13 May 2015

Mayor welcomes Reserve Bank initiative

Mayor Len Brown has welcomed the Reserve Bank announcement this morning that it is to take action to combat what it describes as growing housing risk in Auckland.

The Reserve Bank has announced that it will require residential property investors in Auckland using bank loans to have a deposit of at least 30 percent unless they are building new dwellings.

“The initiative targets one of the main sources of the issues facing the Auckland housing market and sends an important message while complimenting what Auckland Council and the government are working to achieve through the Auckland Housing Accord and other initiatives,” says Len Brown.

ENDS

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