Opinion: My first home is 25 years out of reach

(Getty)
(Getty)

The white picket fence is a dream we've all grown up with, but given the current market I'll be happy if I end up getting a rusty wire one.

We all know the average Auckland house is now $1 million plus. Now new figures from Homes.co.nz have shown that the deposit needed for a "first home" in Auckland central has exceeded $179,000.

How could I ever scrape that sort of money together? Maybe if I move to Christchurch I could to muster up $77,000. That's a reasonable figure for a couple who have worked for a few years.

But I don't want to move to Christchurch, my job, friends and life are in the big smoke.

The average wage for a New Zealander in 2016 is around $49,000. Then take off student loan repayments, KiwiSaver, ACC levies and PAYE - you'll end up with around $683 per week in your back pocket.

Take out another $192 for an average central Auckland room and you're left with less than $500 to play with.

If you're good with your money, you might save $150 a week, or $600 per month.

So if I'm a perfect saver every single month, I'll put $7200 in the bank every year. At that rate, it would take me around 25 years to save enough to put a deposit on that scummy New Lynn house. By 2041, my "first home" is going to be bordering on 100 years old.

The picture is not pretty. A recent global survey put New Zealand in second place in the world house-price rise Olympics. That's not a great race to be winning.

Recent LVR restrictions are slowing that rate, but even if my wage increases by 5 percent per year, my income will never catch up to prices that have already sky-rocketed beyond my reach.

I've already ticked a few things off my "to do" list - a degree, overseas travel and a job in my chosen field - but buying a house is something I have scribbled off that list all together.

Newshub.