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  1. #1

    Default Auckland Housing Affordability

    What are all your thoughts regarding housing affordability? How could Government intervene with property market successfully without adversely effecting housing throughout the rest of NZ?

  2. #2
    Join Date
    Sep 2013
    Location
    Auckland
    Posts
    3,885

    Default

    My view is the government's hands are tied on this one.

    Capitalism and markets are not something the government should interfere lightly.

    Simple answer is you can't.

    They could increase the LVR requirement for Auckland properties, this will slow the market down even further, but first home buyers will be shut out even more!

  3. #3
    Join Date
    Sep 2008
    Location
    Tauranga
    Posts
    1,518

    Default

    Well they can't to unaffordable as they are being sold and banks don't lend without reasonable security.
    If ya don't earn enough then ya can't afford one. Go renting. Can't afford that then move to somewhere that is affordable and get a life.

  4. #4
    Join Date
    Apr 2004
    Location
    Auckland
    Posts
    1,896

    Default

    Capital gains tax is going to make everything cheap as chips.
    Keeping my eye on some down Paritai drive - just have to beat HNZ to them!


    (with his tongue in his cheek).
    The three most harmful addictions are heroin, carbohydrates and a monthly salary - Fred Wilson.

  5. #5
    Join Date
    Jul 2011
    Location
    Tauranga
    Posts
    2,769

    Default

    They could just tie sale price to inflation ie. after costs you can only add inflation on top - like trying rents to CPI.

    Sorted your welcome.

  6. #6
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    14,832

    Default

    John Key Reminds Aucklanders Of Property Risks
    Hamish Rutherford
    20/10/2014

    Quote Originally Posted by Stuff
    John Key has cautioned Aucklanders against ignoring the risks of
    property investment, tipping that in the coming years supply will
    exceed demand. Today the Prime Minister faced questions over housing
    affordability in New Zealand's largest city, as Auckland council
    confirmed that council valuations had risen by an average of 34 per
    cent since 2011. In some areas, values had risen by almost two thirds
    over the period.

    But Key warned that the situation had been driven by climbing land
    prices and a lack of new supply. The Government has set up new special
    housing areas which have seen 5000 new properties consented, and is
    aiming to build 39,000 new homes in Auckland over the next three years
    under its agreement with Auckland council signed earlier this year.
    Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

  7. #7
    Join Date
    Mar 2007
    Location
    Auckland
    Posts
    3,017

    Default

    Quote Originally Posted by Maccachic View Post
    They could just tie sale price to inflation ie. after costs you can only add inflation on top - like trying rents to CPI.
    So I'll sell you my place for the Government sanctioned price of 700K
    But at the same time you must by my nice new stepladder for another 250K.

  8. #8
    Join Date
    Sep 2007
    Location
    Auckland
    Posts
    8,305

    Default

    Hands up those who think 39,000 houses will be built in the next 3 years in Auckland?

    Or even the country?

    I note also that they've been saying 'over the next 3 years' for well over a year now!!! i.e. it seems to be a continuously rolling 3 years... with aggregating house builds...

    8 years after they started, when they might have managed to build them, they'll go "See we built them in 3 years!"
    Squadly dinky do!

  9. #9
    Join Date
    Jun 2013
    Posts
    2,102

    Default

    Quote Originally Posted by Maccachic View Post
    They could just tie sale price to inflation ie. after costs you can only add inflation on top - like trying rents to CPI.

    Sorted your welcome.
    This has been tried time and again. New York, for example, has rent controls restricting apartment rents to well below what they would be otherwise. Rents for the keys to get into apartments are not restricted, so to get that $100/month apartment, you need to pay $4000/month for the keys.

    NZ tried it with the wage and price freezes in the 80's.

  10. #10

    Default

    I know someone who rents a granny flat for 250 dollar a week, and his daughter goes to the same school as my daughter. He only earns around 40k a year after tax, but still have some money left to save.

    So if people lower their expectations, then it is affordable.


 

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