I wondered if Tony Alexander had been reading the NZ Property Investor Magazine after I read this latest economic note.
In there Tony, who is BNZ’s chief economist, wrote a piece about how coastal property prices may be directly related to the fortunes of the dairy industry.
February’s issue of NZ Property Investor has a piece saying just the same thing. What’s happening at the moment is that diary farmers have so much money they are looking for places to park it. One option is to buy a coastal property as an investment and uses the losses for tax purposes.
The drawback now though, is that the drought is negating the impact of higher milk solid payouts and therefore farmers won’t be that much richer after this season.
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