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


House prices still a major concern


13 November 2006

House prices still a major concern

"The fact that a 9.6% annual increase in house prices is seen as relatively low is a symptom of how far out of reach housing has become for many Kiwis" said Peter Conway CTU Economist today.

"Only a week ago, the latest wages data showed that pay went up by 3.2% in the last year, one-third of the latest increase in house prices.

"The average New Zealand household's debt has risen from around 60% of disposable income in 1991 to nearly 170% today.

The median house price is six times the median wage whereas three times would be seen as an affordable level.

Of course, many Kiwi homeowners are able to leverage expenditure out of their rising house value, but this is not a sustainable solution as house prices become even more out of line with wage levels”.

This whole situation is very difficult for those trying to buy their first home. The CTU has welcomed initiatives such as the first home deposit assistance which will be provided by KiwiSaver, but we also need wages to rise in addition to greater central and local government investment in affordable housing.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Why Worksafe’s Whakaari/White Island Prosecutions Are Good News

Somewhere in Heaven, Helen Kelly must be smiling about Worksafe’s criminal prosecution of 10 firms and three individuals for their roles in the lead up to the Whakaari /White Island tragedy. In tandem with the subsequent coronial inquest, these court proceedings will hopefully culminate in the creation ( finally!) of a central agency to regulate the adventure tourism sector and improve public safety on matters like risk assessment, safety guidelines, inspection, enforcement and injury reporting... More>>


Carbon Neutral Policy: Gov Declares Climate Emergency

The Government has launched a major new initiative to combat climate change that will require the public sector to achieve carbon neutrality by 2025. More>>


Pill Testing: Govt Moves On Drug Checking To Keep Young New Zealanders Safer This Summer

The Government will pass time limited legislation to give legal certainty to drug checking services, so they can carry out their work to keep New Zealanders safer this summer at festivals without fear of prosecution, Health Minister Andrew Little ... More>>


WorkSafe: 13 Parties Charged Over Whakaari/White Island Tragedy

WorkSafe New Zealand today filed charges against 13 parties in relation to the Whakaari/White Island eruption in December last year. “22 people have lost their lives in this tragic event. WorkSafe is tasked with investigating workplace incidents to determine ... More>>


Tax: Government Fulfils Election Undertaking On New Top Tax Rate

The Government will today keep its election promise to put in place a new top tax rate of 39 per cent on income earned over $180,000. More>>


Media: Stuff Holds Itself Accountable For Wrongs To Māori

Stuff has today published the results of an investigation into itself, and issued a public apology, for the way the media organisation has portrayed Māori, the indigenous people of Aotearoa New Zealand, from its first editions to now. Tā Mātou Pono | More>>


Economy: Crown Accounts Reflect Govt’s Careful Economic Management

The better-than-expected Crown accounts released today show the Government’s careful management of the COVID-19 health crisis was the right approach to support the economy. As expected, the Crown accounts for the year to June 2020 show the operating balance ... More>>





InfoPages News Channels