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  • 16 Years!

    http://www.nzherald.co.nz/business/n...ectid=12009461

    Aucklanders' 16-year savings slog for house deposit: REINZ research

    ...save for 832 weeks, exactly 16 years, in order to have a $134,000 deposit for that property," REINZ said this morning.

    ...Wellingtonians face a more positive situation with it taking 159 weeks (just over three years) to save the $82,000 deposit for a lower-quartile house priced around the $410,000 mark," REINZ said.



    Hold on, so in Auckland their hypothetical "Average" person can save $8,375 per year, but in Wellington they can save $26,800? That cannot be correct. Especially with recent data showing Wellington rents are equivalent to Auckland's.

    Anyone with any insights?
    AAT Accounting Services - Property Specialist - [email protected]
    Fixed price fees and quick knowledgeable service for property investors & traders!

  • #2
    Originally posted by Anthonyacat View Post
    http://www.nzherald.co.nz/business/n...ectid=12009461

    Aucklanders' 16-year savings slog for house deposit: REINZ research

    ...save for 832 weeks, exactly 16 years, in order to have a $134,000 deposit for that property," REINZ said this morning.

    ...Wellingtonians face a more positive situation with it taking 159 weeks (just over three years) to save the $82,000 deposit for a lower-quartile house priced around the $410,000 mark," REINZ said.



    Hold on, so in Auckland their hypothetical "Average" person can save $8,375 per year, but in Wellington they can save $26,800? That cannot be correct. Especially with recent data showing Wellington rents are equivalent to Auckland's.

    Anyone with any insights?
    You're allowed two wives in Wellington.

    Comment


    • #3
      Originally posted by WINZ View Post
      You're allowed two wives in Wellington.
      Wives cost money. Unless you’re renting them out?

      Comment


      • #4
        Originally posted by Anthonyacat View Post
        http://www.nzherald.co.nz/business/n...ectid=12009461

        Aucklanders' 16-year savings slog for house deposit: REINZ research

        ...save for 832 weeks, exactly 16 years, in order to have a $134,000 deposit for that property," REINZ said this morning.

        ...Wellingtonians face a more positive situation with it taking 159 weeks (just over three years) to save the $82,000 deposit for a lower-quartile house priced around the $410,000 mark," REINZ said.



        Hold on, so in Auckland their hypothetical "Average" person can save $8,375 per year, but in Wellington they can save $26,800? That cannot be correct. Especially with recent data showing Wellington rents are equivalent to Auckland's.

        Anyone with any insights?
        That is easier now
        It took me till I was 18 yrs old to have enough saving to buy a house lol

        Comment


        • #5
          Originally posted by Anthonyacat View Post
          Anyone with any insights?
          The author clearly believes that Wellingtonians are amazing savers who can, on average, save $2235 a month versus Jafas who can only manage to save $698

          I guess Gary's "Toughen Up" speech was well fitting for such a poorly researched article...
          www.PropertyMinder.co.nz
          # Property Management
          # Ad Hoc Tenancy Services / Rental Inspections / Terminations and Notices

          Comment


          • #6
            Originally posted by BigDreamer View Post
            The author clearly believes that Wellingtonians are amazing savers who can, on average, save $2235 a month versus Jafas who can only manage to save $698

            I guess Gary's "Toughen Up" speech was well fitting for such a poorly researched article...
            I don't often bother with Herald videos, but I'm certainly not going to listen to Gary harp on again.
            AAT Accounting Services - Property Specialist - [email protected]
            Fixed price fees and quick knowledgeable service for property investors & traders!

            Comment


            • #7
              Originally posted by Anthonyacat View Post
              I don't often bother with Herald videos, but I'm certainly not going to listen to Gary harp on again.
              ........+1

              Comment


              • #8
                Originally posted by BigDreamer View Post
                The author clearly believes that Wellingtonians are amazing savers who can, on average, save $2235 a month versus Jafas who can only manage to save $698
                Could this be the result of to many lattes?

                Comment


                • #9
                  So, if you'd started saving when PropertyTalk began, you'd be just about ready to buy your first home
                  DFTBA

                  Comment


                  • #10
                    Originally posted by BigDreamer View Post
                    The author clearly believes that Wellingtonians are amazing savers who can, on average, save $2235 a month versus Jafas who can only manage to save $698

                    I guess Gary's "Toughen Up" speech was well fitting for such a poorly researched article...
                    The figures are based on an average weekly income, weekly tax payments and average weekly expenses required by couples in our largest city. REINZ then calculated any weekly surplus left over.
                    Obviously Wellingtonians have it much easier - as far as I recall, salaries in Wellington are slightly higher than Auckland, but given the noise in the press about the rental crisis, rents aren't much different. Conclusion is that they are avoiding tax.
                    DFTBA

                    Comment


                    • #11
                      Originally posted by WINZ View Post
                      You're allowed two wives in Wellington.
                      As men still earn more than women it would be the other way around - women are allowed 2 husbands! Double the income - double the savings.

                      cheers,

                      Donna
                      SEARCH PropertyTalk, About PropertyTalk

                      BusinessBlogs - the best business articles are found here

                      Comment


                      • #12
                        Originally posted by Anthonyacat View Post
                        I don't often bother with Herald videos, but I'm certainly not going to listen to Gary harp on again.
                        Originally posted by Don't believe the Hype View Post
                        ........+1
                        He isn't the first and I doubt he will be the last "property sort" who gets a bit cocky and it backfires. Still, I think he just voiced sentiments many here think but aren't foolish enough to say publicly.

                        On that subject, he should take his own advice:
                        http://www.nzherald.co.nz/business/n...ectid=11830730
                        Last edited by PTWhatAGreatForum; 13-03-2018, 06:06 PM.

                        Comment


                        • #13
                          "Instead of buying their first home, perhaps first learn how to save, and appreciate that nothing comes easy and free, without a bit of hard work," Lin said.

                          I wonder if he gets irony. Work hard? Save hard? Nothing comes easy or free... except for a $200k gift for your first house.

                          Easy? Free? Saved himself? Why do I feel a tui coming on?

                          Craig


                          Comment


                          • #14
                            Originally posted by MichaelNZ View Post
                            He isn't the first and I doubt he will be the last "property sort" who gets a bit cocky and it backfires. Still, I think he just voiced sentiments many here think but aren't foolish enough to say publicly.

                            On that subject, he should take his own advice:
                            http://www.nzherald.co.nz/business/n...ectid=11830730

                            A bloke who has never been anywhere near the business end of a weapon, nor a war-zone telling people to join the army. And also telling people off for posting on Facebook during work time when he ran his property investing while working for the council, funny guy....

                            He says he wants people to toughen up, but he could not handle even the mildest of criticism, man.

                            Comment

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