It’s official – New Zealand housing is too expensive

The IMF has confirmed that New Zealand has some of the most unaffordable housing in the world, says Labour’s Housing spokesperson Phil Twyford.

“Following hard on the heels of a critical OECD report in May, the IMF says New Zealand has the third highest rate of housing price growth at 9 per cent. We are only beaten by Hong Kong and the Philippines.

“This makes the Government’s decision to have an almost housing free budget in May even more unfathomable.

“The IMF report also shows New Zealand house prices are way out of step with what has been the country’s historic average. House prices compared to incomes are now above historic levels by 30 per cent, the fourth highest in the countries surveyed.

“The difference in the house price to rent ratio is 80%, the second highest in the survey.

“This Government has sat on its hands while the housing crisis has got away on them. The Prime Minister even denies there is a crisis.

“We need to restore housing affordability to give every New Zealander the opportunity to own their own home.

“Labour has a positive plan to fix the housing crisis. This includes building 100,000 affordable homes, cracking down on speculators, and reforming monetary policy.”

ends

© Scoop Media