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To add some context: NZ regularly rates in the top 10 least affordable cities to buy a house. The last stat I saw was that median house prices were 9.7x median
by wepple 8y ago
To add some context: NZ regularly rates in the top 10 least affordable cities to buy a house. The last stat I saw was that median house prices were 9.7x median salary.
That’s absurd for a relatively small city of 1.4m people.
It has further negative effects: everyone gets into property as their only real path to financial freedom, with 95% of new loans using family financial assistance. It’s stifling innovation and business that could be providing employment and international business.
- refurb 8y agoIt’s no different in Canada. Yes, foreigners are buying property, but Canadians are doing an awesome job over-extending themselves on real estate including getting help from “The bank of Mom” for down payments. All in the name of “real estate always goes up” and “if I don’t buy now I’ll never be able to”. I don’t think it’s going to end well.
- nvarsj 8y agoSame thing in London, people overextend themselves to get on the property ladder. Prices keep going up and up.
- sjg007 8y agoNZ is a country.. not a city.
- Taniwha 8y agoExactly - Auckland is currently a stupid place to try and live in, not somewhere one would move to, the rest of the country is OK
- indemnity 8y agoWe’re working on making the rest of NZ Auckland too ;)
- wepple 8y agoIf you dig deep, you may be able to uncover the intention of that sentence. NZ has some of the least affordable property in the world. A tiny nation of 4m with minimal job prospects should never be able to achieve that title.