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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]
A Home Buy scheme was introduced from 1996 to 1999, which allowed tenants to buy their state home with a five percent deposit, an 85 percent loan from the Government, and a ten percent suspensory loan. 1,800 houses were sold under this scheme, and 10,000 more sold in this period. [48]
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.
The populist New Zealand First promised to restrict foreign investment and the sale of houses and farmland to New Zealand citizens and permanent residents. [11] Labour also campaigned on banning foreign speculators from buying existing houses, taxing property speculators, and making it easier for first-time buyers to purchase homes. [12]
House Hunt is a New Zealand reality television series about the New Zealand property market, which follows house-hunters looking to buy property. [1] [2] It airs on TV One. [3] Series director Robyn Paterson spoke on the Breakfast with Brian Kelly program on the Coast radio network in June 2015, just before the series aired. [4]
Trade Me is New Zealand's largest online auction and classifieds website. Managed by Trade Me Ltd., the site was founded in 1999 by New Zealand entrepreneur Sam Morgan, who sold it to Fairfax in 2006 for NZ$700 million. [1] Trade Me was publicly listed as a separate entity on 13 December 2011 under the ticker "TME".
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On 1 October 2019 Kāinga Ora was formed by the merger of Housing New Zealand with its development subsidiary Homes, Land, Community (HLC) and the KiwiBuild Unit from the Ministry of Housing. Kāinga Ora is a large and important Crown entity, with assets of $45 billion and over $2.5 billion of expenditure each year.
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