Olly Newland's Column, November 2009
I was privileged to be invited again to be part of Empower Education's annual MARKET UPDATE for investors held earlier this month. I always enjoy these evenings as a good chance to catch up with friends and clients and also to get the valuable perspective of the other speakers.
At this event I was joined by Westpac's chief economist Brendan O'Donavan and Mark Withers' switched on business partner and chartered accountant Stephen Tsang.
We don't always agree about everything, indeed we often clash (respectfully) with our views. It's always very interesting to hear other perspectives, to trade stories, and compare strategies and what we see as market indicators.
The organiser of the event, Peter Aranyi gives us all a free hand to discuss what we like, so that the audience can soak in all the views and opinions knowing that what they hear is the truth as each of us sees it. (You can read Peter's review of the evening here.)
The global financial picture, NZ's own recession and its out-workings, and the idea of tax reform -- as you can imagine -- were all topics which loomed large in our discussions, as I'm sure they do in board rooms and kitchens throughout the country.
Double-dip or single dip? -- Are we heading for another asset bubble?
With governments all around the world pumping funny-money onto the system, things could get out of control in a sudden way. (Just as the credit crisis took everyone by surprise.) I have lived through inflation in the 1980s with 18% inflation per annum, 22% interest rates -- and 1,000% p.a. for overnight money. Those were not pleasant times, just as now is not a pleasant time for many people.
I surveyed the audience and asked how many people had been affected by the current recession directly -- or knew someone close to them who had been affected. Almost every hand went up.
In my view (not totally disagreed with by the other speakers) there is a strong chance that, instead of the steady recovery we are told to expect, we may have yet another major bubble building up.
Personally, I think the chances are better than 1 in 4, so keep your eyes and ears open at all times.
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Olly Newland speaking at Empower Education's recent MARKET UPDATE evening.
Click here to read a detailed review of the event, or click here for details of an Audio CD set with Course Notes.
Blue Chip and Mark Bryers
Olly Newland's Column, 1 September 2009
It's worth reading an article that appeared in the National Business Review on Friday 28 August 2009 (link here).
For those that have followed this story or know victims who have suffered from the activities of Blue Chip and Mark Bryers, the slow emergence of justice and retribution must make grimly sweet reading indeed.
I became involved with Blue Chip in late 2007 when a new client came to my office complaining that the interest on his home loan had not been paid by Blue Chip as had been agreed. This statement startled me and so I agreed to look through the mountain of paper work that was dumped on my desk.
Eight weeks of intensive study -- and personal meetings with Bryers and his cohorts -- convinced me that there was something seriously amiss. By January 2008 I was sure. ...
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Dodgy Dealers - what to look out for
Olly Newland's Column, 18 June 2009
PROPERTY IS, by its very nature, a big ticket item. It's no wonder then, that the property game attracts a variety of scam artists and fraudsters, as well as those who just push the ethical envelope whenever they think they can get away with it.
We have all seen or read the suffering of those who have been caught up in dodgy deals. The likes of BlueChip, Merlot Investments, and the real estate agents from the respected firm of Barfoot & Thompson who abused their position in a multimillion dollar mortgage scam -- to name a few.
As unappetising as it may be, it's necessary for you as an investor to know how to recognise the 'dirty tricks' of the property game. A little knowledge -- and a vigilant mindset -- will help you stay out of the clutches of those who would do you financial harm. Pay attention, lest one of these type of deals is ever presented to you.
Property finders and Sandwich deals
Traditionally, property finders -- sometimes also known as buyer's advocates -- are licensed real estate agents who specialise in seeking suitable properties for their clients, who may not have the time or inclination to look for themselves. This is a legitimate and very useful service and is widely respected, especially overseas in larger markets where the selection is enormous.
In New Zealand this profession is fulfilled by local real estate agents on a smaller scale.
Unfortunately, scam artists have climbed aboard in NZ and, trumpeting themselves as property finders (although NOT actually licensed agents), are playing a game called 'sandwiching'. Their objective is to simply insert themselves between a legitimate seller and a legitimate buyer with the aim of picking up a quick profit.
Some even hold themselves as 'property educators' or wealth 'coaches' ... but they are not the least bit concerned about the welfare of either party, nor any stress and suffering they may cause. Most importantly, their scheme is designed to carry no risk to themselves -- to the disadvantage of the vendor, these 'traders' don't have the slightest intention of ever buying the property themselves.
