Politics 🗳️ NZ Politics

[wizard of Tauranga]

Stopping Winnie meeting up with Liz Gunn at a super-spreader event for votes in a public health ermegency - corruption!

Nah he was meeting sir Russel Coutts and Dame Tariana Turia but they only picked on Winnie the political competition

 

[Inruin]

What did John Key smoke... Panama Gold?

Smoked Labour for ten years but then quit

 

[Worried2Death]

Nah he was meeting sir Russel Coutts and Dame Tariana Turia but they only picked on Winnie the political competition

He was the only MP doing it for vote harvesting though. And it worked, that sly old dog. Lucky he was vaxxinated for all those diseases in the river of filth.

 

[Noitall]

What did John Key smoke...

dicks

 

[Worried2Death]

Nah he was meeting sir Russel Coutts and Dame Tariana Turia but they only picked on Winnie the political competition

Those feral cunts and arsonists who threw paving stones at our cops got him elected and formed the current govt! Gotta hand it to him.

 

[miket12]

It does sound a lot but that is where the market is, or it may have increased since they purchased.
They were paying $520pw for a tiny 2brm flat, one of four in a converted house, flats attached front and rear and above.
Their place is at least 30% larger and has a basement with full head height and partly concreted, they are one of two units on a 600sqm site. Running a mortgage of $700k @ 6.7%. So interest on mortgage is about $47k pa, plus insurance and rates, say $50k.
They were paying about $27k in rent for less amenity. The extra $23k cost of ownership equates to about 2.8% of the purchase price. We think that over a 5-10 year time frame the property will increase in value at a rate in excess of 2.8%.

And now the RBNZ are wanting to make it harder for FHB’s with a scheme which makes it easier for landlords and speculators. Watch for the value of houses to rise as investors use their advantage to buy investment properties at the expense of FHB’s.

This will be far more devastating to people trying to buy their first house. A quick look on Trade Me for the cheapest houses (not apartments) in South Auckland show the cheapest houses are South Auckland are in flood planes within Manurewa East/Randwick Park or Mangere East and are valued between $680K to $720K. Take the average of that at $700k requires a deposit of $140K but the new DTI ratio required to buy that would require a household income of $95,000. So, that’s achievable EXCEPT for the cost of insurance for a dwelling within a flood zone.

Interesting that on the radio today, the views of people thinking this was a good idea (as it was pushed by Grant Robinson), were similar to those who thought stopping landlords claiming interest on mortgages was a good idea as it was supposed to help FHB’s. Politics is far more important than what is happening to FHB”s….. and quite frankly it stinks that first home buyers are pawns for left vs right and “evil landlords” while we continue to push house ownership further away from renters useless their parents can help them, the get an inheritance or win Lotto.

 

[Inruin]

And now the RBNZ are wanting to make it harder for FHB’s with a scheme which makes it easier for landlords and speculators. Watch for the value of houses to rise as investors use their advantage to buy investment properties at the expense of FHB’s.

This will be far more devastating to people trying to buy their first house. A quick look on Trade Me for the cheapest houses (not apartments) in South Auckland show the cheapest houses are South Auckland are in flood planes within Manurewa East/Randwick Park or Mangere East and are valued between $680K to $720K. Take the average of that at $700k requires a deposit of $140K but the new DTI ratio required to buy that would require a household income of $95,000. So, that’s achievable EXCEPT for the cost of insurance for a dwelling within a flood zone.

Interesting that on the radio today, the views of people thinking this was a good idea (as it was pushed by Grant Robinson), were similar to those who thought stopping landlords claiming interest on mortgages was a good idea as it was supposed to help FHB’s. Politics is far more important than what is happening to FHB”s….. and quite frankly it stinks that first home buyers are pawns for left vs right and “evil landlords” while we continue to push house ownership further away from renters useless their parents can help them, the get an inheritance or win Lotto.

How do you balance it so that investors, who are providing a housing service, and FHBs aren't over bidding each other. Is the answer a CGT that excludes the family home? And would there be loopholes to get out of that?

 

[Worried2Death]

And now the RBNZ are wanting to make it harder for FHB’s with a scheme which makes it easier for landlords and speculators. Watch for the value of houses to rise as investors use their advantage to buy investment properties at the expense of FHB’s.

This will be far more devastating to people trying to buy their first house. A quick look on Trade Me for the cheapest houses (not apartments) in South Auckland show the cheapest houses are South Auckland are in flood planes within Manurewa East/Randwick Park or Mangere East and are valued between $680K to $720K. Take the average of that at $700k requires a deposit of $140K but the new DTI ratio required to buy that would require a household income of $95,000. So, that’s achievable EXCEPT for the cost of insurance for a dwelling within a flood zone.

Interesting that on the radio today, the views of people thinking this was a good idea (as it was pushed by Grant Robinson), were similar to those who thought stopping landlords claiming interest on mortgages was a good idea as it was supposed to help FHB’s. Politics is far more important than what is happening to FHB”s….. and quite frankly it stinks that first home buyers are pawns for left vs right and “evil landlords” while we continue to push house ownership further away from renters useless their parents can help them, the get an inheritance or win Lotto.

Suggestion, still modest homes available at 3-500K in areas like Southland, plenty of employment in freezing works and local industry, big labour shortages. Auckland might be over for FHB.

