‘Ripple’ could swamp renters
They’re calling it a ripple. But it feels more like a tsunami to some. Whanganui’s housing market is the hottest it’s been for some time.
And while that’s generally accepted to be a good thing, there are inevitable downsides.
One can only imagine what those struggling to find a place to rent will think of today’s page one story that reports those selling up are pocketing a cool $75,000 profit each. Ouch.
It would appear mum and dad investors — among others — are exiting the rental scene while prices are good.
The homes, still relatively cheap in New Zealand terms, are being swooped upon by mainly first home buyers — and that’s great; the Kiwi dream alive and well.
But the rental stock is shrinking. And the dream has become a nightmare for thousands of families who can’t raise a mortgage and who are struggling to afford high rents. And they are the lucky ones.
"The dream has become a nightmare for thousands of our families . . . "