This message was deleted.

puddleduck00 - 2021-03-24 16:17:00

puddleduck00 wrote:

Justify it how you like. It's the same argument as China buying water rights in third world countries and selling it back to them at a profit. It's not a service, it's turning a human need into a commodity to exploit others.

My neighbours own 9 rentals. But they don't own them - the bank does, and their tenants are paying their loan for them. In buying 9 rentals (not building new homes), they're contributing to the supply problem and therefore pushing first time buyers to be tenants.

you are so right. I have nearby neighbour who owns 5. They are both retired getting the pension. So, likely the people they are renting their houses to are working to pay tax to pay for the pension of the person who owns the house they live in.

lakeview3 - 2021-03-24 16:47:00

"As a landlord I am considering selling my property in 2025 and I know a few other landlords will do this," they say.

Some renters say they're concerned that if rents do rise, they won't be able to buy a house.

On whether this plan would increase rents, she said the Government is incentivising people to build new homes since the changes to the bright-line test and interest deductibility don't apply to this.

"My rent increased by $50 / week after the [COVID-19] rent freeze. Due to this I have no doubt it's going to go up again. How am I supposed to get ahead?" one says.

"If my rent increases then I have no chance of affording a house. How does this help?" another says.

aklreels - 2021-03-25 06:06:00

It ends on 31 March and while most of the mortgages that were on the programme had moved off of it, data from the credit reporting firm Centrix shows there were still about 3800 mortgages in deferral throughout the country.
"There is still a number of mortgages still on payment deferral scheme in Queenstown and other areas affected by the tourism downturn."

Government housing policy creates economic uncertainty, driving down NZ rates and NZD which is down 2.3% in last 24 hours. Oil prices down over 6% on concerns extended European lockdowns will curb demand

The NZD has been whacked and NZ rates headed lower after the government announced a range of supply and demand side policy measures designed to attack excess house price inflation and tilt the playing field away from investors and to first home buyers.

Edited by aklreels at 6:20 am, Thu 25 Mar

aklreels - 2021-03-25 06:19:00

Online Auctions
I can see that there are no bids for some properties, others did not meet reserve and the remainder with active bids. But cannot make a conclusion whether house prices have declined/ unchanged or increased.

aklreels - 2021-03-25 15:47:00

aklreels wrote:

Online Auctions
I can see that there are no bids for some properties, others did not meet reserve and the remainder with active bids. But cannot make a conclusion whether house prices have declined/ unchanged or increased.

What online property auctions are you talking about?

sparkychap - 2021-03-25 19:22:00

sparkychap wrote:

What online property auctions are you talking about?

Barfoot and Thompson, live auctions in their website.

aklreels - 2021-03-25 20:22:00

aklreels wrote:

Barfoot and Thompson, live auctions in their website.

Awesome thanks. I used to wander in and eat my lunch whilst watching the auctions on Shorty Street. Guess the online experience won't let you see the agents pressuring the vendors into lowering their reserves to try and get the bids rolling.

sparkychap - 2021-03-25 20:24:00

Buyers and vendors unfazed by new housing rules, says real estate agency
Higher house price caps would have helped only a few hundred first home buyers
New-build housing will help next generation of first homebuyers – not this one
Landlords lifted rents despite drop in mortgage interest rates, huge capital gains

aklreels - 2021-03-27 08:32:00

The sales rates at Barfoot & Thompson's auctions ranged from 48% on the North Shore to 83% in Franklin last week
Inflation is coming, which could mean higher interest rates - expert
$500m-$1b more tax: How much new rental property rules could bring in

"We’re looking into what this will mean for our current mortgage book which at the moment is flowing to about 70% owner-occupiers and 30% investors."

Since ANZ introduced a requirement for investors to have a 40% deposit late last year, Watson says the number of investor applications has declined.

