| Looking for a house some years ago, I'd often come across properties advertised as "affordable". We'd do the sums and despair at the gap between our income and our dreams. Affordable? Maybe if we stopped feeding the kids.
We became propertied again with luck, and just in the nick of time. If we were starting out now, we wouldn't be able to afford our modest Auckland house. Its value has more than doubled in the last decade - unlike our income. If we sold our house now, we'd pocket several hundred thousand (untaxed) dollars that we did nothing to earn. Lucky us. And too bad for those who missed the boat...............................................Full Article: Source |