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.

Latest Finance Announcements

Story

Report shows urgent need to fix wealth inequality

A new report out today provides all evidence the Government needs to start addressing runaway inequality and rebalance Aotearoa to work for everyone.
Read More

Story

It’s important to know your KiwiSaver history, Mr. Luxon

What the Government should now do is reverse the cuts the National Party Government made to KiwiSaver incentives, the Green Party says.
Read More

Story

Bold solutions needed to ease inflation pressures

Action is needed to address the inequality crisis and support New Zealanders on the lowest incomes, the Green Party says.
Read More

Story

Inquiry into COVID-19 economic response necessary

The Green Party is again calling on the Government to review the economic response to COVID-19, as the Reserve Bank of New Zealand puts up the Offi...
Read More

Story

Budget 2022: James Shaw Budget Speech

Mr Speaker, It has taken four-and-a-half years to even start to turn the legacy of inaction and neglect from the last time they were in Government ...
Read More

Story

Rising household costs hurting low-income people

The Green Party says the Government needs to do more for those on the lowest incomes as inflation outpaces wage and benefit increases.
Read More

Latest Building and Construction Announcements

Story

Let’s build better, warmer, and climate-friendly

The Government must take steps to ensure that the way we build our homes is helping to meet New Zealand’s climate change targets, the Green Party s...
Read More

Sustainable buildings and warm dry homes

Everyone has the right to a warm, dry home. Instead, housing in Aotearoa often makes us sick from damp and cold. In Aotearoa, much of our housing s...
Read More

Story

National would rather save landlords some cash than look after sick kids: Green Party

The National Party is more concerned about the back pocket of property investors than sick kids and the elderly, Green Party Co-leader Marama David...
Read More

Story

Stop charging homeless people for emergency housing

The Green Party is calling for the Government to stop sending homeless people into thousands of dollars of debt with the Ministry of Social Develop...
Read More

Story

Green Party: Building code out of date and won’t ensure warm, dry homes

In response to calls for a compulsory energy rating for buildings the Green Party is renewing calls for the building code to take better account of...
Read More

Story

Green Party calling for bold steps to tackle issues in Salvation Army report

The Green Party agrees with the Salvation Army that bold new steps are needed to stop a worrying trajectory of increased rent rises and homelessnes...
Read More