Housing “affordability” blowout
Written By:
- Date published:
11:31 am, November 29th, 2016 - 9 comments
Categories: Andrew Little, housing, labour -
Tags: housing, housing affordability, housing crisis, interest rates, mortgage
Ahhh … remember this?
Nick Smith reckons Akld housing's more affordable now than before National came to power – https://t.co/IKMV2WmP6Q pic.twitter.com/H1gUQnbJ6T
— Morning Report (@NZMorningReport) April 28, 2016
Good times. It’s a mad claim based on dodgy figures which are in turn based on a very limited definition of “affordability”. How “affordable” is this?
Loans for first homes jump 43% in 2 years
The amount people are having to borrow for their first home has increased 43 percent in the last two years.
Reserve Bank figures show the average loan to a first-time buyer in October 2014 was $273,000. By last month, that had risen to $390,000.
The Labour Party is warning that young New Zealanders are carrying extraordinary levels of debt and are dangerously exposed to rising interest rates.
Leader Andrew Little said with a debt burden of $390,000 it did not take much of an upward change in interest rates to put real pressure on household budgets. …
Labour’s press release is here.
Oh and those interest rates? Heading up already:
Two more main-line banks raise more mortgage rates, returning for extras after hikes earlier in the month (and earlier in the week)
Mortgage rate rises are spreading to other banks quickly now. And some are coming back for rapid-fire repeat raises.
ASB is raising rates again today having previously raised them on November 5.
BNZ is back raising mortgage rates as well. In this cycle, they first raised them on November 8, and then again on November 21. …
A lot of people are going to get hit hard.
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- Three strikes has failed before and will fail againResurrecting the archaic three-strikes legislation is an unwelcome return to a failed American-style approach to justice. ...2 weeks ago
- Release: Environmental protection vital, not ‘onerous’The Government’s Fast Track Approvals Bill will give projects such as new coal mines a ‘get out of jail free’ card to wreak havoc on the environment, Labour Leader Chris Hipkins said today. ...2 weeks ago
- Ferris – Three Strikes targets those ‘too brown to be white’The government's decision to reintroduce Three Strikes is a destructive and ineffective piece of law-making that will only exacerbate an inherently biased and racist criminal justice system, said Te Pāti Māori Justice Spokesperson, Tākuta Ferris, today. During the time Three Strikes was in place in Aotearoa, Māori and Pasifika received ...2 weeks ago
- Release: Govt cuts doctors and nurses in hiring freezeCuts to frontline hospital staff are not only a broken election promise, it shows the reckless tax cuts have well and truly hit the frontline of the health system, says Labour Health spokesperson Ayesha Verrall. ...3 weeks ago
- Fast-track submissions period must be extendedThe Green Party has joined the call for public submissions on the fast-track legislation to be extended after the Ombudsman forced the Government to release the list of organisations invited to apply just hours before submissions close. ...3 weeks ago
- Release: Progress on climate will be undone by GovtNew Zealand’s good work at reducing climate emissions for three years in a row will be undone by the National government’s lack of ambition and scrapping programmes that were making a difference, Labour Party climate spokesperson Megan Woods said today. ...3 weeks ago
- Defence industry talent, commitment recognised
Defence Minister Judith Collins tonight announced the recipients of the Minister of Defence Awards of Excellence for Industry, saying they all contribute to New Zealanders’ security and wellbeing. “Congratulations to this year’s recipients, whose innovative products and services play a critical role in the delivery of New Zealand’s defence capabilities, ...5 hours ago - Speech to the Minister of Defence Awards of Excellence for IndustryWelcome to you all - it is a pleasure to be here this evening.I would like to start by thanking Greg Lowe, Chair of the New Zealand Defence Industry Advisory Council, for co-hosting this reception with me. This evening is about recognising businesses from across New Zealand and overseas who in ...5 hours ago
- Speech to the Sixth Annual New Zealand Government Data SummitIt is a pleasure to be speaking to you as the Minister for Digitising Government. I would like to thank Akolade for the invitation to address this Summit, and to acknowledge the great effort you are making to grow New Zealand’s digital future. Today, we stand at the cusp of ...6 hours ago
- Ceasefire agreement needed now: PetersNew Zealand is urging both Israel and Hamas to agree to an immediate ceasefire to avoid the further humanitarian catastrophe that military action in Rafah would unleash, Foreign Minister Winston Peters says. “The immense suffering in Gaza cannot be allowed to worsen further. Both sides have a responsibility to ...12 hours ago
- Daily school attendance data now availableA new online data dashboard released today as part of the Government’s school attendance action plan makes more timely daily attendance data available to the public and parents, says Associate Education Minister David Seymour. The interactive dashboard will be updated once a week to show a national average of how ...12 hours ago
