Parliament

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

 

Auckland house prices now 10 times incomes

7 July 2015

Auckland house prices now 10 times incomes


Auckland house prices have risen so steeply the typical house in our biggest city now costs 10 times the median Auckland household income, Labour’s Housing spokesperson Phil Twyford says.

“Barfoot and Thompson reports the median house sale price in June was $786,000. That’s 10 times the median Auckland household income of $78,600, according to Statistics NZ’s Income Survey.

“Three times the median house income is the internationally accepted benchmark for affordability with higher than three considered unaffordable.

“If any further proof was needed, this is it – Auckland is now officially off the scale.

“It is no wonder that homeownership rates are plummeting and it now takes about 50 years to pay off the average Auckland home.

“Whatever Housing Minister Nick Smith is doing to address the Auckland housing crisis, it is clearly not working.

“The Government must urgently clamp down on overseas speculators who are pushing house prices out of reach of Kiwi families and embark on a massive state-backed house building programme,” Phil Twyford says.


ends



© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Anti-Corbyn Split In British Labour

The resignation of seven UK Labour MPs in protest against the leadership of Jeremy Corbyn is another example of the centre-left’s readiness to sabotage its own cause – such things are always allegedly done on principle – even if the outcome hands the country over to Conservative rule for five more years.

Certainly, a technician hot-miked at the splitters’ press conference was pretty sure this would now be the outcome, and he accidentally informed the nation to that effect. More>>

 
 

Auckland Action Against Poverty: Motels Profit From Housing Crisis

A single motel which charges up to $1,500 per week per room has received over $3 million worth of Government funds to provide emergency assistance, despite never having a Code Compliance Certificate – an offence under the Building Act – and receiving a series of longstanding complaints from occupants... More>>

ALSO:

Gordon Campbell: On The Alleged China Relations Crisis

If New Zealand’s relations with China are ‘deteriorating’ then you still need a microscope to detect the signs... More>>

ALSO:

Environment: Government To End Tenure Review

“Tenure review has resulted in parcels of land being added to the conservation estate, but it has also resulted in more intensive farming and subdivision on the 353,000 ha of land which has been freeholded. This contributed to major landscape change and loss of habitat for native plants and animals,” said Eugenie Sage. More>>

ALSO:

Bell Tolls: Big Changes, Grand Mergers Planned For Vocational Training

“At a time when we’re facing critical skill shortages, too many of our polytechnics and institutes of technology are going broke... More>>

ALSO:

Sallies' State Of The Nation: Progress Stalled In Reducing Inequality

The report shows a lack of tangible progress in key areas including record levels of household debt and a growing gap in educational achievement between poorer and more well off communities. More>>

ALSO:

Party Politics In Tax Morale Survey: SSC To Seek Answers From IRD

Minister of State Services Chris Hipkins has today asked the State Services Commissioner Peter Hughes to examine IRD’s reported inappropriate use of a public survey. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels