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

 


Housing prices go up – Gens X & Y give up

Housing prices go up – Gens X & Y give up


Today’s REINZ report shows house prices continue skyward while first home buyers are dropping out of the market, says Labour’s housing spokesperson Phil Twyford.

“According to the Real Estate Institute of New Zealand the national median house price has risen by 10 per cent to $440,000 in the past year. In Auckland there is a new median high of $637,000.

“When you couple this with a fall in sales at the bottom end of the market you are looking at a disaster for first home buyers. For house sales below $400,00 there has been a drop of 21.9 per cent in the market.

Meanwhile Veda Advantage reports mortgage applications from Generation X and Y borrowers fell more than 13.5 per cent in the March quarter from a year ago, while their applications for personal loans grew more than 12 per cent. Veda managing director John Roberts has been reported saying Generations X and Y feel locked out of home ownership and are in the market upgrading cars and buying other consumer durables to enhance a lifestyle that home ownership would normally offer.

“Generations X and Y have all but kissed goodbye to the dream of home ownership. With slightly more than half of all New Zealanders now renting, that makes a rootless and insecure existence the new norm. No wonder Gens X and Y are splashing out on their credit cards.

“All of this is due to National’s failure to tackle the housing crisis and the unfortunate experiment of Loan to Value Ratio (LVR) lending restrictions.

“Under National the big end of town is doing very well. Nearly 600 homes worth a million plus have been sold – up over 100 on last year,” says Phil Twyford.

“Labour’s solution is simple, we need a Capital Gains Tax, we need to build 100,000 affordable homes, and we need to exempt first home buyers from loan to value ratios.”

Ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

PARLIAMENT TODAY:

PM's Presser: ‘Precarious’ Solid Energy In Banks’ Hands

Liquidation of state-owned coal company Solid Energy “cannot be ruled out” but is “not the number one preferred option of the government,” says Prime Minister John Key, who confirmed the beleaguered company was discussed today at Cabinet as its banking syndicate grapples with its commercially dire prospects. More>>

ALSO:

Missed Opportunities: Amnesty International Report Card On NZ's UN Role

As New Zealand steps down from its month as President of the Council, Amnesty International has taken the opportunity to review New Zealand’s role on the Council so far and assess their performance and contribution to protecting human rights worldwide. More>>

ALSO:

Prince Charles Get More Jobs: PM Announces Honorary Military Appointments

PM John Key has announced that Her Majesty The Queen has approved the appointment of HRH The Prince of Wales to three honorary positions: Admiral of the Fleet of the Royal New Zealand Navy; Field Marshal, New Zealand Army; Marshal of the Royal New Zealand Air Force. More>>

ALSO:

No TPP Deal: Gordon Campbell On Why We Should Still Oppose Investor-State Dispute Measures

Even in this dark hour for the TPP, the secrecy farce continues... What is left to hide? Every single negotiator went into those talks in Maui knowing exactly where everyone else stood. More>>

REACTION:

Salvation Army On Homelessness: Hard Times In West Auckland

The report details an uncomfortable story of people whose only option is to live an unhealthy, dangerous and damaging street life... The social housing needed by these people is not currently available in sufficient quantity. More social housing is required in the West. More>>

ALSO:

Message For PM: NZ Supports Te Reo Māori – You Should Too

As Māori Language Week celebrations and commemoration of 40 years draws to an end, the Māori Language Commission, Te Taura Whiri i te Reo Māori, is once again hugely encouraged by the widespread support for Māori language from throughout the country ... More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news