- Ambassador to United States appointedForeign Minister Winston Peters has announced Rosemary Banks will be New Zealand’s next Ambassador to the United States of America. “Our relationship with the United States is crucial for New Zealand in strategic, security and economic terms,” Mr Peters says. “New Zealand and the United States have a ...15 hours ago
- New permit proposed for recreational gold miningThe Government is considering creating a new tier of minerals permitting that will make it easier for hobby miners to prospect for gold. “New Zealand was built on gold, it’s in our DNA. Our gold deposits, particularly in regions such as Otago and the West Coast have always attracted fortune-hunters. ...17 hours ago
- NZ and the UAE launch FTA negotiationsMinister for Trade Todd McClay today announced that New Zealand and the United Arab Emirates (UAE) will commence negotiations on a free trade agreement (FTA). Minister McClay met with his counterpart UAE Trade Minister Dr Thani bin Ahmed Al Zeyoudi in Dubai, where they announced the launch of negotiations on a ...20 hours ago
- New Zealand Sign Language Week an opportunity for anyone to signNew Zealand Sign Language Week is an excellent opportunity for all Kiwis to give the language a go, Disabilities Issues Minister Louise Upston says. This week (May 6 to 12) is New Zealand Sign Language (NZSL) Week. The theme is “an Aotearoa where anyone can sign anywhere” and aims to ...1 day ago
- Next stop NASA for New Zealand studentsSix tertiary students have been selected to work on NASA projects in the US through a New Zealand Space Scholarship, Space Minister Judith Collins announced today. “This is a fantastic opportunity for these talented students. They will undertake internships at NASA’s Ames Research Center or its Jet Propulsion Laboratory (JPL), where ...1 day ago
- $1.9 billion investment to keep NZ safe from crimeNew Zealanders will be safer because of a $1.9 billion investment in more frontline Corrections officers, more support for offenders to turn away from crime, and more prison capacity, Corrections Minister Mark Mitchell says. “Our Government said we would crack down on crime. We promised to restore law and order, ...1 day ago
- OECD reinforces need to control spendingThe OECD’s latest report on New Zealand reinforces the importance of bringing Government spending under control, Finance Minister Nicola Willis says. The OECD conducts country surveys every two years to review its members’ economic policies. The 2024 New Zealand survey was presented in Wellington today by OECD Chief Economist Clare Lombardelli. ...1 day ago
- Agreement delivers Local Water Done Well for AucklandThe Government has delivered on its election promise to provide a financially sustainable model for Auckland under its Local Water Done Well plan. The plan, which has been unanimously endorsed by Auckland Council’s Governing Body, will see Aucklanders avoid the previously projected 25.8 per cent water rates increases while retaining ...3 days ago
- Gaza and the Pacific on the agenda with GermanyForeign Minister Winston Peters discussed the need for an immediate ceasefire in Gaza, and enhanced cooperation in the Pacific with German Foreign Minister Annalena Baerbock during her first official visit to New Zealand today. "New Zealand and Germany enjoy shared interests and values, including the rule of law, democracy, respect for the international system ...4 days ago
- Decision allows for housing growth in Western Bay of PlentyThe Minister Responsible for RMA Reform, Chris Bishop today released his decision on four recommendations referred to him by the Western Bay of Plenty District Council, opening the door to housing growth in the area. The Council’s Plan Change 92 allows more homes to be built in existing and new ...5 days ago
- Speech to New Zealand China CouncilThank you, John McKinnon and the New Zealand China Council for the invitation to speak to you today. Thank you too, all members of the China Council. Your effort has played an essential role in helping to build, shape, and grow a balanced and resilient relationship between our two ...5 days ago
- Modern insurance law will protect Kiwi householdsThe Government is modernising insurance law to better protect Kiwis and provide security in the event of a disaster, Commerce and Consumer Affairs Minister Andrew Bayly announced today. “These reforms are long overdue. New Zealand’s insurance law is complicated and dated, some of which is more than 100 years old. ...5 days ago
- Government recommits to equal payThe coalition Government is refreshing its approach to supporting pay equity claims as time-limited funding for the Pay Equity Taskforce comes to an end, Public Service Minister Nicola Willis says. “Three years ago, the then-government introduced changes to the Equal Pay Act to support pay equity bargaining. The changes were ...5 days ago
- Transforming how our children learn to readStructured literacy will change the way New Zealand children learn to read - improving achievement and setting students up for success, Education Minister Erica Stanford says. “Being able to read and write is a fundamental life skill that too many young people are missing out on. Recent data shows that ...5 days ago
