People on my talkback show have told me that they have found themselves left behind, such is the rapid rise of housing prices in New Zealand, despite being homeowners themselves.
They sold before Covid, waited until things returned to some semblance of normal before going house hunting and havefound that the homes in their budget are inferior to the house they sold six months ago. This was in Manawatu and Taranaki.
Now with the Reserve Bank reintroducing LVRs but not until March, real estate agents are bracing themselves for a gold rush over summer.
Some banks have said they'll impose higher LVRs on investors (30 per cent) than first-home buyers (20 per cent). The ASB was first to do so, then ANZ followed suit. I'm not sure it's going to do much to calm the farm.
When most of us earn more from owning a home than we do from going to work, housing is always going to be a seductive option. I'll see you at the open homes.
We sold our house just before lockdown and I took six months out to see if I liked apartment living.
Now, the kids are coming home from London — they always were coming home so the grandchildren could start school here, but they're six months ahead of schedule so they can enjoy the Kiwi summer. So instead of wandering through chic, minimalist apartments in the heart of the city, I'm looking for sprawling homes suitable for intergenerational living out in the burbs.
We just want a home. That's all many Kiwis want. Photo / Michael Craig
I'm exploring suburbs I'd never even heard of in 20 years of living in Auckland because that's what we can afford. We don't really care where we end up because we're not looking to make a killing. We just want a home. That's all many Kiwis want.
It's never been easy to buy your first property in any generation. For most people, it's taken hard work and sacrifice.
But the economic stimulus in the wake of Covid has created extra pressure for young people. The challenge over the next three years is for this Government to spend its enormous political capital and deliver on its promises to help hardworking Kiwis into their first homes.
Kiwis who don't want to feather their nests, or be guaranteed a healthy income in their retirement but who want the security of having a place to call their own.
