I would agree with you 100% if it weren't for absolutely ludicrous house prices (for reference, I'm in Melbourne, but I've heard similar complaints from people in Canada and Hong Kong). My wife and I have a far higher than average household income, and even we're worried about how the hell we can afford to own our own home. God knows what the average single-income, working class family goes through.
I don't know if that's a symptom of a wealth gap or something else. What ever it is it's a real issue. I personally think prices are inflated by low interest rates and the bubble is going to pop at some point.
We've been saying that for 15 years though.. Sure the interest rates are rock-bottom right now but still most of our countries main investment is property. Until there's legislation to control rent or tax land, I think we're up shit creek.
Thank God you guys have Jacinda, though.
Our government doesn't have the balls to get rid of negative gearing, let alone completely nullifying tax deductions on mortgage repayments.
You have stamp duty and all sorts of other measures in place at a state level (looking at Land Tax in QLD) that at least generates revenue from this. New Zealand has none of these, and as a result property flipping is rampant - the turnover of property is 3-5x higher in parts of NZ than anywhere else in AU.
