House cost rise ‘badge of shame’

Časi: postavi glagol v oklepaju v ustrezno obliko (active and passive).


The affordability of New Zealand’s housing has returned to the spotlight in Parliament today.

The debate was reignited by a US study, cited by Labour, which showed house prices ____________________ (1 RISE) more than any other developed country last year.

Figures that ____________________ (2 COMPILE) by the Federal Reserve in Dallas showed that New Zealand’s residential property price grew by more than 10 per cent in the first three quarters of 2015.

That was more than 23 other developed countries, among which the average rise in price was 3.8 per cent.

Labour’s housing spokesman Phil Twyford said that the findings were New Zealand’s “badge of shame”.

During question time in Parliament this afternoon, he also cited the latest AMP 360 Housing Affordability Index, which shows that recently housing ____________________ (3 BECOME) less affordable for Auckland’s first-home buyers under National.

At the moment, the average first home-buying couple in the city ____________________ (4 SPEND) 47.9 per cent of their income on their mortgage — up from 38.9 per cent in 2008.

“It now takes nearly half the income of a typical first home buyer ____________________ (5 BUY) a lower-end home in Auckland,” Mr Twyford said.

Housing Minister Nick Smith defended the Government’s record on housing, ____________________ (6 SAY) that overall, properties were still more affordable on a mortgage-to-income basis than in 2008.

The AMP 360 index shows that the average individual is spending 86.9 per cent of their income on their mortgage in Auckland — down from a peak of 101.7 per cent in late 2007, when Labour was in power.

That trend is similar nationwide, where the income-to-mortgage ratio fell from 73 per cent in September 2008 to 54 per cent in February.

Dr Smith said efforts to increase housing supply and record-low interest rates ____________________ (7 HELP) New Zealanders get into homes.

Average interests rates were twice as high under Labour, he said.

“They are currently at the lowest levels in 50 years, and it ____________________ (8 REMAIN) that way. Keeping them low for longer is pivotal to improving New Zealanders’ chances of being able to buy and own their own home.”

(Adapted from NZ Herald on Mar 30, 2016)

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