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Rental properties and cheaper houses in Labour's sights

Building more affordable housing and forcing landlords to ensure their rental properties are healthy are top of Labour’s priorities, its leader says.

Sunday, November 18th 2012, 12:00AM 2 Comments

by The Landlord

Speaking at the party’s annual conference in Auckland today, David Shearer said: “If you're a young person today, you look at the cost of houses and you despair."

He blamed high house prices for the number of young people moving to Australia.

Shearer said Labour would put 100,000 families into their first home, with a 10-year building programme of entry-level houses, called KiwiBuild.

“At the peak of last decade, about 30,000 new homes were built a year. Now it’s less than half that. These are the missing rungs on the housing ladder. And it shows what an active and responsible government can do to help,” he said.

The start-up cost of the building programme will be financed by issuing government stock called Home Ownership Bonds. It is estimated $1.5 billion will be needed to begin the programme.

Money made by selling the houses would then finance the construction of more.

Shearer said: “The houses will be compact in size. Some will be stand-alone dwellings and others apartments. All of them will be good quality and energy efficient.”

First-home buyers who have saved a deposit will qualify for the scheme.

Shearer said he had spoken to Auckland Mayor Len Brown. Labour would also introduce a national policy statement under the RMA to ensure that planning rules and consenting decisions supported affordable housing.

“Building 100,000 new houses will create training opportunities for apprenticeships, more jobs and give a $2 billion dollar a year boost to the economy.”

He said another priority for Labour would be to introduce minimum standards for rental properties through a Healthy Homes Guarantee, forcing landlords to ensure properties were healthy, insulated and well heated.

“It’s time for poor quality houses to be brought up to scratch with minimum standards.”

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Comments from our readers

On 20 November 2012 at 11:16 pm Robbo said:
What is this turkey smoking??? Setting higher standards for landlords will make things more affordable... Clearly labour economics at work here! 'He blamed the high cost of houses as the reason young people are moving to Australia' - really - have you seen the prices of houses in Australia... If you can't afford a house in NZ you're no chance of EVER affording one in Australia...
On 21 November 2012 at 2:07 am Matt said:
Great, the government is going into the house building business using taxpayers money, so they can compete with all the other developers out there. Will they go into milk production if the price of milk goes too high too? Actually houses are currently more affordable than they have been in a very long time, due to low interest rates. What a complete WOFTAM!

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 5.99 5.69 5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.40 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 7.65 5.99 5.75 5.69
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online 7.49 ▼5.65 ▼5.55 ▼5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.44 ▼6.39 ▼6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.99 6.95 6.29 6.29
SBS Bank Special - ▼6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.44 ▼5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.79 6.49 6.49
TSB Special 7.89 5.99 5.69 5.69
Unity ▼7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.50 ▼6.19 ▼5.79 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 7.99 6.17 5.79 5.69

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