"Our growth [in] home lending volumes is still very strong, which means the country still has a demand and supply issue," Watson says.

aklreels - 2021-03-27 08:44:00

House prices are still rising but the market is "past its peak" and mortgage interest rates will rise, Westpac chief economist Dominick Stephens said today.

In his latest Home Truths analysis, he also says Auckland house-building is catching up with demand and the shortage will be zero by 2028.

Smith said he expected the changes to slow house price growth but not cause an outright fall. But even a 20 per cent drop in house prices would only take the median back to where it was a year ago.

The Reserve Bank will report back in May on the potential introduction of debt-to-income ratios and limits on interest-only lending, which could make a significant difference to investor activity.

Economist Shamubeel Eaqub agreed that prices were unlikely to fall. The deductibility change would only affect investors “at the margin”, he said. People with less than 80 per cent gearing would not suffer.

Eaqub said it was a continuation of changes in the rental market over recent years. “All of these things are accumulating – the changes are fairly incremental and tactical while the Government is trying to sort the Resource Management Act. This buys them a bit of time to do things.”

Westpac has estimated that removing deductibility could mean house prices settled about 10 per cent lower over the long term than they otherwise would be.

aklreels - 2021-03-27 08:59:00

Duncan Garner, AM show

Where was the advice? This seems naive at best, plain dumb at its worst.

So, Labour will stop landlords claiming back the interest they pay on their mortgages. It'll cost landlords thousands of dollars every year.

A landlord I know well who has more than 40 rentals across Auckland wrote to me last night.

"Hey mate, how are you? See the new housing rules?" he said. "Last week I put my rent up by 8-10 percent and none of my tenants blinked.

"I'm still renting them at below market rates but I'm going to put my rent up by $135 dollars per week per property next year. I'm going to pass the new tax to the tenants.

"I'm building another 15 units this year. The rental market is hot. Anyway that's my small moaning session, let's do lunch."

Now if that's an indication of the reaction across the sector then surely the Government would have known beforehand? Surely they're not that naive that this is a surprise to them?

Did Sean Hannity invest in rentals?

aklreels - 2021-03-27 09:14:00

Even if supply rises towards demand there is still the problem of first home buyers unable to buy. If they can't put a deposit together now, and then meet bank serviceability, how will they do so in the future, especially if interest rates creep up.

One option is to extend the First Home Loan scheme - 5% deposit, a deal with some banks for a government underwrite, some other conditions. The underwrite could loosen serviceability in theory, but in practice defaults are a major hassle for lenders. Not to mention for taxpayers covering the underwrite.

932 of these settled in 2019/2020.

There is also the $400 million Progressive Home Ownership Fund. And first home grants.

So a fair bit of taxpayer help already, so why are more FHBs not stepping up? How will a supply increase and / or a bit of a drop in prices (maybe) change the equation?

artemis - 2021-03-27 09:27:00

The big problem with the supply of housing is tax. Tax just takes all the incentive out of it. That and the consent process.

flashman5 - 2021-03-27 11:49:00

Economists, in 2020.
In an ASB Home Economics publication, following release of red-hot September housing figures by REINZ on Tuesday, ASB senior economist Mike Jones now pegs the shortage of houses in this country, due to our "longrunning residential construction under-build" at between 60,000 and 65,000.

"Getting a precise estimate on this sort of stuff is impossible due to data quality issues. But our larger housing shortage estimates reconcile more readily with the sheer strength in housing activity and prices we’re witnessing now," he says.

Jarrod Kerr and Jeremy Couchman, Kiwibank economists said: "This time last year we showed a shortage of 100,000 homes across New Zealand. Our population growth has outstripped housing supply again. We're now short 130,000 homes."

REINZ in Jan 2021
The total number of properties available for sale in New Zealand decreased by -29.1% in December to 12,932 – the lowest level of inventory ever. This was down from 18,230 in December 2019 – a decrease of 5,298 properties compared to 12 months ago. Additionally, every region – except Auckland and Gisborne - had their lowest levels of inventory ever.

