Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Auckland house prices up $340k in 5 years

1 August 2017
For immediate release

Auckland house prices up $340k in 5 years. Auckland Housing Summit desperately needed says REINZ

With the median Auckland house price having risen by more than $340,000 in the last five years, today’s Auckland Housing Summit which seeks to focus on solutions to Auckland’s housing issues is desperately needed according to the Real Estate Institute of New Zealand (REINZ).

Bindi Norwell, Chief Executive at REINZ says: “There is no denying that housing is one of the biggest issues facing Auckland. House prices have increased 67% in 5 years, we have significant congestion, supply that can’t keep up with demand and some young people feel as if they will never own a home.

“This situation is one that needs to be addressed and there is no magic bullet solution, which is why REINZ has been delighted to be involved in today’s Auckland Housing Summit and to be a small part of the collective solution. In order to solve the issues, a collective approach is required across a number of different industries and hopefully today marks a significant turning point in coming together to solve the issues facing New Zealand’s biggest city,” continues Norwell.

According to REINZ data, Auckland house price growth does appear to be slowing, but affordability is still out of the reach of many – particularly for first time buyers, however, pricing is just one small part of the overall equation.

“We look forward to the Housing Roadmap due to be released as a result of today’s workshop and of course, playing a key part in the actions resulting from the Roadmap. As Auckland is such a big contributor to New Zealand’s economy, it’s essential that we get it right in terms of solving Auckland’s housing issues. The cost of getting it wrong is too great,” concludes Norwell.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>

ALSO:

Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>

ALSO:

Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>

ALSO:

Divesting: NZ Super Fund Shifts Passive Equities To Low-Carbon

The NZ$35 billion NZ Super Fund’s NZ$14 billion global passive equity portfolio, 40% of the overall Fund, is now low-carbon, the Guardians of New Zealand Superannuation announced today. More>>

ALSO:

Split Decision - Appeal Planned: EPA Allows Taranaki Bight Seabed Mine

The Decision-making Committee, appointed by the Board of the Environmental Protection Authority to decide a marine consent application by Trans-Tasman Resources Ltd, has granted consent, subject to conditions, for the company to mine iron sands off the South Taranaki Bight. More>>

ALSO: