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

Werewolf Issue #49: Gordon Campbell Interviews Laila Harre

For 25 years, Labour and National have been in virtual agreement about the basics of economic policy, and differed mainly on how to go about managing its social consequences.

Such is the power of the economic orthodoxy that when opposition parties arise – say, in the shape of the Greens – their “credibility” is measured by the extent to which they give the appearance of learning and abiding by the ruling consensus.

The tension between the desire for change – and the inability of the current political framework to deliver it – creates openings for populists of all stripes. It is what has made the emergence of Internet Mana so interesting. More>>

 

Parliament Today:

Gordon Campbell: On National’s Electorate Deals

For all the talk yesterday from Prime Minister John Key about National being transparent about its electorate deals in Epsom and Ohariu, that transparency is entirely front-loaded. More>>

ALSO:

Greens: Oil Drilling Face-Off With Labour

The key policy points in the Green Party’s plan to protect our beaches from oil spills are to:
1. Prohibit deep sea oil drilling; 2. Implement compulsory shipping lanes for coastal shipping; 3. Build Maritime New Zealand’s oil spill response capability; and 4. Introduce a stronger legal framework so that when accidents do happen, the New Zealand taxpayer does not have to pay for the clean-up. More>>

ALSO:


Nick Smith v Fish & Game:

Minister Told Of FBI Investigation, Says INZ: Coleman Must Quit Or Be Sacked Over Dotcom Case - Harré

Immigration New Zealand has done the right thing in distancing itself from Jonathan Coleman’s claims that ministers were not aware of FBI involvement in Kim Dotcom’s residency application, says the Internet Party. More>>

ALSO:

Valedictory Season: Maori Party Founders Say Goodbye

Two major Maori MPs gave there farewell speeches to Parliament Thursday outlining their history, experiences, triumphs and regrets. More>>

ALSO:

Resignation Not Accepted: Transport Minister Breaches Aviation Security Rules

"Running late for a plane at Christchurch Airport, I without thought breached airport and airline security rules by entering the gate lounge through a door usually used for exit only..." More>>

ALSO:

TAIC Report: Urgent Recommendations After Melling Rail Accident

The Transport Accident Investigation Commission has made four urgent recommendations to KiwiRail following the accident two months ago (27 May) when a Matangi passenger train collided with a stop block at Melling Station, Lower Hutt. More>>

ALSO:

Red Tape: Local Regulations Go Under Microscope

The Government says it is accepting nearly all of the recommendations the Productivity Commission has made on ways to improve local regulations. More>>

ALSO:

Spending Questions: Claudette Hauiti To Step Aside At Election

National Party President Peter Goodfellow confirms that he has received notification from List MP Claudette Hauiti that she plans to step aside at the 20 September election. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news