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The property bubble in New Zealand is a major national economic and social issue. Since the early 1990s, house prices in New Zealand have risen considerably faster than incomes, [1] putting increasing pressure on public housing providers as fewer households have access to housing on the private market.
This is the lowest rate of home ownership since 1951. This is partly due to the increase in New Zealand house prices which since 1990 have increased faster than any other OECD country. [56] Housing in New Zealand has been classified as 'severely unaffordable' with a score of 6.5 under the median measure housing affordability measure. [57]
The Overseas Investment Amendment Act 2018 was the result of an acute housing shortage in New Zealand during the early 21st century. In addition, national housing prices rose faster than incomes, with the gap rising from over 3.0 in January 2002 to 6.27 in March 2017. [7]
Goldman Sachs: Home prices to fall 21% in New Zealand, 18% in Australia, and 13% in Canada.
WELLINGTON, New Zealand (AP) — New Zealand will drastically ease zoning restrictions in a bid to “flood the market” with land for homes and override the powers of local councils to curb development, the nation's housing minister said in announcing reforms to what he called one of the world’s least affordable housing markets.
This is a list of countries, territories and regions by home ownership rate, which is the ratio of owner-occupied units to total residential units in a specified area, based on available data. [1] [better source needed]
Real estate bubbles are invariably followed by severe price decreases (also known as a house price crash) that can result in many owners holding mortgages that exceed the value of their homes. [ 32 ] 11.1 million residential properties, or 23.1% of all U.S. homes, were in negative equity at December 31, 2010. [ 33 ]
The Resource Management (Enabling Housing Supply and Other Matters) Amendment Act 2021 is a New Zealand Act of Parliament. The act amends the Resource Management Act 1991 to rapidly boost the supply of housing in areas where the demand for housing is high. This act seeks to address New Zealand's housing shortage and unaffordable housing. [1]