Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 


Affordable Housing a couple of decades away.


Housing Minister Nick Smith: Affordable Housing a couple of decades away.

Housing Minister Nick Smith told TVNZ’s Q+A programme today that it will take up to 20 years to address the imbalance between incomes and house prices.

“The target that I've given to my ministry goes back to those long term affordability measures - which is the ratio of incomes to house prices. That’s what really matters. Historically that number's been about four for New Zealand. Currently in Auckland it's seven. I've set that long term objective of getting it back to four. That means incomes are growing faster than house prices and you need that repeatedly over a period of a decade or two to get those ratios down.

“If you look at housing ownership in New Zealand, it's been going backwards every single year since 1987. In other words the decline in home ownership from about 75% in New Zealand back to about 65% has occurred over that period. And if you're looking for some instant magic bullet that the government can wave and change those 20 year trends you're mistaken. It's about doing the hard yards in those important areas I've identified.

Dr Smith also said a capital gains tax would not make any difference to the housing market.

“If we look at that comprehensive independent study that was done by the Productivity Commission, they didn’t raise issues of foreign buyers. It wasn't mentioned in their 200 page report.”

“They did a comprehensive look at this debate around the capital gains tax and they said no it won’t make the difference. So look across the Tasman to Australia. They’ve got restrictions on farm buyers. They’ve got a sort of a capital gains tax of sorts and their house prices have gone up by more than New Zealand in the last 12 months.

“The government's measures that we're taking in those five key areas identified by the Productivity Commission, land supply, materials costs, Council infrastructure costs, productivity and compliance costs – they are the bits. If you are serious about not playing political games, but making changes that will make housing more affordable for our kids and their kids, they are the five things to tackle.”

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell:
On Gaza And Burning The Israeli Flag

One of the selling points in New Zealand’s campaign for a temporary seat on the Security Council is that we have a pluckily independent voice to offer on international conflicts.

This image is not entirely self-delusional. When we did occupy a temporary UN Security Council seat in the 1990s, New Zealand was forthright about the need for the international community to actively respond to the Rwanda genocide. On April 14, 1994, New Zealand, Nigeria and the Czech Republic were the only nations to call for a forceful UN intervention to halt the killings. It was a proud moment in the diplomatic record of the Bolger government.

What then, is the current National government doing with respect to the slaughter in Gaza? More>>

 

Parliament Today:

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:

EPA: Board Of Inquiry Rejects Basin Flyover By Majority Of 3 To 1

The independent Board of Inquiry delegated to decide on the Basin Bridge Proposal has, by a majority decision (3 to 1), cancelled the Transport Agency’s Notice of Requirement and declined its resource consent applications for the construction, operation and maintenance of a flyover on State Highway 1 in Wellington City... More>>

ALSO:

Gordon Campbell: On The Non-Apology To Tania Billingsley

The refusal by Prime Minister John Key to issue a personal apology to Tania Billingsley has been accompanied by an array of excuses... Yesterday though, Key’s choice of words indicated that an apology was the last thing on his mind. More>>

ALSO:

Conventions: Winston Peters On The Nation

Winston Peters opens door to standing in East Coast Bays electorate, says it's an "exciting point" and he's thinking about it. "I’ve had a whole lot of people writing to me and calling up and saying ‘why don’t you have a go in East Coast Bays’." More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news