A recent survey has shown the difficulties facing first-time buyers
Baby boomers are concerned with the lack of opportunity for younger generations getting on the housing ladder – they think building more houses is an option on housing affordability, according to the latest survey from Canstar.
The results found younger generations – X and Yers (46% and 48%), think property should only be available to New Zealand residents.
“It’s interesting to see the split in ideas and where different generations think the opportunity lies,” Canstar general manager, Jose George said.
“What is also interesting was the attitude towards property and tax with a more robust structure around tax and investment properties being by far the most popular option even amongst the generations who are more likely to own investment properties,” According to Canstar, more baby boomers, at 51%, said robust tax structure should be introduced for taxing investment properties, compared to gen x and yers at 30% and 42%.
“LVR has been hitting the headlines in recent weeks but it’s just one piece of a complicated jigsaw. In the last few days the lending limits being exercised by banks has come under scrutiny, but again we should refrain from focusing on one concern in isolation when looking at the state of New Zealand’s housing market,” George said.
“Our latest research of over 2,500 Kiwis also shows that the difficulties facing first-time buyers are a concern across the country. This survey shows that this is not simply an Auckland centric problem and we shouldn’t think that reducing or scrapping LVR restrictions for first time buyers offers a silver bullet.”
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The results found younger generations – X and Yers (46% and 48%), think property should only be available to New Zealand residents.
“It’s interesting to see the split in ideas and where different generations think the opportunity lies,” Canstar general manager, Jose George said.
“What is also interesting was the attitude towards property and tax with a more robust structure around tax and investment properties being by far the most popular option even amongst the generations who are more likely to own investment properties,” According to Canstar, more baby boomers, at 51%, said robust tax structure should be introduced for taxing investment properties, compared to gen x and yers at 30% and 42%.
“LVR has been hitting the headlines in recent weeks but it’s just one piece of a complicated jigsaw. In the last few days the lending limits being exercised by banks has come under scrutiny, but again we should refrain from focusing on one concern in isolation when looking at the state of New Zealand’s housing market,” George said.
“Our latest research of over 2,500 Kiwis also shows that the difficulties facing first-time buyers are a concern across the country. This survey shows that this is not simply an Auckland centric problem and we shouldn’t think that reducing or scrapping LVR restrictions for first time buyers offers a silver bullet.”
Related stories:
NZ housing affordability worsens almost everywhere
Nick Smith under fire over Auckland housing affordability
