Bringing better balance to the housing market
Hon Phil Heatley
Housing Minister
26 January
2009
Housing Minister Phil Heatley says big steps are being taken to help
the many thousands of Kiwis who can't afford new homes, including
changes to the Resource Management Act and Building Act.
The Minister was responding to the findings of the 2009 Demographia
International Housing Affordability Survey showing New Zealand has the
second most unaffordable housing, behind Australia, across 265 markets
in six countries.
He said he was very conscious of the plight of existing home owners
and investors who have seen the value of their properties diminish in
recent months, citing lower interest rates and impending tax cuts as
factors that would soften the blow.
"National understands there'll be property cycles but the recent
cycle has been so extreme as to suggest there are fundamental problems
with how the market is operating, notably around the supply of land."
He pointed out that it was National, when in opposition, which
pushed for last year's inquiry into housing affordability. Now that
National was in Government it was going to address the issue, he said.
"This research proves that many first home buyers are excluded from
entering the property market by a number of factors, including
restrictive zoning and consent laws, which not only make life difficult
for ordinary Kiwis but are major factors in New Zealand's poor
productivity and economic growth levels.
"I'm pleased to say the Government will be introducing initiatives aimed at improving housing affordability."
Along with reforms of the Resource Management Act and the Building
Act, which will reduce impediments and excessive costs imposed on
councils and the building industry, the Government will be:
* ensuring local councils plan for a forward supply of suitable land zoned for new housing
* making it easier to redevelop existing and unused land within city and town limits
* ensuring supporting roading and other infrastructure is provided in a
more cost effective and timely manner to facilitate the growth and
development of our towns and cities
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