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Ryan Bridge: The real reason Kiwis are crossing the Tasman · Early Edition with Ryan Bridge

• 0:00
  Speaker 1: Question, what's the point in us having more affordable property
• 0:03
  Speaker 1: prices for your first home buyer If young workers are
• 0:06
  Speaker 1: jetting off to Australia in search of a better tomorrow,
• 0:09
  Speaker 1: there's a bit of a perverse logic to this. But
• 0:12
  Speaker 1: across the Tasman right now they're experiencing something of a
• 0:15
  Speaker 1: property boom. It's the opposite of the stagnant or falling
• 0:18
  Speaker 1: prices that we're seeing here in New Zealand, where homes
• 0:20
  Speaker 1: of most regions are actually now considered technically actually considered affordable.
• 0:26
  Speaker 1: In Sydney, the median price of a new pad will
• 0:29
  Speaker 1: jump seven percent this year through to June to two
• 0:33
  Speaker 1: point one million New Zealand dollars. If you want to
• 0:36
  Speaker 1: be a Melbourne hipster, prices will rise six percent there
• 0:40
  Speaker 1: in the year to June one point two million dollars
• 0:43
  Speaker 1: the median. They've got a problem now, which we know
• 0:47
  Speaker 1: all too well. Prices are squeezing out first home buyers there.
• 0:50
  Speaker 1: You can't get on the ladder for love nor money.
• 0:53
  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
• 1:01
  Speaker 1: twenty two. First home mortgages they're down to one hundred
• 1:05
  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
• 1:17
  Speaker 1: as a problem. You want people to have a stake
• 1:19
  Speaker 1: in their country and the best way to do that
• 1:21
  Speaker 1: is owning a piece of it. But property is inextricably
• 1:25
  Speaker 1: linked to the success of our economy here in New Zealand.
• 1:29
  Speaker 1: Falling and flat house prices here are not actually a
• 1:32
  Speaker 1: great news story, are they. The wealth effect of the
• 1:36
  Speaker 1: biggest asset that most of us own informs our spending habits.
• 1:40
  Speaker 1: When we feel richer, we go swipe the credit card.
• 1:43
  Speaker 1: When we don't, we don't. So the question is, are
• 1:46
  Speaker 1: you better off having affordable homes and a country which
• 1:50
  Speaker 1: young people can't find a job, or are you better
• 1:53
  Speaker 1: off in a country where homes are less affordable but
• 1:56
  Speaker 1: wages are higher and the economy is stronger. The answer
• 2:00
  Speaker 1: lies in the number of Kiwis who are voting with
• 2:02
  Speaker 1: their feet and buggering off across the Tasman. For more
• 2:07
  Speaker 1: from early edition with Ryan Bridge. Listen live to News
• 2:10
  Speaker 1: Talks at b from five am weekdays, or follow the
• 2:13
  Speaker 1: podcast on iHeartRadio,