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City planners have done terrible things to housing affordability. While improving the RMA is an important step in stemming the madness, it’s only a first step. Read more
Wellington (22 January 2015): The New Zealand Initiative has welcomed the overhaul of the Resource Management Act, in particular the focus on housing affordability and the restoration of property rights, but is still concerned about the ambiguity surrounding Section 5. The latest overhaul of the legislation was announced yesterday by the Hon Nick Smith, Minister for the Environment and Minister for Building and Housing, citing economic research that indicated the RMA had cost the country 40,000 homes and added $30 billion in costs. Read more
Estimates have the economy growing above the trend rate compared to other developed nations, but other measures show the benefits of growth aren’t filtering through to all. Patrick O’Meara looks at whether New Zealand's household really are better off. Read more
This report, the first in a two-part series, seeks to examine the factors that prevent greater mineral extraction in New Zealand, a business model that could help stem some of the economic pressures faced by many of the country's rural regions. The key findings of Poverty of Wealth are that: Rural New Zealand is in decline Economic growth is concentrated in urban areas, particularly Auckland, Wellington and Christchurch, whereas seven of the rural regions recorded negative economic growth in the year ending March 2013, and a further two recorded flat growth. Read more
New Zealand is far from the only country in the world facing a housing affordability crisis, according to the latest international report. According to the International Monetary Fund’s Global Housing Watch, surging property prices are a global epidemic, with GDP-weighted house prices having risen steadily for seven quarters in a row. Read more
Our regular readers will not be surprised that we believe the high cost of housing is a major challenge facing New Zealanders. As a crucial election issue, we have eagerly awaited each major party’s housing announcements, hoping they will pave the way for restoring housing affordability. Read more
With housing back in the pre-election spotlight, the Green Party this week launched their policy package, targeted at an often overlooked segment of the voter spectrum – renters. The problem, as the party sees it, is that a significant proportion of rental stock is in poor condition, and security of tenure for renters is weak, giving landlords disproportionate power in the contractual arrangement. Read more
Wellington (25 August 2014): National’s Homestart policy will fuel higher house prices and make it harder for Kiwis to enter the housing market, according to economic think-tank The New Zealand Initiative. Executive Director Dr Oliver Hartwich says any housing policy aimed at making housing more affordable must start by increasing supply. Read more
Empty Nests, Crowded Houses: Building for an ageing population describes what could develop in the future housing market if the current rate of construction fails to increase. The report is based on demographic projections which predict that under a range of scenarios, the population is likely to be larger and older. Read more
Wellington (22 August 2014): New Zealand faces a chronic housing shortage the size of three major cities within 20 years, according to a new report from the New Zealand Initiative. The report claims claims the country could reach a shortage of 113,800 houses by 2031 and official figures underestimate the scale of the crisis. Read more