- NZ not backing down in Canada dairy disputeTrade Minister Todd McClay says Canada’s refusal to comply in full with a CPTPP trade dispute ruling in our favour over dairy trade is cynical and New Zealand has no intention of backing down. Mr McClay said he has asked for urgent legal advice in respect of our ‘next move’ ...6 days ago
- Stronger oversight for our most vulnerable childrenThe rights of our children and young people will be enhanced by changes the coalition Government will make to strengthen oversight of the Oranga Tamariki system, including restoring a single Children’s Commissioner. “The Government is committed to delivering better public services that care for our most at-risk young people and ...6 days ago
- Streamlining Building Consent ChangesThe Government is making it easier for minor changes to be made to a building consent so building a home is easier and more affordable, Building and Construction Minister Chris Penk says. “The coalition Government is focused on making it easier and cheaper to build homes so we can ...6 days ago
- Minister acknowledges passing of Sir Robert Martin (KNZM)New Zealand lost a true legend when internationally renowned disability advocate Sir Robert Martin (KNZM) passed away at his home in Whanganui last night, Disabilities Issues Minister Louise Upston says. “Our Government’s thoughts are with his wife Lynda, family and community, those he has worked with, the disability community in ...6 days ago
- Speech to New Zealand Institute of International Affairs, Parliament – Annual Lecture: Challenges ...Good evening – Before discussing the challenges and opportunities facing New Zealand’s foreign policy, we’d like to first acknowledge the New Zealand Institute of International Affairs. You have contributed to debates about New Zealand foreign policy over a long period of time, and we thank you for hosting us. ...6 days ago
- Accelerating airport security linesFrom today, passengers travelling internationally from Auckland Airport will be able to keep laptops and liquids in their carry-on bags for security screening thanks to new technology, Transport Minister Simeon Brown says. “Creating a more efficient and seamless travel experience is important for holidaymakers and businesses, enabling faster movement through ...6 days ago
- Community hui to talk about kina barrensPeople with an interest in the health of Northland’s marine ecosystems are invited to a public meeting to discuss how to deal with kina barrens, Oceans and Fisheries Minister Shane Jones says. Mr Jones will lead the discussion, which will take place on Friday, 10 May, at Awanui Hotel in ...7 days ago
- Kiwi exporters win as NZ-EU FTA enters into forceKiwi exporters are $100 million better off today with the NZ EU FTA entering into force says Trade Minister Todd McClay. “This is all part of our plan to grow the economy. New Zealand's prosperity depends on international trade, making up 60 per cent of the country’s total economic activity. ...7 days ago
- Mining resurgence a welcome signThere are heartening signs that the extractive sector is once again becoming an attractive prospect for investors and a source of economic prosperity for New Zealand, Resources Minister Shane Jones says. “The beginnings of a resurgence in extractive industries are apparent in media reports of the sector in the past ...7 days ago
- Ō-Rākau Remembrance Bill passes first readingThe return of the historic Ō-Rākau battle site to the descendants of those who fought there moved one step closer today with the first reading of Te Pire mō Ō-Rākau, Te Pae o Maumahara / The Ō-Rākau Remembrance Bill. The Bill will entrust the 9.7-hectare battle site, five kilometres west ...1 week ago
- Government to boost public EV charging networkEnergy Minister Simeon Brown has announced 25 new high-speed EV charging hubs along key routes between major urban centres and outlined the Government’s plan to supercharge New Zealand’s EV infrastructure. The hubs will each have several chargers and be capable of charging at least four – and up to 10 ...1 week ago
- Residential Property Managers Bill to not progressThe coalition Government will not proceed with the previous Government’s plans to regulate residential property managers, Housing Minister Chris Bishop says. “I have written to the Chairperson of the Social Services and Community Committee to inform him that the Government does not intend to support the Residential Property Managers Bill ...1 week ago
- Independent review into disability support servicesThe Government has announced an independent review into the disability support system funded by the Ministry of Disabled People – Whaikaha. Disability Issues Minister Louise Upston says the review will look at what can be done to strengthen the long-term sustainability of Disability Support Services to provide disabled people and ...1 week ago
- Justice Minister updates UN on law & order planJustice Minister Paul Goldsmith has attended the Universal Periodic Review in Geneva and outlined the Government’s plan to restore law and order. “Speaking to the United Nations Human Rights Council provided us with an opportunity to present New Zealand’s human rights progress, priorities, and challenges, while responding to issues and ...1 week ago