How it works....
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Mortgage nightmare: A Guide to Mortgagee sales
Olly Newland's Column, 31 May 2009
'Mortgagee Sale.' These two words can strike terror into the heart of any property owner. A mortgagee sale can destroy families, businesses, and lives.
Over the last year more property owners in financial difficulty have faced the loss of their home or investment to the pay off the lender.
Sometimes the dreaded situation arises from an innocent change of circumstances (job loss, marriage split etc). But sometimes it results from the greed or naivety of those who believed the hype that property prices would rise forever. Now, with the 'worst recession in 70 years' sapping the economies of the world, the lesson has to be taught all over again: What goes up must go down.
In March this year forced home sales hit a 15-year record of 201 properties according to Terralink. This 'worrying trend' showed that 'there were still a lot of distressed owners through out the country' according to Terralink.
Other statistics support this view: Trademe reported an increase of 231% of forced sales in the last twelve months alone. The large number of advertisements appearing for mortgagee sales is evidence we can all see that this explosive increase is not a myth but a sober reality.
What's worse is that a mortgagee sale is the highly visible 'end-game' of a long process. I estimate that for every mortgagee sale that actually gets advertised there are at least another fifty property owners in distress but who manage to sell, refinance, or come to some arrangement under pressure before the hammer falls.
So let's discuss the basics of what really happens before and after the mortgagee sale process begins.
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'Mortgage nightmare' (Shorter version as Herald on Sunday column )
NZ_Herald Sunday 31 May 2008
The Next Ten Years: Shaky foundations
Olly Newland's Column, 17 May 2009
Against the backdrop of a deepening global recession no-one can say how long it will be before 'normality' returns to the market. We are told this is shaping up to be the deepest recession since the 1930s Great Depression. If that is the case, we are also told (and I agree with this) we should expect flow-on effects to the world economy -- possibly for a generation or more.
But let's leave the high-level prognostications to the economists. In our own backyard, property investors and home owners alike must ask the question: Will the property market as we know it survive, or must it too undergo a fundamental shift?
From where I sit, the next ten years will likely see a far tougher financial and credit environment. The reworking of the laissez-faire capitalist system which brought us to this point cannot be avoided. The refrain "let the free market decide" has lost its potency and appeal -- at least for now. The massive and unprecedented bailouts by world governments and the collapse (or forced mergers) of household names and companies both demand and drive eye watering changes.
As well as a re-ordering of credit rules, I predict there'll be a major shift in how we assess a potential property investment, particularly commercial property. Over the coming decade (and perhaps beyond) I foresee a permanent change in the investment environment and in different classes of property investment as we all respond to the emergence of the new, tougher financial order. Some types of real estate investment that were considered "hot" yesterday will become the disfavoured white elephants of tomorrow.
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'Shaky foundations' (Shorter version as Herald on Sunday column with Q&A)
NZ_Herald Sunday 17 May 2008
Know how to steer around disaster when times are tough
Five common investor mistakes
(Olly's Herald on Sunday column)
NZ_Herald Sunday 3 May 2008
Olly on talkback radio with Wendyl Nissan Newstalk ZB Sunday 26 April 2009
Listen or download (MP3 - 24 mins)
Beware of false dawns
Olly Newland's Column, 19 April 2009
Like a hungry man falling on a morsel of food, some commentators and interest groups are in full cry over the (very slight) improvement in the property market. Houses are selling again, albeit at lower figures, and the mood is far more up-beat now than it was a few months ago.
The main driver of this resurgence is, of course, lower interest rates.
Any market improvement is good, but I fear this may be a false dawn. Buyers might be rushing in too early. In their enthusiasm to re-live the 'good old days' they may be falling into a bigger trap than before.
There are two reasons why it would pay for buyers to be wary:
(1) Lower interest rates bring out not only buyers but sellers as well. Sellers, who have been hanging on by their fingertips up until now, are well aware the market has picked up -- and so are listing their properties at a fast clip. This could well swamp the relatively few buyers out there and cause another dip in house prices. Indeed, the statistics reveal that most sellers are taking a loss if they bought within the last 2-3 years.
(2) People have short memories. Only a year ago interest rates were on the rise and picked to go higher. Home owners and investors were crumbling under the weight of double-digit rates. Then along came the the 'Great Recession' and now interest rates are heading towards zero.
Question: Will this last?
