How politics affect NZ's housing market
With the election over and NZ First/Winston Peters looking like the king maker, we thought we'd dig a bit deeper into their policies when it came to the housing market. So what would NZ First do when it comes to housing?
PLACES TO CALL HOME
Initiate the New Zealand Housing Plan to revamp the New Zealand housing market covering housing availability and affordability as well as rental homes supply and affordability.
Reduce pressure on housing by slashing 72,400 foreign migrants net, who entered New Zealand over the past year with most settling in Auckland.
Ensure that only New Zealand citizens and Permanent Residents can buy freehold land.
Recognise that there is a housing crisis by establishing a new state agency to acquire and develop land for residential development:
Provide first home buyers with affordable residential sections under long term low interest sale and purchase agreements of up to 25 years.
Purchasers would build their own homes using normal bank financing, with title to the section transferred to them and the amount owing for the section, secured by a second ranking statutory land charge.
Provide subsidies to insulate 53,000 houses ever year.
Review building standards to ensure better building quality including earthquake and landslip resistance.
Require compulsory and adequate insurance cover be acquired by all building owners.
Fully monitor and enforce the terms and conditions of existing approvals by the Overseas Investment Commission for the ownership of land by non-residents.
BETTER RENTAL STOCK
Assist local authorities to develop aged-care housing and public rental housing projects.
Provide accelerated deprecation for landlords to invest in energy efficient housing from insulation to HRV systems.
So - in a nutshell...make sure foreigners don't have as big of a stake in our housing market...and make more land available for first home buyers. If you're a New Zealand citizen or permanent resident, there's not much too much change coming if NZ First have their way.
Of course...with how unpredictable this election has been, there's nothing to say the Green's won't swoop in with National and make Winston irrelevant. As always...watch this space!