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

 

Support package welcome, but low supply remains

Support package welcome, but low supply remains

Press Release: Harcourts

12 August 2013

New Zealand’s largest real estate group Harcourts is welcoming the government’s announcement yesterday to better support first home buyers through KiwiSaver deposit subsidies and Welcome Home Loans.

Harcourts CEO Hayden Duncan says he is in favour of any policy that makes it easier for first home buyers to enter the market.

However, Mr Duncan believes lack of housing supply and fierce competition is the number one reason some first home buyers struggle.

“Our most recent statistics show across New Zealand there are 12% fewer properties for sale than there were at the same time last year. Auckland (-10.2%) and Christchurch (-22.6%) remain the worst affected, but the Central Region (-6.9%), Wellington (-8.3%) and South Island Provincial (-9.3%) are not far behind.

“This shortage of available housing is driving prices up and making it more difficult for those not already in the property market.”

However, Mr Duncan says Harcourts’ statistics also show the number of people buying homes for the first time has not significantly reduced over the past two years.

Harcourts conducts a post transaction survey to map trends demonstrated by vendors and purchasers. The results are cumulated and allow for monthly and yearly comparison. The survey reveals in 2011 a total of 27.1% of buyers were making a first home purchase, compared with 25.4% so far in 2013.

This indicates first time buyers are still entering the property market in good numbers, Mr Duncan says.

“A first home buyer will struggle to purchase in the most popular suburbs, for example the inner suburbs of Auckland. What we are seeing is people widening the scope of where they will consider living and looking further outwards.”

This means housing stock considered less desirable in the past is now clearing. However, with the country’s overall property on hand figure down by 12%, this will not cater to the demands of our growing population for long.

Mr Duncan says low housing stock must be fundamentally addressed by reducing development fees and building costs and speeding up the consents process.

“It’s simple. We don’t have enough houses, particularly in Auckland and Christchurch, to keep up with the demand. We need to make it easier for developers. The change to KiwiSaver and Welcome Home Loans criteria is good news for some, but it is not going to alter the source of the problem.”

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Whether We Should Be Betting Quite So Heavily On Astra Zeneca’s Covid Vaccine

According to this week’s Speech from the Throne, maintaining public safety during the pandemic will remain the government’s top priority. Next year will (hopefully) bring the rolling out of a free vaccination against Covid-19 to New Zealander. Currently, there are three possible vaccine contenders but the effectiveness of the vaccine will be only one of the factors determining which vaccine will pre-dominate. On the basis of the cost per dose, and the ease of manufacture, storage and distribution, the Astra Zeneca/Oxford University vaccine will almost certainly be the prime choice for New Zealand, at least initially... More>>

 

New Zealand Government: Speech From The Throne

It is my privilege to exercise the prerogative of Her Majesty the Queen and open the 53rd Parliament.
In the October election, New Zealanders elected a majority Government for the first time under our Mixed Member Proportional electoral system... More>>

Grant Robertson: Government To Review Housing Settings

New Zealand’s stronger-than-expected economic performance has flowed through to housing demand, so the Government will review housing settings to improve access to the market, the Finance Minister Grant Robertson announced today. “Our focus More>>

ALSO:

Law Commission: Recommends New DNA Laws For Criminal Investigations

Te Aka Matua o te Ture | Law Commission today released a report that recommends a new, comprehensive regime to control how DNA is obtained, used and retained for criminal investigations. The report has revealed significant gaps in the operation ... More>>

ALSO:


New Zealand Government: To Declare A Climate Emergency

The Government will declare a climate emergency next week, Climate Change Minister James Shaw said today. “We are in the midst of a climate crisis that will impact on nearly every aspect of our lives and the type of planet our children will inherit ... More>>

ALSO:

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>>

ALSO:

Green Party: Announce Portfolio Reshuffle With Talented And Energised Caucus Team

“The Green Party caucus offers a breadth of talent and energy to the Parliament this term. In ten MPs you have a small business owner, a human rights lawyer, an academic, a climate negotiator, a transport planner, and so much more”, Green Party ... More>>

ALSO:

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels