General New Zealand Politics

If there was an election today, who would you vote for?

  • National

    Votes: 5 13.2%
  • Labour

    Votes: 11 28.9%
  • Greens

    Votes: 6 15.8%
  • NZ First

    Votes: 0 0.0%
  • Act

    Votes: 8 21.1%
  • New Conservative Party

    Votes: 0 0.0%
  • Other

    Votes: 1 2.6%
  • None of then

    Votes: 7 18.4%

  • Total voters
    38

wizards rage

1st Grade Fringe
Apr 18, 2016
3,805
Tauranga
Do you actually read these articles or just rabidly chase anti government soundbites...?
Isn't the homeless motel grants declining and the numbers getting the accommodation supplement dropping a good thing?

Why not introduce a housing WOF? Can I eat at am unregulated restaurant? or drive an unwarranted car? Why should renting a house be different?

A responsible landlord would/should realise how privileged they are to be making unprecedented capital gains & ensure there tenants live in a secure and healthy environment.
‘Rental inflation has outpaced both income and price inflation in recent years, with a particular spike beginning in 2016.’ Labour came in in 2017 and has pushed up rent rather than control it and pushed people into poverty. $120 extra in 3 years!

Rental WOF - we have rules and regulations. You can take a landlord to the tribunal if the house is not up to standard. A WOF will achieve nothing except add significant cost. This Labour is all about looking good, increasing cost and achieving nothing… across everything they are involved in.
 
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Juju

1st Grade Fringe
Nov 9, 2012
1,748
‘Rental inflation has outpaced both income and price inflation in recent years, with a particular spike beginning in 2016.’ Labour came in in 2017 and has pushed up rent rather than control it and pushed people into poverty. $120 extra in 3 years!

Rental WOF - we have rules and regulations. You can take a landlord to the tribunal if the house is not up to standard. A WOF will achieve nothing except add significant cost. This Labour is all about looking good, increasing cost and achieving nothing… across everything they are involved in.
I'm not at all saying labour have done good at all at stalling house prices - which in turn raise rents...

On the WOF - There is obviously quite a big power imbalance in the relationship between Landlords and Renters.

Renters want & crave security as a tenant - if you take your landlord to the tribunal - you're likely seriously putting your tenancy in jeopardy.
A minimum standard / WOF is probably the fairest & most logical way to address.

Is your issue with the WOF or that labour can't implement it?

As a society do we not all want everybody living in a warm dry house?
 
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wizards rage

1st Grade Fringe
Apr 18, 2016
3,805
Tauranga
Is your issue with the WOF or that labour can't implement it?
Both…

Look at the healthy home where the air conditioning unit is sized for the coldest day in the coldest part of the country. Most units installed are oversized, inefficient and therefore waste power.

Look at pool checks which started as a minor check and now it’s almost impossible to pass first time and very expensive.

It will be sold as being for the tenants and cheap as but will end up costing several thousand per year, be pedantic, add very little value to the tenant but the several thousand will be pushed into rental increases… again…

and if they were serious, state houses would be leading with best practice but they are the lowest standard and have extra time to implement the healthy homes regulations. Do as I say, not as I do.
 
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Miket12

Warriors 1st Grader
Apr 20, 2012
9,677

Sky-high house prices haven't put first home buyers off - but could rising interest rates?​

First home buyers are buying more houses but are also at greatest risk should interest rates rise and add thousands of dollars to their mortgage repayments.

That's according to analysts CoreLogic, who said investors had been buying fewer houses recently, which in turn was helping first home buyers once again snap up a greater share of properties.

Investors are now buying about 25 per cent of homes sold across the nation, down from a high of 28 per cent last year, while first home buyers are buying 24 per cent, up from 21 per cent.

But while that might be good news for first home buyers, CoreLogic warned it was new buyers - those with the biggest home loan debts - who would likely feel the greatest pain should predictions of rising rates come true.

Many would also be in uncharted waters, given that anyone who bought after 2014 had only ever watched interest rates fall, CoreLogic chief property economist Kelvin Davidson said.

"So the effects of a pattern of (rates) increases will likely come as a shock to many," he said.

This pattern of rising rates together with slowing house price growth in recent months could mark a "significant turning point" in the housing market, CoreLogic said, with some pundits warning the era of ultra-cheap money could be coming to an end.

