New Zealand Labour Party

Record level of investors as first homebuyers squeezed out of Auckland

Latest CoreLogic data shows investors accounted for a record 44% of Auckland house sales in the first quarter of 2017 while first homebuyers’ market share fell to just 19%, says Labour’s Housing spokesperson Phil Twyford.

“National’s speculators’ paradise is killing the Kiwi dream of owning your own place. Nearly half of all house sales in Auckland are to investors, while less than 1 in 5 are to first homebuyers.

“While National has been in Government, speculators have increased their market share from under 35% to 44%; first homebuyers have gone down from over 25% to 19%.

“The CoreLogic report shows that investor activity is on the rise, building consents are declining, and the country needs to be building a thousand extra houses a month just to keep up with the burgeoning population.

“Nick Smith’s endless tinkering and policy bungles haven’t made a blind bit of difference. National lacks the ideas and the will to fix the housing crisis

“Labour will crack down on speculators by banning people who are neither citizens or resident in New Zealand from buying existing houses, and fixing tax loopholes that advantage investors over homebuyers. Our comprehensive housing plan also includes building 100,000 affordable houses for first homebuyers, and thousands more state houses for families in need,” says Phil Twyford.