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@snowy I did aspire to retire at 55 but I realised two important things. I wasn't ready to retire and working to earn enough to retire that early was going to kill me.
So in the immortal words of George Best I spent a lot of money on booze, drugs and women. The rest I wasted.
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@dogmeat said in Housing hornets' nest:
@snowy I did aspire to retire at 55 but I realised two important things. I wasn't ready to retire and working to earn enough to retire that early was going to kill me.
So in the immortal words of George Best I spent a lot of money on booze, drugs and women. The rest I wasted.
One of my favourite quotes.
I did aim for 45, just a couple years late, but it doesn't really happen. Busier now than I have ever been. I'm not sure that anyone actually retires. If you are a property investor you also have two houses to look after (or more, but you get taxed). Yes, I am being flippant.
When does the government start paying me these days, instead of me paying them? I doubt that I will make it unless the "scientists" are correct about life expectancy.
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I just got an interesting email from one of the peer to peer lending outfits about LVR. They couldn't attract lenders at 74.84 LVR first mortgage, so have upped the interest rate and kept a cash deposit for it.
That feels like a lack of confidence in the market from investors.
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I wonder if any banks have considered increasing their bank fees and lowering their interest rates for residential mortgages? I'm not sure if they could and it could end up being some sort of avoidance/evasion but may be an interesting exercise. I think Muslims don't have 'interest' on their loans.
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@toddy said in Housing hornets' nest:
I wonder if any banks have considered increasing their bank fees and lowering their interest rates for residential mortgages?
So we all pay for other people? Not sure many would like that. Bank fees are in my GOM file anyway.
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@snowy said in Housing hornets' nest:
@canefan said in Housing hornets' nest:
As far as capital gains taxes are concerned, as a home owner and small time investor, I have no major problem with such a tax. People who buy more and more houses are not producing anything of value to the economy, they don't manufacture, they don't provide services per se. And they serve to drive up property prices out of the reach of people who aren't yet in the market, making the supply discrepancy even worse.
People who buy more and more houses are classified as traders and are already taxed. It's all there earlier in the thread, with quotes from the IRD website. The same applies to people who do too many (in IRD eyes) share transactions. It is the same as any investment.
I would have thought that unless you are buying and selling that the argument that you are investing for rental income would be completely valid, i.e. buying more and more is not an issue - if you are flicking them for profit then you earn yourself the tax.
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@snowy said in Housing hornets' nest:
@reprobate said in Housing hornets' nest:
@snowy said in Housing hornets' nest:
Agree with the political whinge bit and obviously not fixing supply. I listen to it because I have to vote for one of them and prefer to know what I am voting for. So not a waste of time in my view. A lot (not you) don't seem to, they just vote for a party because they, or their family always have voted one way. It actually makes it quite difficult being informed because some policies from both sides I will agree with and others not.
https://www.interest.co.nz/charts/real-estate/median-rents-nz
Data is from Dept building and housing. Quite a spike there. Median, not average of course. Only goes back 4 years and having a bigger data set would be good, but does show that it is out of the norm for increases.
The data on that page goes back to 2002 if you move the slider below the graph (not on mobile). The big spike you're referring to is well before the government announcements so is not related to them - we may yet see one, but that's not it - if you slide to a shorter period you can see the months.
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@toddy said in Housing hornets' nest:
I wonder if any banks have considered increasing their bank fees and lowering their interest rates for residential mortgages? I'm not sure if they could and it could end up being some sort of avoidance/evasion but may be an interesting exercise. I think Muslims don't have 'interest' on their loans.
They won’t consider it because it’s not possible. The CCCFA requires all fees to be reasonable. That means lenders can only charge what covers their costs with no profit. There was a 2019 court case brought by the Commerce Commission that reinforced this.
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Latest Economic Quarterly from Akl Council includes some analysis on zoning implications
It also references this report https://www.aucklandcouncil.govt.nz/about-auckland-council/business-in-auckland/Reports/does-the-rub-impose-a-price-premium-on-land-inside-it-20-Feb-2020.pdf
which determines that the Rural Urban Boundary is not raising land values within the boundary
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@voodoo and yet still plenty of property owners will argue that nothing is wrong and how dare the government intervene. Ignoring that central and local government / reserve bank policies are the major cause.
Just a shame everyone in parliament owns plenty of property, or we might have seen some action taken 10 years+ ago. -
@reprobate said in Housing hornets' nest:
@voodoo and yet still plenty of property owners will argue that nothing is wrong and how dare the government intervene. Ignoring that central and local government / reserve bank policies are the major cause.
Just a shame everyone in parliament owns plenty of property, or we might have seen some action taken 10 years+ ago.how do you fix it though?
You can't just arbitrarily devalue everyone's property, then you end up with a mortgage higher than the value of the house, and the bank comes knocking
Increasing interest rates only hurts people trying to get in to the market in the first place. and smashes the poor.
Maybe getting rid of interest only, but will that do much except probably increase rents? Especially if there is a shortage of supply? -
Anecdotally, I'm seeing a few people move out of Sydney because their workplace has indicated WFH is the new normal.
I'm stuck here at least until the MIL dies and the kids leave school, but I keep an eye on prices.
This place is not far from me - it is a 3 bed with a slightly odd layout due to being a corner block. People have officially lost touch.
https://www.realestate.com.au/sold/property-house-nsw-the+ponds-136734386
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@nta said in Housing hornets' nest:
Anecdotally, I'm seeing a few people move out of Sydney because their workplace has indicated WFH is the new normal.
I'm stuck here at least until the MIL dies and the kids leave school, but I keep an eye on prices.
This place is not far from me - it is a 3 bed with a slightly odd layout due to being a corner block. People have officially lost touch.
https://www.realestate.com.au/sold/property-house-nsw-the+ponds-136734386
fuuuuuck
i just got my place valued. It is somewhat bigger and nicer than that
for that price you could buy mine and have an enormous wedge left over. In fact, you could buy a decent apartment in town as well.
And my place isn't a days drive from the centre of the city
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@antipodean said in Housing hornets' nest:
@voodoo What is it about Auckland that has everyone trying to buy there? Don't you have good internet these days in other localities?
I dunno, I've spent all of 7 nights in Auckland in my entire life!
Housing hornets' nest