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Summary of "A Stocktake of New Zealand's Housing" – February 2018

Core Content

This report provides a comprehensive overview of New Zealand's housing system, highlighting the challenges and disparities faced by different groups. It was commissioned by the Minister of Housing and Urban Development, Hon Phil Twyford, to inform policy decisions and address the ongoing housing crisis.

Main Issues and Trends

1. Housing Affordability and Crisis

• Homeownership Rates: At a 60-year low, with only 65% of households owning their homes in 2013.
• House Price Inflation: Approximately 30% over the past five years, outpacing income growth.
• Regional Variance: House prices in Auckland rose by 65%, while in Waikato, they increased by 45%.
• Impact on First-Time Buyers: High prices and low loan-to-value ratios make it difficult for first-time buyers to enter the market.
• Rental Affordability: Rents have risen faster than wages, with some areas experiencing double the rate of increase.
• Housing-Related Poverty: Increased due to unaffordable rents, with significant impacts on vulnerable groups, including Māori and Pacific peoples.

2. Homelessness and Emergency Housing

• Homelessness: The number of households in insecure housing nearly doubled from 1,139 to 2,168 between 2016 and 2017.
• Emergency Housing Programme: Expanded from 643 to 1,663 places, with a target of 2,155 by the end of 2017.
• Inadequacy of Response: Despite expansion, the housing shortage remains severe, with estimates suggesting a deficit of 28,000 to 45,000 units in Auckland alone.
• Social Costs: Poor housing conditions contribute to preventable illnesses and homelessness, affecting children disproportionately.

3. Māori and Pacific Housing Insecurity

• Homeownership Decline: Māori homeownership dropped to 28%, and Pacific peoples to 19%, compared to 57% for Europeans.
• Rental Trends: Māori and Pacific peoples are overrepresented in the private rental market, with their proportions increasing significantly since 1986.
• Social and Economic Impact: Māori and Pacific households face higher housing costs relative to income and are more likely to live in poor-quality housing.
• Need for Policy Action: Urgent attention is required to improve housing security and affordability for these communities.

4. Private Rental Market Challenges

• Supply Side Pressures: High construction costs, low yields, and limited rental supply contribute to market stress.
• Tenant Insecurity: Most private rental tenancies are short-term (12 months), with frequent rent increases and limited tenant protections.
• Bond System Issues: Only 82% of tenancies have bonds, and the system is seen as regressive due to unclaimed funds being transferred to the government.
• Market Imbalance: The private rental market is under strain, with limited availability and poor quality, exacerbating housing insecurity.

5. Tenancy Law and Landlord Behavior

• Tenancy Law Review: A fundamental review of tenancy law is recommended to improve tenant security and encourage professional landlordism.
• Landlord Incentives: Landlords have little incentive to maintain or improve housing quality due to the lack of regulation and market pressures.
• Tenant Vulnerability: Tenant households pay a higher proportion of income on housing, suffer worse health outcomes, and face greater instability.

6. Accommodation Supplement (AS) and Policy Limitations

• AS Increases: The government increased AS payments in 2018, but this is seen as a short-term measure and not a sustainable solution.
• Impact of AS: The AS supports around 190,000 private tenants, but its effectiveness is limited due to rising rents and a shrinking supply of social housing.
• Future Concerns: The AS may not provide long-term relief and may need a radical review as it is not well-suited to address the broader affordability crisis.

7. Housing for Older People

• Retirement Housing Challenges: Falling homeownership rates mean more retirees are entering the private rental market.
• Affordability Concerns: Limited income and rising rents put older people at risk of housing-related poverty.
• Need for Support: Policies must address the specific needs of older renters, including access to affordable housing and financial support.

8. Policy Recommendations

• Strengthen Tenancy Rights: Legal reforms to improve tenant security and promote long-term tenancies.
• Increase Housing Supply: Address the housing shortfall through better infrastructure funding and planning.
• Targeted Support for Māori and Pacific Peoples: Policies should focus on improving housing affordability and access for these communities.
• Reform the Accommodation Supplement: A more comprehensive and sustainable approach is needed to address housing affordability.

Key Information

• Rental Market Trends: Over 70% of new households are tenants, and the private rental market is under significant stress.
• Affordability Crisis: Rent increases have outpaced wage growth, especially in Auckland and other major cities.
• Housing Inequality: Māori and Pacific peoples are disproportionately affected by housing insecurity and affordability issues.
• Social Costs: Poor housing quality and instability lead to health problems, school disruptions, and economic hardship.
• Need for Systemic Change: The housing system requires a broad, systemic review to address the root causes of the crisis.

Conclusion

New Zealand's housing system is under significant strain, with affordability, availability, and quality issues affecting a wide range of populations. The crisis has led to increased homelessness, poor health outcomes, and greater inequality. The report emphasizes the need for bold, systemic policy action to ensure secure, affordable, and healthy housing for all New Zealanders.