Property ladder: Save for it, and buy it
The great Kiwi property ladder
Our readers share their views on the New Zealand property market.
I was a late bloomer when it came to tertiary study. Though my friends all went to university out of school, I went when I was 25 and graduated at 27. I was determined not to be left behind in the property stakes.
Without a partner and with a student loan and some debt taken on while I was at university, the odds weren't in my favour. I saved hard, repaid my debts and paid extra on my student loan by taking on a second job.
At 29 (2004) I bought my first house in the Lower Hutt suburb of Wainuiomata for the grand sum of $113,000. I was earning around $39,000 a year when I brought this house and I still had my student loan to pay. I waited 10 months and sold it for $143,000. At this point I paid off my student loan early so I could afford to pay a bigger mortgage. Staying in Lower Hutt, I bought my second house in Naenae for $243,000, which I held on to for two years.
I sold that place at the height of the property market (2007) for $295,000. I decided to go for a place in a nicer suburb - Maungaraki - though I downsized to a two-bedroom.
To me it is about your attitude: if you want to own your own place then save for it and buy it. I'm glad I didn't wait until I could afford a palace - I'd still be flatting.
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