From riches to .............

swingjune

Feel so sorry for this family http://www.nzherald.co.nz/section/1/story.cfm?c_id=1&objectid=10527768

Lesson learnt : Don't put all eggs in one basket

ethansmum

It was too good to be true, - they let greed cloud their judgement. sh*t happens and my heart bleeds.

The_DemonicKat

I wouldn't say it was greed. There is nothing wrong with trying to do well for yourself. I feel sorry for the people who lost out, but it is true to say,never put your eggs in one basket

Pobby

Just how many who have deposits on new builds are looking for a way out?

ad44downey

There's more deserving people of my pity like people living in cardboard boxes. This banker was a gambler and his gamble lost. Tough ti tty

Banderman

are house prices falling in New Zealand and Australia too?

GDB2222

It doesn't say much for his judgment as an investment banker.

fatpig_2

yeah, he must have worked for Bear Stearns. :eek:

zebulon

Once a wealthy man, Mr Hickman is being forced to leave his wife and three children to seek work back in England. The family have sold their Taupo section and are living in rented accommodation. Relatives are helping with expenses.

When Mr Hickman's Taupo Golf Club buddy and local Blue Chip agent Murray Kereama waxed lyrical about the merits of the scheme, he trusted him.
The two men still play at the club.

I see...

I know he's probably paid for his annual membership already... but ... :mad:

gingin_2

Banderman wrote: »

are house prices falling in New Zealand and Australia too?

According to my Kiwi husband, New Zealand has had a bigger bubble than the UK. He said it ranked 2nd after Ireland in the house to income ratio. I love New Zealand and have lived there for a time, but the cost of living is high and the incomes low in relation to the UK. My SIL out there just sold her house and had to take a huge hit and we have just inherited a share of a house in Auckland, which really would be best suited to having the land redeveloped and I have no idea how much we will get for it, but I will not be surprised if it is 50% less than my inlaws expectations.

New Zealand has no real industry, unlike the Aussies who at least have benefitted from the commodities boom. In Auckland, where my other half is from, they were reliant upon a lot of Asian immigration/foreign students, which according to my mother in law, has now dried up, which will not help rentals yields at all.

To quote my husband "no one goes bust like a Kiwi"

geoffky

PURE AND SIMPLE GREED...THEY GAMBLED AND LOST ...DO I FEEL SORRY FOR THEM DO I HELL...:rotfl::rotfl::rotfl: