Well, when I decided to settle down, my net worth was very little, but we agreed that yes three years was about a fair time, my wife to be kept working as a nurse and lived with her parents, I went off and worked for a foreign company, away for 8 or 9 months at a time, took some terrible chances, West Africa without the proper travel documents is a bit iffy.

In 3 years we had saved a 50% deposit and enough for all new furniture throughout a detached house.

Would people do that today, I really doubt it.

The last job I did on the way to the airport got held up at a roadblock and a automatic rifle stuck in the window, luckily the guy that was charged with getting me to the airport had a stack of american dollars, have a nice day.

If you want something badly enough you will find a way to acheive it.

kenw1 - 2021-08-07 20:36:00

kenw1 wrote:

Well, when I decided to settle down, my net worth was very little, but we agreed that yes three years was about a fair time, my wife to be kept working as a nurse and lived with her parents, I went off and worked for a foreign company, away for 8 or 9 months at a time, took some terrible chances, West Africa without the proper travel documents is a bit iffy.

In 3 years we had saved a 50% deposit and enough for all new furniture throughout a detached house.

Would people do that today, I really doubt it.

The last job I did on the way to the airport got held up at a roadblock and a automatic rifle stuck in the window, luckily the guy that was charged with getting me to the airport had a stack of american dollars, have a nice day.

If you want something badly enough you will find a way to acheive it.

why don’t you put things in context by telling us how much your first house cost and what year this was. Also please consider the fact your wife , having trained as a nurse, would have had all her training, accommodation, and an allowance paid for, unlike a nurse today who ends up with a student debt.

lakeview3 - 2021-08-07 21:03:00

heather902 wrote:

This is why it is so pointless comparing housing affordability with generations who typically did buy houses before starting a family, who perhaps stayed together more often till kids were older regardless… not saying people should but it’s unrealistic to think you can restart home ownership as single later in life.
And personally I think three years is realistic in today’s market to save a deposit for two people . Live on one salary save the other. We could easily save a house deposit in Auckland in 3 years

But the problem is, after those 3 years, the growth in house prices has outgrown the amount of savings one has.

tohwe - 2021-08-07 21:04:00

"Two New Zealands" is a bit confusing.
Maybe we should call one of them Aotearoa then anyone unhappy with living in this one could go there.
But I'm happy to stay in NZ.

masturbidder - 2021-08-07 21:09:00

hound31 wrote:

Why should they? I've worked my butt off over the years to own a home. My first (starter) was an apartment and they would have to drag my cold dead body into one before I'd repeat that experience.
People need to lower their expectations a bit. There are quite a few stories about people that have bought their own homes, but they never seem to make it on here.
I get heartily sick of my generation being slammed for being "greedy". I worked in blue collar minimum pay jobs, walked to work to save travel payments and paid something like 20% mortgage interest payments at one stage. When my washing machine and oven died at the same time, I washed stuff in the bath for six months and cooked in the electric frypan and microwave till I could replace both. I didn't want and still don't have an ensuite . People have to make compromises when they are younger and they will get there. Whether it's facing a long commute, sharing their home or settling for a unit for a start.

I never said you were greedy hound. My comment about the apartments was in response to someone suggesting the young buy an apartment. Surely people who are going to have small children are better off in houses with gardens and people who no longer need large properties should be able to downsize IF THEY WISH. It’s crazy that all the workers providing services for all the people who live inner city are the ones doing it tough, commuting, living in poverty, farming any kids they have out to daycare because they both need to work. It’s madness.

If people can’t see how wrong everything has got then that’s a real shame.

lakeview3 - 2021-08-07 21:11:00

tohwe wrote:

But the problem is, after those 3 years, the growth in house prices has outgrown the amount of savings one has.

no point in trying to talk sense to some of these people. It’s a wasted effort. I hear where you are coming from FWIW.

lakeview3 - 2021-08-07 21:12:00

tohwe wrote:

There is a growing number of people being locked out of the property market – and what that means in the long term

https://thespinoff.co.nz/society/the-side-eye/04-08-2021/the
-side-eyes-two-new-zealands-locked-out/

I couldn’t read it sorry, I thought the cartoon style presentation of the story was pathetic and an insult to my intelligence.
I gave up reading that sort of shit after I managed to read “Janet and John OFF TO PLAY” in 1959 all by myself...

lovelurking - 2021-08-07 21:30:00

tohwe wrote:

There is a growing number of people being locked out of the property market – and what that means in the long term

https://thespinoff.co.nz/society/the-side-eye/04-08-2021/the
-side-eyes-two-new-zealands-locked-out/

Wow that was so sad :-(

mazalinas - 2021-08-07 22:31:00

lovelurking wrote:

I couldn’t read it sorry, I thought the cartoon style presentation of the story was pathetic and an insult to my intelligence.
I gave up reading that sort of shit after I managed to read “Janet and John OFF TO PLAY” in 1959 all by myself...

