Lately there has been an awful lot of tub thumping about house prices and the plight of first time buyers, many of who seem to think that anyone who currently owns a house bought it for a fiver and lived the life of Riley while doing so. But its a popular refrain about how all of a sudden people cant get on the housing ladder because its so much more difficult now than when anyone else had to do it, and the facts are not going to change this.
The issue is that the Median house price is Auckland is now over $500,000.
What the hell this has to do with first time buyers I have no idea, as that number is a median, (the middle number in a string of numbers), which means that 50% of houses in Auckland are less than that. Now that doesn’t mean that house prices in Auckland are sensible, but you actually don’t have to live in Auckland, and in any area, you actually don’t have to start with the Median value house, or in a “nice” area. You can buy a nice 3 bed house with a decent garden here for around $250k!
I would never been able to afford to live in London. (Not that I would want to btw), but that didn’t mean i couldn’t afford to buy a house.
Anyway – the tub thumping is pointed right now at “Foreigners”. Which makes a nice change from property investors – but never fear – there’s usual a side swipe at us in any media piece on the issue.
The way things stand right now, anyone can buy a house in New Zealand. You don’t have to live here,and you don’t need to be a resident or citizen of New Zealand.
The Labour party wants to change this is they win the next election – so you need to know that this may not always be the case.
If they win, and if they fulfill their policy, you will not be able to buy a house here in New Zealand unless you are a New Zealand resident. So if you come here on a work visa, or other temporary visa, you will not be able to buy a house. You will be allowed to buy land and build a new property on it however.
Whether this will actually ever occur or not, I have no idea, This policy really didn’t get the traction it was supposed to, and most people seemed to realise that although it was geared against “foreigners” what they actually meant was “Asians”, and they have faced the inevitable charge of coming up with a blatantly racist policy which won’t ahve any effect on house prices. Just because you see a lot of Asians at open homes or auctions – it doesn’t mean they are not Kiwis, or residents.
However – if you are planning on coming to New Zealand, you need to be aware that as an Immigrant, buying a house could be a lot harder than it is right now. With Mortgage changes occurring in a few months, and an “anti foreigner” housing policy a possibility – the welcome mat might not be as warm as it used to be.