New analysis showing median house prices in Auckland are now 9.22 times the median annual household income confirms that the National Government has failed to fix the Auckland housing crisis, the Green Party said.
Figures compiled by the parliamentary library using REINZ March house price data and the most recent income data available from Statistics NZ, show a median house price/income ratio in Auckland of 9.22, up from 8.45 last month. Internationally, a ratio of 3 is considered affordable.
“When houses cost more than 9 times peoples’ annual household incomes, it’s clear that Kiwi families are being shut out of home ownership in Auckland,” Green Party Co-leader Metiria Turei said.
“After seven years in power National has not done enough to help Auckland’s families afford a home and now it’s time for it to get hands-on and build some new, affordable homes.
“Buzzwords like SHAs, LVRs, and bright line tests mean nothing to people sitting at the kitchen table trying to match their incomes up with what they need to save to buy a home.
“It’s a year since the Reserve Bank called for action on the housing crisis but National’s small actions clearly haven’t made a big difference.
“We need the Government to build a whole lot of new homes, support quality medium-density housing around public transport routes, and introduce strong measures to stop pretty speculation like a proper capital gains tax (excluding the family home) and restrictions on foreign property ownership,” Mrs Turei said.
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