mar 12, 2008 - House Prices Unit: Final report released
Description:
The House Prices Unit of the Department of the Prime Minister and Cabinet released its final report: House Price Increases and Housing in New Zealand.
The Report identified the impacts of house price increases across a variety of topics. This report summarised the findings of the Unit’s analysis of the drivers of house price increases and their implications for economic and social outcomes. The Report contained the following key themes:
• housing affects a variety of social outcomes and is a critical component of household assets;
• a surge in demand lifted prices, and while the number of dwellings has risen in line with the population, the cost of supply new dwellings has risen sharply;
• the housing market is cooling, but prices are likely to remain high relative to incomes;
• rising prices have contributed to lower home ownership rates and constrained the housing market choices available to a growing group of New Zealanders;
• households require access to a wide range of choices, including tenure and location of housing; and
• reducing costs (land and construction, regulation and consents processes) provides a sustainable way of making housing more affordable.
The report identified multiple causes of high house prices, on both the supply and demand side. It concluded that policy responses should not just add to the demand for housing as this is likely to fuel prices further, and that the focus of any response should be on increasing the supply of housing through reducing the input costs per dwelling and by building more affordable housing.
Source: https://www.msd.govt.nz/about-msd-and-our-work/about-msd/history/social-assistance-chronology-programme-history.html
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A chronology of Māori housing in Tāmaki Makaurau - Key events
This timeline charts the changing institutional framework an...
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