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

InternetNZ On Snowden Docs: Mass Collection Of Pacific Data Affects Kiwi Holidaymakers

The allegation that New Zealand has conducted mass data harvesting on its Pacific Island neighbours raises concerns about New Zealanders’ communications being collected, says InternetNZ.

“If the allegations are correct, then New Zealand would be mining data about everyone in the Pacific Islands named in the allegations. That’s everyone. Not just individuals who attract specific surveillance warrants, but everyone. This means local residents to visiting Kiwi tourists could be having their data collected." More>>

 

PARLIAMENT TODAY:

Teina Pora Wins Appeal: Gordon Campbell On The Privy Council Decision

The quashing of the convictions of Teina Pora for the rape and murder of Susan Burdett in 1992 has shone a spotlight once again on a major gap in the New Zealand justice system... More>>

ALSO:

Urgent Bill Planned: MP Pay Rises To Match Public Service

Prime Minister John Key today announced an overhaul of the Remuneration Authority Act, tying MP salaries to those of the wider public sector, which will be passed under urgency. More>>

ALSO:

PM's Press Conference: MP Pay Rises, Solid Energy, Iraq

Prime Minister John Key answered questions in his Post-Cabinet press conference about the Iraq deployment, Solid Energy and National’s decision to overhaul the Remuneration Authority Act. More>>

ALSO:

Worksafe: MSD Charged Over Work And Income Ashburton Shooting

WorkSafe NZ has laid one charge against the Ministry of Social Development (MSD) in relation to the shooting at the MSD Ashburton office on 1 September 2014 in which two Work and Income staff were killed and another was injured. More>>

ALSO:

Iraq: Ex-Hostage Says Government Not Putting NZers, Iraqis First

Harmeet Singh Sooden is travelling to Iraq in the coming weeks to work with Christian Peacemaker Teams (CPT) on a short-term assignment. More>>

ALSO:

Joint Statement: Australia-New Zealand Leaders’ Meeting

Prime Minister Key warmly welcomed Prime Minister Abbott and Mrs Abbott to New Zealand. The visit has enabled wide-ranging and substantive discussion that has underlined the strength, value, diversity and warmth of our trans-Tasman relationship. More>>

ALSO:

Press Conference: Peters To Stand In Northland By-Election

New Zealand First Leader Winston Peters has announced his intention to stand in the Northland by-election, citing his own links to the electorate and ongoing neglect of the region by central government. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news