- Ending emergency housing motels in RotoruaThe Government and Rotorua Lakes Council are committed to working closely together to end the use of contracted emergency housing motels in Rotorua. Associate Minister of Housing (Social Housing) Tama Potaka says the Government remains committed to ending the long-term use of contracted emergency housing motels in Rotorua by the ...1 week ago
- Trade Minister travels to Riyadh, OECD, and DubaiTrade Minister Todd McClay heads overseas today for high-level trade talks in the Gulf region, and a key OECD meeting in Paris. Mr McClay will travel to Riyadh to meet with counterparts from Saudi Arabia and the Gulf Cooperation Council (GCC). “New Zealand’s goods and services exports to the Gulf region ...1 week ago
- Education priorities focused on lifting achievementEducation Minister Erica Stanford has outlined six education priorities to deliver a world-leading education system that sets Kiwi kids up for future success. “I’m putting ambition, achievement and outcomes at the heart of our education system. I want every child to be inspired and engaged in their learning so they ...1 week ago
- NZTA App first step towards digital driver licenceThe new NZ Transport Agency (NZTA) App is a secure ‘one stop shop’ to provide the services drivers need, Transport Minister Simeon Brown and Digitising Government Minister Judith Collins say. “The NZTA App will enable an easier way for Kiwis to pay for Vehicle Registration and Road User Charges (RUC). ...1 week ago
- Supporting whānau out of emergency housingWhānau with tamariki growing up in emergency housing motels will be prioritised for social housing starting this week, says Associate Housing Minister Tama Potaka. “Giving these whānau a better opportunity to build healthy stable lives for themselves and future generations is an essential part of the Government’s goal of reducing ...1 week ago
- Tribute to Dave O'SullivanRacing Minister Winston Peters has paid tribute to an icon of the industry with the recent passing of Dave O’Sullivan (OBE). “Our sympathies are with the O’Sullivan family with the sad news of Dave O’Sullivan’s recent passing,” Mr Peters says. “His contribution to racing, initially as a jockey and then ...1 week ago
- Speech – Eid al-FitrAssalaamu alaikum, greetings to you all. Eid Mubarak, everyone! I want to extend my warmest wishes to you and everyone celebrating this joyous occasion. It is a pleasure to be here. I have enjoyed Eid celebrations at Parliament before, but this is my first time joining you as the Minister ...1 week ago
- Prison spending: Waikeria to have capacity for nearly 2000 beds
The government has clarified just how many beds the Waikato prison will get after a series of maths gaffes - 455, 600, 810 or 1865? ...2 hours ago - ‘Repair colonial violence’ and support Gaza ceasefire, say Otago academics
Asia Pacific Report Following an open letter by Auckland University academics speaking out in support of their students’ right to protest against the genocidal Israeli war on Gaza, a group of academics at Otago University have today also called on New Zealand academic institutions to “repair colonial violence” and end ...4 hours ago - Expelling students for bad behaviour seems like the obvious solution, but is it really a good idea?Source: The Conversation (Au and NZ) – By Linda J. Graham, Professor and Director of the Centre for Inclusive Education, Queensland University of Technology Ryan Tauss/ Unsplash, CC BY Two male students have been expelled from a Melbourne private school for their involvement in a list ranking female students. ...5 hours ago
- Green MP Julie Anne Genter responds after behaviour in the House, florist's accusations"I can do better," she says, acknowledging the need to work on her de-escalation strategy. ...5 hours ago
- If the RBA’s right, interest rates may not fall for another year. Here’s why – and what it mea...Source: The Conversation (Au and NZ) – By Peter Martin, Visiting Fellow, Crawford School of Public Policy, Australian National University The Reserve Bank is now assuming Australians will see no interest rate cuts this year – and quite possibly none before the next federal election, due next May. That’s ...5 hours ago
- ‘Eye watering’ spending, growing debt make up surprisingly generous Victorian state budgetSource: The Conversation (Au and NZ) – By David Hayward, Emeritus Professor of Public Policy, RMIT University The Victorian budget offered more of the same on Tuesday, with the only change being how the budget papers were packaged. The usual shrink wrap was gone, hinting at savings in the pages ...5 hours ago
- Budgeting service cuts: 'It's like watching a train derail'With some services facing closure after missing out on the latest government funding, there are for some of NZ's most vulnerable. ...5 hours ago
- Coalition demands amendments to government’s deportation bill, as crucial High Court judgement set...Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra The Coalition is demanding extensive amendments to the government’s legislation targeting non-citizens who refuse to co-operate with their removal. In a dissenting report to the senate inquiry into the legislation, the Coalition says it ...6 hours ago
- MP's comments 'bang on' despite negative response from other parties – Te Pāti...Te Pāti Māori is standing by comments made by MP Mariameno Kapa-Kingi which other parties have called inflammatory and offensive. ...8 hours ago
