Runaway house prices ruining first-home buyers’ dreams

A new national median of over half-a-million dollars puts a first home well out of reach for too many New Zealanders, the Green Party said today.

A new national median of over half-a-million dollars puts a first home well out of reach for too many New Zealanders, the Green Party said today.

Real Estate Institute of New Zealand house price data released this morning shows that the nationwide median house price has risen 6.3 percent year on year to $515,000. Excluding Auckland, the nationwide median house price has risen 9.6 percent year on year.

“The Auckland housing crisis is spilling over to the rest of the country, hurting a whole generation of first-home buyers throughout New Zealand,” Green Party Co-leader Metiria Turei said.

“Just when you think you have enough for a deposit on your first home, you find the bar for home ownership has gone up again.

“National has totally failed the country when it comes to providing affordable, decent housing, and keeping house price inflation in check.

“Eight years of National’s economic leadership has created a huge speculative housing bubble which is hurting New Zealanders and hurting our economy.

“It’s increasingly clear that the only way to fix the housing crisis is to change the Government.

“The Green Party in government would seek to introduce a comprehensive capital gains tax (excluding the family home) and undertake a major state-sponsored house build,” said Ms Turei.

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