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  • No need for Debt To Income

    Hi All,

    An interesting read in NZH re. property sales decline by 30% and it's affecting first time buyers and investors needing loans. 1000 less investors who needed loans purchased a property in April/May this year compared to the same time in 2016 - and 480 less homes were purchased by FHB. 800 existing home owners put off moving.

    8117 properties sold Apr/May 2016 vs 5736 in Apr/May 2017

    source

    "Cash buyers purchasing property in New Zealand from overseas or new migrants moving with cash reserves often have the advantage over New Zealanders of higher foreign currency exchange and they are not impacted by the lending restrictions."
    How do you stop the cash buyers?

    cheers,

    Donna
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  • #2
    Why do you want to?

    In Aus they have a rule where you need to build new.
    Free online Property Investment Course from iFindProperty, a residential investment property agency.

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    • #3
      I don't want to However it could win party votes if spun that the cash buyers are speculators pushing up prices in the lower quartile where the FHB's hang out.

      So I'm wondering what's next to catch them out.

      cheers,

      donna
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      • #4
        It would need a huge change in legislation to restrict foreign ownership including a time limit on when new migrants could purchase. This is where the whole LVR and proposed DTI rules fall down. The root cause of the issue is supply and with each party saying they will build more I'd just love to know how. Current levels of building are only just being sustained and Auckland is moving backwards by over 600 dwellings...a month!
        www.ilender.co.nz
        Financial Paramedics

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        • #5
          And the properties coming online are questionable due to poor quality imported building materials....source . It will be interesting to see how NZ can avoid a leaky home scenario esp. if the Gov't focus is 'just get them built' so we look good!

          Below-standard products included window, shower and balustrade glass, PVC piping for internal and external drainage, claddings, electrical wiring, taps and plumbing fittings and aluminium framing.
          Master Plumbers chairman Craig Foley said in May that his group was lobbying the Government to start policing standards, as Australia had done."You get cheap PVC pipes coming in which has supposed standard stamped on them, but it's just a stamp the manufacturer put on it," Foley said.
          "I had one and when I held it up to the light, I could see through it because it had air pockets in it."
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          • #6
            Is this not just another example of the law of unintended consequences? Something that almost always haunts governments ever hell-bent on fixing symptoms, instead of causes.

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            • #7
              As I keep saying, will Little/Adern/Turei/Peters actually pick up a hammer?

              And if not, who will?

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              • #8
                Curbing demand especially in Auckland is not going to work esp. now we've won the America's cup. Auckland's top end property will see a rise in sales over the coming years. It's going to be interesting - plus isn't the RBNZ Governor leaving soon?

                cheers,

                Donna
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                BusinessBlogs - the best business articles are found here

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                • #9
                  Originally posted by flyernzl View Post
                  As I keep saying, will Little/Adern/Turei/Peters actually pick up a hammer?

                  And if not, who will?
                  Certainly not kiwi guys taking up a building apprenticeship. Why would they, Goofy Goff wants to make builders responsible for defects in houses so kiss goodbye to homegrown chippies. Bring in the rough carpenters from the Philippines again. They are about as good as those pollies on the end of a hammer.

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