From the internet
New Zealand has a housing shortage that’s seen demand outstrip supply for many years. Prices have doubled in some areas over the past decade, cementing the perception that property investment is a safe bet.

And we have an absolute truth, a housing shortage. Really?

Edited by aklreels at 7:43 am, Sun 28 Mar

aklreels - 2021-03-28 07:42:00

Property investors
It is Malavalli’s only investment property and he used equity on his family home, plus savings, to buy the two-bedroom house. He had pushed his finances to the maximum to purchase it and it was supposed to be a nest egg for retirement.

But the deductibility change meant the costs he had expected to be paying on his new investment were set to go from an extra $400 a month to $840 a month.

Veteran Hawke’s Bay investor Graeme Fowler, who owns 80 properties, said while the extension of the bright-line test to 10 years shouldn’t affect long-term investors at all, the deductibility change would have a big impact.
Fowler said he would have to pay about $65,000 per annum extra tax a year in another four years’ time, but the fact the change would be phased would give him time to assess his options.

“Maybe it will mean just paying the extra, or it could be reducing residential lending down and putting it into commercial property which has better yields anyway, or even just selling down enough properties to be debt free.”

aklreels - 2021-03-28 07:50:00

Timber shortage: Commerce Commission seeks explanation after Carter Holt Harvey abruptly cuts supplies
Builders warn customers to expect delays as timber shortage hits New Zealand
Calls for Govt to rule out any form of rent control - Opposition
In media interviews over the weekend, Robertson did not rule out caps on rent hikes, telling Newshub Nation that while it wasn't "on the agenda, [they would] keep an eye on what happens".
He also said it was not on the agenda because he did not believe rents would spike.
Regardless, National leader Judith Collins said "the Government should have ruled out absolutely any suggestion of rent controls".
Housing Minister Megan Woods will correct the record after misleading Parliament by telling National MP Nicola Willis to read-up on documents that haven't been published.
Willis, National's housing spokesperson, criticised the Government last week for producing a "one page back-of-the envelope" fact-sheet on its $3.8 billion Housing Acceleration Fund.

aklreels - 2021-03-30 08:27:00

CGT wasn't on the agenda either - but there ya go.
A new tax on rent wasn't on the agenda either - but there ya go.
Honest and open government was on the agenda - but oops.

Edited by pcle at 8:39 am, Tue 30 Mar

pcle - 2021-03-30 08:39:00

Kiwibank economists say momentum in the housing market will see price growth to peak at 25 per cent by mid-year.

Growth should cool after that, but by the end of the year, house prices would still be in “double-digit” territory, the bank’s team of economists, headed by Jarrod Kerr, said in an economic note published Monday.

Kiwibank’s forecast came despite Government efforts to tackle the rampant housing market, including scrapping interest deductibility for investors and an extension of the bright-line test– which Kiwibank called a “stealth capital gains tax”.

“We don’t believe the new measures are likely to have an immediate cooling effect on house price growth,” Kerr said in the note.

“We are forecasting annual house price growth will peak at 25 per cent across the country in the June quarter. And house price growth is still expected to remain in double-digit territory by the end of 2021, eroding some of the changes made to help first-home buyers.”

Hmm lets see if they are right.
By July we'll know whether house price growth had peaked.
And in January, we'll have the statistics. They say double digit growth, i.e 10 % and above, from 1/1/21 to 31/12/21 or from 1/10/21 to 31/12/21?
I'll wager $1 that they are wrong on this year-on-year growth, or a quarterly growth.

aklreels - 2021-03-30 10:31:00

Talk like that turns FOMO into TOMO (terror of missing out).

apollo11 - 2021-03-30 11:06:00

I've seen it first hand, houseless/ landless friends who are desperate and irrational. People who are mid-panic make terrible financial decisions.

