Editorial: Interest rates have grip on mortgaged

  • A week ago, when the Budget had delivered no answers to the hyperinflation of house prices, the Prime Minister told us to wait for an imminent National Policy Statement.

It would direct councils to make more land available until house prices stabilised. The statement duly came yesterday from Housing Minister Nick Smith. It has not lived up to its initial promise. It requires councils to monitor land value, building consents and housing affordability in their jurisdiction, co-ordinate infrastructure with consents and recognise the national significance of ensuring enough land is available for housing. Five councils, including Auckland, will have to set a house building target. The Auckland Council can breath again, it is business as usual.

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Rates

This week we learned the average price in Auckland is on course to reach $1 million this time next year. Photo / iStock

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