It seems that Sir Stephen Tindall’s interest in KiwiBuild as a “mechanism for innovation” is gaining positive traction. The Real Estate Institute of New Zealand (REINZ) recently welcomed The Warehouse founder’s comments as a step towards making housing in New Zealand more affordable.
“Affordability and supply continue to remain two of New Zealand’s most fundamental issues when it comes to the housing market,” said Bindi Norwell, chief executive at REINZ.
“The ability for young people to get onto the property has becoming increasingly difficult with median house prices across New Zealand rising 67.8% over the last 10 years from $335,000 in October 2008 to $562,000 in October 2018.”
REINZ makes these comments as house prices across the country have risen by 67% over the last 10 years, making it extremely difficult for people to purchase a home.
“The KiwiBuild programme alongside the creation of the Housing and Urban Development Authority should help to speed up the consenting process thereby starting to address some of New Zealand’s supply problems, but we still need to address the affordability problem,” Norwell stated.
“Any initiatives, innovative new approaches or offshore examples Sir Stephen Tindall can bring to New Zealand to help bring down the building costs are to be welcomed.”