Squeeze goes on capital's housing
Thursday 3 June 2004
The squeeze has gone on state housing in Wellington as the Government pours extra money into Auckland.
By The LandlordHousing Minister Steve Maharey announced yesterday that of the 3000 extra state houses built, bought or leased nationwide over the next three years, 80 per cent would be in Auckland.
Wellington's share will be zero – in fact the number of state houses will probably drop over the next three years.
Housing officials say Auckland has the greatest need, though Wellington also has waiting lists for people wanting a state house.
Read More - Opens in a new window
Commenting is closed
Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.
The Reserve Bank says the commercial property sector is vulnerable to the Covid-19 crisis. But PMG Funds' chief executive believes that while there’ll be short-term pain, the biggest long-term impact will be structural change.
Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.