16 Years!

[Anthonyacat]

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=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?

[WINZ]

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.

[Learning]

You're allowed two wives in Wellington.

Wives cost money. Unless you’re renting them out?

[Beano]

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

[BigDreamer]

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...

[Anthonyacat]

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.

[Don't believe the Hype]

I don't often bother with Herald videos, but I'm certainly not going to listen to Gary harp on again.

........+1

[Sportsvee]

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?

[cube]

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

[cube]

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.

[donna]

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

[PTWhatAGreatForum]

I don't often bother with Herald videos, but I'm certainly not going to listen to Gary harp on again.

........+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/news/article.cfm?c_id=3&objectid=11830730

[Courham]

"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

[elguapo]

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.