A family has now moved in to the property I purchased, with an Alarm system to go in very shortly along with some landscaping to be done to make it nice.
I have noticed many houses that were for sale have since gone straight into the rental pool. Anecdotally, it appears to be happening all around the country. Consequently, should the trend continue, I would not be surprised to see that we eventually end up with a nationwide Rental glut at some point. May be the tables will then finally turn in favour of tenants and instead of Renters scrambling for properties to rent, Landlords would be scrambling for Tenants.
We don’t know how long this low interest rate environment is going to last. The government to be honest (both current and past) have been exceedingly coy as to their apparent lack of will do actually do anything concrete about the housing affordability and the accelerating inequality in this country.
Earnslaw Burn track to the water falls and a look at the Lupins around Glenorchy, click picture below to view the gallery. As pretty as the Lupins are during bloom, they’re are classed as an invasive weed.
For those who don’t yet know, I ended up buying a house in Rolleston. Essentially the RBNZ’s so called “money printing” finally got to me. I feel I had to act to stop any further erosion of my savings base.
The financial system seems to have evolved to rewarding property investments and speculating as opposed to encouraging economically productive activities such as hard work, toil and enterprise. The money simply isn’t getting to the small and medium business which I feel matter most to the economy.
There still remains several unanswered questions as to why LVR’s were removed on Investment property in the first place which I still assert was a rather ill thought out move. People seem to have turned to defending the RBNZ as simply being a bystander in all of this but I personally still hold them jointly culpable (along with the Government) for Housing affordability issues.