She wants them to come down.
They have already come down of course, through a series of events that included her last Government's approach to the economy.
The booming inflation they created, the bulging debt from all the spending and the general fiscal waste that saw interest rates spike, the country failing to collect the migrant numbers it had previously had, as well as the cost of building skyrocketing. As a result, the property market has broadly gone backwards for what many suggest now is a historic period of time.
So she should be happy.
Which is the problem with economic illiterates like her.
The Labour Party of course don’t see things the way she does for obvious reasons. Two-thirds of New Zealanders own homes and many see them as a nest egg for retirement.
Watching prices fall undermines our futures.
Helen made herself a headline because she was asked about the Opportunity Party, the leader of which is standing in her Mt Albert electorate.
They too want to wreck the property market with the land tax. Helen didn’t know much about that, all she knew was she wanted prices to fall.
Sadly, this is the sort of trouble Chris Hipkins is going to have to start to mop up.
Once you get into election mode a lot of random questions get asked of previously unheard-of MPs, some of whom manage to almost immediately display the attributes the party had been hoping could stay hidden, at least until election day.
Helen is already infamous given Mt Albert is deep Labour territory, and she almost lost it in 2023. So, her start to 2026 doesn’t bode well.
But the overarching message here is the bedrock of many New Zealanders savings strategies is under fire from increasing numbers of political operators.
They want your retirement blown sky high with a property crash.
I'm backing that approach not to be overly popular
Mike Hosking is a New Zealand television and radio broadcaster. He currently hosts The Mike Hosking Breakfast show on NewstalkZB on weekday mornings - where this article was sourced.
The booming inflation they created, the bulging debt from all the spending and the general fiscal waste that saw interest rates spike, the country failing to collect the migrant numbers it had previously had, as well as the cost of building skyrocketing. As a result, the property market has broadly gone backwards for what many suggest now is a historic period of time.
So she should be happy.
Which is the problem with economic illiterates like her.
The Labour Party of course don’t see things the way she does for obvious reasons. Two-thirds of New Zealanders own homes and many see them as a nest egg for retirement.
Watching prices fall undermines our futures.
Helen made herself a headline because she was asked about the Opportunity Party, the leader of which is standing in her Mt Albert electorate.
They too want to wreck the property market with the land tax. Helen didn’t know much about that, all she knew was she wanted prices to fall.
Sadly, this is the sort of trouble Chris Hipkins is going to have to start to mop up.
Once you get into election mode a lot of random questions get asked of previously unheard-of MPs, some of whom manage to almost immediately display the attributes the party had been hoping could stay hidden, at least until election day.
Helen is already infamous given Mt Albert is deep Labour territory, and she almost lost it in 2023. So, her start to 2026 doesn’t bode well.
But the overarching message here is the bedrock of many New Zealanders savings strategies is under fire from increasing numbers of political operators.
They want your retirement blown sky high with a property crash.
I'm backing that approach not to be overly popular
Mike Hosking is a New Zealand television and radio broadcaster. He currently hosts The Mike Hosking Breakfast show on NewstalkZB on weekday mornings - where this article was sourced.
10 comments:
What are you talking about, Mike? National's stated policy was to crash the property market by adding a million or whatever new houses to Auckland. Meanwhile ACT has the same policy, apart from in Epsom where its donors didn't want their own property values sunk. And now you blame and stick it on Labour and Opportunities? Can you please do your job and report objectively.
Reducing house prices is simple. Further advance the influence of maori. Even more of the able and progressive NZers will then quit the country releasing properties and lowering prices. Ensure migrants come from low income countries so they cannot push demand for propertiy ownership..
Same old rubbish, that the value of your house is your retirement fund. So does Mike think that when we retire, we sell our house to fund our retirement. That we live on the streets while eating out every night because we are rich.
The cheaper we can make housing, the more people that will own their own home when they retire. Which means more people that can survive without ever more government support.
It will affect those that invested in housing for retirement, but so what. The whole idea of investment is there is a risk behind your return. So some might have got their choices and timing wrong. Why should that be my problem.
CXH hasn't quite got it right in the first para. Many people sell their family home and move into smaller, cheaper digs and use the difference between the two to partially fund their retirement (Super doing the rest).
The left introducing the TOP party is a ploy to fool the sheeple part 2. Covid was part one. I would like to know who the true leader of the Top party is. Que was hired from a seek add. So who is her master? It is all very secretive and sinister. Que says that the land tax will be offset by the dole payment that everyone will get get. Actually, once the govt pays you, they own you and this will lead to a loss of freedom and liberty, as history has proved time and time again. Que says this tax will make house prices affordable. Actually people would end up.selling their homes and farms and once no one owns anything the govt could give all land back to iwi to realise he puapua. The left are evil. No doubt about it.
House prices have already fallen by 15% on average across NZ (30% in Wellington) That’s stripped $300 billion from the market so I’m feeling worse off. Quick, send me some UBI so I can go back down the pub again.
Barend, do you have any numbers on that. My experience is they tend to stay put. The mother hopes that the grandkids will come and play stay. They like the neighborhood. It is difficult to find a small one or two bed that has the living area wanted for family.
Plus, there will still be a difference between the price of a family home and a small one.
CXH, from Google AI:
"CXH, from Google AI:
"Selling the family home to buy a smaller property and release equity is the single most common strategy for older New Zealanders to fund retirement. Because homeownership rates are exceptionally high among the baby boomer generation, turning housing wealth into cash is a standard retirement plan."
BV, home ownership or investment property has been a successful strategy for decades.
Buy a cheap property, pay off (some of) the mortgage, move up the property ladder and sell off some to fund your retirement.
Inflation or deflation doesn’t matter, if you can make it through 30/40 years you’ll come out ok.
The now hated Protestant work ethic of our colonists works, struggle but save, work to give your children a better chance in life.
We live in central Wellington, a 90sqm apartment around here can be bought for around $600,000. That shouldn’t be out of reach of a couple with a combined income of $100,000, after all the minimum wage is now around $60,000 a year. (24 x 50 x 52 =62,400) or is it unreasonable to work 50 hours a week when you’re young and ambitious?
The Kiwi (or Aussie if you’re a bit adventurous ) dream is still reality.
Don't forget: my Wellington house has decreased in value 30% but my rates, including water charges, have gone up 10%. Rates based on house values; when house values go down, WCC increases their % "take" -- but they don't like to advertise that fact. So, to keep their revenue stream, they will almost double their percentage "take".
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