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Thread: 16 Years!

  1. #1
    Join Date
    Oct 2013
    Posts
    1,587

    Default 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 Accounting - AATAccounting.co.nz
    Lower fees for investors, traders & real estate agents!
    [email protected] for more information.

  2. #2
    Join Date
    Jul 2016
    Posts
    101

    Default

    Quote 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.

  3. #3

    Default

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

  4. #4
    Join Date
    Mar 2015
    Location
    Brisbane Wellington Auckland
    Posts
    682

    Default

    Quote 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

  5. #5
    Join Date
    Aug 2009
    Location
    Auckland
    Posts
    1,080

    Default

    Quote 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

  6. #6
    Join Date
    Oct 2013
    Posts
    1,587

    Default

    Quote 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 Accounting - AATAccounting.co.nz
    Lower fees for investors, traders & real estate agents!
    [email protected] for more information.

  7. #7

    Default

    Quote 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

  8. #8
    Join Date
    Nov 2015
    Posts
    197

    Default

    Quote 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?

  9. #9
    Join Date
    Jun 2005
    Location
    Auckland
    Posts
    5,077

    Default

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

  10. #10
    Join Date
    Jun 2005
    Location
    Auckland
    Posts
    5,077

    Default

    Quote 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


 

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