And down a whopping 71% from ten years ago, in July 2011.
What are the government and the reserve bank doing to support new development? Nothing. Well, actually worse than nothing. They are about to bring in more measures to make it harder for investors, this time to further restrict investor lending. Why, because hitting investors is easier and more politically beneficial than actually doing anything about increasing the supply of new dwellings.
We need residential property investors. It’s investors who buy property off-the-plans making funding possible for developers of new builds. It’s investors who hold those new properties and rent them out, giving tenants the option of renting new warm and healthy homes. We need more rental property, the government isn’t providing it, so why stop investors from doing the job, other than jealousy of course.
New consents are taking record times to move through council – record slow, long times. Council can’t hire new staff due to Ardern’s Hermit Kingdom policy of don’t let anyone in (and don’t vaccinate the people here #lastonthelist). All the other factors making development difficult are still there and getting worse. But hey, as long we can stop some more Mum’s and Dad’s saving for their retirement through property, that’s a good thing right?! Why are Ardern’s policies all about restriction and pulling people down. They are never about growth, lifting people up, making more people more financially Independent. It’s as though they want us all to be equally poor.
#assuredproperty #housing #rentals #propertyinvestment