The economy is anything but strong. Housing skyrocketed across 20/21/22 in particular, and now coming back down with a thump, combined with big cost of living hikes things are looking grim for your average salaried worker (especially if they have a big/recent mortgage, there's some negative equity love to be had). The only thing that might save us this summer from a very dark outlook is finally the tourists are coming back.. so that might soften the landing.
Job prospect wise: Devs are (and have been) enjoying a very strong market, but I think (personally) we're going to see some challenging times ahead once the retail reality of Christmas flows through. The banks had been on hiring binges (hey just like US tech co's) and they're going to wind off just as quickly as they wound on.
So come, but eyes wide open if you do. If you've got a sh*tload of money to bring with you, can get over the cost of living, there's probably some deals to be had in a year or two...
Oh man, I remember people were almost panic buying houses because it just kept going up. I briefly looked around but gave up after finding that some shitty cottage in Island Bay was selling for 800k.
At the time, almost every conversation at work kept devolving into property (oh and crypto lol) which was annoying. And what was even more annoying were people who bought that were _convinced_ that they had got a good deal, lecturing me I should buy as well.
I ended up leaving the country for better pay, lower housing cost and good amount of savings to last me a while . I hope in 2 or so years when we go back, the prices are more reasonable.
Anybody who takes a mortgage on the edge of their affordability and combines it with 1-2 years fixation is plain stupid and lacks primary school math skills, no other way around this simple fact (there is of course almost always the factor of greed but only very simple people let it run unchecked).
As much as I don't wish anything bad to anybody, stupid people being bitten back by their stupid decisions is very low on the sympathy list for anybody, compared to say civilians being shelled at their homes because vladimir woke up pissed off this morning.
Given how strict banks are, I’d be surprised if many people were in this position. A colleagues had their spend on coffee criticised by a bank, then they live well within their means.
I have a lot of sympathy for first home buyers as the market is tough. However if you bought and assumed that rates would stay at 2.5% and you can afford to pay more, I haven’t a ton of sympathy.
The historic average over 10 years is approximately 6.5%.
As a Kiwi who left NZ, I strongly suggest looking elsewhere. Wages are just terrible for an OECD nation and unlikely to improve any time soon. This is exacerbated by system issues to cost of living. Everything from food to housing will shock you. I could go on at length about other issues, but I would recommend Australia LONG before NZ.
Thanks I was actually considering NZ as the next destination. I do think though that this is currently the case pretty much everywhere you go. In Singapore for instance the flats that were rented last year are currently 40% higher.
+50% higher wages for the same role. Many more career opportunities. The nation is not only richer, but has a much more dynamic business culture and four times the population as New Zealand. Lower cost of living. Far better amenities and infrastructure in the cities. Lower cost of housing relative to wages. Nicer/friendlier culture. If you're single, Australia has BEAUTIFUL women compared to NZ. Australia FAAAAR better weather. A bit too hot for me in summer but NZ winters are grey, cold, wet, and miserable. Housing stock in NZ is utter shit. I'm talking cold wind blowing up through the floorboards with 100% humidity inside. I lived in many homes in NZ before leaving and in every single one I would wage up with wet windows, blankets, bedding, etc., and only spending astronomically on heating would resolve it. NZ has really terrible rates of childhood respiratory illnesses for an OECD nation for this reason.
Public transport is SO SHIT. You'll be driving everywhere. If you end up in Auckland (which you probably will), prepare for a two hour commute each way unless you live in the city. I'm not joking. Unfortunately, you don't want to live in Auckland city because it's dirty, lacks amenities, is stupid expensive for the terrible apartments, and is actually really dangerous now. The Labour government has spent five years trying to reduce the prison population, and people are rarely given prison terms anymore. People are getting regularly assaulted now and perpetrators are being sent through a "restorative justice" procedure designed to keep them out of prison. In practise this means sending a letter to their victim and doing a few hours of community service.
The health system is juuust about to collapse. I don't mean that in the modern colloquial sense. I mean thousands and thousands of staff are missing from critical positions all over the country. People are dying now. If you go to the hospital for assistance, unless you're actively dying, you could be sitting in the waiting room for days before some intern hurriedly gives you a painkiller and sends you home. NZ had a funding freeze for all healthcare workers during covid. Why? God knows. Similar issues exist in the fire service. There was one day when only four emergency line operators were on the phones for the whole country of five million people.
This one you might find controversial, depending on your politics. The current Labour government is ALL IN on racial politics. New Zealand has something called the "Treaty of Waitangi." A document signed between some Maori tribes and England a couple hundred years ago. Property disputes are still happening. The government occasionally gives these tribes billions of dollars in reparation. This might be okay, but they're getting really aggressive more recently. At the moment they're trying to pass something called the "3 Waters" bill where they give half the governing rights to drinking water in most major population hubs to a small group of Maori tribes. Permanently give away control based on race. This is in addition to them setting up a separate health system based on race. I have a colleague in government in New Zealand who has to use Maori words in official communications now, in addition to saying Maori prayers each morning, and regular mandatory Maori "cultural knowledge" training. As you might expect, they are taught that science is a "racist white construct, and traditional Maori knowledge is just as valid." So now the government pays millions of dollars when building roads to consult local Maori taniwha (spirit monster) hunters. Just to ensure that the taniwha are happy.
I could go on and on and on. I'm glad I left. I strongly urge you not to go unless you are independently wealthy and love the outdoors. NZ outdoors is really nice.
I guess this turned into more of a rant. Something like 800k Kiwis live in Australia. There is a very good reason for this.
I left NZ to go to Australia. Hated those 5 years living in Sydney. Sydney is one of the worst places I’ve been. If the choice is anywhere in NZ and Sydney I would pick NZ hands down.
Singapore on the other hand. Best 10 years ever.
Edit: the rest of Australia is nice. Especially people in Brisbane. My comments and negativity is to Sydney which is a horrrible place to live and work.
