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#195512 22-Apr-2016 10:51
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I think its pretty obvious the Government is maintaining this bubble. Yes a correction will hurt, but its beyond needed imo as its now impacting/lowering prices of property elsewhere and so much more, ie pricing essential trades out of the city like has happened in London. Imo the bubble was driven firstly by empty home buyers and a lack of capital gains tax and secondly by Aucklanders jumping on the bandwagon thinking they were getting rich for nothing. Neither of which I have an opinion on.

 

But I dont buy into the "its because of immigration" or other squeamish reasoning's spouted out in attempts to keep the second lot of buyers, Aucklanders, buying more property.

 

Anyway have any of the parties discussed policies on how to increase interest rates, more aggressively approach immigration to other cities, if the city is truely growing (Im talking business) encouraging to set up outside of Auckland, ie move jobs to where we dont have to tackle unnecessary infrastructure concerns.

 

After a lifetime as a national voter Im changing.

 

Nobody wants to see rates jump to 18% or people lose 40% of their house prices, thats the last thing one would wish on a first home buyer. But I feel its out of control now and its just too hard basket and they are waiting to be voted out rather than taking action. ie leaving the problem to the next government.


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  #1537983 22-Apr-2016 10:55
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I do not think it's politically fixable.




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  #1537984 22-Apr-2016 10:58
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SocialCredit?


 
 
 
 


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  #1537987 22-Apr-2016 11:00
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While there are still residents that are opposed to change because they want the world to remain as they grew up in, it is not solvable.

 

The local facebook group is full of gripes everytime something changes. Old pee-smelling bus shelter demolished for a new one with windows and is cleanable - ohh they are destroying heritage.

 

Special housing areas made to allow for higher density. Ohhh, they are ruining the character of the area with this density! Think about the traffic!





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  #1537994 22-Apr-2016 11:09
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The first and probably most important question is ' how many current Auckland/ NZ home owners are prepared to wear a 20, 30, 40% drop in their market valuation?'




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The views stated in my posts are my personal views and not that of any other organisation.

 

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  #1537996 22-Apr-2016 11:12
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I think people expect too much of governments. They have few levers to ‘control’ house prices etc. Auckland has suffered from years of poor planning, that’s the council’s fault, not central government. If Labour win the next election (highly unlikely imo) I don’t think they have a magic wand to fix anything in Auckland short of racist policies to restrict ‘foreign buyers’. As if that’s going to make a huge difference.


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  #1537997 22-Apr-2016 11:12
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@TeaLeaf

 

1. What actions are government specifically doing to cause or support this bubble?

 

2. What do you think they should do to fix it?


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  #1538002 22-Apr-2016 11:16
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Both posts above are very true

 

- we need to be less caring of NIMBYs and less willing to pay the Taniwha tax.  Look at the proposed SHA North of the airport - an absolutely perfect spot for housing in this high employment area, but bogged down in various vested interests.  And Auckland Council's obsession with Len's legacy trainset is not going to help the majority of people in the area

 

- persuading people to vote for a policy that will take a major slice out of their retirement fund is a big ask.  Many of us JAFAs would like to retire elsewhere (although 'where' is a conundrum given how nice the Auckland area is), and selling an Auckland property is a big part of enabling this

 

It comes down to supply and demand.  We need to increase supply by hastening the planning and consenting process.  And decrease demand by encouraging decentralisation.


 
 
 
 


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  #1538003 22-Apr-2016 11:17
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In the short term, I can't see it getting any better.

 

I'd love to have my own house, but I don't see it being possible at all.

 

We are a single income household with 2 children, and sure, I could reduce my outgoings a bit further by not having my $4.00 coffee 4 times a week, but to me that's not living.

 

The other thing that I think isn't being reported, maybe because renters are seen as not working\trying hard enough, is because of the costs involved in buying a house, this is pushing more people to rent, in turn increasing rental prices. In Johnsonville, Wellington a year or 2 ago 380-400 would rent you a modest 3 bedroom house. Now that same modest 3 bedroom rental is now pushing 450-550 a week. With increases like that, it's near impossible to save for a deposit.

 

And if you do find a place that's within budget and suits your requirements, because of the competition in the rental market, you may find yourself renting two places at the same time, your previous place and your new place, because if you can't take over the rental of the property when the landlord wants the income coming in, you won't get it and there WILL be people who can move in from the availability date.


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  #1538005 22-Apr-2016 11:19
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I think the question is, what party who has a chance of getting elected and who has shown they have a clue right now is likely to do something about it, and the answer.. No-one. 

 

National has the lead and don't/won't do anything about it until it's their belief it requires proper intervention. Labour couldn't put together a sensible policy to save their lives, Greens have shown they still don't understand economics (Printing money anyone). Maori Party has their own "more important" agendas to work on, and the other parties

 

combined might be lucky to get 3 seats at the table. 

 

 


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  #1538015 22-Apr-2016 11:26
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MikeB4: The first and probably most important question is ' how many current Auckland/ NZ home owners are prepared to wear a 20, 30, 40% drop in their market valuation?'

 

 

 

yes indeed, no party is electable on the basis of removing equity from most peoples most valuable asset


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  #1538017 22-Apr-2016 11:26
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the solution is Auckland Council allows more land to be freed up


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  #1538019 22-Apr-2016 11:28
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We just need people moving back to different regions of NZ, and foreigners moving to other parts of NZ. 

 

All the professional jobs are thought to exist in Auckland, so if you want to be a professional working for a large business you move from your home town to Auckland, if you are moving to NZ and want a good job, you move to Auckland.

 

It's a bit of a vicious cycle...

 

If we can have more serious demand for skilled or professional work outside of Auckland into other regional hubs that would be great, and I suppose that starts with University's and business'working together to keep graduates in their cities (eg Go to Otago Uni and get employed in Dunedin)

 

 

 

 

 

 

 

 

 

 


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  #1538020 22-Apr-2016 11:29
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nathan:

 

the solution is Auckland Council allows more land to be freed up

 

 

There is plenty of land. The solution is to remove the ability to waste it with people sticking another house on a back yard and calling it high density. I think there should be 2 options for land. A house, or a block of units. Scrap the inbetween waste and let people build more housing for people in the form of 4-5 level places. 3 stories is about the limit for a walkup realistically, but some people may want to go higher.





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  #1538021 22-Apr-2016 11:30
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nathan:

 

the solution is Auckland Council allows more land to be freed up

 

 

problem is there is not that much more land to free up

 

 


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  #1538033 22-Apr-2016 12:11
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shk292:

 

Both posts above are very true

 

- we need to be less caring of NIMBYs and less willing to pay the Taniwha tax.  Look at the proposed SHA North of the airport - an absolutely perfect spot for housing in this high employment area, but bogged down in various vested interests.  And Auckland Council's obsession with Len's legacy trainset is not going to help the majority of people in the area

 

- persuading people to vote for a policy that will take a major slice out of their retirement fund is a big ask.  Many of us JAFAs would like to retire elsewhere (although 'where' is a conundrum given how nice the Auckland area is), and selling an Auckland property is a big part of enabling this

 

It comes down to supply and demand.  We need to increase supply by hastening the planning and consenting process.  And decrease demand by encouraging decentralisation.

 

 

 

 

Well, having used the legacy train sets in London, New York, Paris, Rome, Sydney and compared that to the logjam that is Auckland, I know which I prefer.

 

A start of the solution to Auckland is pegging how much can be loaned.

 

If there was a lending limit of 80% of the last GV, that would slow things a LOT and yet have little impact in other parts of NZ where housing growth is more realistic.


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