Demographia Survey blow to Auckland housing confidence

Housing Demographia Survey yet another blow to Auckland housing confidence

A new report placing Auckland as the fifth most expensive housing market in the world should serve as a serious warning for housing affordability in Auckland.

The 12th Annual Demographia International Housing Affordability Survey: 2016 has put Auckland at number five, four places higher than last year.

Property Council is extremely concerned about the escalating housing problem which will create devastating economic and social consequences for New Zealanders.

Chief Executive Connal Townsend says report upon report is proof that the situation is just getting worse.

“Putting Auckland as a less affordable place to buy houses than New York, London and Tokyo really demonstrates just how terribly we are doing.

“It’s really quite simple. Auckland is creating ‘Generation Rent’ where young people cannot afford to buy their own home. This will have substantial implications for Auckland’s economic and social fabric.

“It also means young professionals and a skilled workforce cannot live here. Businesses will suffer, the community will suffer, and Auckland which is suffering already, will plummet in its desirability.

“We are already seeing young people move from Auckland to other centres to realise their ‘Kiwi Dream’.

“If we are to achieve being the most ‘liveable city’ I would say to central government and Auckland Council we need to be doing more. A piecemeal approach won’t solve Auckland’s housing unaffordability. We need bold and visionary reform.

“We have several reviews that are underway in relation the Resource Management Act, and it’s critical that we get these right.

“Then, we must review our other planning laws which manage and infrastructure and transport, and ensure that they all mesh together cohesively. Otherwise what has now become an intergenerational crisis for New Zealanders, will have dire consequences on Auckland’s and New Zealand’s society and economy.”

ENDS

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