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Speculators, land banking - election hot topics

Property speculators and land-banking will be targeted if former Labour Party leader Phil Goff becomes Auckland’s mayor in October.

Monday, August 29th 2016, 4:30PM

by Miriam Bell

Goff today released the housing policy he plans to adopt if he is elected mayor and it focuses on increasing Auckland’s housing supply.

To this end, he proposes to tackle issues ranging across land availability, infrastructure and finance, migration flows, macroeconomic settings, and regulatory issues.

Goff said the current Council had done its bit by passing the Unitary Plan and it was now up to the incoming Council to ensure Auckland grows while protecting the city’s green spaces and heritage.

The city must be allowed to move up and out so that land supply constraints do not contribute to pushing up land and housing prices, he said.

Well-designed intensification with clear height preconditions, ample green space and adequate transport infrastructure is necessary for this and Goff’s policy focuses on how to achieve this goal.

As part of this, disincentives to land-banking must be developed, Goff said.

“This can be done by putting time limits – a ‘use it or lose it’ clause - on approvals and consents.”

More also needs to be done to tackle the problem of property speculation and, as mayor, he would advocate for Government to do more about it, he said.

“While balancing supply and demand for housing is the best way to stop speculation, interim measures are needed to reduce rampant speculation.

“This could include further increasing deposits required by investors to borrow from the banks, extending the bright line test requiring tax to be paid on capital gains from two years to five years and eliminating negative gearing.”

He would also add Council pressure on Government to require foreign investors to build new units rather than buying existing ones.

However, one of the first actions Goff would take would be too institute a review to determine how the Council’s consenting processes could be made faster, cheaper and better.

“This is an area where Council can make a major contribution towards the construction of more affordable homes.”

Other components of Goff’s housing policy include working with central government to find innovative ways to fund infrastructure supply for new developments; exploring options to address construction industry constraints; and supporting affordable housing schemes.

It seems that both land banking and the consent process are hot topics for Super City mayoral candidates.

National Party-aligned Auckland Future candidate Victoria Crone said she has already outlined the tough stance on land banking and “ghost houses” left empty by speculators that she would take.

Her approach would include targeted rates, rezoning, enforced time frames for development, and improving the Council’s consenting process.

Another mayoral candidate Mark Thomas said Goff was confusing land-banking and development delays.

Further, consenting time-limits already exist for both building and resource consents, at up to two years and five years respectively, he said.

In terms of consent times, he has prepared a specific action plan which would introduce a new account management approach and increase staff discretion to approve sensible development, Thomas added.

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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 6.05 6.15
TSB Special 4.79 ▼4.34 5.25 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: 16 May 2022 9:03am

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