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Prices month on month (since peak - approximately 7 months ago):
- National -1.28% (-12.1%)
- National (ex-Auckland) -1.69% (-9.0%)
- Auckland -0.8% (-16.3%)
- Wellington -3.7% (-18.1%)
For what its worth:
i) a place that a friend used to own in Mt Eden in Auckland is down almost 29% from its peak.
ii) a property in Wellington is down 49% from its peak - only 7 months ago.
There’s a growing number of beginning investors we know in there 20’s and 30’s that are having to sell because they can no longer afford the mortgage payments. Add in the non tax deductibility of interest and they were freaking out. These people are not rich by any stretch of the imagination and were just trying to get ahead. A few are having to sell their family home instead of the investment so they don’t get caught with the bright line rules. I would think that this pattern is being repeated across the country.
Prices month on month (since peak - approximately 7 months ago):
- National -1.28% (-12.1%)
- National (ex-Auckland) -1.69% (-9.0%)
- Auckland -0.8% (-16.3%)
- Wellington -3.7% (-18.1%)
For what its worth:
i) a place that a friend used to own in Mt Eden in Auckland is down almost 29% from its peak.
ii) a property in Wellington is down 49% from its peak - only 7 months ago.
Hosking on the radio this morning, "I am not taking any notice of REINZ figures, my mate Tony Alexander said prices will take off this spring"
There’s a growing number of beginning investors we know in there 20’s and 30’s that are having to sell because they can no longer afford the mortgage payments. Add in the non tax deductibility of interest and they were freaking out. These people are not rich by any stretch of the imagination and were just trying to get ahead. A few are having to sell their family home instead of the investment so they don’t get caught with the bright line rules. I would think that this pattern is being repeated across the country.
I have heard from mortgage brokers that investors are now starting to dump their properties, looks like it could be a wave of them coming onto the market. I know of one guy (investor) paying an astronomical amount monthly in interest payments due to bridging finance to stay a float.
There’s a growing number of beginning investors we know in there 20’s and 30’s that are having to sell because they can no longer afford the mortgage payments. Add in the non tax deductibility of interest and they were freaking out. These people are not rich by any stretch of the imagination and were just trying to get ahead. A few are having to sell their family home instead of the investment so they don’t get caught with the bright line rules. I would think that this pattern is being repeated across the country.
I feel sorry for a lot of these younger people especially the young couples who were trying to get ahead in life, but it ultimately comes down to stupidity of them and their idiot parents who helped them into this mess.
I stepped back and watched the stampede going past just shaking my head as I knew what the end game would be for a lot of them..
There’s a growing number of beginning investors we know in there 20’s and 30’s that are having to sell because they can no longer afford the mortgage payments. Add in the non tax deductibility of interest and they were freaking out. These people are not rich by any stretch of the imagination and were just trying to get ahead. A few are having to sell their family home instead of the investment so they don’t get caught with the bright line rules. I would think that this pattern is being repeated across the country.
Agreed but to the late comers, the seasoned can weather the storm, and id say interest rates are on their way down late next year so just a matter of hanging on in there.
Agreed but to the late comers, the seasoned can weather the storm, and id say interest rates are on their way down late next year so just a matter of hanging on in there.
I just increased a couple of rents on a couple of units I own by $60 and $50 out of necessity($5720 per annum I dont need to worry about), my costs have gone up so I increased the rents to suit. So far no push back. You have to do what you need to so that selling is not the option you decide on, the gravy train is not over, was inflation starts rolling around again.
I just increased a couple of rents on a couple of units I own by $60 and $50 out of necessity($5720 per annum I dont need to worry about), my costs have gone up so I increased the rents to suit. So far no push back. You have to do what you need to so that selling is not the option you decide on, the gravy train is not over, was inflation starts rolling around again.
I went to my boss recently, cap in hand asking for a pay rise, as I said, you have to do what you have to do to survive. This government has caused this mess.
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