- A story of trauma, hope and regaining control, Nayika: A Dancing Girl is soul-stirring dance theatreSource: The Conversation (Au and NZ) – By Vanita Yadav, Senior Research Fellow, Urban Transformations Research Centre, Western Sydney University Brett Boardman/Belvoir The complex and grappling issue of violence against women takes centre stage in the soul-stirring solo dance drama Nayika: A Dancing Girl. During a dinner conversation ...9 hours ago
- 'Pretty dire' situation for patients as junior doctors strike over pay cutsDisruption to patient care from a nationwide junior doctors strike is bordering on unsafe, a senior doctor claims, despite what health officials say. ...9 hours ago
- How does the drug abemaciclib treat breast cancer?Source: The Conversation (Au and NZ) – By Sarah Diepstraten, Senior Research Officer, Blood Cells and Blood Cancer Division, Walter and Eliza Hall Institute Ground Picture/Shutterstock The anti-cancer drug abemaciclib (also known as Vernezio) has this month been added to the Australian Pharmaceutical Benefits Scheme (PBS) to treat certain ...10 hours ago
- How a filmmaker, a pile of old shells and a bunch of amateurs are bringing our oyster reefs backSource: The Conversation (Au and NZ) – By Dominic McAfee, Postdoctoral researcher, marine ecology, University of Adelaide Robbie Porter, OzFish Unlimited Around Australia, hundreds of people are coming together to help a once-prized, but decimated and largely forgotten marine ecosystem. They’re busy restoring Australia’s native oyster and mussel reefs. ...10 hours ago
- Official 2023 election result final check done in a few hours, under extreme pressureThe rushed assessment, which failed to identify multiple errors in the official results, would normally take two days. ...11 hours ago
- Curious Kids: what stops meteors hitting Earth and hurting people?Source: The Conversation (Au and NZ) – By Sara Webb, Lecturer, Centre for Astrophysics and Supercomputing, Swinburne University of Technology Austin Human/Unsplash How does Earth stop meteors from hitting Earth and hurting people? –Asher, 6 years 11 months, New South Wales Alright, let’s embark on a meteor ...11 hours ago
- From pride rounds to rainbow guernseys, sports can be smarter when it comes to diversity and inclusi...Source: The Conversation (Au and NZ) – By Rory Mulcahy, Associate Professor of Marketing, University of the Sunshine Coast Professional sports organisations regularly promote and develop initiatives to support diversity, equity and inclusion. While sport has the power to change attitudes by sparking conversations about political issues and social ...11 hours ago
- Grand designs? Why many Australian architects say their career makes them unhappySource: The Conversation (Au and NZ) – By Naomi Stead, Director of the Design and Creative Practice Enabling Impact Platform, RMIT, RMIT University SORN340 Studio Images/Shutterstock For years there have been suggestions of widespread poor wellbeing among architects. In many ways this is not surprising. It’s well established the ...11 hours ago
- Don’t embarrass the boss
Comment: The weekly Monday post-Cabinet press conference is a useful forum for observing Christopher Luxon and how he is developing into the job of Prime Minister. He attempts to convey the impression of a man of action, speaking fast, delivering memorised National Party strategies in a connect-the-slogans kind of way, ...11 hours ago - Green MP Julie Anne Genter referred to Privileges CommitteeGerry Brownlee referred her to the Privileges Committee over complaints about her behaviour in the House. ...11 hours ago
- Six telling tidbits from the review of vote-counting errors at the 2023 election
Double votes, missing ballot boxes, tired tech and stressed staff: how tick-tallying went astray at last year’s election. Cast your mind back to November 2023, that bleary-eyed post-election period during which we waited, and waited, for a coalition deal to be hammered out. A distraction from the hotel-hopping of our ...11 hours ago - Government begins weekly reporting of school attendance figuresSchools should aim to have 94 percent of their pupils in class every day, David Seymour says. ...11 hours ago
- A ‘blistering’ ‘tour de force’: Australia loves After the Party tooInternational audiences are starting to discover what New Zealand already knew about After the Party. When After the Party aired in New Zealand last year, the response was fast and furious. In his preview for Rec Room, Duncan Greive said it was a “gritty, wrenching and highly confronting” series. By ...11 hours ago
- Iran is gaining credibility in the Muslim world and feeling emboldened. This doesn’t bode well for...Source: The Conversation (Au and NZ) – By Shahram Akbarzadeh, Convenor of the Middle East Studies Forum (MESF), and Acting Director the Alfred Deakin Institute for Citizenship and Globalisation, Deakin University Iran’s leadership has been a direct beneficiary of the months-long war in Gaza. With every missile that Israel fires ...12 hours ago
- ‘Uncanny notes that plague this place’: Hagstone by Sinéad Gleeson, reviewedClaire Mabey reviews the haunting and sexy debut novel from Sinéad Gleeson, who is about to touch down in Aotearoa for a string of live events. When Irish writer Sinéad Gleeson was in Aotearoa in 2018 with her spectacular collection of essays, Constellations, she told me she was working on ...12 hours ago
