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Action needed as housing costs surge nearly 50%

The average family in Auckland is spending nearly 50% more on housing than they were when National came to power; it’s time for Labour’s housing plan, says Leader of the Opposition Andrew Little.

New data derived from Statistics New Zealand’s Household Expenditure Statistics, shows the average Auckland household is spending 47% more on housing, or $140 more per week, compared to 2008. For New Zealand as a whole, the increase is 38%, or $90 more per week. This data covers both homeowners and renters.

“It’s getting harder for families to afford to put a roof over their heads. Housing costs are outstripping people’s incomes.

“Wages are stagnant but families are having to pay thousands more a year due to rising house prices and rents.

“National has failed to stabilise the housing market. The crazy cost of housing is putting homeownership beyond the reach of middle New Zealand, and forcing poor families to live in cars and garages.

“We can fix this. Labour will build 100,000 affordable homes for first homebuyers to purchase. We’ll ban foreign speculators who use our homes as gambling chips. And we’ll stop National’s policy of bleeding Housing New Zealand dry. Instead, we’ll invest in more state houses,” says Andrew Little.

2008 Average housing expenses
Auckland $15,372
Total New Zealand $11,967

2016 Average housing expenses
Auckland $22,649
Total New Zealand $16,533

Increase: 2008-2016. %
Auckland 47%
Total New Zealand 38%

Increase: 2008-2016. $ per week
Auckland $140
Total New Zealand $88
Source: derived from data in Household Expenditure Statistics 2016, table 6