Trade Me

www.trademe.co.nz

 

[miket12]

Is the answer a CGT that excludes the family home? And would there be loopholes to get out of that?

CGT haven’t stopped rapid price increases in other countries.

No, the answer is to stop increasing expenses on landlords so they don’t pass on that to their tenants in increased rents beyond inflation.

There’s also a need to stop wealth transfer by reintroducing gift duties and an inheritance tax. Both are easier to run than either a wealth tax or capital gains tax as gift duties and inheritance taxes are less to administer and, from overseas expense, harder to evade.

 

[miket12]

Suggestion, still modest homes available at 3-500K in areas like Southland, plenty of employment in freezing works and local industry. Auckland might be over for FHB.

Trade Me

www.trademe.co.nz

That sounds like the neo-lib authoritarian policy the John Key government had to move Housing NZ people from Auckland.

There’s already been a large flight of people from Auckland to Tauranga who have been forced out of the Auckland property market….. which has led to it taking over an hour to travel from KatiKati to Tauranga. This policy will mean people will be forced into rental accommodation, will force rents up and leave more people unable to afford to buy in Auckland.

 

[Inruin]

CGT haven’t stopped rapid price increases in other countries.

No, the answer is to stop increasing expenses on landlords so they don’t pass on that to their tenants in increased rents beyond inflation.

There’s also a need to stop wealth transfer by reintroducing gift duties and an inheritance tax. Both are easier to run than either a wealth tax or capital gains tax as gift duties and inheritance taxes are less to administer and, from overseas expense, harder to evade.

I don't think I can get onboard with an inheritance tax, or gift duties. Do you just pay it on property inherited? Savings and investments? Mum's jewelery? Dad's stamp collection?

And how does that make it easier or more affordable for a FHB?

 

[Worried2Death]

That sounds like the neo-lib authoritarian policy the John Key government had to move Housing NZ people from Auckland.

There’s already been a large flight of people from Auckland to Tauranga who have been forced out of the Auckland property market….. which has led to it taking over an hour to travel from KatiKati to Tauranga. This policy will mean people will be forced into rental accommodation, will force rents up and leave more people unable to afford to buy in Auckland.

Wasn't thinking of Housing NZ people, more the young first home buyers wanting affordable homes. I'm sure a lot of our ancestors fled poverty in UK to end up down here in NZ, lot shorter distance Auckland to Invercargill to seek opportunities and a better life. A cheap do-up house there is still 300K, 60K deposit.

 

[miket12]

I don't think I can get onboard with an inheritance tax, or gift duties. Do you just pay it on property inherited? Savings and investments? Mum's jewelery? Dad's stamp collection?

And how does that make it easier or more affordable for a FHB?

Because a CGT, as what has happened overseas, pushes rents up leading meaning it’s harder for a renter to save for a deposit. It’s already so difficult for a renter to save for their own house so why make it worse?

Gift Duties prevent the transfer of assets to lower taxed companies or trusts. An inheritance tax should be placed on estates over a certain value at probate time with the value of the estate valued before it’s distributed…. including grand dad’s stamp collection. Money gifted to charities shouldn’t be taxed.

 

[miket12]

Wasn't thinking of Housing NZ people, more the young first home buyers wanting affordable homes. I'm sure a lot of our ancestors fled poverty in UK to end up down here in NZ, lot shorter distance Auckland to Invercargill to seek opportunities and a better life. A cheap do-up house there is still 300K, 60K deposit.

But, like the Housing NZ policy, it would be a policy forcing people to decide where they will have to go, not where they could stay.

 

[Worried2Death]

But, like the Housing NZ policy, it would be a policy forcing people to decide where they will have to go, not where they could stay.

What policy? It's a wide open opportunity there right now for anyone who wants to move there

 

[Inruin]

Because a CGT, as what has happened overseas, pushes rents up leading meaning it’s harder for a renter to save for a deposit. It’s already so difficult for a renter to save for their own house so why make it worse?

Gift Duties prevent the transfer of assets to lower taxed companies or trusts. An inheritance tax should be placed on estates over a certain value at probate time with the value of the estate valued before it’s distributed…. including grand dad’s stamp collection. Money gifted to charities shouldn’t be taxed.

Do the countries overseas that have CGT exclude the family home? Do they have interest deductibility and the ability to offset it against income through LAQC?

I don't actually think there will ever be a balance where everyone is happy but we must be able to get it closer?

What about a CGT excluding the family home and money raised from that goes in to a pool that people buying their FH can apply to for an interest free 10% (or whatever number) of the house value. With the government being that percentage first creditor owner until it's completely paid back over a set period. And that money gets reused as it's repaid also.

I don't really know if that would work or not. Not anywhere near my field of expertise. I'm just spit balling

 

[Worried2Death]

What would this place be worth in Mt Eden?



(I'm not Adam Love btw)

 

[Inruin]

What would this place be worth in Mt Eden?

View attachment 5094

(I'm not Adam Love btw)

Be worth tearing down and putting a few townhouses on it I would suspect?

 

[Worried2Death]

Be worth tearing down and putting a few townhouses on it I would suspect?

Not in Invers, yet...

 

[Inruin]

Not in Invers, yet...

No, if it was in My Eden