The latest Harcourts' Marketwatch survey released today has shown that house prices have continued to rise across the Wellington region despite LVR (Loan to Ratio) limits, said Mana MP Kris Faafoi today.
"Data collected by Harcourts shows that the average house price across the Wellington region has increased by five percent over the last year alone, showing the further decline in the ability of families living in Mana to buy their own home", said Kris Faafoi
"LVR mortgage restrictions are shutting first home buyers out of the market and cutting the supply of new builds,
"Meanwhile speculators are making huge tax-free gains and snapping up houses first home buyers can no longer afford.
"The average price for a house in the Wellington region has increased by five percent or almost $18,000 in a single year alone.
"National's do-nothing housing policies have failed local families, it's past time for real action,
"Labour will turn the home ownership dream back into reality. We will exempt first home buyers and certain regions from LVRs and clamp down on speculators through a capital gains tax and restrictions on overseas investors. We will also build 100,000 new affordable homes in a decade to fix supply.
"Local families deserve their shot at the Kiwi dream", said Kris Faafoi.