Here's a good news item from NZH - it says home ownership in NZ is marginally better than it was in 1951 but that it's not dramatically dropping. So in 1951 it was around 66% and now it's 63%. There was a spurt of growth pushing it to an all time high of 73% in 1991 but that was uncharacteristic and comparing where we are now with other countries we're not worse off.
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I suppose as a young nation we compare immediate past with present and use it to prove a point i.e. incompetency of the Government of the day etc. I have to say I am surprised
Worth reading the entire article. If for 93 years the rate of ownership has been consistent, do we need the KiwiBuild etc?
cheers,
Donna
we currently rank at 44 in the table of 50 nations with the highest rates of home ownership — well behind first ranked Romania (96.4 per cent) and second-place Singapore (90.7 per cent), and in the same ballpark as Australia (65.5 per cent), the US (64.5 per cent) and the UK (63.5 per cent).
I suppose as a young nation we compare immediate past with present and use it to prove a point i.e. incompetency of the Government of the day etc. I have to say I am surprised
This invites a couple of observations. Firstly, despite at least four property cycles since 1980 — each leading to a doubling of house prices over the previous cycle — the current rate of 63.2 per cent home ownership is not far shy of the 93-year average of around 65 per cent — which means successive generations of Kiwis appear to have adapted to, and overcome, the reality of higher house prices.
cheers,
Donna
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