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Speaker 1: Question, what's the point in us having more affordable property

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Speaker 1: prices for your first home buyer If young workers are

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Speaker 1: jetting off to Australia in search of a better tomorrow,

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Speaker 1: there's a bit of a perverse logic to this. But

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Speaker 1: across the Tasman right now they're experiencing something of a

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Speaker 1: property boom. It's the opposite of the stagnant or falling

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Speaker 1: prices that we're seeing here in New Zealand, where homes

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Speaker 1: of most regions are actually now considered technically actually considered affordable.

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Speaker 1: In Sydney, the median price of a new pad will

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Speaker 1: jump seven percent this year through to June to two

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Speaker 1: point one million New Zealand dollars. If you want to

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Speaker 1: be a Melbourne hipster, prices will rise six percent there

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Speaker 1: in the year to June one point two million dollars

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Speaker 1: the median. They've got a problem now, which we know

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Speaker 1: all too well. Prices are squeezing out first home buyers there.

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Speaker 1: You can't get on the ladder for love nor money.

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Speaker 1: Look at new loans from banks landlords two hundred thousand

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Speaker 1: new loans over the year. That's the most since twenty

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Speaker 1: twenty two. First home mortgages they're down to one hundred

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Speaker 1: and sixteen thousand because they're cutting interest rates, their houses

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Speaker 1: are money is becoming more affordable for those with equity,

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Speaker 1: your existing homeowners, all your landlords. Typically this is seen

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Speaker 1: as a problem. You want people to have a stake

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Speaker 1: in their country and the best way to do that

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Speaker 1: is owning a piece of it. But property is inextricably

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Speaker 1: linked to the success of our economy here in New Zealand.

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Speaker 1: Falling and flat house prices here are not actually a

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Speaker 1: great news story, are they. The wealth effect of the

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Speaker 1: biggest asset that most of us own informs our spending habits.

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Speaker 1: When we feel richer, we go swipe the credit card.

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Speaker 1: When we don't, we don't. So the question is, are

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Speaker 1: you better off having affordable homes and a country which

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Speaker 1: young people can't find a job, or are you better

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Speaker 1: off in a country where homes are less affordable but

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Speaker 1: wages are higher and the economy is stronger. The answer

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Speaker 1: lies in the number of Kiwis who are voting with

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Speaker 1: their feet and buggering off across the Tasman. For more

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Speaker 1: from early edition with Ryan Bridge. Listen live to News

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Speaker 1: Talks at b from five am weekdays, or follow the

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Speaker 1: podcast on iHeartRadio,