- Bougainville ‘other avenues’ report ‘sensationalised’, claims MakibaPNG Post-Courier Bougainville Affairs Minister Manasseh Makiba has described the Post-Courier’s front page story yesterday regarding a meeting between Bougainville and national government leaders as “sensationalised” and without substance. The Autonomous Bougainville Government (AGB) had warned it might use “other avenues to gain its independence” should the PNG government “continue ...13 hours ago
- Government on track for increased deficit despite fall in spending – TreasuryThe government books are worsening as a fall in tax outpaces cuts to spending, leaving it on course to post a sizable deficit. ...14 hours ago
- Luxon and Mitchell weren’t mixed up, they were using girl mathsWhere some saw the worst press conference given by the government to date, Anna Rawhiti-Connell recognised girl maths game. Nicola Willis, recently exasperated by comparisons to Ruth Richardson, said she was “a bit sick of being compared with every female finance minister that’s ever been out there.” Some think that’s ...14 hours ago
- Interim Financial Statements Of The Government Of New Zealand For The Nine Months Ended 31 March 20...
The March results are reported against forecasts based on the Half Year Economic and Fiscal Update 2023 (HYEFU 2023), published on 20 December 2023 and the results for the same period for the previous year. ...15 hours ago - NZ First MP Jamie Arbuckle, who wanted to keep his pay as councillor pay too, changes his mindJamie Arbuckle, the district councillor who became an MP but decided to keep getting paid for both roles, will instead donate one salary to charity. ...15 hours ago
- Jamie Arbuckle MP – Re: My Position As Marlborough District CouncillorThis is my fifth term as a Marlborough District Councillor, I am passionate about local issues, and I will continue to work hard for my community. ...15 hours ago
- Adding gender to the Human Rights Act – what’s the big deal?Adding gender to the Human Rights Act would simply make the implicit explicit. So why is it so controversial? Paul Thistoll explain. At present, Aotearoa’s 1993 Human Rights Act (HRA) includes sex, marital status, religious belief, ethical belief (meaning a lack of religious belief), colour, race, ethnicity or national origin, ...15 hours ago
- Carmel Sepuloni believed to be contestant on new season's Celebrity Treasure IslandThe new season of Celebrity Treasure Island is due to hit New Zealand screens later this year. ...15 hours ago
- The cost of being: A flatting student who’s saving for more tattoosAs part of our series exploring how New Zealanders live and our relationship with money, an 18-year-old who’s studying and working in hospo shares their approach to spending and saving. Want to be part of The Cost of Being? Fill out the questionnaire here. Gender: Transmasc Age: 18 Ethnicity: Pākehā/Māori Role: Student, ...16 hours ago
- 'He got it mixed up' – PM backs Corrections Minister despite announcement muddleThe prime minister is backing Corrections Minister Mark Mitchell, saying he "quickly clarified" a confusing media conference announcement. ...17 hours ago
- How the fast-track law could expose future NZ governments to expensive trade disputesSource: The Conversation (Au and NZ) – By Jane Kelsey, Emeritus Professor of Law, University of Auckland, Waipapa Taumata Rau Getty Images Resources Minister Shane Jones has reportedly asked officials for advice on whether oil and gas companies could be offered “bonds” as compensation if drilling rights offered by ...17 hours ago
- Crisis of faith: why Australian women have so little trust in religious institutionsSource: The Conversation (Au and NZ) – By Kate Gleeson, Associate Professor of Law, Macquarie University Shutterstock The Albanese government is weighing up the costs of delivering an election promise to protect religious people from discrimination in Commonwealth law. Such protections were relatively uncontroversial when included in state anti-discrimination ...17 hours ago
- Terminal lucidity: why do loved ones with dementia sometimes ‘come back’ before death?Source: The Conversation (Au and NZ) – By Yen Ying Lim, Associate Professor, Turner Institute for Brain and Mental Health, Monash University Pexels/Andrea Piacquadio Dementia is often described as “the long goodbye”. Although the person is still alive, dementia slowly and irreversibly chips away at their memories and the ...17 hours ago
- Making merry: how we brought Melbourne’s Merri Creek back from pollution, neglect and weedsSource: The Conversation (Au and NZ) – By Judy Bush, Senior Lecturer in Urban Planning, The University of Melbourne Adam Calaitzis/Shutterstock I met with a friend for a walk beside Merri Creek, in inner Melbourne. She had lived in the area for a few years, and as we walked ...17 hours ago
- This group rid one Australian river of its privet problem – and strengthened community along the w...Source: The Conversation (Au and NZ) – By Sonia Graham, DECRA Fellow, University of Wollongong Lekali Studio/Shutterstock Privet is a popular garden hedge. It grows quickly and responds well to being pruned. But in natural areas, privet is a problem. Like 72% of weeds in Australia, privet escaped ...17 hours ago
