Probably by the time Im ready to REALLY start spending, interest rates wont be 3%. However I still see homes in Auckland possibly being worth more PA than you can borrow against them/spend?
I saw an article stating Auckland median prices by 2040 will be $3m. I actually think thats quite conservative and back to how housing use to rise, ie nice easy 8-10%pa, none of this volatility rubbish, Aucklands 12% correction and last 4 years of flatline (up and down + then -) really gives me reassurance if anybody is going to come out of the looming crash ok its the city with the most 6 and 7 figure incomes and emploment in general.
I dont think it will be too long before Auckland is back to 6-8x the price of Dunedin houses, and I dont think that is going to occur due to Auckland having a massive price increase :-).
Anyway, lets say this estimate is right $3m, probably well into my spending large by then. But I did a calculator and it said I could only borrow $500k reverse mortgage, problem is the housing will be growing near $400k pa by then.
The only singular item I could see myself spending it on is a yacht and a permanently employed skipper and deck hand (Im prob still going to be ok with the sheets and sails etc, but I want to enjoy it). I had planned to retire by 55, but this may not happen if the Mrs has a child. If she doesn't then it is possible.
Another dream is to get my personal pilots license and getting a twin engine Cessna or Saab (nothing flash) and buying property in paradise (Polynesia) and perhaps a smaller yacht kept there. That would definitely suck up the cost of 1 Auck property.
I essentially want to get as close as I can to where the free diving is still crazy with marine life and and Im still capable of good length apnea. Vanuatu is the place for reefs, or Papua/Indo, but have no idea of the cost of property there.
Which raises another question, for those of us with no family and possibly no children, is it not better to start spending while you are younger, ie 55-60yo?
Its actually quite hard planning retirement and throwing the possibility of death increasing dramatically every year.
I saw an article stating Auckland median prices by 2040 will be $3m. I actually think thats quite conservative and back to how housing use to rise, ie nice easy 8-10%pa, none of this volatility rubbish, Aucklands 12% correction and last 4 years of flatline (up and down + then -) really gives me reassurance if anybody is going to come out of the looming crash ok its the city with the most 6 and 7 figure incomes and emploment in general.
I dont think it will be too long before Auckland is back to 6-8x the price of Dunedin houses, and I dont think that is going to occur due to Auckland having a massive price increase :-).
Anyway, lets say this estimate is right $3m, probably well into my spending large by then. But I did a calculator and it said I could only borrow $500k reverse mortgage, problem is the housing will be growing near $400k pa by then.
The only singular item I could see myself spending it on is a yacht and a permanently employed skipper and deck hand (Im prob still going to be ok with the sheets and sails etc, but I want to enjoy it). I had planned to retire by 55, but this may not happen if the Mrs has a child. If she doesn't then it is possible.
Another dream is to get my personal pilots license and getting a twin engine Cessna or Saab (nothing flash) and buying property in paradise (Polynesia) and perhaps a smaller yacht kept there. That would definitely suck up the cost of 1 Auck property.
I essentially want to get as close as I can to where the free diving is still crazy with marine life and and Im still capable of good length apnea. Vanuatu is the place for reefs, or Papua/Indo, but have no idea of the cost of property there.
Which raises another question, for those of us with no family and possibly no children, is it not better to start spending while you are younger, ie 55-60yo?
Its actually quite hard planning retirement and throwing the possibility of death increasing dramatically every year.
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