National believes every New Zealander should be able to buy their own house if they want to – so a re-elected National Government will building on our existing work to support first home buyers and get more houses built as quickly as possible.
New Zealand has a strong, growing economy. We’ve got more Kiwis staying at home and more families gaining the confidence to invest that our economy provides.
Incomes are rising, unemployment is at its lowest since before the Global Financial Crisis and interest rates are at an around 50-year low.
That means a family with a $300,000 mortgage is now paying around $300 a week less in interest than they were when National was elected.
All of these positive factors are putting extra demand on our housing market and National is pulling every lever available to free up land, increase supply, and get more Kiwis into their own home.
We now have all the key housing data trending in the right direction. House build rates are at the highest level in a decade and 100,000 homes are in the pipeline over the next three years.
We’ve got a plan to sustain this success and continue the gains we’ve already made.
Our comprehensive package includes:
- An even more generous KiwiSaver HomeStart programme. A re-elected National Government will take the grants to $20,000 for an existing home or $30,000 for a new build. The additional grants mean there is funding to help a further 80,000 people into their first home over the next four years, on top of the 31,000 people the scheme has already helped
- Our $1 billion Housing Infrastructure Fund to accelerate new housing in the high-demand areas where it’s needed most. The new fund will focus squarely on financing council infrastructure like roads and water needed to support new housing
- Creating special housing areas in high demand areas across New Zealand to fast-track the building of homes
- Freeing up Crown Land to see 34,000 more affordable, market and social houses built over the next ten years
- Reforming the Resource Management Act to make it easier for councils and developers to get houses consented and built
- A new commission that’ll help us invest in vital infrastructure through the PPP model. PPPs are very effective at getting quality long-lasting infrastructure built more quickly to better support housing growth
- The introduction of a new fit-for-purpose urban planning laws separate from the Resource Management Act to encourage more responsive planning, faster development, and better protection for the environment in our growing cities. The RMA’s one-size-fits-all approach has restrained the development of our cities, dragged on their economic performance, and restricted the supply of much-needed housing and infrastructure
- New rules so landlords are required to insulate their properties by mid-2019
- Setting up independent Urban Development Authorities to speed up housing development in high-demand areas - they’ve proved successful in many other countries
- Tightened rules to ensure people buying and selling property for profit pay their fair share of tax
- Requiring Councils to ensure land supply for housing keeps pace with growth
- Passed legislation to restrict Council development charges to reduce the cost of building
While there are no quick fixes – National’s approach is delivering results.
- Around 85,000 new homes were built across New Zealand in this term of Parliament alone – nearly twice the number of existing houses in all of Dunedin
- We’re now in the middle of the biggest building boom New Zealand has ever seen, with almost 200,000 new homes set to be built over the next six years
- We’ve created over 200 Special Housing Areas to speed up the development of land for an estimated 70,000 new homes
- The construction industry is the biggest it’s ever been. Around 40,000 more people are working in the sector than two years ago and there are 42,000 apprentices being trained
- House price inflation is trending down and is now at the lowest rate for six years, of 3 per cent
- We have the proportion of first home buyers trending up and at the highest level since the GFC
The best way to address housing affordability is to build more houses and build them faster and we have a comprehensive programme underway to help make this happen.
We will not allow unresponsive planning and slow infrastructure development to lock New Zealanders out of much-needed housing.
National understands how to deliver the housing supply we need and our approach is seeing more Kiwis getting into their own homes.
This is in stark contrast to an opposition that promises a housing plan it knows it can’t deliver. Labour and the Greens have opposed new housing developments, RMA reform, and the measures first-home buyers need to get into their own home at every turn.
National will continue to pull every lever possible, reform consenting rules, free up land and get vital infrastructure built to increase supply.