Property speculators’ paradise continues under National

Data released today by the Reserve Bank confirms that National continues to let property speculators drive the housing market, hurting first home buyers, the Green Party said.

New Reserve Bank mortgage lending data shows that in June, property investors borrowed $2.56 billion while first home buyers borrowed less than a third of that, just $738 million. Investors took out over 7,000 new mortgage loans in June, compared to only 1,970 mortgages for first home buyers.

“National is clearly more interested in helping property speculators buy their third or fourth house, than it is in helping first home buyers get into their own home,” Green Party Co-leader Metiria Turei said.

“Houses are for living in, not for making a quick buck, but under this Government, New Zealand has become a property speculators’ paradise while families are forced to live in cars.

“National has let property speculation get totally out of control.

“Investors have borrowed more in each of the last two months than in any other month since the Reserve Bank started collecting this data.

“With so many economists saying the housing market is more and more volatile, National is standing by while speculators pour fuel on the fire and increase the risk of a market crash.

“Our Government needs to show leadership like governments have in Vancouver, New South Wales, and Victoria, using new tools like stamp duties to stop non-resident property speculators.

“National refuses to take the steps that everyone knows are needed to dampen investor demand and fix the problem: a proper capital gains tax (excluding the family home), stopping overseas investors, and closing tax loopholes,” Mrs Turei said.

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