Homeownership rates fall under National

New data shows that homeownership rates have fallen 3 per cent since National came to office despite the number of private rental properties rising by 83,600, Labour’s Housing spokesperson Phil Twyford says. 

“Statistics NZ’s Dwelling Household Estimates for the March 2016 quarter shows the proportion of New Zealanders owning their own home has fallen from 66 per cent in September 2008 to 63 per cent – the lowest level since records began in 1991.

“At the same time the number of families renting has increased 18 per cent to 593,000 – the highest number since 1991. 

“National’s refusal to take significant steps to address the housing crisis is locking New Zealanders out of the Kiwi dream of home ownership and creating a generation of renters. 

“The Government’s continued tinkering with things like building tariffs and special housing areas is failing to provide the number of new homes Auckland needs. 

“This comes as a new BNZ poll found 60 per cent of renters say buying their first home is not achievable in the next five years. 

“The poll also found one in five renters do not aim to buy a house at all and 47 per cent will have to raid their KiwiSaver funds in order to own a home. 

“The Government needs to embark on a massive state-backed building programme to flood the market with affordable homes for first home buyers and clamp down on offshore speculators pushing house prices beyond the reach of Kiwi families,” Phil Twyford says.