Yesterday I was interviewed by Marcus Lush – describing how 1st home buyers would be kicked in the teeth with the proposed interference by the Reserve Bank on Banking deposit/lending ratios. You can listen to the interview on Radio Live here , or read some of the transcript posted on Interest.co.nz here. I am pleased to note that I am not the only one with these views:
Haven’t been in to see you for a while, but read your comments today and had to write you.
Good on you for commenting on high LVR lending (Interest .co.nz). You are exactly right, I have seen this scenario in the auction rooms here on the North Shore and it is really sad seeing young kiwis shut out like this.
My son bought a place in Browns Bay January last year. That was after 9 months of disappointments at auctions, where he often didn’t even get his hand up. Everytime it was foreign buyers, and within a week the properties were on Trademe for rent. Luckily he had a great agent who was determined to find him a place, and the house he bought was not an auction.
Interestingly, now there seems to be an over supply of rentals in the Sunnynook/Forrest Hill area and rents are dropping, but places are still empty. The letting agents I use, say it is quieter than usual, so maybe things are about to change?
Thank you for speaking out about this. You are right, LVR and higher interest rates only restrict first home kiwi buyers. I wish the pollies would cut the crap and address the real problem.