Kia kaha

tohwe - 2021-08-07 23:59:00

masturbidder wrote:

"Two New Zealands" is a bit confusing.
Maybe we should call one of them Aotearoa then anyone unhappy with living in this one could go there.
But I'm happy to stay in NZ.

Judith... is that you?

tohwe - 2021-08-08 00:00:00

annie17111 wrote:

If your son was still with his wife would he had more luck saving for a deposit and buying a house?

You'd think and if she hadn't had a habit of debt probably......but she loved the loan sharks and felt she had no need to contribute her pay to the household. And she dumped him actually, I kept saying he should have dumped her....

I don't know, prices now are crazy, everywhere. Once you could move to the small town and get a cheap house, now they're expensive everywhere.

lythande1 - 2021-08-08 08:23:00

This message was deleted.

gunna-1 - 2021-08-08 08:25:00

gunna-1 wrote:

That means drinking tabasco sauce when you loose and not getting bailed out "Cough cough" 2008 splutter.

Failure must always be an option.

pcle - 2021-08-08 08:49:00

This message was deleted.

gunna-1 - 2021-08-08 08:59:00

This message was deleted.

gunna-1 - 2021-08-08 09:02:00

gunna-1 wrote:

Yes thats how free market capitalism works, even that dodgy nwo b#@stard george bush thinks so, listen to him talk about it, success hand in hand with failure is exactly how it works.

there was nothing free market about giving landlords the tax breaks they enjoyed for far too many years.

lakeview3 - 2021-08-08 09:04:00

lythande1 wrote:

You'd think and if she hadn't had a habit of debt probably......but she loved the loan sharks and felt she had no need to contribute her pay to the household. And she dumped him actually, I kept saying he should have dumped her....

I don't know, prices now are crazy, everywhere. Once you could move to the small town and get a cheap house, now they're expensive everywhere.[/quotes] we moved to a small town 6 yrs ago and bought a cheap house. Now a two bedroom on a small section got sold for a million. It's crazy. Our rates are high, everything in our town is geared towards the people that holiday here so expensive and hard to get a full time job.

annie17111 - 2021-08-08 09:36:00

This message was deleted.

gunna-1 - 2021-08-08 09:43:00

Doesn’t help with kiwi build houses being sold to investors and the government now.

rodeorunch - 2021-08-08 09:46:00

gunna-1 wrote:

Yes thats how free market capitalism works, even that dodgy nwo b#@stard george bush thinks so, listen to him talk about it, success hand in hand with failure is exactly how it works.

Until they fail and then expect the govt (the tax payer) to bail them out. GFC 2008 directly related to free market greed taking exceptional risks in the name of profit.

"Privatise the profits and socialise the losses"

sparkychap - 2021-08-08 10:00:00

gunna-1 wrote:

Yes and i see david Seymour is sticking up for them, we have no one, there is alot of young talent in act but that guy is a wolf in sheeps clothing and not much better than key in my honest opinion.

is he? Oh we are stuffed then.

lakeview3 - 2021-08-08 10:05:00

lakeview3 wrote:

there was nothing free market about giving landlords the tax breaks they enjoyed for far too many years.

Should be the same tax laws for all. Why do businesses get the breaks and workers get shafted?

pcle - 2021-08-08 12:12:00

pcle wrote:

Should be the same tax laws for all. Why do businesses get the breaks and workers get shafted?

mainly because housing (shelter) is one of the necessities for human life and it it’s an appreciating asset. Should never have been allowed in the first place. Businesses usually provide a service or job for others. And no using your age advantage or wealth to snap up all the houses and rent them out to those less fortunate isn’t productive for the country as a whole, as we have now seen. The whole negative gearing thing should never have been allowed nor tax deductions on mortgage interest because Joe Bloggs first home buyer could NEVER compete with that.

lakeview3 - 2021-08-08 12:30:00

tohwe wrote:

But the problem is, after those 3 years, the growth in house prices has outgrown the amount of savings one has.

There is absolutely nothing new in that. The old saying the time to buy was yesterday...sure there are times of slumps and times of rapid growth but it always does slow eventually. I think the market will slow down soon, i've seen some evidence of price reduction locally.

heather902 - 2021-08-08 13:06:00

lakeview3 wrote:

mainly because housing (shelter) is one of the necessities for human life and it it’s an appreciating asset. Should never have been allowed in the first place. Businesses usually provide a service or job for others. And no using your age advantage or wealth to snap up all the houses and rent them out to those less fortunate isn’t productive for the country as a whole, as we have now seen. The whole negative gearing thing should never have been allowed nor tax deductions on mortgage interest because Joe Bloggs first home buyer could NEVER compete with that.