Answer: No.
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Olly in the news...
Olly on talkback radio with Kerre Woodham Newstalk ZB Sunday 22 March 2009
Listen or download (MP3 - 29 mins)
Safe tenancies way to prosper (Olly's Herald on Sunday column)
NZ_Herald Sunday 22 March 2009
Watch 3 News VIDEO or at You Tube
February Auckland property sales up for Barfoot & Thompson.
Olly Newland: "Activity is up, ...hopefully this is not just a blip but a sign of better things to come"
Read article at 3 News 5 March 2009
The Great Reckoning (Part 3)
12 February 2009
Take a Deep Breath
The question on everyone's mind is, 'Are we really in a recession? Or aren't we?'
We read or hear about huge staff lay-offs around the world, massive drops in corporate profits (or historic losses), banks falling like dominoes. Presidents, Prime Ministers and politicians openly talk of disasters, crises and even use the dreaded 'D' word. Depression.
Yet, when we go about our daily business, the restaurants appear full, the shops appear to be fairly busy (mostly), cars still clog the motorway, and expensive boats of all sizes still cruise the harbour.
'What recession?' you may well ask.
The news tells us that interest rates have been slashed (even if these haven't flowed through to our mortgages yet -- see my earlier column), and around the world emergency measures are being taken. Mortgagee sales and company liquidations seem to flood the daily papers and it all seems rather depressing.
Then ask yourself a simple question: have you been personally affected?
Are we perhaps the victims of a con-job by politicians who are playing the 'crisis' theme because it makes us easier to govern and control? Certainly that's one possible suggestion from President Obama's recent fireside chat. He is seen to appeal direct to the American public to send a message to their local congressman to pass his 'new and improved' bailout package.
I think it is a mixture of both good and bad. Yes, there is a deepening recession which will get worse before it gets better and yes, I think the politicians are hyping it up to their advantage.
But I sense that the recession will be shorter and shallower then we are being led to believe. In my opinion, it is more likely that we will soon enter a long flat stage, perhaps next year -- which, by the way, given the alternative, is fine by me.
I can tell this from my mentoring and consulting clients -- who tell me of their successes or failures. Many are still upbeat and enthusiastic, seeing new opportunities ahead rather than collapse and doom.
This, among other things, gives me an insight and some perspective on what is happening in the market right now, rather than waiting for stale statistics to tell us when it's far too late. Furthermore I keep in very close contact with valuers and solicitors who confirm that conveyancy and enquires have picked up and are much more positive compared to a few months ago.
The worldwide printing presses keep rolling -- producing unimaginable amounts of money ...
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The Great Reckoning (Part 2)
4 February 2009
The Myth of Housing Affordability
There has been some noise in the news media of late: there are claims that housing has become more affordable due to influence of lower interest rates and lower median prices.
Excuse me while I laugh.
The fact is that housing is now even more un-affordable than before.
The sort of nonsense that says otherwise is typical of the spin that vested interest groups such as the banks, spruikers, and bureaucrats promulgate -- not to mention journalists who regurgitate the so-called 'facts' without necessarily questioning the validity of the claims.
Let's look at the figures for a start.
Below is the comparison table of the world's least affordable housing (wages versus prices) in years and months required to pay off the average house if living expenses are ignored.
1. Australia -- 6.0 years
2. New Zealand -- 5.7 years
3. Ireland -- 5.4 years
4. Britain -- 5.2 years
5. Canada -- 3.5 years
6. USA -- 3.2 years
(source: Demographia)
From this table we can see that Kiwis and Australians are right up there at almost double the USA figures -- despite the USA average house price having fallen around 25% in the past year or so.
Put the other way, wages would have to almost double in NZ to match the affordability of the USA housing market (which itself is in deep distress).
The following report prepared by the Reserve Bank etc in March last year makes worth while reading. In a nutshell it confirms what we all know: Home affordability has decreased alarmingly in the past decade -- both for renters and prospective home owners. ...
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The Great Reckoning (Part 1)
27 January 2009
BY ANYONE'S STANDARDS, 2008 was not a good year. Banks, seemingly solid corporates, and finance companies collapsed like dominoes, 'bailout' was the new buzzword, and 'foreclosure' and 'mortgagee sale' were heard or read about on a daily basis.
The world, we are told, is in the grip of a financial crisis, the likes of which has not been seen since the Great Depression of the 1930s.
