NZ tops the OECD for least affordable housing

New Zealand has topped the OECD in relation to housing in the worst way possible coming in at number one for Bloomberg’s real estate risk rankings, National’s Housing spokesperson Nicola Willis says.

“As if the Government hasn’t had enough wake up calls to the crisis we are facing in New Zealand, here is another one. After four years of Labour, our housing challenges are worse than ever, with a trail of failed policies behind them.

“We are the worst in the OECD for price-to-rent ratios, price-to-income ratios, real price growth, and nominal price growth.

“Minister for Housing Megan Woods has provided New Zealanders with no confidence that the Government has any plans to meaningfully address our terrible housing situation. The KiwiBuild disaster has made sceptics out of us all.

“The measures the Government has announced, including removal of interest deductibility and the extension of the Brightline test, are punitive rather than incentivising. They do not address housing supply and so in no way address our underlying shortage of homes. In fact, house prices have risen another 8.9 per cent since the new taxes were announced.

“The Housing Minister was warned by her own officials that these changes may increase costs for lower-income tenants, adding to our already extraordinarily long state house waiting list and tipping more New Zealanders into emergency housing motels.

“New Zealand simply must remove the barriers to new housing supply and allow for housing intensification and new land supply immediately. We can’t afford to wait for already overdue reforms to the RMA.

“The National Party has introduced a member’s bill in Judith Collins’ name which lays out urgency measures the Government could take to drive development and provide crucial supply to the market. This is so important we have offered this bill to the Government, but they were not interested in our solutions.

“National has a plan ready to go and we are frustrated watching the situation worsen. We would remove unnecessarily difficult regulations and barriers to build while incentivising councils to build more houses by offering $50,000 per additional dwelling for infrastructure investment.

“The inability or unwillingness of this Government to adequately address the housing crisis is unacceptable. Where is the urgency? Where is the drive? New Zealanders deserve better than this.”