I have just seen some very alarming figures and statistics which relate to the Skyrocketing debt of NZ households. All these statistics point to the perfect storm ahead for property Investors.
- A Huge rise in house hold debt
- Falling house prices
- Rising unemployment
- And a worsening savings rate
Chief economist for ANZ National Bank Cameron Bagrie says “were living beyond our means, there is a limit here and I think we are very close to our limit” Here’s why;
- The number of households on the verge of failing to meet their financial commitments grew from 6000 in 2004 to 8000 in 2008.