News dalla rete ITA

28 Dicembre 2016

Nuova Zelanda


A further surge in runaway New Zealand property prices revealed on the day Bill English was sworn in to succeed John Key is set to prompt the new prime minister to again seek powers to remove restrictions on new housing developments. The Real Estate Institute reported that New Zealand's median house price rose 13 per cent year-on-year to a record in November. All regions – not just the supercharged Auckland market – posted an increase. The national median house price increased to $NZ520,000 ($495,200) in November from $NZ459,500 a year earlier, it said. The Auckland median house price, at $NZ956,000 is expected to top $NZ1 million by next new year. Despite it being a priority of the Key government, housing affordability has been widely identified as a policy failing. Critics point to the lack of a capital gains tax and a continuation of negative gearing, as well as the unreformed national planning law, the Resource Management Act (RMA), to prove their point. The RMA is a 25 year old Act that controls all planning, environmental and land use law in New Zealand. Despite being constantly reformed for the past quarter-century, it is an enormous and complex piece of legislation that slows development. Fundamentally the issue in Auckland is a supply side issue. Others think the housing price bubble reflects New Zealand's taxation regime. (ICE SYDNEY)