<story><title>The Mega Rich Have Found an Unlikely New Refuge</title><url>https://www.bloomberg.com/news/articles/2016-11-02/the-rich-have-found-a-place-to-escape-the-horrors-of-the-world</url></story><parent_chain><item><author>te_chris</author><text>Fantastic.  As a NZ expat currently resident in London it&amp;#x27;s depressing the way global market conditions have sent house prices skyrocketing in the places I&amp;#x27;d like to live. My partner and I are doing well here, and we plan to go back to NZ one day, but in just 6 years since my partner&amp;#x27;s brother was here what we&amp;#x27;d go back to has changed immeasurably.&lt;p&gt;He and his partner managed to come over here when the pound was worth $3 NZD, rent was cheaper, save well and move back to Auckland when houses were depressed (2009-2010).  Since then they rode the wave and now have a beautiful home with a view straight down the Waitemata harbour.&lt;p&gt;My partner and I?  We came here when the pound was at $2.10ish, not so bad I thought, not as good, but y&amp;#x27;know, we make good money, we can deal with it.  Then BREXIT.  BOOM.  Now the pound is $1.70, our salaries are, of course, still the same.  Also a shithole house in Auckland in a bad suburb now costs at least $700k NZD - the first house that my partner&amp;#x27;s brother bought cost $650k NZD, in a nice suburb on transport links.&lt;p&gt;The world is mad.</text></item></parent_chain><comment><author>robotresearcher</author><text>So you&amp;#x27;re pissed with people who made money elsewhere then went to NZ to buy property. And you&amp;#x27;re pissed because it messes with your plan of earning money in London and then using it to buy property in NZ.&lt;p&gt;The same international market that employs you in London priced that house in Aukland.&lt;p&gt;Also, do you imagine your presence in London increases or decreases property prices there?</text></comment>
<story><title>The Mega Rich Have Found an Unlikely New Refuge</title><url>https://www.bloomberg.com/news/articles/2016-11-02/the-rich-have-found-a-place-to-escape-the-horrors-of-the-world</url></story><parent_chain><item><author>te_chris</author><text>Fantastic.  As a NZ expat currently resident in London it&amp;#x27;s depressing the way global market conditions have sent house prices skyrocketing in the places I&amp;#x27;d like to live. My partner and I are doing well here, and we plan to go back to NZ one day, but in just 6 years since my partner&amp;#x27;s brother was here what we&amp;#x27;d go back to has changed immeasurably.&lt;p&gt;He and his partner managed to come over here when the pound was worth $3 NZD, rent was cheaper, save well and move back to Auckland when houses were depressed (2009-2010).  Since then they rode the wave and now have a beautiful home with a view straight down the Waitemata harbour.&lt;p&gt;My partner and I?  We came here when the pound was at $2.10ish, not so bad I thought, not as good, but y&amp;#x27;know, we make good money, we can deal with it.  Then BREXIT.  BOOM.  Now the pound is $1.70, our salaries are, of course, still the same.  Also a shithole house in Auckland in a bad suburb now costs at least $700k NZD - the first house that my partner&amp;#x27;s brother bought cost $650k NZD, in a nice suburb on transport links.&lt;p&gt;The world is mad.</text></item></parent_chain><comment><author>flog</author><text>To give more context for non-Kiwi&amp;#x27;s: New Zealanders have traditionally valued houses above all else, treating them as their retirement plans.
We don&amp;#x27;t have capital gains tax or stamp duty, so house flipping has been a valuable side-business for many.</text></comment>