Since 2017, we’ve taken a number of steps to improve housing in New Zealand.
We’ve stopped overseas speculators, built a record number of public houses, banned unfair letting fees, overhauled tenancy laws to make renting fairer, introduced standards so rentals are healthy and warm, launched a progressive home ownership scheme to help Kiwis into homes, and set out our Homelessness Action Plan. To ensure we have the skilled workforce we need to build more houses, we’ve also rolled out free targeted trades training and apprenticeships. This has already seen around 30,000 people take up training in the construction sector.
Now, we’ve put in place the next steps in our plan. This includes:
Making it easier for first home buyers to get into a property, by lifting the income caps on the First Home Loan and First Home Grant programmes so more people can access this support.
Helping to tip the balance in favour of first home buyers by extending the bright-line test from five years to 10 years, and by closing a long-standing tax loophole that benefits property speculators.
Removing barriers holding up the building of new homes. We’re launching a $3.8 billion Housing Acceleration Fund, which will speed up the pace and scale of house building and jumpstart developments by funding the vital infrastructure like pipes and transport links needed for new housing.
Incentivising investment in new builds, which will help drive demand and ensure more houses are being built.
Making sure we have the skilled workforce we need to build more houses, by extending our Apprenticeship Boost payment, which has already enabled businesses to take on 21,000 apprentices.
There’s no simple answer for fixing the housing crisis, but together, the measures we’ve announced will make a real difference.