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  1. #1
    Join Date
    Oct 2006
    Location
    Auckland
    Posts
    570

    Default Finance guru looks south after cashing in on housing boom

    An interesting article in todays paper, I wonder if he wants to pay capital gains tax on this sale. ​He was always harping on about how the government needed to slow the housing market down, bet you hes happy they tried and failed now! Talk about the pot calling the kettle black.


    He's the man who predicts whether house prices will rise or fall - so when he put his own home on the market, Bernard Hickey expected a good sale. Property reporter Alanah Eriksen asks the business commentator why he felt it was time to sell.
    So when Auckland house prices started skyrocketing past levels seen in the 2007 boom, he pounced.
    The financial commentator has just sold his family's four-bedroom home in Epsom for more than $1 million, almost $400,000 more than he bought it for seven years ago.

    Source
    Last edited by donna; 26-11-2012 at 02:42 PM. Reason: The source must be present and no more then a sentence or two in text for news items - thanks

  2. #2
    Join Date
    Oct 2008
    Location
    Auckland/Melbourne/ whereever the money is
    Posts
    1,400

    Default

    Oh No No FH Capital gains tax is only for those nasty property investors, not for genuine hard working home owners !!!

    This is the guy who was spouting 30 % drops in house prices, but when i offered to take his place off his hands for $750k back in 2008 & give him the option to buy it back a few years later at "market value" (ie in his expectation he could get it 30% less) he wouldnt have a bar of it !!!!!

    Popularist journalism

  3. #3
    Join Date
    Jan 2004
    Location
    Whangarei
    Posts
    5,867

    Default

    Good time to bring this back out...
    Quote Originally Posted by Bernard Hickey - April 9th 2009
    I am sticking to my forecast for a 30% fall in the REINZ median from its November 2007 peak of NZ$352,000 to around NZ$250,000 within the next couple of years
    http://www.interest.co.nz/news/45193...-indian-summer

  4. #4
    Join Date
    Sep 2008
    Location
    Tauranga
    Posts
    1,539

    Default

    And now of course he is moving to another falling market. Only to sell out again in another say 7 years.

  5. #5
    Join Date
    Feb 2010
    Location
    Dunedin
    Posts
    410

    Default

    This is good new for the New Zealand stock market. I am sure he will follow his own advice and invest his windfall in the stock market as he councils others to do.

  6. #6
    Join Date
    May 2004
    Location
    Bay Of Plenty, NZ
    Posts
    3,604

    Default

    Do as I say, not as I do.

    Bernard Hickey is a populist journalist, not a finance advisor. He should be treated as such.
    Patience is a virtue.

  7. #7
    Join Date
    Jan 2011
    Location
    Christchurch
    Posts
    835

    Default

    He is clearing his mortgage, removing any leverage he has.

  8. #8
    Join Date
    May 2007
    Location
    Hamilton
    Posts
    3,684

    Default

    'finance guru' ?????? If you have a good property, in a good area of Auckland, with good demand, then wouldn't you want to keep it? It would be interesting to see what the property is worth in 10 years, and whether Mr Hickey thinks he made a good decision then!
    Not sure where to start, book a free chat for 5-10 minutes https://cswaikato.co.nz/services-pro...s-hamilton/201
    Ross Barnett - Coombe Smith Property Accountants


  9. #9

    Default

    Quote Originally Posted by Rosco View Post
    'finance guru' ?????? If you have a good property, in a good area of Auckland, with good demand, then wouldn't you want to keep it?
    Good question Rosco.
    Let's assume you had a client in the same position with the same intentions.

    What assumptions would you use WRT capital gain, interest rates, rental yield, rental costs, future tax rules etc , in order to show him it was perhaps a better option to keep it from a financial POV.

    What would be the main risks you made sure he understood ?

  10. #10
    Join Date
    Feb 2004
    Location
    Wellington
    Posts
    2,841

    Default

    I'm with Rosco... I think......

    IMHO a real finance guru would've kept the first house and rented it out while buying a second property in WGTN......I doubt that I would've ever placed that tag on BH though so I guess his current path makes perfect sense.

    Cheers
    Spaceman
    Last edited by spaceman; 25-11-2012 at 09:36 PM.


 

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