Aucklanders are being warned their house prices are unsustainable – but a crash is not expected until next decade.
The latest Quotable Value data shows the average value across the Auckland region was $925,656 last month. That is up from $526,659 at the end of 2010.
"The majority of New Zealanders do not have the income to service debts of that size," said economist Shamubeel Eaqub.
"Can you pay that off over your lifetime with an average household income of $80,000 a year? Future homeowners are struggling to get a deposit together, let alone trying to repay the debt. A lot of young people are coming into the age of home ownership with student loans."
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He said the combination of access to cheaper rural land and more competitive market-led development on a great scale would help solve the problem.
"It's one of the biggest problems of our time but I'm confident we can fix it. The problems we've got are man-made and a product of our urban policy system. We've just go to fix the urban policy system. It's a man-made problem with a man-made solution. It doesn't have to be like this."
Hayward said New Zealand buyers might have to wait almost a decade for any serious change in prices.
"Australia and New Zealand are really not due to crash until 2022 - 2025. If it takes that long, understandably most people will have become cynical about warnings that it was going to. The tragedy is that when that time comes, it is likely that there will be a cohort of young people who have succumbed to pressure to 'get on the housing ladder' and all sorts of adventurous, innovative (and in hindsight, foolish) schemes to enable 'home ownership' will have been used to stitch them up with obscene debt for utterly substandard, poky homes – or even mere part-shares in them."
作者: ThinkOutLoud 时间: 2016-3-7 09:36:27
有远见的“专家”作者: NewLynnHse 时间: 2016-3-7 09:39:29
ThinkOutLoud 发表于 2016-3-7 10:36
有远见的“专家”
有远见的“专家”,可怜的空军。。。哈哈作者: 留言 时间: 2016-3-7 09:39:54
house price correction ... in 2025作者: angelvan2012 时间: 2016-3-7 10:00:09