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Bottom Rung Getting Higher

9 October 2006

Bottom Rung Getting Higher

New Zealand First is urging the Government to consider all options in addressing the housing affordability crisis, which is only getting worse and which requires urgent and creative action.

“Home ownership has always been a central component of the New Zealand psyche and lifestyle, and remains a goal for most New Zealanders,” said Housing spokesperson Pita Paraone.

“However, successive reports and studies have been telling us for years now that affordability levels are falling dramatically. Many people will simply be unable to gain entry to the housing market, which will have economic and social implications in the long term.

“The latest Massey report reveals that despite a slowdown in the growth of house prices in the three months to September 30, affordability again declined during the same period.
House prices are now seven to eight times the average income, compared to three times the average income twenty or so years ago.

“There are a lot of factors contributing to this state of affairs, including immigration, investors buying multiple properties, banking policies and our low wage economy.

“This means that a multi-stranded solution will be necessary to address what is surely reaching crisis levels in anybody’s language.

”I call on the Government to approach this problem with the urgency it requires, so that those currently missing out on the Kiwi dream can have the opportunities their parents did,” said Mr Paraone.

ENDS

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