Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


House prices up, family incomes down in Auckland

9 September 2013

House prices up, family incomes down in Auckland

The rapid rise in house prices in Auckland in the past year, even as the median family income in the region fell, shows that the current Government’s housing policies are failing New Zealanders, Green Party Co-leader Metiria Turei said today.

Figures released by Quotable Value today show that Auckland house prices are up 13.1% in the past year and 34.6% since the last market trough in March 2009. That compares with a 1% decrease in the median family income in Auckland in the past year and an 8% increase since 2009. House prices in Auckland continued to accelerate in the last month despite the Reserve Bank’s announcement of the introduction of Loan-to-Value Ratios.

“How can a young family hope to buy a home under this National Government when house prices are out of control and household incomes are falling behind?” said Mrs Turei.

“The Auckland property bubble is a threat to the economy and a barrier to families buying their own home. We need policies that will stabilise the housing market and ensure more affordable homes are built for young families.

“National has completely failed to deal with the shortage of good, modern housing at the affordable end of the market. More sprawl won’t fix that problem; a government-led building programme is the solution.

“Everyone benefits from a stable housing market. It gives families buying their home greater certainty over what their home will be worth in the future. That’s preferable to the current boom-bust cycle where home-buying can be a gamble and homeowners face losing equity through no fault of their own if they buy a house at the wrong time.

“A more stable market will also be less attractive to speculative investors, freeing up capital for the productive economy.

“The Greens believe that the government has a central role to play in fixing the housing market. We need a government-led affordable home-building programme, coupled with our Progressive Ownership plan that gives young families a pathway to home ownership. We need a capital against tax (excluding the family home) and restrictions on overseas investment in residential properties so that families have a fair shot at buying a home without being out-bid by speculators.

“These policies will protect Kiwi families from the boom-bust housing cycle and allow more young families to get on the housing ladder,” said Mrs Turei.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Half Empty: Dairy Prices Drop To Lowest Since August 2009

Dairy product prices fell to the lowest level in more than five years in the latest GlobalDairyTrade auction, led by declines in butter milk powder and whole milk powder.

”Stocks of dairy commodities are building across the globe due to Russia’s current ban on importing dairy products from many Western nations, and a lack of urgency from Chinese buyers, while at the same time global milk supplies are expanding,” AgriHQ dairy analyst Susan Kilsby said in a note. More>>

 

Slippage: NZ Universities Still In Top 3% Globally

This year the University of Auckland ranked 175 (down from 164 last year); the University of Otago ranked 251-275th (down from 226-250), both Victoria University of Wellington and the University of Canterbury held their ranks (at 276-300thand 301-350 respectively), while the University of Waikato dropped from 301-350 to 351-400. More>>

ALSO:

Gordon Campbell:
On The Last Rites For The TPP

The Trans Pacific Partnership trade deal is one of those litmus issues that has always had more to do with one’s place on the political spectrum than with any imminent reality... For the TPP’s friends and foes alike though, the end now seems nigh. More>>

Gordon Campbell: On The Farcical Elevation Of David Seymour

With the election won, it’s time to find jobs for the boy. David Seymour is the Act Party’s latest scrounger to be rewarded by the National Party, and not only with a seat in Parliament. More>>

ALSO:

As Key Mulls Joining ISIS Fighting: McCully Speech To UN Backs Security Council Bid

It is an honour to address you today on behalf of the Prime Minister and Government of New Zealand. Our General Election took place last week - our Prime Minister Rt Hon John Key is engaged in forming a government and that is why he is unable to be here in New York... More>>

ALSO:

Labour: Cunliffe Triggers Party Wide Leadership Contest

David Cunliffe has resigned as Labour Leader, but says he will seek re-election... If there is any contest the election will have to go through a process involving the party membership and union affiliates. More>>

ALSO:

Flyover Appeal: Progress And Certainty, Or Confusion And More Delays?

Lindsay Shelton: The Transport Agency, embarrassed by the rejection of its flyover alongside the Basin Reserve, says it’s appealing because the decision could “constrain progress.” Yet for most clear-sighted Wellingtonians a 300-metre-long concrete structure above Kent and Cambridge Terraces would in no way be seen as progress… More>>

ALSO:

Gordon Campbell: On Cunliffe’s Last Stand

Right now, embattled Labour leader David Cunliffe has three options. None of them are particularly attractive for him personally, or for the Labour Party... More>>

ALSO:

Key Seeking 'New Ideas': Look To Children’s Commissioner On Poverty - Greens

John Key should not reinvent the wheel when it comes to ideas for tackling child poverty, and instead look to the recommendations of the Children’s Commissioner’s Expert Group on Child Poverty, Green Party co-leader Metiria Turei says. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news