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Most Unitary Plan homes to exceed $800,000
Andrew Little
Leader of the Opposition
MEDIA STATEMENT
31 July 2016
Most Unitary Plan homes to exceed $800,000
Modelling done for the Independent Hearing Panel predicts that only 15 per cent of new homes under Auckland’s Unitary Plan will cost less than $800,000, Leader of the Opposition Andrew Little says.
“The majority of these houses will be out of the reach of most Auckland families. The modelling found* that, of the 247,000 new homes planned within the existing urban area, 85 per cent will cost more than $800,000 and most will cost more than a million dollars.
“Less than 2 per cent will cost less than $600,000 and just one house is expected to be sold for under $500,000.
“If this is National’s brave new world then they are even more out of touch than anyone suspected.
“The mortgage on a $600,000 home costs nearly half of the median Auckland income (see table attached), meaning 98 per cent of these 247,000 houses will be unaffordable to the typical family.
“Lacking any credible plan of its own, National is relying on the Auckland Council's Unitary Plan to tackle the Auckland housing crisis. But these numbers show that under the Plan very few affordable homes will be built.
“This is why Labour’s KiwiBuild policy is so desperately needed. Labour will build 100,000 affordable homes over ten years – half of them in Auckland – with standalone houses under $600,000 and townhouses and apartments under $500,000.
“It also shows how misguided the Government was urging the Independent Hearings Panel to drop Auckland Council’s proposal to require any developments over 15 units to include 10 per cent affordable houses.
“National just doesn’t get it. People need affordable homes to live in.
“Nick Smith has got the idea from an economics text book that if you just build loads of expensive homes then naturally the price of all homes will come down. He needs to come and live in the real world,” Andrew Little says.
* (IHP Report to AC Overview of Recommendations Annexure 1 Enabling growth 2016-07-22, Table 2, page 59 of 84)
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