New Zealand Labour Party

Effect of rampant house prices widens

The latest house price figures from REINZ show the housing crisis expanding throughout the country, says Labour’s Housing spokesperson Phil Twyford.

“We are seeing steep increases in median house prices in Central Otago Lakes – up 42.4% in the last year, Waikato-Bay of Plenty up 26.3%; Otago up 18.5%; and Wellington up 16.7%.

“National’s negligence in allowing the housing crisis to spin out of control is having massive spill-over effects on the regions, as speculators look for bargains further afield.

“When house prices go up, and wages are stagnant, it can only mean one thing: home ownership rates around the country are going to continue to fall.

“Meanwhile in Auckland the median house price has hit $821,000 and has been going up by $533 a day.

“National is in denial about the housing crisis. They won’t acknowledge there is a housing crisis in Auckland, let alone that it’s now affecting most of the country.

“They are so in denial, they are even denying the official Census and government data in Labour’s interactive housing map.

“Only Labour has a comprehensive plan to fix the housing crisis. We will build 100,000 affordable homes for first home buyers, crack down on speculators, and instead of selling off state houses we’ll repair and build more,” Phil Twyford says.