their countrymen/women they left behind. I don’t mind highly skilled people coming here, just not students and not unskilled people and certainly not anyone who has never worked and contributed to this country. A lot have come from India and the Phillipines too. I don’t know why we don’t bond our students who are trained here for a few years, or we should train more. Edited by lakeview3 at 5:26 pm, Wed 24 Mar lakeview3 - 2021-03-24 17:16:00 |
| 89 | kamo631 wrote:
Now investors can still get the deductions for interest if they build a new house. That does make sense. There is something abhorrent about investors outbidding a family that wants to live in that home. There just is, investors knew that they had all these benefits over and above the homeowner. But. If they build a new home and pay for it to get built then that is different. They are adding to the supply.
I'm not sure if we have the capacity to build more homes than we are already doing. The biggest quarry in the Wairarapa is out of builder's mix, and sand is being trucked over the Rimutakas from the Hutt quarries.Good builders here are booked up a couple of years in advance. apollo11 - 2021-03-24 17:17:00 |
| 90 | Okay I wonder all the time when I think of Wellington and areas. Why build there when it is right on the fault line for an earthquake? I mean why build and live there? kamo631 - 2021-03-24 17:23:00 |
| 91 | kamo631 wrote:
Okay I wonder all the time when I think of Wellington and areas. Why build there when it is right on the fault line for an earthquake? I mean why build and live there? I reckon! Mr LV lived there for over 20 years and reckons you couldnt pay him any amount of money to move back! lakeview3 - 2021-03-24 17:27:00 |
| 92 | apollo11 wrote:
I'm not sure if we have the capacity to build more homes than we are already doing. The biggest quarry in the Wairarapa is out of builder's mix, and sand is being trucked over the Rimutakas from the Hutt quarries.Good builders here are booked up a couple of years in advance. I always said we should have used the Canterbury rebuild as an opportunity to train more apprentices. lakeview3 - 2021-03-24 17:28:00 |
| 93 | kamo631 wrote:
Now investors can still get the deductions for interest if they build a new house. That does make sense. There is something abhorrent about investors outbidding a family that wants to live in that home. There just is, investors knew that they had all these benefits over and above the homeowner. But. If they build a new home and pay for it to get built then that is different. They are adding to the supply. Is that a definite? I’m seeing a lot of conflicting info on new builds. We have bought a section and are about to start building (a rental) so would love to know for sure. Edited by wachael1 at 5:33 pm, Wed 24 Mar wachael1 - 2021-03-24 17:33:00 |
| 94 | lakeview3 wrote:
Not that old chestnut. There isn’t a shortage of houses. There are THOUSANDS of homes all over New Zealand that are either empty or used for air bnb. This was never the intention for these houses when they were built. What there IS a shortage of, is over 65s safe low maintenance townhouses. Then these people could move out of their large homes and make them available for a family. There is no shortage of larger family homes in Auckland. Its the 2-3 beds that Investors and First home buyers are competing for.
That's why my Son went for a larger family home to share. for an extra $200K they bought brand new on its own section 5 bed 3 bathrooms. heather902 - 2021-03-24 17:35:00 |
| 95 | kamo631 wrote:
Okay I wonder all the time when I think of Wellington and areas. Why build there when it is right on the fault line for an earthquake? I mean why build and live there?
Um the safest place to live is Invercargill, knock yourself out. apollo11 - 2021-03-24 17:37:00 |
| 96 | And Auckland is built on top of a volcanic zone. Perfectly safe until it's not. apollo11 - 2021-03-24 17:38:00 |
| 97 | here in Whangarei, there is a massive building of new homes in the Tikipunga area, and those homes are $700,000 new. So you can sell your Auckland 1 million dollar homes and buy a new house there. Close to supermarket and all amenities. Nice 3 bedroom houses. kamo631 - 2021-03-24 17:39:00 |
| 98 | apollo I saw a photo of Invercargill all under water back in the 70s kamo631 - 2021-03-24 17:40:00 |
| 99 | kamo631 wrote:
here in Whangarei, there is a massive building of new homes in the Tikipunga area, and those homes are $700,000 new. So you can sell your Auckland 1 million dollar homes and buy a new house there. Close to supermarket and all amenities. Nice 3 bedroom houses. fine if you are retiring. but i think most people living in Auckland are here for the diversity and Job opportunities.. Tikipunga is nice but there isn't really much there. heather902 - 2021-03-24 17:43:00 |
| 100 | kamo631 wrote:
apollo I saw a photo of Invercargill all under water back in the 70s
Christchurch was perceived as very safe- until the earthquakes. apollo11 - 2021-03-24 17:44:00 |