The question on everyone's minds is: will 2009 be any better or will it, as forecast, just get worse?
Most of the pundits are saying (a) it will get worse and (b) it will take a long time before it gets better. This may well be true, but from my own past experience I am sure that whatever the scenario, the future holds out HUGE opportunities for those prepared to take cautious risks.
Having said that, I would like to start this new year with my (often unorthodox) views on a number of topics by way of painting a background for what I see coming in the months and years ahead.
The role of the banks
Readers of my books and previous articles will have surmised already that I have a healthy disrespect for banks and bankers. I don't harbour any disrespect for the almost universally sweet and helpful tellers, or even the bank managers (who are, after all, only mere ex-tellers in drag ).
No, it is the faceless ones I distrust. Those who hide in 'Head Office', whose names are unknown -- but who hold the power of financial life and death over ordinary folk foolish (or unlucky) enough to be ensnared by their cunning ways.
Once upon a time a bank manager was your friend. You could talk to him or, increasingly, her. You could get real help and advice on a personal level. It was not unusual to have lunch together, or to meet for a beer after work, even to be invited home for a barbeque. That all ended in 1987 with the underhanded and often heartless modus operandi that followed. Now look where it has got us. ...
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THE PANEL: Olly Newland with Westpac Bank chief economist Brendan O'Donovan and accountant- author Mark Withers speaking to investors at Empower Education's MARKET UPDATE 9 Dec 2008.
The Morning After
November 2008
New Zealanders have a new government and a new cabinet. Some would call it a conservative government, not withstanding National's attempt to be 'inclusive' of selected minor parties.
John Key and his coalition partners just had to win the election, judging by the pre-election opinion polls.
I would wager that Helen Clark and the Labour members are privately relieved that they don't have to deal with the mess this country and the rest of the world has gotten itself into.
The one very good thing about the NZ election result was that the outcome was clear cut.
However able and enthusiastic John Key and his colleagues may be, the facts are that events on the international financial scene will overwhelm anything they had been planning to do. The forces at play are beyond the control of this government -- or any government for that matter.
It may not be the 'Financial Armageddon' John Key spoke of and which some others predict, but it still has to taken very seriously. It may be a near thing.
On the home front, it seems that we are going to endure a mini budget of sorts in December (shades of Muldoon). This will not deliver many Xmas goodies, you can be sure. Hopefully it will be more than merely a re-arrangement of deck chairs.
Some small vindication
I'm being sought out more and more these days by investors looking for guidance about their options in the dramatically changed market and lending conditions -- as well as those who have been caught short by the very reversal predicted in my book 'The Day the Bubble Bursts'.
I take no pleasure whatsoever in my warnings being proved right. As some critics have recently conceded, they're learning the hard way that I did actually know what I was talking about and that my advice was worth following.
In the book I set out a roster of warning signs to watch for to indicate that the housing bubble had indeed burst. Many of those indications have indeed come to pass. I also said that the implosion is usually started by an unexpected 'event' which triggers the end of the ride. In previous times it was an oil crisis or the collapse of the wool trade, or a share market crash. This time we have the mother of all credit crunches.
This produced the effects predicted in the book -- and will produce a whole new layer of further unexpected problems...
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Smoke and Mirrors
September 2008
The Reserve Bank of NZ lowered the official cash rate by 0.5% and that's good.
The trouble is that's all it is -- good.
It will not solve the credit crunch.
It will not stop the recession.
It will not stop unemployment rising.
... and it won't stop the property market from sliding further.
We are caught in the slipstream of world events and, short of discovering huge oil deposits in the middle of Wellington Harbour, we will continue to be buffeted by the collapses and bail-outs that we have seen and read about -- locally and offshore.
As I write this, several big US financial institutions have collapsed or are on the point of collapse (Lehman Brothers, Merrill Lynch, AIG just the latest) in a string of events that, collectively, are unprecedented since the depression of 1929. There will be more to come, you can be sure of that.
All this was doubtless caused by the smoke and mirrors created by whiz kids with their new forms of financial instruments (derivatives of mortgage pools, Consolidated Debt Obligations etc) that nobody really understood... least of all them. Even more astonishing, the pillars of the banking world (Barclays, Chase, UBS, et al) bought them hook line and sinker.
As I have alluded to previously, the financial world has become a vast gambling den, dominated by those who delight in creating complex deals, rather than simply investing and getting fair profits in return.