The ultra-cheap money era came after New Zealand officials, like many other government and central banks around the world, responded to the onset of last year's Covid-19 pandemic by trying to stimulate the economy to ward off fears of a recession.

One of the key measures was to encourage banks to lend money to the public at cheaper interest rates.

That triggered an unexpected boom in the housing market as home buyers leapt at the chance to use the cheap money to buy, sending house prices skyrocketing by between 20 and 30 per cent in one year.

Now that inflation is creeping into other goods, such as food and petrol, economists expect the Reserve Bank to raise the cost of borrowing.

The four major banks - ASB, ANZ, BNZ and Westpac - have already responded to the spike in inflation by increasing their home loan rates last week.

CoreLogic's Davidson said the Reserve Bank could raise the official cash rate from a record low 0.25 per cent up by as much as 1.5 percentage points.

He said the big four banks' rate rises last week will lead a typical, recent buyer to pay an extra $1824 per year ($152 per month) in home loan repayments on their 30-year, $800,000 mortgage.

Should interest rates keep rising, and reach the long-term average of 6 per cent, that same new buyer would then pay an extra $19,164 in mortgage repayments per year, or $1597 per month.

"Even a new borrower with a lesser mortgage, say $500,000, will need to find another $246 to $388 a month ($2952 to $4,656 a year) in repayments if rates move up to 3.5 per cent or 4," Davidson said.

ASB has previously estimated that a 1 per cent rise in mortgages rates would potentially suck $3 billion out of mortgage-holders' pockets annually.

Davidson said on the positive side, unemployment was low.

"As long as people stay in work most people will be able to absorb a rise in interest rates. I don't think this will cause a melt-down, but it will require people to adjust," he said.

For those still trying to buy their first home, meanwhile, possible rate increases will add yet another barrier.

Owen Vaughan, editor of NZME-owned listing site OneRoof.co.nz, said first home buyers in Auckland and Wellington are often stretching their budgets so far there is little spare cash left over.

"Less than 50 Auckland suburbs have median property values under $1 million, and just two, Auckland CBD and Rakino Island, have values less than $600,000," he said.

"Five years ago, buyers could expect to pick up a home for less than $1m in more than 50 per cent of Auckland's suburbs."

It comes as the Herald's recent Home Truths series shone a spotlight on how unaffordable housing has become.

A typical Kiwi home now costs eight times the typical annual household income, while in Auckland it costs nine times incomes, CoreLogic and fellow analysts Infometrics said.


Financial publication Interest.co.nz's latest home affordability report says it takes a typical 25 to 29-year-old couple nine years to save a 20 per cent deposit on an $865,000 "affordable" Auckland home.

A Herald-Kantar poll last month found almost two-thirds of New Zealanders were so concerned by the challenges facing new buyers that they thought house prices should fall.

A new poll of 500 people commissioned by life insurer OneChoice had also just found that eight in 10 respondents (83.4 per cent) believe the dream of home ownership is no longer attainable for the average Kiwi.

That includes four in five (79.1 per cent) house hunters feeling locked out of the property market.

Loan Market mortgage adviser Bruce Patten said owner-occupiers and those first home buyers who did manage to buy could look to fix on 2-to-3-year interest rate terms if they wanted security and peace of mind.

Yet shorter terms were still at the lowest rates they had been in 20-years, he said.

 

Tragic

1st Grade Fringe
Apr 27, 2016
4,476
Kumeu
I agree with wizards rage on the housing wof. It will be a costly bureaucratic nightmare and will drive up rents just like the healthy homes debacle. It imposes a costly standard that isnt relevant or necessary in a lot of cases and that drives up costs and rent.
I also agree that renters shouldn't have to live in unhealthy homes but that comes down to shit landlords a lot of the time and it's difficult to fix that as they will ignore any rules anyway.
Tbh I dont have a answer other than build more so there is more competition but more rules and cost isnt the answer.
 

