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The Masked Tulip

New Zealand - Dumped apartment projects 'groundhog day' to global financial crisis

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It really is amazing that NZ - with its moderate climate and sparse population - has a housing crisis.  I know their population is growing but you would think they would help facilitate this expansion through affordable housing.  I know someone could say "it's the same problem as the UK, just on a different scale" - but....scale DOES matter.  Also, the only "open border" NZ has is with Australia, but I never saw too many Aussies in NZ and I don't think that's comparable to being in the EU at all with the massive disparities of income and costs of living.  In other words, the housing crisis in NZ seems utterly contrived. 

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20 minutes ago, canbuywontbuy said:

It really is amazing that NZ - with its moderate climate and sparse population - has a housing crisis.  I know their population is growing but you would think they would help facilitate this expansion through affordable housing.  I know someone could say "it's the same problem as the UK, just on a different scale" - but....scale DOES matter.  Also, the only "open border" NZ has is with Australia, but I never saw too many Aussies in NZ and I don't think that's comparable to being in the EU at all with the massive disparities of income and costs of living.  In other words, the housing crisis in NZ seems utterly contrived. 

Judging by friends who live over there, I would say foreign investment (mainly Chinese) is the cause, buying up everything in the cities, pushing up prices beyond the average wage. Just the same as whats happened in Sydney, Vancouver and London etc.

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2 hours ago, sideysid said:

Judging by friends who live over there, I would say foreign investment (mainly Chinese) is the cause, buying up everything in the cities, pushing up prices beyond the average wage. Just the same as whats happened in Sydney, Vancouver and London etc.

Yup.

 

when a party gets in power on the votes for a policy that brings in a 5% a year asset tax on all non residents, the chinese are gonna BURN.

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3 hours ago, sideysid said:

Judging by friends who live over there, I would say foreign investment (mainly Chinese) is the cause, buying up everything in the cities, pushing up prices beyond the average wage. Just the same as whats happened in Sydney, Vancouver and London etc.

Yes I've also heard from locals that it is the wall of Chinese 'empty apartment' investment money that's doing it.

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21 hours ago, canbuywontbuy said:

It really is amazing that NZ - with its moderate climate and sparse population - has a housing crisis.  I know their population is growing but you would think they would help facilitate this expansion through affordable housing.  I know someone could say "it's the same problem as the UK, just on a different scale" - but....scale DOES matter.  Also, the only "open border" NZ has is with Australia, but I never saw too many Aussies in NZ and I don't think that's comparable to being in the EU at all with the massive disparities of income and costs of living.  In other words, the housing crisis in NZ seems utterly contrived. 

Population less than Scotland in a country the size of the UK  ie about 7% of the UKs population. House prices are kept artificially high in order to benefit the bankers and the already well off.  Land release for building is heavily restricted and is drip fed into the market just as it is in Australia which of course has even more space. Chinese and other foreign speculators are encouraged to turn up and outbid the locals, also in order to keep prices high for the mentioned rich and bankers.   Sounds like a world wide phenomena of monkey see, monkey do when all our governments are up to the same tricks.. Traitors the lot of them.

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Infrastructure lags behind population growth, so commute times get longer prices on the centre appreciate, dragging up the surrounding areas. Professional wages aren't terrible either so these prices are supported. 

The mood is changing though.

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