Editorial: Home truths can be quite hard to take

Land, property, housing, real estate ... call it what you like. We all need a roof over our heads and for many the dream is to make that roof their very own.

Once upon a time, buying a house was a fairly routine pursuit, as long as you had been a little frugal and had a steady enough job which enabled you to put a few bob away every week.

And that you were able to persuade the then State Housing Corporation folk that your job was pretty secure and yes, you'd be able to pay $25 a week for the next 20 years.

There were plenty of houses to consider then, a vast number of them in need of some maintenance assistance but that was okay ... you had the next 20 years to sort it.

It was, to a degree, simplistic.

Our first house, back in'79, cost about $25,000 and we managed to scramble together about 10 per cent of that to qualify for a mortgage through the Housing Corp.

Using that ratio, to pick up an average house today for maybe $300,000 you'd need $30,000 ... at least.

With the job market a little uncertain and dodgy global economies affecting our financial books, things aren't too easy out there when it comes to what was once an ingrained part of the Kiwi lifestyle ... get your own place.

And now the latest figures from the Real Estate Institute of New Zealand show rising house sales, and accordingly rising house prices, as people more competitively pursue a more permanent roof over their heads.

Interest rates are low and there is surging interest from Auckland buyers, no doubt seeking to escape the real estate craziness up there or hunting down an investment.

So the bidding battle sparks up and, while that's great for sellers and the property industry, it's tough on first home buyers.

It could be argued that buying a house today is as simple as raising your hand and getting the nod.

But then the tough journey of funding it all begins.