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


REINZ welcomes Tindall’s comments on housing affordability

29 November 2018

REINZ welcomes Tindall’s comments on housing affordability as prices have risen 67% in 10 years

With the most recent Demographia International Housing Affordability Survey*, showing that New Zealand is the second most unaffordable country in the world, the Real Estate Institute of New Zealand (REINZ) has today welcomed Sir Stephen Tindall’s comments on housing affordability in relation to the KiwiBuild programme.

REINZ makes these comments as house prices across the country have risen by 67% over the last 10 years making it extremely difficult for people to purchase a home.

Bindi Norwell, Chief Executive at REINZ says: “Affordability and supply continue to remain two of New Zealand’s most fundamental issues when it comes to the housing market. The ability for young people to get onto the property has becoming increasingly difficult with median house prices across New Zealand rising 67.8% over the last 10 years from $335,000 in October 2008 to $562,000 in October 2018.

“In Auckland, the situation is even worse. House prices in our biggest city have risen a staggering 98.9% in 10 years from a median price of $435,000 in October 2008 to $865,000 in October 2018. It’s no wonder home ownership is at its lowest point in 60 years,” continues Norwell.

“The KiwiBuild programme alongside the creation of the Housing and Urban Development Authority should help to speed up the consenting process thereby starting to address some of New Zealand’s supply problems, but we still need to address the affordability problem. Any initiatives, innovative new approaches or offshore examples Sir Stephen Tindall can bring to New Zealand to help bring down the building costs are to be welcomed,” she concludes.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Tax Bill Passes, Drops: “An End To Unnecessary Secondary Tax”

“The changes mean Inland Revenue will more closely monitor the tax paid by wage and salary earners through the year. If it appears the worker is being over taxed, Inland Revenue will suggest a more suitable PAYE tax code tailored to that worker.” More>>


Ethiopian Airline Crash: Boeing 737 Max Aircraft Operations Temporarily Suspended

New Zealand’s Civil Aviation Authority has suspended the operation of Boeing 737 MAX aircraft to or from New Zealand. Currently this affects only one operator, Fiji Airways. There are no other airlines that fly this aircraft type to New Zealand. More>>


Sorting Out DNA: Crime-Busting Software Wins Top Science Prize

Software developed in New Zealand that has contributed to identifying suspects in tens of thousands of criminal cases around the world has won the 2018 Prime Minister’s $500,000 Science Prize. More>>


In The High Court: IRD Wins Tax Avoidance Case

Inland Revenue has won a High Court case against Eric Watson’s Cullen Group over a nearly $52 million tax debt. More>>


Insurers Withdraw From Market: Plea For EQC Rethink

A consumer watchdog wants the government to rethink the Earthquake Commission (EQC) as more people are pushed out of getting property and contents insurance. More>>


Women's Day: New Zealand Rated Third Best In OECD For Working Women

New Zealand has been rated among the top countries in the world for working women. The Women in Work Index rated New Zealand third in the OECD and it was the only country outside Europe to make the top 10. More>>