Miket12

Warriors 1st Grader
Apr 20, 2012
9,677
I agree with wizards rage on the housing wof. It will be a costly bureaucratic nightmare and will drive up rents just like the healthy homes debacle. It imposes a costly standard that isnt relevant or necessary in a lot of cases and that drives up costs and rent.
I also agree that renters shouldn't have to live in unhealthy homes but that comes down to shit landlords a lot of the time and it's difficult to fix that as they will ignore any rules anyway.
Tbh I dont have a answer other than build more so there is more competition but more rules and cost isnt the answer.
There is away around this which wouldn't effect the majority of landlords (and renters whose rent goes up). Make it mandatory for every rental property to be professionally managed and license the rental managers individually (not their companies or real estate office). Make them answerable to a governing authourity in the same way licensed builders, designers, roofers, etc. are answerable to The Building Practitioners Board. To ensure the properties are managed properly, increase the fines and make the managers responsible for paying them. In other words, get the manager to work for the fee he charges by doing the job correctly for which he's paid for.

One thing that is wrong with the current system is that an owner might think a property is okay based on the four reports he receives from the property manager and only finds out it's not when he has to appear before the Tenancy Tribunal. In the majority of the cases, it's not the manager that gets fined but the landlord. And, a lot of the time, unless he's invited or makes an appointment with the tenant (which the tenant can refuse), the owner of the property isn't aware that it isn't up to an acceptable standard.

Have MBIE set up a small team of inspectors to audit that the managers (including doing random inspections) to make sure the managers are doing their job properly.

In other words, extending what is already in place would be far cheaper (for the landlord, and, ultimately, the tenant) than setting up a whole new bureaucracy run by either local and/or central government.
 
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Miket12

Warriors 1st Grader
Apr 20, 2012
9,677
Bernard Hickey’s take on how part of government’s handling of the COVID crisis by having the RBNZ continuously giving money to the banks has gone and caused the latest surge in housing inflation. Apparently, GrantR and the RBNZ were warned but choose to ignore the warnings. Now isn’t the time to buy at the peak of the housing cycle but the number of young people who feel they may never own their own place is staggering…. Bernard says some are now deciding between their own place or having children.

 

bruce

Warriors 1st Grader
Contributor
Sep 1, 2015
17,486
Look at the healthy home where the air conditioning unit is sized for the coldest day in the coldest part of the country. Most units installed are oversized, inefficient and therefore waste power.
Most air pumps are about $10k to be installed, but then they cost a bit to run as well.

However they are much cheaper to run than the oil heaters most people rely on. I don't know how it works out in the end but my guess is heat pumps are cheaper in the long run.

However they not only heat, but reduce humidity as well, so they keep a house dryer.

The effect on child health must be substantial.
 

bruce

Warriors 1st Grader
Contributor
Sep 1, 2015
17,486
From Bernard Hickey today:

And here’s what that Covid wealth dump did to young peoples’ dreams​

Also out yesterday, results from a poll of 500 New Zealanders in late March that showed how most now see the dream of home ownership as dead. The poll was commissioned by OneChoice and conducted by CoreData. Just over 41% of the respondents were in Gen Z (<25 years) or Gen Y (26-40 years).

It found 79% feeling locked out of the market, 72.9% feeling a ‘growing sense of urgency’ to buy a home as prices kept rising, and 71.5% feeling like they were losing hope about ever owning a home. It found 88% believed younger people were getting locked out of the housing market and 83.4% felt the dream of home ownership was no longer attainable. Just over 54% now thought the dream of home ownership was no longer relevant.

and from the US:

Has anybody noticed in Auckland how high density building are going up, already sold out? When was the last time that happened?

There is a place not far from me that five hears ago had fancy plans and a sales office but nothing seemed to happen. They only started on the first stage which stayed empty for months.

Then covid hit. Not only have they all gone, but the new stages have as well.

Because of covid? More like the low interest rates and flow of cheap money to investors.
 

Miket12

Warriors 1st Grader
Apr 20, 2012
9,677
For people wondering if developers/builders are really spending over the top money for land that can take apartments and if that is helping fuel the current housing inflation, look at this piece of land with two houses on it which sold for nearly $2 mil. above its CV. The houses will be demolished and replaced with six apartments. And the government‘s directive to councils to change town planning zones around urban city centres and train stations to allow for more apartments will only help to fuel the housing crisis fire.

https://www.oneroof.co.nz/news/39847
 
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Miket12

Warriors 1st Grader
Apr 20, 2012
9,677
Another of the government‘s answers is to introduce shared equity advances. For those who don’t know what that is, if you say want to buy a property that’s worth $800k and you have managed to scrap together a deposit of $200k (say thanks to the Bank of Mum and Dad and your saving through KiwiSaver) but your income will only let you borrow $400k, the government advances you the last $200 interest free. So, you have a 25% deposit, 25% from the government and 50% from the bank.

With every payment you make, the bank loan goes down, and your share of the equity goes up…. but so does the governments. And as capital gains increases your share of the equity, it increases the government’s.

So, in 25 years, the bank loan is paid off and you decide to sell your property which, after 12 1/2 years it had doubled in value and then doubled again over the second half off the loan, so you sell it for $3.2mill. But, you don’t get that yourself. If you haven’t made any repayments to the government, your share of the sales price is 55% while the government needs to be paid back 45% (their original advance of $200k plus their share in the gain of equity).

So, you’ve spent the last 25 years paying back the bank loan for the government, who haven’t contributed anything to the mortgage, have earned almost as much in capital gain as you have.

The bank earned around $160,000 in interest over the term of the loan but the Government earned around $1.4 mil. because of the increase in the value of the property.

Worst than that, you basically now only have a 55% deposit to buy the equivalent house you started with when you had a 25% deposit 25 years ago because the government requires you to pay them 45% of the value of the property.

These questions need to be asked…. who is the real winner? And would a government earning so much money from its share in the capital gain increases in property really want to keep housing inflation under control?
 
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Miket12

Warriors 1st Grader
Apr 20, 2012
9,677

Property prices: How this couple paid off their mortgage in 12 years​


"I did a little side-kick and said f*** yeah, in the bag."

That's how Emma Cooper celebrated paying the last $700 on her mortgage.

Aged 35 at the time, it's fair it made for a grand exit from the bank.

The moment of euphoria in 2018 was 12 years in the making. In 2006, they paid less than $175,000 for the home, which they still live in. Today, it is valued up to $600,000.

The couple bought cheap and made use of Doug's skills as a builder to renovate inside and out. The transformation was a "labour of love" done bit by bit, as they could afford it.

That bit-by-bit philosophy ran deep for the Coopers, enabling them to carve 17.5 years off their mortgage and gain financial freedom.

Emma credits Doug for making their money work for them and not the bank.

Her father and late grandfather also passed on valuable advice she still follows today.

"My granddad said you have to have a financial agreement between yourself and your partner. I'm the saver and Doug is the spender. So he paid for the upkeep of our life and those expenses and I paid for the mortgage."

That changed slightly after the birth of their two children, but knocking off their mortgage was still a priority.

Meanwhile, Emma - a teacher - was taught the difference between wants and needs as a youngster.

"My dad told me never to tick something up. If you want something and haven't got the cash, save up. I don't put things on hire purchase and I don't buy into the interest-free marketing ploys."

Making lump-sum payments on the mortgage, always paying more - even when it was only $10 a week, which could shave off nine years - and free kindy had made a huge difference, she says.

Towards the end of their mortgage, which expired in September 2018, Emma says she started to get excited and began picturing in her mind what the bank owned and what they owned.

"It was like we own the house and the bank owns the garage. Now the bank owns the vegetable garden until it got to the bank owns the fence and now all they own is the gate."

Their journey was not "beans on toast" and she says they entertained the idea of upgrading to a flasher house, but decided against it. That has not been ruled out completely, but the Coopers were finding it hard to match what they already have.

"I love it in Mangakakahi, we have a huge section and the kids have a 30m flying fox in the back yard and a treehouse with deck."

They did treat themselves and upgraded their car, and when Doug turned 40 Emma bought him a motorbike. Those were paid for in cash and they have invested in shares for their retirement.

''We are really, really happy and life is just amazing.''

When other couples were out partying Dave Altena and his wife Katrina were painting, sanding, building decks and renovating their doer-upper, 1960s bungalow in Auckland.

That house cost about $400,000 and they spent seven years putting in the hard graft renovating their home - which paid big dividends when they moved to Tauranga with their two children in November 2016.

Dave, who is in his 40s, says it enabled them to build a brand-new brick-and-tile home for upwards of $600,000 that was twice the size.

''Comparing our two houses is like chalk and cheese. Our old house was small and we had to wipe the condensation off the windows every morning in winter.''

They also did not miss spending a third of their income on that mortgage and up to $2000 a month on daycare.

The Altenas are now in the throes of doing some additions to their Ohauiti home that would add value, but will still be mortgage free in four years.

