Housing FOMO is hurting NZ
Mike Walker (Letters, April 5) asks for verification of first home buyer numbers compared to renters, and completely misses the point.
Thirty-five years of everincreasing FOMO of not being able to buy mere bricks and mortar is leaving New Zealand impoverished.
New Zealanders’ life goal now is owning his/her home(s) to the detriment of all else.
Ironically, we now have the OECD’s most expensive homes compared with income, while housing stock is the OECD’s worst quality (old houses under-insulated and damp, $50 billion outstanding on newer leaky homes).
Before Covid, already a quarter of a million NZers were retiring with average quarter-million-dollar mortgages — tell me, how do you safely service that on fixed income? Eat your home?
Mr Walker, I don’t have hard stats on how many aspire to be first home owners.
But what I can show is (as of January 2020) owners of one home — 30 per cent, two homes — 13 per cent, three homes — 6 per cent, four to six homes — 10 per cent, seven to 20 homes — 10 per cent, 20-plus homes — 17 per cent, remaining 14 per cent?
So, first home buyers will probably be way south of 30 per cent, since many of the 30 per cent will have sold and be on to their second/ third. After Covid average prices have risen 20 per cent, so the situation will be worse with no end in sight for years.
So, what to tell young New Zealanders — their aspiration is misguided? Their dream is actually a nightmare in the making?
Check out George Clarke’s “Does Vienna have the world’s best council housing” on YouTube.
Two-thirds of Viennese live this way in apartments four times larger than your average UK one for the same rent.
They have swimming pools,
private TV channels, medical facilities, schools, nurseries, etc, on the premises. They give people stability and little reason to buy.
Check out Liam Dann (Chronicle, March 30), “The great house price delusion”, to see how misguided and ill-informed we Kiwis are.
MARTIN VISSER
Whanganui
Stop procrastinating
As a returnee to Whanganui, I am disappointed in the way some streets have been left to deteriorate.
While watching the Masters Games cycling at the velodrome I felt very saddened about the condition of the venue itself and the old adjoining buildings, left in disarray and full of rubbish.
I believe a few years ago there was backing and funds to roof the velodrome.
Procrastination has seen many opportunities for Whanganui missed.
I remember the many sporting functions that used to happen in Whanganui in my youth and growing up.
I cannot understand why excellent amenities are left to run to the ground. Very disappointing. [Abridged]
YVONNE GATLAND
Whanganui