New Zealand to ban foreigners from buying existing houses

Re:New Zealand to ban foreigners from buying existing houses by seanmcdirmid on Thursday October 26, 2017 @08:41PM (#15564605)

There is lots of anecdata that Chinese real estate speculation that is obviously rampant in china is spilling out into international markets, like it did with Japan 30 years ago. When I was living in china, I knew people who were looking abroad for real estate investments. But anyways, vested interests in those target markets don't want it to go beyond anecdata, so they operate under a "don't ask, don't tell" policy.

New Zealand is a classic case where housing prices have far exceeded normal incomes. When asked to consider NZ for a job, I ask is the pay better (no); is the cost of living cheaper (also no....). It definitely isn't tech salaries driving the housing bubble there!

[ Parent | on HN ]

Re:New Zealand to ban foreigners from buying existing houses by elyobo on Friday October 27, 2017 @01:42AM (#15565982)

Yeah, NZ national living in Melbourne, there's not much that could tempt me back to NZ. Property prices in Melbourne are more reasonable than Auckland, and salaries are far higher. Cost of living not much lower either.

[ Parent | on HN ]

Re:New Zealand to ban foreigners from buying existing houses by HumanDrivenDev on Friday October 27, 2017 @02:07AM (#15566086)

Salaries didn't seem much higher when I was looking - I found a job in provincial NZ for the same salary inner city melbourn jobs seemed to be offering. How many years experience before you break 100k AUD in Melbourne? And where's the ceiling in terms of non management position?

[ Parent | on HN ]

Re:New Zealand to ban foreigners from buying existing houses by elyobo on Friday October 27, 2017 @05:26AM (#15566861)

I have no idea about entry level rates, but I wouldn't think it would take many years to break 100k in IT. I know many non-management people making well over 100k/year.

The cost of living calculator they put up[1] suggested that I'd be losing money as a single income earner for my wife and daughter in Auckland, while I can support them here and bank literally 1000s on top of my living costs and mortgage here.

I don't know exactly what I'd get in Auckland though, I assume it's estimates are middle of the range, so it's not quite a fair comparison but the general picture fits; in general living costs in NZ are a bit lower (excluding Auckland housing, which is more expensive than anywhere in AU except for Sydney) and the median salary is _far_ lower.

Also, preferences may differ, but I grew up in rural NZ and inner Melbourne is a much more interesting place to live as an adult; the country was pretty fun as a kid though.

[1] https://www.newzealandnow.govt.nz/living-in-nz/money-tax/com...

[ Parent | on HN ]

Re:New Zealand to ban foreigners from buying existing houses by _kyran on Friday October 27, 2017 @11:16AM (#15569192)

From who I've spoken to, depending on the company entry level is between 50k and 80k for a junior level software engineering role.

[ Parent | on HN ]

Re:New Zealand to ban foreigners from buying existing houses by elyobo on Friday October 27, 2017 @06:00PM (#15572558)

That sounds about right. I can't imagine many on 50k, unless you're entering the role with no qualifications and no experience at all.

[ Parent | on HN ]