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Runaway house prices could send grads offshore

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Tue Jun 09 2015 12:00:00 GMT+1200 (New Zealand Standard Time)

Runaway house prices could send grads offshore

NZUSA - New Zealand Union of Students' Associations Tuesday, 9 June 2015, 2:06 pm
Press Release: NZUSA

Runaway house prices could send grads offshore

Students are dreading what the latest house price figures mean for their prospects of getting of entering the housing market, with the national student union expecting more graduates to leave the country for good.

Government valuer QV has today reported a 9 per cent climb in national property prices in the year to June, while Auckland house prices shot up an incredible 16.9 per cent. The rise represents the fastest increase in over a decade.

The average Auckland house price was $828,502 in May, seventeen times the annual median wage for an Aucklander.

National student union president Rory McCourt says many students are wondering how they’ll ever get a foot on the property ladder.

“Most students are graduating university or polytechnic with tens of thousands of dollars of debt. How will they ever buy a first house when they’re 50k in the red and property prices are uncontrollably rising?”

“The real risk is that we load up this next generation with debt from their studies and condemn them to a life of never owning their own home. What reason have they got to stay in New Zealand? Many will be heading for the departure longue.”

Mr McCourt says while a minority of students have always intended on leaving New Zealand permanently, housing unaffordability will make those considering returning to settle down to think twice.

“Toxic student debt, insane house prices and flat wages: what happened to opportunity in New Zealand?”

Mr McCourt says the Government must do more to support first-home buyers, particularly in Auckland, and take a look at the impact of ballooning student debt on home ownership.

ENDS

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NZUSA - New Zealand Union of Students' Associations

NZUSA - New Zealand Union of Students' Associations

We stand for opportunity, for all.

NZUSA is the New Zealand Union of Students' Associations, the national body that represents New Zealand's students' associations and the interests of New Zealand's 400,000 students at universities, polytechnics and in trades training.

We conduct original research, advocate to Government and through the media, and support New Zealand's students' associations to be more effective on behalf of their members. We advocate alongside Te Mana Akonga – The National Māori Students' Association, and Tertiary Women New Zealand – The NZUSA Women's Caucus.

Since 1929, we've believed in a society rich in opportunity, where anyone from anywhere can become any thing. We support accessible, affordable quality public tertiary education.

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