For this folly we will all have to pay -- sadly some more than others.
If there is one thing to learn out of this credit crunch carnage it is this:
'Keep it simple'
Write that on your office wall and remind yourself of it every day.
On the local front, the coming General Election will tend to fudge matters as many eyes will be on the polls and the results. The Ancient Romans used the same trick to appease the masses with 'bread and circuses'.
It is my view that we are entering a quieter phase right now -- but it may only be temporary.
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Fools Rush In
August 2008
We are now about six months into the real property downturn. Until last December there was still a positive note -- despite the collapse of several finance companies and with other hints of worse to come.
Now there are those who say 'the worst is over' and that we can look forward to a more stable market and the resuming of the property bubble.
I do not believe that at all. Some optimists and their advisors are merely seeing a false dawn, in my view, and there is much more pain to come.
Since the beginning of the year, many more local finance companies have collapsed or shut their doors, and overseas the financial markets are still deep in trouble.
Sooner or later there will be a real crisis, with emergency measures to be taken -- and that will be the end of the beginning.
It often takes a crisis to solve a crisis.
Judging from previous experience, I'd say we are probably about one-third of the way through the problem, with much more unpleasantness to come, but (and this is an important distinction) only for a relatively FEW.
Learning from the past
During the 1987-1991 meltdown down both locally and internationally I was continually amazed to see that the restaurants were full, properties were still sold for good prices, people continued to go on expensive overseas trips and buy the finest wines.
This taught me that a recession (for that is officially what we are in) really only affects a small number of people. For many, it is business as usual.
While 10% of the population may be suffering in the recession, 90% ARE NOT.
Now all this is good news indeed for many property owners and I, for one, am more optimistic than ever. Here's why...
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"Where are we in the property cycle?"
June 2008
One of the most telling signs of where we are in the property cycle (and economic cycle) appeared late last week in the form of an advertisement in the NZ Herald: Hanover Finance, one of the country's biggest finance companies, was offering an unprecedented 15.5% p.a. return to investors.
To my mind, this either smacks of desperation, or the smart guys at Hanover are convinced that massive inflation is knocking at the door.
Could this be the case? Is inflation going to rear its ugly head and repeat the 1980s all over again?
In my view the chances of this happening are high, and in a curious way, such events may be the answer to the 'technical recession' some say our economy is heading into.
When I spoke to a large group of investors one evening last week, the mood of the room was a clear harbinger of things to come.
It's my habit to poll an audience on where they see the market is at that point in time. In this way it is possible to conduct cutting-edge market research and get a picture that is right up to the minute.
It is in times like these that one realises that statistics are of some interest at best -- but often useless at worst. Statistics look backwards and tell what has been. What lies ahead can only be predicted by knowing what the market is thinking right now and then keeping constantly up to date. You can blame the current volatility of the financial markets for this -- a phenomenon that is quite new. ...
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Olly featured on TV One's Close Up recently on the topic: 'Property market crash? Or media beat up?'
You can view a video (7 min) on our'In the news' page HERE.
Keeping a cool head in a volatile market
March 2008
The property market has been in the headlines with increasing hysteria since before Christmas. A lot of the bad press has surrounded the collapse of numerous finance companies, the rise in mortgage interest rates and, increasingly, the Blue Chip fiasco (with which I have become regrettably all too familiar -- see below).
The credit crunch continues to bite overseas and here, with some big name banks and, of course, finance companies coming under more heat than is comfortable.
One commentator has stuck a flag in the ground and called a 'property crash' in 2008 or thereabouts as 'inevitable'. Naturally, the news media were all over that with relish. Is he right? What's the real position? And how might any such event affect what you want to do in property now?
Just ask the poor BlueChip investors. They have been among the first to feel the downturn. Many of them could write a book on their nightmare-ish experiences. Regrettably, there will be many more who will yet go through the pain that these folk are presently experiencing.
I first got involved in the saga when I was approached to help some investors who had signed over a large chunk of their equity to a Blue Chip scheme where three years later the promised apartment still hadn't been built.
With a bit of arm-twisting, number-crunching and lateral thinking I managed to get Blue Chip to cough up and refund their deposits -- several hundred thousand dollars. For another couple I arranged to have a Blue Chip contract cancelled putting them out of harms way.
