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Home Ownership Dream Won't Go Away

Home Ownership Dream Won't Go Away

New Zealand First is concerned that escalating house prices throughout New Zealand are locking first homeowners out of the housing market, and warns of the long-term ramifications of this in terms of the traditional kiwi lifestyle.

“The latest figures show that the New Zealand median dwelling price reached an unprecedented high of $300,000 in the December quarter, which is up 54% on the same quarter in 2002,” said Housing spokesperson Pita Paraone.

“Despite the unrelenting rise in house prices, rising interest rates and Reserve Bank warnings of trouble ahead, house sales have been consistently high for the last 3 years, illustrating that New Zealanders still regard home ownership as important and desirable.

“However, those who are trying to get a foot on the bottom rung of the ladder in such an environment have to borrow highly, which leaves them exposed to the vagaries of the market such as fluctuations in interest rates, house prices and incomes.

”New Zealand First has long warned of the implications of the decline in housing affordability to our long established and much cherished vision of ourselves as a nation of home owners.

“The last thing we want to see is hard-working New Zealanders being denied their dream of home ownership through no fault of their own. The Government has an important role to play to ensure that this doesn’t happen, and I urge the Minister of Housing to make this the highest priority,” said Mr Paraone.

ENDS

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