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Homeownership out of reach for middle income Aucklanders

New figures show that even middle income Aucklanders are finding themselves unable to afford to buy a first home as National’s housing crisis rolls on, says Labour’s Housing spokesperson Phil Twyford.

“New data released by interest.co.nz shows that the lower quartile selling price in Auckland, the average for the lowest end of the market, has just hit $695,600. That’s an increase of 53 per cent compared to what it was just three years ago.

“What this means is that a middle class family with two earners on the average wage would need to save for 8 long years in order to be able to afford a home even in the lowest end of the market.

“This news comes just days after it was revealed that 78 per cent of people currently renting cannot afford a deposit on the average New Zealand home.

“This data shows clearly how much of a fiasco National’s housing policy has become. Under this Government, middle New Zealand is missing out and even people on decent incomes are unable to afford a home. National is turning a blind eye as the Kiwi dream of home ownership slips away.

“Labour’s plan to build more affordable homes and crack down on the speculators who are driving up the price is the only way to address the housing crisis,” says Phil Twyford.