REINZ welcomes Tindall’s comments on housing affordability

Press Release – REINZ

29 November 2018
REINZ welcomes Tindall’s comments on housing affordability as prices have risen 67% in 10 years

With the most recent Demographia International Housing Affordability Survey*, showing that New Zealand is the second most unaffordable country in the world, the Real Estate Institute of New Zealand (REINZ) has today welcomed Sir Stephen Tindall’s comments on housing affordability in relation to the KiwiBuild programme.

REINZ makes these comments as house prices across the country have risen by 67% over the last 10 years making it extremely difficult for people to purchase a home.

Bindi Norwell, Chief Executive at REINZ says: “Affordability and supply continue to remain two of New Zealand’s most fundamental issues when it comes to the housing market. The ability for young people to get onto the property has becoming increasingly difficult with median house prices across New Zealand rising 67.8% over the last 10 years from $335,000 in October 2008 to $562,000 in October 2018.

“In Auckland, the situation is even worse. House prices in our biggest city have risen a staggering 98.9% in 10 years from a median price of $435,000 in October 2008 to $865,000 in October 2018. It’s no wonder home ownership is at its lowest point in 60 years,” continues Norwell.

“The KiwiBuild programme alongside the creation of the Housing and Urban Development Authority should help to speed up the consenting process thereby starting to address some of New Zealand’s supply problems, but we still need to address the affordability problem. Any initiatives, innovative new approaches or offshore examples Sir Stephen Tindall can bring to New Zealand to help bring down the building costs are to be welcomed,” she concludes.

ENDS

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