Headline: Auckland house prices higher than Melbourne
Auckland’s housing market is now so out of control house prices are higher than Melbourne for the first time ever according to global financial services firm UBS, Labour’s Housing spokesperson Phil Twyford says.
“UBS has calculated that at the end of the December quarter average Auckland house prices were AUD $648,176, compared to Melbourne at AUD $634,890.
“Thanks to our rampant housing market and overvalued exchange rate it is now more expensive to buy a house in Auckland than it is in Melbourne.
“Aucklanders know house prices are out of control. This proves it beyond doubt. Surely this will prompt Nick Smith to take some action on house prices.
“Owning a house is now out of reach for tens of thousands of Kiwis and loan to value ratios are making it even harder to save for a mortgage. With interest rates set to rise soon, it’s going to be even more difficult.
“Right now National is creating a generation of renters and shattering the dream of home ownership.
“Labour is the party of first home buyers. We will exempt first home buyers from the LVR lending limits, while we ramp up the KiwiBuild programme to build 10,000 affordable starter homes a year, and implement a Capital Gains Tax excluding the family home,” Phil Twyford says.
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