Migration data points to a record high net migration gain. A bank CEO is worried about the impact on housing affordability and Auckland classrooms are bursting at the seams
So, ANZ’s NZ CEO, Antonia Watson, is concerned that young Kiwis might be priced out of the housing market. “I hope it doesn’t mean you have to be rich or have well-off parents to be able to own your own home in New Zealand’” she says, as the bank profits from increasingly high house prices.
Like me, you must have choked on your breakfast cereal when you read that quote, Anna.
Don’t we just love how the banks always do well (at the expense of their customers), no matter what? When times are tough, they take healthy profits while crying crocodile tears for Kiwis doing the hard yards. When times are better, they take excessive profits and say they need a buffer for when times get tough.
Watching from overseas with a sinking heart, if this goes on I cannot imagine it will ever be affordable to return. Why are we allowing this to happen?
It seems that, for some time, the main political parties in NZ have decided they will do better at the ballot box if they represent the interests of median voters (older, suburban Kiwis who own at least one property), than if they represented the interests of younger renters, who might be less likely to vote.
It doesn’t help that most journalists and commentators (the majority of whom are probably property owners and investors) discuss rising rents and house prices as “healthy” or signs of a “recovering” market (following a brief, limited decline).
We will likely have to wait for generation rent to get into power before we see some fairness, access, and sanity in the housing market.
So, ANZ’s NZ CEO, Antonia Watson, is concerned that young Kiwis might be priced out of the housing market. “I hope it doesn’t mean you have to be rich or have well-off parents to be able to own your own home in New Zealand’” she says, as the bank profits from increasingly high house prices.
Like me, you must have choked on your breakfast cereal when you read that quote, Anna.
Don’t we just love how the banks always do well (at the expense of their customers), no matter what? When times are tough, they take healthy profits while crying crocodile tears for Kiwis doing the hard yards. When times are better, they take excessive profits and say they need a buffer for when times get tough.
Yes and all created by the banks.
Watching from overseas with a sinking heart, if this goes on I cannot imagine it will ever be affordable to return. Why are we allowing this to happen?
It seems that, for some time, the main political parties in NZ have decided they will do better at the ballot box if they represent the interests of median voters (older, suburban Kiwis who own at least one property), than if they represented the interests of younger renters, who might be less likely to vote.
It doesn’t help that most journalists and commentators (the majority of whom are probably property owners and investors) discuss rising rents and house prices as “healthy” or signs of a “recovering” market (following a brief, limited decline).
We will likely have to wait for generation rent to get into power before we see some fairness, access, and sanity in the housing market.