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Local govt to target investors?

Auckland landlords with empty houses, land and commercial properties may face extra rates if one mayoral candidate wins in October.

Monday, June 20th 2016, 4:00PM

by Miriam Bell

As public concern about Auckland’s housing supply shortage and affordability issue keeps growing so too do the proffered solutions.

It has been suggested that so-called “ghost houses” and the limited completion of housing in Special Housing Areas (SHAs) are a problem that needs to be addressed.

Now, Auckland mayoral candidate Victoria Crone is saying she will do just that – should she be elected.

The National Party-aligned Auckland Future candidate said that, while there isn’t a good picture of the numbers, strong anecdotal evidence across Auckland, including in the SHAs, indicates there’s a problem.

"At a time when people are struggling to get into homes, it’s important any land earmarked for development is being developed, and dwellings, along with commercial premises, aren’t being left unoccupied for the sake of capital gains.”

Crone said that, under her watch housing and commercial premises left unoccupied, or land not being developed for six months or more, will be tagged with additional rates charges.

Reducing the financial incentives of sitting on property for longer than six months is the way to go, she said.

To do this, she proposes targeted rates, rezoning, enforced time frames for development, and improving the Council’s consenting process.

Targeted rates would be reviewed as supply increased and more land, home and commercial premises become available, Crone said.

“But the Council’s approach must be more flexible and collaborative so it can respond in good time and with good solutions to burning issues.”

It seems that those sitting on empty or undeveloped properties in the Auckland region are firmly in the sights of local government.

Over the weekend it emerged that Auckland’s current deputy mayor, Penny Hulse, also wants land bankers, particularly in the SHAs, to be contained.

She told The Nation there should be a “use it or lose it” clause on land banking in SHAs – which are intended to hasten the development of housing stock.

“What we need is an imperative to stop the people simply making money out of land banking… This has been driven by the fact that there’s a huge amount of easy money sloshing around.”

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 5.35 4.49 5.25 5.55
ANZ 5.54 5.15 5.85 6.15
ANZ Blueprint to Build 2.78 - - -
ANZ Special - 4.55 5.25 5.55
ASB Bank 5.35 4.49 5.25 5.55
Avanti Finance 5.45 - - -
Basecorp Finance 6.45 - - -
Bluestone 5.29 7.49 7.59 -
BNZ - Classic - 4.55 5.25 5.45
BNZ - Mortgage One 5.55 - - -
BNZ - Rapid Repay 5.55 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Std, FlyBuys 5.55 5.35 5.94 5.99
BNZ - TotalMoney 5.55 - - -
CFML Loans ▲6.45 - - -
China Construction Bank 5.50 5.40 6.14 6.40
China Construction Bank Special - 4.45 5.19 5.45
Credit Union Auckland 5.95 - - -
First Credit Union Special 5.85 4.70 5.20 -
Heartland Bank - Online 4.00 3.85 4.70 4.84
Heretaunga Building Society 5.95 4.80 5.50 -
HSBC Premier 5.49 4.39 5.15 5.39
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.25 ▲4.29 ▲5.09 ▲5.35
Kainga Ora ▲5.43 ▲4.57 ▲5.58 ▲5.85
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 5.00 5.55 6.19 6.39
Kiwibank - Offset 5.00 - - -
Kiwibank Special 5.00 4.55 5.19 5.39
Liberty 4.84 - - -
Nelson Building Society 5.95 4.95 5.85 -
Pepper Essential 3.44 - - -
Resimac 4.59 5.60 6.16 6.29
Lender Flt 1yr 2yr 3yr
SBS Bank 5.29 4.69 5.35 5.49
SBS Bank Special - 4.19 4.85 4.99
Select Home Loans 4.09 4.29 4.86 5.09
The Co-operative Bank - First Home Special - ▲4.19 - -
The Co-operative Bank - Owner Occ 5.45 ▲4.29 5.19 5.45
The Co-operative Bank - Standard 5.45 ▲4.79 5.69 5.95
TSB Bank 5.59 ▼5.14 ▼5.79 6.15
TSB Special 4.79 ▼4.34 ▼4.99 5.35
Unity 5.65 ▲4.80 ▲5.50 -
Wairarapa Building Society 5.24 4.55 5.20 -
Westpac 5.54 5.09 5.79 6.09
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.54 - - -
Westpac Special - 4.49 5.19 5.49
Median 5.45 4.55 5.25 5.52

Last updated: 19 May 2022 10:42am

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