We have record numbers of people living on the streets, in cars, families living in overcrowded living conditions, millions of dollars being spent placing people in quick fix hotel rooms, and Labour’s flagship housing policy not delivering. area. Far from the 1000 homes promised, a dismal 47 homes have been built. Of the Kiwibuild homes already completed, they too have failed to deliver, as these are so “unaffordable” its pushing our housing market further into a state of crisis. 2brm homes sit around $550k.
New Zealand house prices are among the most unaffordable in the world with Auckland being the 7th most expensive city to buy a home. In 2019, we now live in an environment where we have a Government have scared away the investors from the market and a Reserve Bank fixated on containing inflation.
ONE Party would abandon plans to punish investors by shelving the capital gains tax on investment property and retaining tax losses, either in its entirety or at least for this who invest in new dwellings.
- ONE Party would remove LVR restrictions on new dwellings for investors serving as an incentive to build more housing and to open the door for investor activity back into to the market.
- ONE Party would remove LVR restriction on all dwellings for first home buyers. We acknowledge the biggest hinderance to property buying is the large deposit required to the LVR restrictions. Currently this is at 20 percent of the purchase price. Removing that requirement would remove the unrealistic savings benchmark and level the playing field for anyone with a decent household income and with a good credit rating to enter the market.
- ONE Party would set a time limit of three years, to motivate investors to act to these incentives. It would quickly change the behaviour of the current market and lift the numbers for the construction of new dwellings.
- Our Policies are still currently being drafted and will continue to evolve.