- Australian artists only earn $23,200 a year from their art – and are key financial investors in ke...Source: The Conversation (Au and NZ) – By David Throsby, Distinguished Professor of Economics, Macquarie University Arts companies and individual artists in Australia are supported by government arts agencies, philanthropists, industry bodies, private donors and patrons. However, it is frequently overlooked that a major source of support for the arts ...17 hours ago
- Experts Sign Open Letter To Legalise Drugs In New ZealandHarm Reduction Coalition Aotearoa, a new incorporated society dedicated to ending harmful drug policies, officially launched today, seeks a new fit-for-purpose drug law for Aotearoa New Zealand, rooted in science, experience and evidence. ...17 hours ago
- Politics live: Mark Mitchell, Christopher Luxon face questions after Corrections confusionThe Corrections Minister admits he "muddied the water" after he and the Prime Minister repeatedly provided incorrect information about a $1.9 billion prison spend-up. ...17 hours ago
- Messy press conference prompts correction over Corrections fundingIt took a post-post-cabinet statement to confirm that 810 new beds will be built at Waikeria, writes Stewart Sowman-Lund in this extract from The Bulletin. To receive The Bulletin in full each weekday, sign up here. ...18 hours ago
- Politics live: Mark Mitchell, Christopher Luxon face questions after confusion CorrectionsThe Prime Minister and Corrections Minister repeatedly provided incorrect information about their $1.9 billion planned prison spend-up. ...18 hours ago
- Young Star burns bright for her Fiji familyLili Tokaduadua was only 15 when she left her family in Fiji to pursue her netball dream in New Zealand. She’d been playing the sport for 10 years and was offered a netball scholarship at Auckland’s Howick College. Now, in her first year out of high school, the 19-year-old defender ...19 hours ago
- Plucky Foodstuffs crushed by the iron fist of big bicycleThe beloved local grocers lost a legal challenge to stop a new cycleway outside their store. Joel MacManus reports. In the annals of New Zealand legal history, there are a few brave people who have dared to stand up to the powers that be, no matter how bleak the odds ...20 hours ago
- Seven graphs that show where New Zealand’s food comes from… and where it goesHow what we produce and what we eat connects us to the world beyond our shores, visualised. Walking around a supermarket or vege shop, it might be obvious that everything on the shelves came from somewhere. But you might ...20 hours ago
- Meridian Energy: no need to ‘engage’ locals ahead of fast-track applicationsFor projects of national significance, the energy giant recommends applicants need only “notify” those potentially affected The post Meridian Energy: no need to ‘engage’ locals ahead of fast-track applications appeared first on Newsroom. ...20 hours ago
- How Kiwis are getting their families out of PalestineMohammed paid $70,000 to get his 10 family members into Egypt. They still don’t have a clear way into New Zealand. The post How Kiwis are getting their families out of Palestine appeared first on Newsroom. ...20 hours ago
- Newsroom daily quiz, Tuesday 7 MayLoading…(function(i,s,o,g,r,a,m){var ql=document.querySelectorAll('A,DIV,A[data-quiz],DIV[data-quiz]'); if(ql){if(ql.length){for(var k=0;k<ql.length;k++){ql[k].id='quiz-embed-'+k;ql[k].href="javascript:var i=document.getElementById('quiz-embed-"+k+"');try{qz.startQuiz(i)}catch(e){i.start=1;i.style.cursor='wait';i.style.opacity='0.5'};void(0);"}}};i['QP']=r;i[r]=i[r]||function(){(i[r].q=i[r].q||[]).push(arguments)},i[r].l=1*new Date();a=s.createElement(o),m=s.getElementsByTagName(o)[0];a.async=1;a.src=g;m.parentNode.insertBefore(a,m)})(window,document,'script','https://take.quiz-maker.com/3012/CDN/quiz-embed-v1.js','qp'); Got a good quiz question? Send Newsroom your questions. The post Newsroom daily quiz, Tuesday 7 May appeared first on Newsroom. ...20 hours ago
- On the legendary Phil Wood of Phil Wood Menswear, WestportThe following interview with auto electrician and former caver Stu Berendt, 68, of Charleston on the West Coast, came about because he was part of the caving team that found the rare and amazing fossil remains of the giant Haast eagle, the subject of one of the year’s best books, ...20 hours ago
- The economic case against conscriptionOpinion: How economists helped to end slavery and conscription in the US and elsewhere The post The economic case against conscription appeared first on Newsroom. ...20 hours ago
- Can Pharmac do more with the same pot of money?A $1.8b funding boost for Pharmac still won’t enable it to buy more drugs, raising questions about the Government’s approach to the agency The post Can Pharmac do more with the same pot of money? appeared first on Newsroom. ...20 hours ago
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Obviously, those Reserve Bank figures are “nonsense” and fortunately Dr Nick Smith and John Key know the real figures. RBNZ and Treasury can just jump into the lake because they are spreading fake news! First-time home buyers have never had it so good in NZ and they stand to make a very healthy return on their investment. But if things ever did turn to custard those lovely big Ozzie banks will look after the poor wee unlucky mums & dads because it would be unfair if they were punished for things happening outside their control and not through their fault. [End of sarcasm]
Well lets simplify it. Its simple math. NZ Housing stock sits at about 1.65m houses.