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The Brakes Go On
THE BRAKES GO ON -- BIG DIVE IN HOUSE SALES
(NZ Herald 5/10/07)
October 2007
As usual the news has come months after the rest us in the business were very well aware of the facts already. Facing the facts early -- not late -- and taking defensive action are just some of the ways you can dodge the worst in a falling market.
I know from my own property trading that the market had already turned in the middle of the year, months before the current headlines -- which always come too late to be of any use.
At that time I noted the subdued response I got from a renovation project I was involved in, which told me that the time of bug-eyed panting investors buying everything in sight had truly come and gone.
As I've said before, 95% of the market does not have to buy or sell. They may want to, they may love to to, but if push comes to shove they don't have to. This leaves only the people who must sell or must buy -- and the must-sellers by far exceed the must-buyers.
At this time the rest of the market just decides that the froth has gone, the party is over (for now) and trying to juggle from one property to another and catch a once-in-a-lifetime profit is just 'too hard' ... so they stay put.
It is the urgent sales (one might even say 'forced' sales) by nervous and determined vendors, which will drive the market from now on.
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Are we on the edge of Credit Armageddon?
August-September 2007
The past few weeks have been nerve-wracking for investors and property owners. The ongoing problems with the subprime bad loans in the USA -- not to mention the huge volatility in the world stock markets -- do not bode well.
Couple this with the extraordinary rise and fall (and rise, etc) of the NZ dollar, and general financial stress, and it's no wonder there is some sense of doom and gloom around.
But is it really all bad? Is the doom and gloom really just confusion?
As I write this column, the world stock markets are recovering (subject to change without notice). So is the NZ dollar, and the subprime market problem seems to have calmed down a bit -- for now anyway.
Of course we keep hearing about the tremendous Fonterra pay-out for dairy farmers. Some of this will hopefully will trickle down to the cities. But in reality I would expect farmers to reduce debt rather than splash out.
Unfortunately, thrown into the mix are imploding finance companies -- casting a shadow over a billion dollars of Mum and Dad's money. It seems that it may get worse.
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Up She Rises
May 2007
Up She Rises
What shall we do with the drunken sailor?
What she we do with the drunken sailor?
What shall we do with he drunken sailor early in the morning?
Hooray-up she rises, Hooray-up she rises
Hooray-up she rises early in the morning. etc etc
(18th century sea shanty)
This catchy song stuck in my mind when Mr Bollard Governor of the Reserve Bank once
again raised interest rates another quarter percent. This gives me the impression that
all who work in the RB must be smoking or imbibing some strong stuff if they believe
that interest rate hikes will achieve much if anything to dampen the housing market.
What a waste of time and effort. Does he really think that the property market gives a rat's bum whether or not he raises interest rates?
Property owners and investors alike have been having a non-stop wild party for years
now and the band keeps playing on.
What can a small rate increase possibly do to stop the music?
Nothing!
Work it out for yourself...
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Look behind the hullabloo
March 2007
What a hullabaloo we had about the Minister of Finance Dr Michael Cullen's recent musings out loud about the taboo subject of Government intervention in the over-heated residential property market.
His suggestion on Morning Report there was some merit in looking into a 'mortgage levy' system to cool the market rattled a few teacups, to put it mildly.
As we know this was rapidly poo-pooed by Helen Clark and the idea soon disappeared in the face of widespread opprobrium; then gales of laughter from all sides -- apparently leaving the red-faced Michael Cullen right up the proverbial.
But it should come as no surprise to investors that finally the subject of government intervention has been raised at such a high level with the market being as strong as it is. The housing market's strength and longevity has, by the way, confounded all the pundits ...
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Half a century of Avoiding Dodgy Deals
December 2006
The end of this year marks my my 47th year in the property business ... having bought my first investment way back in 1959.
Admittedly it was only a 300 pound section in Titirangi but not bad at aged nineteen. My first house purchase was a home bought in 1962 in Aberfoyle Street Epsom for my new wife and me. It cost 4,000 pounds (roughly $8,000 in decimal currency which didn't come in for another five years). My first investment property was a house in Astley Avenue, New Lynn bought in 1963 at a cost of 3000 pounds.
I got into property because I found I was sickened by the thought of a 9-to-5 job. Fearing nothing (as is common with red blooded young men ... and young women too, incidentally) I wanted to be independent.
Yes, I determined pretty early that property was the future for me. If you are going to make money an important objective in your life then you might as well make it BIG and not mess about with nickels and dimes.
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