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New Zealand spends billions to slow rising house prices

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When it struck the coronavirus pandemic last year, most experts predicted that nations’ house prices would eventually fall after years of strong gains.

Instead, the average house price has risen by more than 21% over the past year, making housing one of the most unaffordable places in the world when compared to how much people earn.

The new measures include an additional $ 3.8 billion of New Zealand ($ 2.7 billion) of government spending on housing infrastructure to encourage new construction. And there will be less tax breaks for speculators when they sell homes or earn rental income.

The package also offers more help for first time home buyers and aspiring traders like carpenters hoping to complete the learning practice.

The housing crisis is a problem decades in the process that will take time to return, but these measures will make a difference, Ardern said.

New Zealand has managed to eradicate the spread of the virus, allowing the freedoms of people who remain the envy of many other nations.

But while it has helped boost the economy, it has also helped boost the housing boom, as have low interest rates.

The average price of a house of nations is New Zealand $ 780,000 ($ 560,000), according to the latest figures from the New Zealand Real Estate Institute. In Auckland, the largest city, the average price is NZ $ 1.1 million ($ 789,580).

Last month, the government ordered the central bank of the nations to consider the impact on house prices when making decisions.

Political opponents say the latest measures do not address the main problem, which they see as complex and costly regulations hindering new construction.

This is a government failure, simple and straightforward, said Brooke van Velden, a lawmaker from the Libertarian Party ACT. Weve created an artificial shortage of land in a place of abundance.

But other groups, including unions, gave a note of cautious optimism that the measures would help make a difference.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, transmitted, rewritten or redistributed without permission.

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