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Supply problem needs solution faster - English

Auckland’s housing supply is an obvious problem that needs to be solved faster, finance minister Bill English says.

Thursday, February 25th 2016, 3:44PM

by Miriam Bell

Finance Minister Bill English

In a speech to the Auckland Chamber of Commerce today, the finance minister confronted the woes of the Auckland Council’s push for intensification head-on.

English said he hoped that, in an election year, Auckland’s mayoral and councillor candidates will feel the same pressure central government feels.

That pressure is the need to solve the SuperCity’s obvious housing supply problems faster.

Auckland Council will have to respond to the Independent Hearings Panel on the Auckland Unitary Plan this year, he said.

“It is critical that the plan provides enough scope for increasing housing supply to meet the demands of this growing city.

“Exactly how that is delivered – the combination of up and out – is something that Auckland should decide for itself.”

But English said that by 2045 Auckland is expected to grow by more than 700,000 people.

While there is no quick fix to the city’s housing shortage, it is essential for central and local government to work together – as they have been - to best meet these demands, he said.

Some of the work currently underway in a bid to address the problem includes development work under the Auckland Housing Accord and in Special Housing Areas (SHAs).

Government development projects are expected to deliver at least 10,000 houses by 2020, including the Hobsonville Point and Tamaki developments.

English said that while construction activity has ramped up significantly, increased supply won’t be immediate.

For this reason, the government is focusing on the reform of urban planning legislation and systems as a more enduring solution to housing supply issues.

“We want a planning system that recognises the consequences for all current and future residents, and for the country. One that coordinates these interests, but does not restrict growth.”

English said that it isn’t just about Auckland as housing is New Zealand’s biggest asset class and biggest market, with housing stock worth eight times the share market.

As with the past reform of the electricity, telecommunication and financial markets, it was a slow and complex process.

“In each case it took years to understand the impact of existing rules, and how to change them to achieve a more efficient market. Now we are addressing housing in the same way.”

English’s speech, which was his first major economic speech of the year, also addressed New Zealand’s economic outlook and government thinking on fiscal responsibility.

 

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AIA 4.55 3.55 3.89 3.99
AIA Special - 3.05 3.39 3.69
ANZ 4.44 3.29 3.45 3.85
ANZ Special - 2.79 2.95 3.35
ASB Bank 4.45 3.35 3.19 3.85
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Bluestone 4.44 4.44 4.29 4.34
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BNZ - Mortgage One 5.15 - - -
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BNZ - TotalMoney 4.55 - - -
China Construction Bank 5.50 4.70 4.80 4.95
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Credit Union Baywide 5.65 4.75 4.75 -
Credit Union North 6.45 - - -
Credit Union South 5.65 4.75 4.75 -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
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Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 2.80 2.89 3.50
HSBC Premier LVR > 80% - - - -
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Kainga Ora 4.43 ▼3.29 ▼3.39 ▼3.85
Kiwibank 4.40 3.74 4.14 4.40
Kiwibank - Capped - - - -
Kiwibank - Offset 4.40 - - -
Kiwibank Special - 2.65 2.79 3.25
Liberty 5.69 - - -
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Napier Building Society - - - -
Nelson Building Society 4.95 3.75 3.99 -
Pepper Essential 5.18 - 4.98 4.98
Resimac 3.49 3.45 3.39 3.69
RESIMAC Special - - - -
SBS Bank 4.54 4.85 5.05 5.49
SBS Bank Special - 2.99 3.05 3.69
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The Co-operative Bank - Standard 4.40 ▼3.29 ▼3.45 ▼3.89
TSB Bank 5.34 3.59 ▼3.59 4.19
TSB Special 4.54 2.79 ▼2.79 3.39
Lender Flt 1yr 2yr 3yr
Wairarapa Building Society 4.99 3.95 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
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