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


Markets slow but first home buyers still hurting

Phil Twyford
Housing Spokesperson

13 August 2014

Markets slow but first home buyers still hurting

First home buyers are hurting more than ever as the supply of affordable houses in the market dries up, Labour’s Housing spokesperson Phil Twyford says.

“The Reserve Bank will be happy LVR minimum deposits and rising interest rates have dampened down the housing market. But its medicine has left first home buyers feeling sicker than ever.

“Not only have they been whacked by six years of rising prices, 20 per cent minimum deposits and rising interest rates adding thousands of dollars to mortgage repayments, now the supply of affordable homes has slowed to a trickle.

“REINZ data shows sales are down 13 per cent on this time last year and sales below $400,000 fell by a whopping 21.8 per cent, almost certainly due to LVRs.

“The regions continue to pay the price of National’s failure to get a grip on the Auckland housing crisis. Auckland house prices keep rising while the regions either flat line or face falling house prices.

“Meanwhile National has failed to tackle the root cause of the crisis in Auckland. Nick Smith’s much hyped Special Housing Areas are looking increasing shaky with the Manukau Courier reporting four developers have now pulled out of the scheme. There are also suggestions some developers applied for SHA status to boost their capital gain, but have no intention of building.

“Labour’s positive housing agenda includes building 100,000 affordable KiwiBuild homes over 10 years, directing councils to increase the supply of affordable housing through a National Policy Statement under the Resource Management Act, taxing speculators and reforming monetary policy to bring interest rates down,” Phil Twyford says.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines


Police Authority: Use Of Taser Was Disproportionate And Unjustified

The Independent Police Conduct Authority has found that an officer’s second use of a Taser on a mentally unwell Hokitika man was disproportionate and unjustified. More>>


Gordon Campbell: On Holidays, Hekia Parata And Badlands

Hekia Parata, adieu. Reportedly, she’s been ‘passionate’ about education. She has “bravely’ led the charge on the government’s education reforms. In the past week , many of the postscripts to Hekia Parata’s career as Education Minister have sounded like a schoolteacher desperately trying to find some reason why a D student can be marked up to C minus. More>>


Minister of Finance: Plan Shows $100 Billion Infrastructure Projects

Finance Minister Bill English has today launched the Government’s Ten Year Capital Intentions Plan (CIP) which shows a pipeline of $100.9 billion worth of infrastructure projects over the next decade. More>>


Werewolf: Safe Landings Gordon Campbell on the safety challenge to the Wellington runway extension.

The safety-related legal challenge revolves around the size of the 90 metre long Runway End Safety Area (RESA) being proposed for the runway extension. More>>


Environment Commissioner: We Need To Work Together On Climate Change And Farming

“The debate around agricultural emissions and the ETS has been polarised for too long,” said the Commissioner. “But the ETS is not the only way forward – there are other things that can be done.” More>>


NZ Super Fund: Seeking To Put A Market Price On Climate Change

Oct. 19 (BusinessDesk) - The New Zealand Superannuation Fund says it will devise a set of rules to assess investment winners and losers under climate change, a strategy that could rule out fossil fuels or producers such as current portfolio member Exxon ... More>>


Rejuvenation: Parata Will Not Contest 2017 Election

Education Minister and National List MP Hekia Parata has today announced that she will not be contesting the next election. She advised the Prime Minister of her decision earlier this year. More>>

Prisons Grow: Government Approves Plans For Increased Prison Capacity

Despite significant progress in reducing crime the number of prisoners has increased faster than projected. This is because the proportion of offenders charged with serious crimes has risen, meaning more people are being remanded in custody and serving more of their sentences in prison. More>>


Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news