business

New Zealand house prices finally fall from dizzying heights

12 Comments
By NICK PERRY

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IMHO, working poor and NZ middle class are going to be in a lot of pain for the years ahead. The era of cheap money is done, and no one in NZ leadership has a clue what to do about it. Housing bubble bursting is just the start.

The building that the Japanese Embassy in Wellington had NZ$85 million spent on it for earthquake strengthening, but nearby, there are government buildings who are deemed earthquake risks sitting empty because the government can't afford to strengthen them. Sewer lines in Wellington are crumbling, can't afford to fix it, roads, airport.....there is a list of infrastructures a mile long that needs upgrading but there's just no money. The issue is the rich of NZ (and there are many) are just too powerful and they don't want to pay tax, at least not any more than the minuscule amount they pay currently.

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The working population should look forward to paying more tax then…

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Sh1mon M4sada:

Funnily enough, a so-called labour govt is running the country. A real labour party, however, would have nationalised housing the same way they did healthcare back in the late 40s when issues presented. Housing is even more of a necessity than healthcare.

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And given for free, paid via taxes.

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In 2021 the median salary in NZ was $NZ 56,000. How on earth does anyone on that income buy a house costing $NZ 810,000? or $NZ 1,100,00 in Auckland?

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Funny how they never mention that cause of high prices is because of a certain group of SE Asian communists who keep infesting NZ and buying up properties with their black money.

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The authorities paid $15,000,000 to repair a sewer pipe? Lucky it wasn't one of those expensive ones that goes round a corner.

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@J&T

https://wellington.scoop.co.nz/?p=124797

https://www.stuff.co.nz/national/explained/128833023/reasonable-caution-or-hysteria--why-are-wellington-buildings-being-deemed-unsafe-and-evacuated

...and the Wellington show case the city Library.

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