Unlike food. Or power. Or rental cars. Or medical treatment. Or fluffy stuffed animal toys! It's a God given right - apparently.

pcle - 2021-08-08 13:06:00

pcle wrote:

Unlike food. Or power. Or rental cars. Or medical treatment. Or fluffy stuffed animal toys! It's a God given right - apparently.

you can grow your own food, be off the grid and bike everywhere. But you can’t just build a shack any old where….I think you know full well what I mean.

lakeview3 - 2021-08-08 13:09:00

lakeview3 wrote:

you can grow your own food, be off the grid and bike everywhere. But you can’t just build a shack any old where….I think you know full well what I mean.

Nope, haven't got a clue!

I know plenty of "shacks" build all over the place.

So what is the difference, that the poster asked?

smallwoods - 2021-08-08 21:26:00

smallwoods wrote:

Nope, haven't got a clue!

I know plenty of "shacks" build all over the place.

So what is the difference, that the poster asked?

am I living rent free in your head? ????

lakeview3 - 2021-08-08 22:04:00

Businesses usually provide a service or job for others.

This line says it all, That is why rental housing had the same tax situation as any other service. In fact tenants did get a break, they did not have to pay GST.

It makes no difference how or why a rental property is owned, it is an investment, they go up and down and can be subject to horrendous remedial costs.

By the time you take out of the income stream the costs for:
multiple layers of insurance,
local authority charges,
out of pocket costs for non insurance covered damage,
property management functions
it is not such a good investment, it is only the vagaries of the long term property investment that can make it anywhere near worthwhile.

This does not including the cost of money finance, both the cost of borrowing and the use of money factor.

kenw1 - 2021-08-09 07:52:00

How unfair is it that tenants don't pay GST?
I have to pay GST on other essential services and "rights".
Common Robbo - tax 'em!

pcle - 2021-08-09 07:57:00

lakeview3 wrote:

am I living rent free in your head? ????

Nope, no room to move in there!

smallwoods - 2021-08-09 08:15:00

Well, when I was 20 we bought our first home. Just a basic house on bare dirt. Had to put in driveway, fences, letterbox, curtains, couldn't afford carpet so polyurethaned floors ourselves. Now 40 plus years later we own 27 rentals, commercial property, beach house (or two), twice a year holidays around the world and don't even have to work anymore. Ahh, this is the life. (Message added solely for the benefit of the anti boomers) You're welcome.

mulch_king - 2021-08-09 08:18:00

I hate it when you lose track of how many beach homes you have.

sparkychap - 2021-08-09 08:53:00

mulch_king wrote:

Well, when I was 20 we bought our first home. Just a basic house on bare dirt. Had to put in driveway, fences, letterbox, curtains, couldn't afford carpet so polyurethaned floors ourselves. Now 40 plus years later we own 27 rentals, commercial property, beach house (or two), twice a year holidays around the world and don't even have to work anymore. Ahh, this is the life. (Message added solely for the benefit of the anti boomers) You're welcome.

bring on Capital Gains TAX...

tohwe - 2021-08-09 09:26:00

tohwe wrote:

bring on Capital Gains TAX...

I believe there are already property tax implications in place. Anyone who owns a decent-sized property portfolio would be aware of those and understand their obligations.

https://www.myob.com/nz/blog/does-nz-have-capital-gains-tax-
on-property-sales/

Edited by kitty179 at 9:45 am, Mon 9 Aug

kitty179 - 2021-08-09 09:44:00

mulch_king wrote:

Well, when I was 20 we bought our first home. Just a basic house on bare dirt. Had to put in driveway, fences, letterbox, curtains, couldn't afford carpet so polyurethaned floors ourselves. Now 40 plus years later we own 27 rentals, commercial property, beach house (or two), twice a year holidays around the world and don't even have to work anymore. Ahh, this is the life. (Message added solely for the benefit of the anti boomers) You're welcome.

From one boomer to another......good one!

hound31 - 2021-08-09 09:49:00

The good thing about this, is that those who are greedy have decided that instead of owning 5 properties freehold, that they will stack up debt to get 20 properties as interest rates are low and its all geared towards their business expenses... but this is changing, so a few sleepless nights for the greedy

tohwe - 2021-08-09 10:26:00

sparkychap wrote:

I hate it when you lose track of how many beach homes you have.

Too true,
???? Turned out an eccentric multi millionaire had forgotten he owned a house that a bikie group had been living for free in for over 20 years in Invercargill!

