Readers of my blogs will be well aware that for months now I have predicted the coming housing crisis and now the evidence is emerging that I am right.
By the time winter really bites, you will be reading all about “over crowded, rat infested, rack-rented” properties and of course the landlord will be at fault- as usual.
I have seen all this before, and it is nothing less than a pain in the butt.
So long as you are making a fair profit and giving a fair deal to your tenants there is no need to worry. Property investors are always fair game by the small minded and envious ones who will immediately carry placards and cry “foul” at a drop of a hat but will grab the money if they had the same chance.
It’s just another one of those hazards of the game.
Auckland housing shortage, rent rises, one of the reasons I don’t like capital gains tax, PM Key says
March 20, 2012 – 08:35am,
By Alex Tarrant
Prime Minister John Key says the housing shortage in Auckland, which has led to rising rents in the city, highlights one of the reasons he is not a fan of a capital gains tax.
Key yesterday said he thought Auckland’s housing markets was going to “take off” as the supply of new housing in the city lagged growing demand. Slow planning processes, lack of development finance and migration to Auckland were all contributing factors to rising house prices and rents in the city.
The median weekly rent for a three bedroom house in Auckland jumped NZ$55 in February to reach NZ$550, the highest since we started tracking data six years ago. Real Estate Institute of New Zealand (REINZ) CEO Helen O’Sullivan told the NZHerald that while the rise could be a blip, the city’s housing shortage had not been remedied.
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Auckland rents skyrocket
Auckland is the least affordable place in New Zealand to buy a house and the most expensive to rent, new figures show.
Auckland tenants are paying 7.4 per cent more in rent than they were a year ago, according to the latest data from Department of Building and Housing.
This is ahead of the 5.1 per cent increase the rest of New Zealand has seen for rents in the year to February.
House prices have been rising in Auckland since the end of 2010, ahead of the increases nationwide.
“Overall, pressure in the Auckland housing market for both rental properties and homes to own is rising,” the department’s report states.
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