I managed to buy a house in a small town in Waikato. While the mortgage was reasonable at the time (we bought for 520 with 110 deposit), the interest rate keeps climbing (max we could fix it for was 3 years). So we’re about to have an additional $1000 per month increase just because of the interest rate. On top of that, the council is implementing 9% increases every year for the next 3 years on top of expensive property tax and region tax we already pay. Our wages in the same time has increased by 1-3% annually so not nearly keeping up with inflation. All the maintenance on the house still has to continue as well- no fun new updates to the house can happen, just maintenance because it’s so expensive to do anything to your house these days. We soon won’t be able to maintain it all and will be forced to sell at a loss because the economy is down and isn’t showing signs of bouncing back any time soon. My advice? Don’t bother buying.
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I managed to buy a house in a small town in Waikato. While the mortgage was reasonable at the time (we bought for 520 with 110 deposit), the interest rate keeps climbing (max we could fix it for was 3 years). So we’re about to have an additional $1000 per month increase just because of the interest rate. On top of that, the council is implementing 9% increases every year for the next 3 years on top of expensive property tax and region tax we already pay. Our wages in the same time has increased by 1-3% annually so not nearly keeping up with inflation. All the maintenance on the house still has to continue as well- no fun new updates to the house can happen, just maintenance because it’s so expensive to do anything to your house these days. We soon won’t be able to maintain it all and will be forced to sell at a loss because the economy is down and isn’t showing signs of bouncing back any time soon. My advice? Don’t bother buying.
what.... average house price of $900,000 is not even close to being accurate.... these guys are idiots....
Depends on the location. Thats normal in Cali and even some parts of NJ
This is New Zealand, not US, data. Read the description.
Are you sure you are not the idiot?
Kyle please read the description
You're living in a bubble mate. Sorry to break it to you. Average house price is $923k. Google is your friend.