Dave says they have always worked to a budget and by his own admission, ''I'm the financial nerd in my family while Katrina is a little bit more of a spender''.

''But we work together ... and have been lucky because we have good jobs and don't have to scrimp.''

However, in saying that, he is careful with money and the mortgage was a priority.

The Altenas don't ''follow the Joneses" but are firm believers in building wealth.

''Looking towards retirement we want a freehold home and a similar income to what we have now. So we have KiwiSaver and investments.''

The Coopers' top tips to tackle your mortgage​

• Keep it simple. Be happy to start where you are and not where you want to be.

• Both of you have to want it as much as each other and be driven to get rid of that debt.

• Keep your goal in mind, stick to your long-term plan and don't move the goalposts.

• Communicate with the bank and tell them what you want. When your mortgage is up for review, go in and look at what you can change. Pay weekly if you can.

The Altenas' top tips to tackle your mortgage​

• Budget and stay away from consumer debt.

• Get on the ladder. Buy a property in an area that's affordable and where you're able to add value. Put your home lending on a term of 15-20 years (or less).

• Build wealth and use KiwiSaver and other investments where possible.

• Develop yourself. Progress your career and earning potential to repay your home loan, fund your lifestyle and invest.

• Take a break to enjoy and reflect. Reflect on your progress, celebrate your wins.

 

Juju

1st Grade Fringe
Nov 9, 2012
1,748

Property prices: How this couple paid off their mortgage in 12 years​


"I did a little side-kick and said f*** yeah, in the bag."

That's how Emma Cooper celebrated paying the last $700 on her mortgage.

Aged 35 at the time, it's fair it made for a grand exit from the bank.

The moment of euphoria in 2018 was 12 years in the making. In 2006, they paid less than $175,000 for the home, which they still live in. Today, it is valued up to $600,000.

The couple bought cheap and made use of Doug's skills as a builder to renovate inside and out. The transformation was a "labour of love" done bit by bit, as they could afford it.

That bit-by-bit philosophy ran deep for the Coopers, enabling them to carve 17.5 years off their mortgage and gain financial freedom.

Emma credits Doug for making their money work for them and not the bank.

Her father and late grandfather also passed on valuable advice she still follows today.

"My granddad said you have to have a financial agreement between yourself and your partner. I'm the saver and Doug is the spender. So he paid for the upkeep of our life and those expenses and I paid for the mortgage."

That changed slightly after the birth of their two children, but knocking off their mortgage was still a priority.

Meanwhile, Emma - a teacher - was taught the difference between wants and needs as a youngster.

"My dad told me never to tick something up. If you want something and haven't got the cash, save up. I don't put things on hire purchase and I don't buy into the interest-free marketing ploys."

Making lump-sum payments on the mortgage, always paying more - even when it was only $10 a week, which could shave off nine years - and free kindy had made a huge difference, she says.

Towards the end of their mortgage, which expired in September 2018, Emma says she started to get excited and began picturing in her mind what the bank owned and what they owned.

"It was like we own the house and the bank owns the garage. Now the bank owns the vegetable garden until it got to the bank owns the fence and now all they own is the gate."

Their journey was not "beans on toast" and she says they entertained the idea of upgrading to a flasher house, but decided against it. That has not been ruled out completely, but the Coopers were finding it hard to match what they already have.

"I love it in Mangakakahi, we have a huge section and the kids have a 30m flying fox in the back yard and a treehouse with deck."

They did treat themselves and upgraded their car, and when Doug turned 40 Emma bought him a motorbike. Those were paid for in cash and they have invested in shares for their retirement.

''We are really, really happy and life is just amazing.''

When other couples were out partying Dave Altena and his wife Katrina were painting, sanding, building decks and renovating their doer-upper, 1960s bungalow in Auckland.

That house cost about $400,000 and they spent seven years putting in the hard graft renovating their home - which paid big dividends when they moved to Tauranga with their two children in November 2016.

Dave, who is in his 40s, says it enabled them to build a brand-new brick-and-tile home for upwards of $600,000 that was twice the size.

''Comparing our two houses is like chalk and cheese. Our old house was small and we had to wipe the condensation off the windows every morning in winter.''

They also did not miss spending a third of their income on that mortgage and up to $2000 a month on daycare.

The Altenas are now in the throes of doing some additions to their Ohauiti home that would add value, but will still be mortgage free in four years.

