Housing Affordability – What do Kiwis Really Think?
Housing Affordability – What do Kiwis really think?
As questions around housing affordability once again take centre stage on both a financial and political stage, rating and research company Canstar asked 2,502 Kiwis what they thought the answers might be.
Commenting on the survey, Canstar general manager, Jose George said:
“LVR has been hitting the headlines in recent weeks but it’s just one piece of a complicated jigsaw. In the last few days the lending limits being exercised by banks has come under scrutiny, but again we should refrain from focusing on one concern in isolation when looking at the state of New Zealand’s housing market.
“Our latest research of over 2,500 Kiwis also shows that the difficulties facing first-time buyers are a concern across the country. This survey shows that this is not simply an Auckland centric problem and we shouldn’t think that reducing or scrapping LVR restrictions for first time buyers offers a silver bullet.”
Different generations, different ideas
Surprisingly it was the Baby Boomers who were more concerned with the lack of opportunity for younger generations and their preferred option was for more houses to be built.
For the younger generations – X and Yers, property only being available to New Zealand residents was the area they felt more strongly about.
Gen Y Gen X Baby Boomers
I worry about younger generations getting on housing ladder - 51%/60%/63%
Houses should only be available to NZ residents - 46%/48%/34%
More houses should be built - 50%/58%/65%
Tax profits from selling a property - 16%/21%/25%
Introduce more robust tax structure for taxing
investment properties - 30%/42%/51%
“It’s interesting to see the split in ideas and where different generations think the opportunity lies. What is also interesting was the attitude towards property and tax with a more robust structure around tax and investment properties being by far the most popular option even amongst the generations who are more likely to own investment properties.”