A return to a programme of mass state house building could fix the significant problem for those at the bottom of the market
Billions of dollars are currently being transferred to wealthy New Zealanders in the government’s attempts to stimulate the economy. The Reserve Bank has essentially committed to printing up to $128bn (US$90bn) of new money, lending much of it as cheap credit to banks, who then lend it to those who can afford to buy more and more houses, and thereby grabbing the capital gains.
The result is rocketing house prices, making accommodation unaffordable, especially for those seeking to buy a first home or rent accommodation. In fact, this week New Zealand was named as the seventh most expensive place in the world to buy a house.
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