apollo11 - 2021-03-30 11:11:00

Live Auctions, Barfoot and Thompson
Yesterday 30/3/21.
Long Bay 7 out of 7 sold.
Highbrook 6 out of 20 sold
Highbrook 7 out of 17 sold
Central 17 out of 32 sold
Highbrook 13 out of 24 sold

Edited by aklreels at 8:53 am, Wed 31 Mar

aklreels - 2021-03-31 08:53:00

Live auctions, Residential, Barfoot and Thompson, 31/3/21
Long Bay 3 out of 4 sold
Pukekohe 10 out of 15 sold
Central 17 out of 30 sold
Central 16 out of 24 sold
Central 10 out of 15 sold

Sales rate is about 62% in August last year, and the high for 2020 is about 79%.

A few auctions were withdrawn on auction day.

From the internet

Barfoot & Thompson managing director Peter Thompson said there might be some better indications of how market activity would be affected in a couple of weeks’ time.
But it wouldn’t be until May or even June that any house price effect would be evident, he said. March was traditionally the busiest month of the year and a bumper month which was likely to flow through to April.

“In terms of market activity over the recent weekend, the feedback we’ve had from agents has been very mixed, with some areas quieter than usual and others very active.”

At their auctions last week, about 60 to 65 per cent of properties sold under the hammer, which was down from the 80 to 85 per cent recorded recently, but properties had sold in the hours after auction, he said.

“That suggests that it is vendors who are going to have to start readjusting their expectations and getting more realistic about prices.”

In terms of listings, their data suggested a slight fall-off, Thompson said. “But over recent months, they have been on a slightly falling scale anyway, so it’s simply too early to tell.”

Notes
I can see more listings and open homes now, and none of the overcrowded open homes of January.

aklreels - 2021-04-01 08:07:00

According to the last census, there were more than 39,000 unoccupied dwellings in the greater Auckland area alone, a near 18 per cent increase in five years. That figure is higher than far bigger global cities. London, with a population of 9 million, has 25,000 empty homes, according to UK government data.
The problem isn't confined to Auckland. A total of 196,506 homes were left unoccupied across the country at the 2018 census, according to Stats NZ. The figure includes homes with no current occupants, unoccupied properties being renovated, baches, and holiday homes. Empty new-builds and homes that aren't up to government rental standards will also make up some of the total.

Our cliche- a housing shortage in NZ, it is used when house price rise, by bank economists, REINZ, tv talk hosts and property investors. And many kiwi believers from all walks of life, borrow to the hilt, to buy and keep.

aklreels - 2021-04-03 10:02:00

aklreels wrote:

According to the last census, there were more than 39,000 unoccupied dwellings in the greater Auckland area alone, a near 18 per cent increase in five years. That figure is higher than far bigger global cities. London, with a population of 9 million, has 25,000 empty homes, according to UK government data.
The problem isn't confined to Auckland. A total of 196,506 homes were left unoccupied across the country at the 2018 census, according to Stats NZ. The figure includes homes with no current occupants, unoccupied properties being renovated, baches, and holiday homes. Empty new-builds and homes that aren't up to government rental standards will also make up some of the total.

Our cliche- a housing shortage in NZ, it is used when house price rise, by bank economists, REINZ, tv talk hosts and property investors. And many kiwi believers from all walks of life, borrow to the hilt, to buy and keep.

As noted, plenty of reasons why properties are classed as unoccupied, including simply where the Census people can't get a response. Auckland apartments were a particular challenge here due to access issues. Being "unoccupied" here is not the same as being available for someone to live in.

sparkychap - 2021-04-03 10:29:00

https://i.stuff.co.nz/life-style/homed/real-estate/124723246
/woman-forced-to-leave-auckland-faces-5k-bill-for-rented-fam
ily-home

What a mess.
How more incompetent can our glorious leaders get?

pcle - 2021-04-03 15:25:00

aklreels wrote:

According to the last census, there were more than 39,000 unoccupied dwellings in the greater Auckland area

