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Jacinda Ardern says she doesn’t want New Zealand to be a place where home ownership is determined based on whether a person’s parents can fork over a deposit.
Jacinda Ardern – file. Source: Breakfast
Median house prices in New Zealand have continued to climb, with Auckland reaching $ 1 million in October, according to data from the Real Estate Institute of New Zealand (REINZ) released today.
“We want to make sure that our first home buyers can enter the market. That is something we have on our mind,” Ardern said today.
“I don’t want New Zealand home ownership to be determined, for example, whether or not your parents can lend you a deposit. That’s not the New Zealand we believe in.”
On the issue of pooling deposits, Ardern said schemes like the Welcome Home Loan “can and will make a difference.”
The Welcome Home Loan Scheme and First Home Loan Grant are dependent on a home being below the regional price cap, which stands at $ 650,000 for Auckland (which has a median home price of $ 1 million) and $ 550,000 for Wellington (who has a median home). price of $ 785,000).
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Others are still waiting to have their homes assessed for damage, and some are likely to be convicted. Source: 1 NEWS
Median house prices in New Zealand have risen 19.8%, from $ 605,000 in October last year to $ 725,000.
Ardern said he wants to try to overcome “that great and significant hurdle” of raising a deposit.
He said he was closely monitoring data on early homebuyers.
“In fact, we have seen an increase since 2017 and at the same time, we have seen that the number of investors in the market remains about the same
“That does not mean that we are not worried about what is happening with prices and that accessibility.
“For us, we have to make sure that we continue to build houses, that we are making it as easy as possible for developers to build houses and we know there is a lot to do in that space.”
National’s Nicola Willis called the rise in house prices “absolutely unsustainable” and said it “puts the homeownership aspirations of tens of thousands of New Zealanders at risk.”
“After three years of wasted effort and energy on the KiwiBuild failure, the government must turn its attention to addressing the underlying planning and infrastructure challenges that have strangled New Zealand’s housing supply for too long.”
He said National would work with the government to reform the Resource Management Act, which addresses these issues.
“We cannot afford to wait three more years of reports and working groups. What is needed now is action,” he said.
