PROPERTY BOOM ENDS IN NEW ZEALAND 2008 & 2010 BACK AGAIN
NZ house prices are the opposite of Thailand. Prices rose by 11.36% in 2007, significantly up from 9.55% in 2006. This is despite the fact that the Reserve Bank of New Zealand (RBNZ) has increased interest rates since early 2004 to cool down the housing market. Higher interest rates and an overheating market were the main causes of the slowdown. However it has not stopped the immigration poicy and these are the main top end buyer
KiwiSaver NZ Govt 'Is a complete nightmare'
By GILES BROWN - The Press | Tuesday, 29 January 2008
More than 30 people have reported problems with the processing of KiwiSaver contributions.
Yesterday, The Press received a flood of emails after asking readers to tell of their experiences with the Government savings scheme.More than 30 complaints were received from people who had problems such as delayed payments, money being invested with a provider they had not chosen and delays in their money being refunded when they pulled out of the scheme.The Press reported yesterday on a Christchurch man who had had $800 deducted from his wages since July without it being forwarded to his nominated provider. A spokesman for Finance Minister Michael Cullen said the complaints were "teething problems".Angela Baxter, 35, said despite having $700 deducted from her wages since she signed up for KiwiSaver last July, her payments to her provider had not begun until last month.
"I only contacted them last Thursday to check my details and see which plan I was put with. I contacted AMP, my chosen provider, and they had no records of me," she said.
"Then I rang the IRD (Inland Revenue Department) and they told me nothing had been done with my money and as far as they could see the account hadn't started until December."
She was thinking about pulling out of the scheme and "forgetting about it".
"If this is what is happening at the beginning, who knows what is going to happen down the track?" she said.Susan Humphries, 31, of Wellington, described her experience with the scheme as "a complete nightmare".She had requested not to become part of KiwiSaver when she began her job as a Mac operator in October. However, contributions had been deducted from her wages."I have rung them nearly every week and asked, `What's going on?' Every time I have got a different answer," she said.She had been told she would get the $200 she paid refunded shortly after Christmas, but had received nothing."I think it is really unfair that you have no say. The money is taken out of your account when you don't want it, and then to get it back takes four months. It's just ridiculous," she said.
Not all of the responses were negative, with one person describing the scheme as "all good".
A spokesman for Cullen said: "When there's a major policy like KiwiSaver, we would expect there would be some teething problems.
"To date, IRD are moving quickly to respond to these problems as they arise and are informing ministers of progress as they go."
National Party finance spokesman Bill English said: "It is important that (the Government) build confidence in it, and this will put people off just as much as low returns will."
New Zealanders in 2008 are among the world's most risk-averse retirement investors, that is not expected to change soon.
The survey showed 75 per cent of working New Zealanders leaned towards low-risk, low-return investments. The collapse of 14 finance companies in the past 18 months was a factor in New Zealanders' conservative approach.
Volatile markets and claims that advisers had given misleading or incompetent advice to clients would probably cause this outlook to continue for some time.
"New Zealand will struggle to become a richer country and New Zealanders better off in retirement unless we are more open-minded about how we invest." Australians and Americans, who were more aware of market volatility and the durability of diversified investments, were the least risk-averse. Meanwhile, New Zealanders preferred assets that generated a regular income. Finance companies, once considered as safe as bank term deposits, had shown their vulnerability. The main reason was a low level of market understanding, or financial literacy. The survey of 307 working-age and 306 retired New Zealanders showed 78 per cent were preparing for their retirement, up from 66 per cent in 2004. New Zealand ranked second to the United States in terms of people readying themselves for retirement. About 95 per cent of those surveyed said they were either happy or very happy about their retirement prospects, the highest level of satisfaction internationally out of the 18 Organisation for Economic Cooperation and Development countries surveyed.
NZ home loans gloom & doom
By JON HOYLE - The Dominion Post | Monday, 28 January 2008
"It still takes 10 years of median after-tax take-home pay to buy a median-priced house in December," the report's publisher David Chaston said. In December it took almost 81.6 per cent of one median income to pay the mortgage on a median-priced Wellington house, down from 87 per cent in November. The figure was 74.4 per cent a year ago and 45.3 per cent five years ago.The report says the median take-home pay for a typical Wellington buyer of a median priced house is $721.A mortgage is deemed affordable if the weekly payments are 40 per cent of take-home pay. Affordability declined sharply in Waikato, Nelson-Marlborough, Manawatu-Wanganui, Auckland and Otago.In Auckland the portion of median income needed to service the mortgage on a median-priced home topped 100 per cent last month. That meant the city has joined Queenstown and the Central Otago Lakes region in housing affordability. New Zealand had the least affordable housing in a study of 227 cities in six countries. It placed five New Zealand centres in the top 50 least affordable list. House price growth would at least slow and could turn negative.
Home loan affordability to be near its worst levels last month expect figures for January to be even gloomier.
Even with a softening housing market, buyers in December needed two median incomes to service a mortgage for a median-priced house and have enough left over to live on.
The result is home ownership is becoming less affordable. Citing the credit squeeze, several major banks have raised fixed-rate mortgages to 9.6 per cent since the December study, and the resulting decline in affordability is expected to be reflected in the January figures unless house prices fall dramatically, the report's authors say.
Nationally, it took the typical buyer of a median-priced house in December almost 82 per cent of one median income of $670 to meet weekly mortgage payments, according to the report.This was down from 83.5 per cent in November but up from 72.4 per cent a year ago.
The proportion of an income needed to service a mortgage for a median-priced house in 2002 was 43.8 per cent.The New Zealand median house price is $345,000.
Blue Chip founder Mark Bryers is now a convicted criminal.
August 21st 2009
Bryers has pleaded guilty to three charges in relation to the collapse of his multi-million dollar empire.
An estimated 2000 investors lost around $80 million after 22 Blue Chip-related companies failed.
Bryers pleaded guilty in the Auckland District Court today to charges of failing to keep adequate records and failure to attend a watershed meeting for the Swordfish Lodge resort on the Whangaparaoa Peninsula, north of Auckland.
PROPERTY REPORT THAILAND RULES
2008 the PPP party of Thailand look set to change the rules for foreign investors and cull the Business act changes to stimulate the Thai economy. This is good news if it takes effect for foreign investors in Thailand.
Take THAILAND yes "the land of smiles" well they have kept foreigners at bay and told them sorry you can't buy property here as we have too many people to look after. It has worked for the Thais. Properties are in line with salaries using the 3:1 median ratio and they are not affected by whats happened around the world like the UK, USA and Australia & NZ. Speculators must follow set guidelines and foreigners cannot own houses in their name. They must lease them off Thais again preventing speculation from foreigners. Land is also not affected as foreigners must invest over 40m baht to qualify to buy only 1rai which is only 1/2 an acre. They are not allowed to buy any more land so this stems the flow of foreign ownership where NZ & the rest it is the opposite as they have sold off all their land to overseas interests. Thailand has used its knowledge and watched other countries but has not followd in the same foot steps. Ok Bangkok has a mountain of unfinished condo complexes but its still easy to buy a nice apartment that one can afford and Bangkok has the advantage that the unfinished project will be bought up by investors to finish as it is a hub. At the moment a lot of interest from buyers in China and surrounding countries to have a condo in Bangkok. Gone in the West are these days so one must take their hats off to the Thais who have used common sense to look after their people. In the west it is too far to late and their is no reverse so this makes Thailand an even more attractive place to live without obsorbing higher commodity prices and services that west now has to contend with..
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