This was the headline that greeted us all on Moday, Humm like we didn't know already! A survey had been carried out...
The United States, Australia, Britain, Ireland, Canada and New Zealand were studied, and the results reveal NZ house hunters face the biggest gap between earnings and house prices.
Wages are so low and house prices are so high that it takes 18 years and six months of a household's entire annual income to pay for a home, Demographia found. That measure is based on median house prices compared to median wages.
This will come as no surprise to any one here but makes for interesting reading if you are thinking about coming. Compared to the rest of the world you can probably buy a much nicer home here in a better location, well it's in New Zealand and that a great start. But once the equity you made on the sale in the UK and you've spent the cash you put away, living on NZ wages with a near 9.5% NZ mortgage with petrol up 70% in 3 years and food going through the roof, well you get my point.
You must do you sums before you get here. If you have a home in the uk keep it, rent it out. Once you decide you want to stay then you can sell if it makes sense. It is your responsibility to do the math. This is a lovely country but no matter how good the lifestyle, if you live on baked beans on toast its not fun.
2 comments:
I must say we came over to NZ with our 'English money' in our back pocket and at that time we were stunned at the prices of houses (as they seemed cheap to us). The after being here for as long as we have now and living off Kiwi money its a different story.
Its no secret that we have had to move half hour away from the city to be able to afford our first home, and even then this house we live in wasnt cheap!
However I would still rather live in NZ on baked beans everday than head back to the UK!!
It is a fine balance, distance from work divided by mortgage monthly payment minus cost of petrol times 9!!!!
Pass the ketchup!
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