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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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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?

Crippling lifelong debt, to go with their student loans. They delay getting married, having families, investing and all the rest of it. Then, when they finally do get a house, they are dead against anybody else buying one, so they oppose any and all new housing development.

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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.

I can't find any evidence for that, but they were using leased properties. Now they are building two completely new buildings on the parliamentary precinct.

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. 

You mean besides the $57 billion that the government has committed over the next five years to various large infrastructure projects? Anyway, the New Zealand Infrastructure Commission's recent report disagrees, saying NZ spent about the same amount as other wealthy countries, or even a bit above average. But it does say that New Zealand could build its infrastructure more efficiently. Sure, infrastructure breaks down from time to time, but it is fixed as and when it can be. There was a $15,000,000 repair recently completed on a failed sewer pipe in Willis Street, for example. And major resurfacing work was recently done at Wellington Airport.

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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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Sh1mon,

Thanks. They kind of support your claims, but don't refute mine.

The authorities paid $15,000,000 to repair a sewer pipe? 

LOL. It was a big pipe. Must have serviced Parliament. And they paid the Germans to build and install the replacement.

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...and the Wellington show case the city Library

For which a $188 million upgrade is underway. And the central library is a cool, architecturally interesting building, but it's hardly the showcase of Wellington.

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