The Real Estate Institute of New Zealand has announced its involvement with a group initiative to battle the housing crisis
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The Real Estate Institute of New Zealand has announced its coming together with the Auckland Housing Summit to address the housing crisis in New Zealand’s biggest city.
The REINZ has said the Auckland Housing Summit, which seeks to solve the issues facing Auckland, is desperately needed, as the median house price in Auckland has surged by more than $340,000 in the last five years,
“There is no denying that housing is one of the biggest issues facing Auckland,” REINZ chief executive, Bindi Norwell said.
According to Norwell, house prices have increased 67% in five years, which resulted in the significant congestion and supply that “can’t keep up with demand and some young people feel as if they will never own a home”.
“This situation is one that needs to be addressed and there is no magic bullet solution, which is why REINZ has been delighted to be involved in today’s Auckland Housing Summit and to be a small part of the collective solution,” she said.
According to data from the REINZ, Auckland house price growth appears to be slowing; however affordability is still out of reach for many.
“We look forward to the Housing Roadmap due to be released as a result of today’s workshop and of course, playing a key part in the actions resulting from the Roadmap.
“As Auckland is such a big contributor to New Zealand’s economy, it’s essential that we get it right in terms of solving Auckland’s housing issues. The cost of getting it wrong is too great,” Norwell said.