Population about 4.5m
New migrants settling here 70,000/yr
Rate of completed “builds” per year 7500 to 8000 on a good day including small one bed/2 bedroom appartments built especially for international students & landlord/owners capital gain investment properties.
What properties are sitting empty and not occuppied whilst sitting on trademe?
Its not a consenting issue, never has been.
38 third tier lenders dissappearred in the crash leaving a $25b hole in capital investment that still hasnt been taken up by banks or investment bankers or offshore investors …
So any party talking up a storm of how they’re going to cure the issues of homelessness and poverty ect,needs to address three key factors which are;
A massive Capital injection
A Labourforce
Priorities
and a fourth one …. who can build because the private sector can’t.
Tell every young person you know that National are happy to see them locked in debt serfdom for their entire lives. Whereas the children of National party grandees will get an inheritance sufficient to see them through quite happily. Suggest to them that it’s time to organise and get very angry with National, the banks and speculative owners of ‘rentals’.
hold on Ab
nobody made them take out these loans and as interest rates tick upwards its only the fools who be-leaved they would never rise.
sadly the damage is done the bubble is in the process of popping the collective insanity and frenzy will be replace with dis-pair a lot of people are about to loose everything they have including kiwi saver. how many used there homes as atm machines ?there have been plenty of warnings about debt since 2008 did we learn from the gfc nonono .Between 2008 and now i took the window of opportunity to pay off all debt and i look forward to reaping the benefits of higher interest rates because it was savers who subsidized the borrowers so tuff !iam all for hanging speculators and stripping them of all there assets.first home buyers sadly have been sucked in professor steve keen has said in the end there will need to be some form of debt jubilee because debts that cant be paid wont be paid
“how many used there homes as atm machines ?”
I see this referred to a lot, but have seen no figures or evidence for it.
Renters in Auckland often do not have security of tenancy, and many have put their efforts into buying a home – despite the cost – because of it.
Rising costs and austere budgets may mean that many just manage to pay all their bills – including the mortgage with little left over for savings.
If an unexpected hit comes – they have a choice – high interest credit loans or use of credit cards, or using the equity on their home. It is drawing on their mortgage – but it is understandable, and not the equivalent of using a ATM for implied frivolity.
Point taken, the banks have sourced a lot of the funds off shore ,when Intrest rates reached zero internationally it was the end of the road for the 30 year decline in bond prices Intrest rates can only go up .incomes have to increase if house hold debt is to be paid down .but if you borrowed 9 times income or even 5 your income your in deep trouble the banks media real estate have sucked people into this market free gifts for loans . 95 percent mortgages .if you remember they opened up kiwi saver to confiscation on default a couple of mouths ago they knew
It’s planned .and there should be anger at the banks national government speculators the greedy for allowing this situation to develop its deeply unfair
And has the potentual to take out the economy.
any strategy that gets the young out to vote has to be a positive …and highlighting their potential electoral muscle to improve their own futures re housing (especially in light of their reduced international opportunities) would be bloody good placebo start.
The Banks are very reluctant to lend at the present moment, does that tell you anything. Likewise who has the capital here in NZ to build new houses?
Land prices have got so high in Auckland that it is questionable whether it is viable to spec build unless you already own the land?
do your research before you borrow. good life lesson.