That's about 3% of the total, not an unreasonable number because some would be between buyers/ tenants, under repair/ renovation, awaiting demolition, or uninhabitable. Plus some who just weren't home or refused to fill in the census form.
This number will increase with older rentals being taken off the market as they cannot comply with the new standards.
So what's the problem?

masturbidder - 2021-04-03 16:13:00

pcle wrote:

https://i.stuff.co.nz/life-style/homed/real-esta
te/124723246/woman-forced-to-leave-auckland-faces-5k-bill-fo
r-rented-family-home

What a mess.
How more incompetent can our glorious leaders get?

If enough people broke out the crayons and told their stories to Ms Ardern, there could be a captain's call coming right up.

artemis - 2021-04-03 16:50:00

aklreels wrote:

According to the last census, there were more than 39,000 unoccupied dwellings in the greater Auckland area alone, a near 18 per cent increase in five years. That figure is higher than far bigger global cities. London, with a population of 9 million, has 25,000 empty homes, according to UK government data.....

Currently there are some 5,400 rentals advertised on Trademe, just one of the places rentals are advertised. They are empty or soon will be. That's not enough to house all those on the social housing waiting list (over 8,000 in Auckland) but it would make a serious dent. So why aren't they putting best foot forward and applying?

Start with those in emergency housing, guarantee part of the rent, still a lot cheaper than motel rates.

artemis - 2021-04-03 17:06:00

This message was deleted.

kittycatkin - 2021-04-03 18:18:00

The member deleted this message.

kittycatkin - 2021-04-03 18:22:00

This message was deleted.

kittycatkin - 2021-04-03 18:26:00

kittycatkin wrote:

Not much, that's some comfort.

It's hardly possible for them to be more incompetent.

These houses ARE the family home if the people don't buy another one and intend to come back to it. This anomaly is insane.

And if they come back to they won't have any income tax to pay, will they?

sparkychap - 2021-04-03 19:46:00

Seems to me lots of people don't understand these changes are not immediate, and what's more are phased in gradually over the next few years....

Unnecessary panic much?

oh_hunnihunni - 2021-04-03 20:17:00

oh_hunnihunni wrote:

Seems to me lots of people don't understand these changes are not immediate, and what's more are phased in gradually over the next few years....

Unnecessary panic much?

Still, when fully implemented, my costs have risen $115/wk.

More if interest rises.

That is without any other added costs rising!

Edited by smallwoods at 10:12 pm, Sat 3 Apr

smallwoods - 2021-04-03 22:12:00

artemis wrote:

Currently there are some 5,400 rentals advertised on Trademe, just one of the places rentals are advertised. They are empty or soon will be. That's not enough to house all those on the social housing waiting list (over 8,000 in Auckland) but it would make a serious dent. So why aren't they putting best foot forward and applying?

Start with those in emergency housing, guarantee part of the rent, still a lot cheaper than motel rates.

Perhaps the rentals are being advertised because the renters can't afford the rent, so they are being kicked out and will swell the ranks of the homeless by another 10 000.

apollo11 - 2021-04-03 22:20:00

sparkychap wrote:

And if they come back to they won't have any income tax to pay, will they?

They might, and probably not trivial either. Depends on the dates purchased and sold, and rules are more complex if purchased after 26 March.

artemis - 2021-04-04 06:46:00

oh_hunnihunni wrote:

Seems to me lots of people don't understand these changes are not immediate, and what's more are phased in gradually over the next few years....
Unnecessary panic much?

There is a fundamental tax principle about profit taxed not revenue and the government has stepped onto a very slippery slope. Several property accountants have done the calculations, including the grossed up income landlords would have to replace from somewhere to cover the new tax bill. It's not just the tax to be paid.

Not to worry, tenants will pay. And even if landlords don't need to replace income they can and will increase their rents as market rents rise.

artemis - 2021-04-04 07:05:00

???? ???? ???? I wonder what the next rabbit out of the hat will be?