???? Another amazing story was of an overseas investor who had no idea that he owned a motel complex in Queenstown...
The lease expired and the tenants didn’t want to renew so they moved out. It sat empty for a couple of years until the neighbours noticed water running down the driveway one winter and got in contact with the owners local representative!
(The water damage from the frozen pipes was so bad the building had to be flattened)

lovelurking - 2021-08-09 10:32:00

tohwe wrote:

The good thing about this, is that those who are greedy have decided that instead of owning 5 properties freehold, that they will stack up debt to get 20 properties as interest rates are low and its all geared towards their business expenses... but this is changing, so a few sleepless nights for the greedy

More sleepless nights for the useless with no cheap rentals available you mean. Enjoy sitting on Cindys waiting list.

pcle - 2021-08-09 12:05:00

mulch_king wrote:

Well, when I was 20 we bought our first home. Just a basic house on bare dirt. Had to put in driveway, fences, letterbox, curtains, couldn't afford carpet so polyurethaned floors ourselves. Now 40 plus years later we own 27 rentals, commercial property, beach house (or two), twice a year holidays around the world and don't even have to work anymore. Ahh, this is the life. (Message added solely for the benefit of the anti boomers) You're welcome.

Can't for the life of me work out why you didn't buy a dairy farm as well, that would have ticked all boxes.

maddie44 - 2021-08-09 12:19:00

maddie44 wrote:

Can't for the life of me work out why you didn't buy a dairy farm as well, that would have ticked all boxes.

Dammit, I knew I had missed something. Off to the markets while rates are low then.

mulch_king - 2021-08-09 13:13:00

What about we have some workable ideas about how 'the Government' can change things so that people with low income can borrow lots of money for a house ... some sort of second tier guarantee list that lower the risk bar low enough for them to be given a mortgage?

karlymouse - 2021-08-09 14:24:00

lakeview3 wrote:

there was nothing free market about giving landlords the tax breaks they enjoyed for far too many years.

What tax breaks? One perhaps is the 'tax break' enjoyed by families with children - which allows them to pay more for rent than they otherwise would.

brouser3 - 2021-08-09 14:41:00

mulch_king wrote:

Dammit, I knew I had missed something. Off to the markets while rates are low then.

Grab a couple of motels in Rotorua and then flick them on to the government for twice the price. Then maybe invest in a security fencing company for when we fence off the town.

sparkychap - 2021-08-09 14:42:00

mulch_king wrote:

Dammit, I knew I had missed something. Off to the markets while rates are low then.

???? No, don’t FFS, ???????? farmers are worse than bluddy property developers. Specially the ???????????????????? ones...

lovelurking - 2021-08-09 14:47:00

karlymouse wrote:

What about we have some workable ideas about how 'the Government' can change things so that people with low income can borrow lots of money for a house ... some sort of second tier guarantee list that lower the risk bar low enough for them to be given a mortgage?

There are already government initiatives for lower income households, with conditions. First Home and Progressive Home Ownership.

Cannot see any possibility that taxpayers would underwrite banks for mortgagors who don't meet their payments or other obligations like rates and insurance. Why on earth should they?

artemis - 2021-08-09 14:57:00

annie17111 wrote:

The first lady in the article could buy a house in Featherston for under $725,000 and then commute for work on the train like so many other people do.

There's a nice house in Featherston on the market at the moment. It's only on for inquiries over $789,000.00. Bargain. 3 bed ,1 bathroom, 110m2 . Another is inquiries over $620,000.00. A few sections too, starting at $400,000.00

Edited by fpress at 3:25 pm, Mon 9 Aug

fpress - 2021-08-09 15:23:00

brouser3 wrote:

What tax breaks? One perhaps is the 'tax break' enjoyed by families with children - which allows them to pay more for rent than they otherwise would.

which one is that? WFF or family benefit that Lange canned? Or do you mean the accommodation supplement introduced by Bolger so that they could subsidise private landlords while selling off state house assets?

lakeview3 - 2021-08-09 16:26:00

fpress wrote:

There's a nice house in Featherston on the market at the moment. It's only on for inquiries over $789,000.00. Bargain. 3 bed ,1 bathroom, 110m2 . Another is inquiries over $620,000.00. A few sections too, starting at $400,000.00

there's also a house there for $400,000 but needs some work.

annie17111 - 2021-08-09 16:29:00

mulch_king wrote:

Well, when I was 20 we bought our first home. Just a basic house on bare dirt. Had to put in driveway, fences, letterbox, curtains, couldn't afford carpet so polyurethaned floors ourselves. Now 40 plus years later we own 27 rentals, commercial property, beach house (or two), twice a year holidays around the world and don't even have to work anymore. Ahh, this is the life. (Message added solely for the benefit of the anti boomers) You're welcome.

thanks for proving OPs point. There really are the haves and the have nots. On the upside you have also demonstrated why it won’t be long before pensions will be asset and income tested.

Sounds like your first house was new too.

What a bonus being born 60 plus years ago huh….your head start has absolutely nothing to do with it (tui billboard)

Edited by lakeview3 at 4:33 pm, Mon 9 Aug

lakeview3 - 2021-08-09 16:29:00