the problem was made worse because some of their investments overseas could not be cashed up to cover the deficit – except at a huge loss due to the war in the Middle East.
Boo friggity hoo. Your oil investments are not quite valuable enough to liquidate? Fuck off.
“We live in Wellington and the market’s not good right now.”
Oh, so you could sell you house, but not for what you think it’s worth? Fuck off.
“But it has given us some time to stay in the house and be able to go overseas to see our family.”
You’re cash-poor enough to not afford a holiday overseas.
JFC.
I thought it was a satire piece but then it just keeps going on. The comments are gold: boomers complaining about the price of shitty 2 bedroom apartments and refusing to downsize because it’s inconvenient.
It is accidentally a satire piece.
It’s a bit of a bummer the mindset is around sending interest payments to banks instead downsizing and releasing property back into the market. I was hopeful there might be some kind of market correction as the boomers cash out on their “investments” but it seems like there will be no break for Gen Z and instead we can look forward to bank profits instead.
I wonder what kind of dividends they pay?
About $1AUD per share for ANZ and Westpac for their upcoming dividend.
Obviously the RoI is more complicated. But a S&P 500 index ETF is about a 12th of that per share.
Per share isn’t a good measure. You can split the same company into a hundred shares, a thousand shares, or a million shares. Cutting the pizza into more pieces doesn’t change the size of the pizza.
I don’t have a good alternative but maybe % of value?
Yeah, that was the convenient metric I could put my hands on and bother typing out in mobile.
S&P 500 ETF gross dividend yield 0.71%
ANZ 5.22%
Westpac 4.41%
So the banks are considerably more profitable than the entire S&P 500.
Yeah, it sounds like they will just refuse to sell for less than what they think the house is worth, and would rather have all their equity slowly chewed up by compound interest.
The kids can go fuck themselves.
Extremely difficult group of people to find any sympathy for whatsoever.
I suspect this will end badly for them, and I hope it does.
They’re refusing to sell their house over 60k in equity, thinking the “current downturn” will turn around. No, we’ve just come out of a bubble, this is what house prices should be.
As for your oil stocks, I hope the bottom falls out of those.
“this is what house prices should be.”
Should?
Right now the average house price across New Zealand is around 6 times the average income. “Affordable” is when the ratio is below 3. That’s what they SHOULD be.
Yeah, but where does that actually happen? And where does the 3x figure come from, I was under the impression 6x was pretty good.