???? I reckon they’ll be wanting to apply this crazy plan to other businesses to keep it a level playing field... After all is said and done, isn’t the IRD slogan “it’s our job to be fair”?

lovelurking - 2021-04-04 07:54:00

artemis wrote:

They might, and probably not trivial either. Depends on the dates purchased and sold, and rules are more complex if purchased after 26 March.

And yet she's been away from there for 2 years and is subdividing it to create equity to buy another house, presumably in her new town. So I'm struggling to find any sympathy that it's her "main home".

sparkychap - 2021-04-04 08:09:00

smallwoods wrote:

Still, when fully implemented, my costs have risen $115/wk.

More if interest rises.

That is without any other added costs rising!

And none of that $115 goes to the owner. It’s just a straight tax grab. Rent will be $500pw plus $115 tax.

pcle - 2021-04-04 09:03:00

Cherry picked from the internet
"Over the month Australian dwelling values rose 2.8 per cent," says Eliza Owen, CoreLogic's head of Australian research.
Eliza Owen says a shortage of homes for sale on the market and strong buyer demand is fuelling soaring prices.
"That's the highest growth rate we've seen since October 1988 and it's pushed values higher 6.2 per cent over the year."

But if you think Australia's property market is red hot, try heading across the ditch.

Since the COVID pandemic hit home a year ago, prices in New Zealand are up more than 20 per cent, and around 25 per cent in its biggest city, Auckland.
So now the Labour government has taken matters into its own hands, with sweeping changes to New Zealand's property taxes for investors.
"It is fundamentally changing the equations and the mathematics of investing in the property market for a lot of Kiwis."
The Ardern government's changes are much more dramatic than the proposals Australia's Labor Party took to the last federal election.

It is hard to imagine anyone moving to Australia for better housing affordability.

Let alone anyone moving across the ditch from New Zealand, which has become a haven from the coronavirus pandemic this past year.

But that’s exactly what experts think could happen, with sharp property prices in New Zealand making Australia — in the midst of its own rapid market rebound — seem like a more affordable option.

aklreels - 2021-04-05 17:06:00

That was at a four-bedroom house on sale for $969,000.

Its young owners bought it for $740,000 in 2019 as first-home buyers, and now hoped to capitalise on its appeal with investors and owner-occupiers to sell and upgrade.

A first home buyer can turn into an investor, and after selling becomes like a FHB, looking for the next home.

aklreels - 2021-04-05 17:17:00

From the internet
Last year, as thousands of New Zealanders lost their jobs amid the Covid-19 pandemic, real estate agent Shane Robinson – who is based in the country’s seventh-biggest city, Dunedin – was busier than ever.
“It was completely unprecedented. I’ve been in the industry for 15 years and I’d never seen anything like this. The housing market obviously dipped when we first went into lockdown [in March last year], but it came back so much faster than it went down [after the country was declared free of Covid-19 in June] and has grown exponentially ever since,” Robinson said.
“A few years ago, if you bought a property and sold it in the next three years, you’d done well if you broke even. Now, we’re seeing that you can buy a property and sell it six weeks later and make NZ$30,000 (US$21,100). It’s very much a seller’s market.”

It isn’t just Dunedin feeling the heat – the housing market is on fire all across New Zealand. But while there has been anger in the past over foreign buyers who were seen as driving prices up, real estate agents speaking to This Week in Asia say local demand has led the surge, thanks to ultra-low interest rates, a rapid recovery from the pandemic, and cashed-up Kiwis wanting to invest because they cannot travel.

Returning New Zealanders and wealthy investors have capitalised on the situation, contributing to house prices jumping 23 per cent in the past 12 months, far ahead of wage growth.

