$74,000 quarterly rise shows crisis out of control

new-zealand-labour-party

Thu Jul 02 2015 12:00:00 GMT+1200 (New Zealand Standard Time)

$74,000 quarterly rise shows crisis out of control

Thursday, 2 July 2015, 1:09 pm
Press Release: New Zealand Labour Party

2 July 2015

New figures out today showing Auckland house prices have spiked by a massive $74,000 in the past quarter is further evidence the city’s housing crisis has spiralled out of control, Labour’s

“In spite of constant announcements and photo opportunities from Housing Minister Nick Smith, all the indicators show Auckland’s housing troubles are getting worse by the day.

“The latest Massey University Home Affordability Report shows between March and May this year home affordability in Auckland declined by 10.2 per cent over the quarter. That makes average house prices $74,000 more expensive over this period.

“The report highlighted there is now a 56 per cent gulf in affordability between Auckland and the rest of the country; the highest on record by a substantial margin.

“The Massey report also highlights that eight of the country’s 12 regions actually showed improvements in affordability over the last quarter. However, it warned these improvements cannot outweigh the impact of what it calls the ‘Auckland effect’.

“Nick Smith needs to accept his half-based and piecemeal housing policies are failing to rein in skyrocketing Auckland house prices.

“The Government needs to accept it is failing not only Aucklanders but the rest of the country by failing to address the Auckland housing crisis. It is time National took meaningful steps to crack down on offshore speculators and embarked on a massive state-backed house building programme,” Phil Twyford says.

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