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

 


QV figures show two-track housing market

QV figures show two-track housing market

The two-track housing market that has developed under National is underlined in QV’s latest report, Labour’s Housing spokesperson Phil Twyford says.

“QV’s index shows many homeowners in the regions are facing declining equity in their properties, while in Auckland and Canterbury home ownership has become a distant dream.

“Looking at house prices over the last six years it is clear that values in Auckland and Canterbury have increased dramatically, yet the rest of the country has been going backwards.

“Auckland house prices have gone up 30% and Canterbury about 20% when you adjust for inflation. The rest of the country has seen values decline over that period. In areas such as Tauranga and Wellington they have been flat-lining but in other areas – the Far North (-26%), Southland (-17%), Waitomo (-33%)* ­– have fallen sharply.

“The Government’s failed housing policy is exacerbating this two-track housing market. Auckland and Canterbury are struggling to build their way out of acute housing shortages, and the Government’s hands-off approach has seen housing accords signed but not a single new house built in the special housing areas a year after they were announced.

“Meanwhile loan to value ratio lending restrictions (LVRs) and interest rates heading north of 8% – both introduced by the Reserve Bank to deal with the problems in Auckland and Canterbury – are chilling the housing markets of regional New Zealand.

“The Government seems oblivious to the situation facing homeowners in places where the value of houses has taken a massive hit since 2008, places like Southland and the Far North. People have spent a lifetime paying off the mortgage, and now their biggest asset is wasting away as they face retirement.

“It is more urgent than ever that Government intervenes decisively in the failed Auckland and Canterbury housing markets. The current approach of tweaking the planning rules and hoping a broken market will fix itself has failed completely.

“Labour will build 10,000 affordable starter homes every year for ten years, tax speculators with a Capital Gains Tax that excludes the family home, and reform monetary policy to bring down interest rates. Bold action to fix Auckland and Canterbury will remove the need for the LVRs and increased interest rates that are hurting the regions.”

ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Overseas Investment: Auditor-General To Examine OIO

The Auditor-General is to examine how the Overseas Investment Office collects and manages information following a request from the parliament's finance and expenditure committee. More>>

ALSO:

Gordon Campbell: On Bill English Living In Denial

The working poor have been a direct byproduct of the economic policies in vogue for the past 30 years or more, all over the Western world... That anger was evident in the Brexit vote, and it underlies the support for Donald Trump in the United States. More>>

ALSO:

Final Reading Of Parental Leave Bill: Families With New Babies Victims Of Veto

“For the first time ever, a Bill will have a third reading debate and no vote will be taken at the end because the National Government has used its veto – an extreme measure against families,” says the Bill’s sponsor, Labour MP Sue Moroney. More>>

ALSO:

Water, Pests, Erosion...: Commissioner Releases Mixed Report Card On Environment

The Parliamentary Commissioner for the Environment has released a mixed report card in her assessment of the state of New Zealand’s environment. “We are lucky to live in an exceptionally beautiful country, but we have some big issues to face up to” said Dr Jan Wright. More>>

ALSO:

Education: Private Schools Beneficiaries Of Extra Cash

“Not only did this year’s Budget freeze operational funding for state schools, but 86 per cent of secondary school principals say they don’t get enough funding, and the demand for school donations from parents is rising at 10 times the rate of inflation... Now we’ve got Hekia Parata proposing more cash for private schools." More>>

ALSO:

Shop Hours Bill Second Reading: Government Blocks Easter Trading Petition

The union representing retail workers is warning that the Government is out of touch with working people after passing the second reading of the Shop Trading Hours Amendment Bill, a law handing local authorities the power to permit trading on Easter Sunday. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news