Robinson said a lot of the demand was coming from New Zealanders who are buying another house but not selling their original property. “They’ve got such good equity on their original home that they’re basically saying, ‘We’ll hang on to this and use it as a rental’. So, we’re not seeing new homes come onto the market, while those that are available are disappearing very quickly.”

Diego Traglia, a real estate agent in Auckland – New Zealand’s largest city, and the fourth least affordable housing market in the world – said much of his clientele over the past 12 months had been investors or those who owned multiple properties. In the past two months, one in every three loans approved for Auckland home purchases had gone to investors, while in the fourth quarter of last year, 40 per cent of all property sales in the city were to people who owned multiple properties.
Traglia said while he had sold a few properties to investors overseas who were trying to offload funds, this was not a common scenario. “If you’re not a Kiwi, or don’t have residency, you just don’t buy in New Zealand,” he said

It was the foreign buyers, new immigrants and....
then it was a lack of new housing... that could never ever be sorted by National or Labour.
"Cliches".

It is your fellow residents. Or legal $ flowing in from Australia (returning kiwis).

What if a rich family bought all the water in your precinct.
Or a king can have a thousand wives.

Edited by aklreels at 8:08 am, Tue 6 Apr

aklreels - 2021-04-06 08:07:00

Opoly wants to level the playing field for people priced out of the housing market, and attract a new wave of investors who will buy shares in a property, rather than the whole thing.

"It's not the same as owning an entire property yourself, but it's a way to grow your savings with the property market; to get a foot on the ladder and not be left behind by increasing house prices," says founder and CEO Felix Watkins

An investment vehicle, dependent on ever rising house prices.

aklreels - 2021-04-06 08:23:00

Opoly wants to level the playing field for people priced out of the housing market, and attract a new wave of investors who will buy shares in a property, rather than the whole thing.

"It's not the same as owning an entire property yourself, but it's a way to grow your savings with the property market; to get a foot on the ladder and not be left behind by increasing house prices," says founder and CEO Felix Watkins

An investment vehicle, dependent on ever rising house prices.

aklreels - 2021-04-06 08:27:00

“The last thing home owners need right now is a dangerous housing bubble, but a number of indicators point towards that risk,” Ardern told a news conference. “Property investors are now the biggest share of buyers, with the highest amount of purchases on record. Last year, 15,000 people bought homes who already owned five or more.”

Is it right to say that 15,000 houses were taken off the market by investors.
And if these investors just kept two each, at least another 45,000 could be made available to the market.

Bank economists often present reports on rising house prices and quote a shortage of housing. And don't reveal their methodology. Investors are well supported and have a strong voice in the media. Together with the Opposition, rents will rise is the catch phrase.

aklreels - 2021-04-06 08:41:00

aklreels wrote:

“The last thing home owners need right now is a dangerous housing bubble, but a number of indicators point towards that risk,” Ardern told a news conference. “Property investors are now the biggest share of buyers, with the highest amount of purchases on record. Last year, 15,000 people bought homes who already owned five or more.”

Is it right to say that 15,000 houses were taken off the market by investors.
And if these investors just kept two each, at least another 45,000 could be made available to the market.

Bank economists often present reports on rising house prices and quote a shortage of housing. And don't reveal their methodology. Investors are well supported and have a strong voice in the media. Together with the Opposition, rents will rise is the catch phrase.

They should do that with toilet rolls too. Maximum two each. That would solve the hording issue. And have us all lining up for groceries, impoverished like New Venezuela.

pcle - 2021-04-06 08:46:00

There are a massive amount of people who just cannot and never will be able to be home owners - they need rentals but this government keeps making it so unattractive to be a landlord there will always be a rental shortage.

sellontrademe - 2021-04-06 09:11:00

It's a good thing that cashed up investors with 5 or more properties are buying more. The rules around rentals are now so complex (not to mention costly, subject to interpretation and in some cases ridiculous) that the pros are the best to own more. Of course, being pros they know precisely how often and how much to increase rents.

artemis - 2021-04-06 11:01:00