Other families/house prices Manawatu

[djm]

Hello everyone, newbies here,

Needing some opinions please.

We are a 2 child family living on the Gold Coast, Australia. We are middle to low income earners. With housing affordability now a crisis here, there is no way we can afford to buy a home here, depressing-depressing. Anyway's we are kiwis considering returning to NZ.

While we are aware NZ has housing affordability problems, we have been very surprised with house prices in the Manawatu region, (lower NTH island)different areas 3 bedroom houses going for roughly $150'000. I can understand kiwis who have been living in cities such as Auckland where it can be very expensive for some, moving to the Gold Coast where it is probably still cheaper, but comparing prices in the Manawatu region for the same here on the Gold Coast, $150'000 is wayyyyy cheaper.

People give us the same ole argument of lower wages/higher cost of living.....
I suppose for us, even on NZ wages/cost of living, $150'000 seems reasonable for a 3 bedroom house.... or is it not...?!

Combined we earn about $50'000 NET per YR, but obviously in NZ that would be significantly lower.... probably putting us in the low income bracket. Please anyone who is in a similar monetary situation, 1-2 children family, is a $150'000 mortgage an out of reach goal for a low income earning family??

Thank you,
djm

[Taffy]

Hi,

Mortgages are usually 3 - 4 times your combined salary, although at the moment some institues are lending more due to high house prices. $150,000 isnt an unobtainable mortgage, but most lenders would want a deposit of somewhere from 5 - 20% of total value.

I don't think anywhere is easy to get on the housing ladder at the moment, if your income is low to moderate. I did hear on the news today that some respected agency is predicting a drop in house prices of up to 22% by this time next year, so that could be worth waiting for!

[djm]

Thank you for your reply, I appreciate it.

It's really hard to know what to do. Some here in aussie would say we're crazy to go back to NZ, especially when heaps of kiwis are still moving here for wages, weather etc..... But houses here on the gold coast are just not affordable like they use to be. Well not for lower income earners anyway :-/ Aside from the house prices in Manawatu, I think it's quite lovely there. Don't know how hard it would be however getting work in Palmerston Nth?

Any other families out there...... any opinions on lower end income on $150'000 mortgage? I have family in NZ but they are very well off! So can't compare :-) It's hard because you can only speak to other kiwis in same situation as you can't compare aus vs nz with wages, cost of living etc.

djm