Property analysts have blamed skyrocketing house prices on the Government’s unwillingness to do anything that might bring them down and people who own multiple properties taking advantage of cheap lending.
Values rose quickly in 2020 despite the recession and pandemic, defying predictions of a massive slump. New data released Wednesday by CoreLogic shows that trend continued right up until the end of the year, values up another 2.6 percent in December alone.
The 6.1 percent quarterly rise is the biggest since 2004. Annual double-digit percentage rises were seen in most regions – Gisborne led the way, with values up 30.4 percent in 2020, followed by Whanganui (24.9), Palmerston North (20.3) and Rotorua (19.2).
The main centres were no exception, with values up 15.4 percent in Wellington, 13.1 percent in Dunedin, 11.7 percent in Hamilton, 9.1 percent in Auckland and 6.2 percent in Christchurch.
The first baby steps of this new Government was to endorse a racist drug law, rule out a wealth tax, rule out lifting benefits before Christmas and refuse to mandate 10 sick days now.
The less said about Kelvin’s appalling lack of leadership over the prison riot the better.
Labour have bewilderingly however locked us into a vast debt trap to fund trickle down economics by printing billions and instead of loaning it to the Government to rebuild our infrastructure, poorly funded public services and refund our welfare state, Labour have green lighted it going to corporate banks to fuel property speculators in the hope the newly inflated paper wealthy spend that false sense of prosperity in the real economy to help the little guy.
Once again Labour use free market mechanics to try and fix a housing market wrecked by neoliberalism. KiwiBuild has become KiwiSpeculate!
If only Labour’s NeoKindness could help beneficiaries, renters, prisoners, the working class, kids in poverty, first time home owners & cannabis users the way it helps property speculators.
Labour have spent so much time saving NZ from Covid they have had no transformative vision as to what to do next.
I pointed this out 6 months ago.
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