Dave says they have always worked to a budget and by his own admission, ''I'm the financial nerd in my family while Katrina is a little bit more of a spender''.

''But we work together ... and have been lucky because we have good jobs and don't have to scrimp.''

However, in saying that, he is careful with money and the mortgage was a priority.

The Altenas don't ''follow the Joneses" but are firm believers in building wealth.

''Looking towards retirement we want a freehold home and a similar income to what we have now. So we have KiwiSaver and investments.''

The Coopers' top tips to tackle your mortgage​

• Keep it simple. Be happy to start where you are and not where you want to be.

• Both of you have to want it as much as each other and be driven to get rid of that debt.

• Keep your goal in mind, stick to your long-term plan and don't move the goalposts.

• Communicate with the bank and tell them what you want. When your mortgage is up for review, go in and look at what you can change. Pay weekly if you can.

The Altenas' top tips to tackle your mortgage​

• Budget and stay away from consumer debt.

• Get on the ladder. Buy a property in an area that's affordable and where you're able to add value. Put your home lending on a term of 15-20 years (or less).

• Build wealth and use KiwiSaver and other investments where possible.

• Develop yourself. Progress your career and earning potential to repay your home loan, fund your lifestyle and invest.

• Take a break to enjoy and reflect. Reflect on your progress, celebrate your wins.

Don't you think its just plain weird that paying off a sub -$200k & selling down to a cheaper region is a newspaper article in this country...
 
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Miket12

Warriors 1st Grader
Apr 20, 2012
9,677
Don't you think its just plain weird that paying off a sub -$200k & selling down to a cheaper region is a newspaper article in this country...
If you actually read the article properly and looked at the link provided, you’d notice that the herald is sharing an article first published in the BOP Times. How funny? A newspaper from BOP writing articles about people in the BOP.

And, there would of course be no way that the fundamentals mentioned in the article about buying a cheaper property, making larger payments than the minimum mortgage repayments and putting sweat equity would EVER translate to another city like, oh, I don‘t know, Auckland.

BTW, Tauranga‘s median house price is less than $200,000 less than Auckland’s. Someone would only have to save $40k more to buy in Auckland than to buy there. Only greater Auckland, Wellington and the Queenstown Lakes district have a higher median price that the Tauranga/Western BOP area…. making it the fourth most expensive in the country.
 

wizards rage

1st Grade Fringe
Apr 18, 2016
3,805
Tauranga
If you actually read the article properly and looked at the link provided, you’d notice that the herald is sharing an article first published in the BOP Times. How funny? A newspaper from BOP writing articles about people in the BOP.

And, there would of course be no way that the fundamentals mentioned in the article about buying a cheaper property, making larger payments than the minimum mortgage repayments and putting sweat equity would EVER translate to another city like, oh, I don‘t know, Auckland.

BTW, Tauranga‘s median house price is less than $200,000 less than Auckland’s. Someone would only have to save $40k more to buy in Auckland than to buy there. Only greater Auckland, Wellington and the Queenstown Lakes district have a higher median price that the Tauranga/Western BOP area…. making it the fourth most expensive in the country.
We sold up in Auckland and moved down to Tauranga 5 years ago. Value for money, you got double the house/ location for the same price (half the price). It has rocketed up since and almost doubled in value while Auckland stayed stagnant for about 3 of those years.

Might be time to sell up and move on to Whakatane for an even bigger/ better house 😉
 

Miket12

Warriors 1st Grader
Apr 20, 2012
9,677
We sold up in Auckland and moved down to Tauranga 5 years ago. Value for money, you got double the house/ location for the same price (half the price). It has rocketed up since and almost doubled in value while Auckland stayed stagnant for about 3 of those years.

Might be time to sell up and move on to Whakatane for an even bigger/ better house 😉
I have a friend who, 15 years ago, shifted from a "Hardiplank special" house in Papakura to Rotorua because he got a job in Scion, the old forestry institute. For what he got for his house in Papakura, he brought a lifestyle block with a view of Lake Rotoma with a couple of more bedrooms and one more bathroom than he had here. He knows he couldn't afford to come back to Auckland... but he also has no desire to. He paid off that place early and has now got a set of three flats he's renting out.

Say's he'll retire before he's 60. Sometimes lifestyle beats the capital gains in a place like Auckland.
 

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