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Summary of A Stocktake of New Zealand's Housing (February 2018)

Core Content

This report, commissioned by the New Zealand Minister of Housing and Urban Development, provides a comprehensive overview of the state of housing in New Zealand. It examines the housing market, homeownership, new housing developments, social housing, housing assistance, homelessness, security of tenure, and the social costs and benefits of housing quality. The goal is to inform policy decisions and address the housing crisis that has been affecting many New Zealanders, particularly Māori and Pacific peoples.

Main Points and Key Findings

1. Housing Crisis Overview

• Affordability Issues: Homeownership rates have reached a 60-year low, and housing affordability is a growing concern, especially for first-time buyers and tenants in major cities.
• Homelessness: The number of households in insecure housing has almost doubled since 2016, and the housing shortage has not been adequately addressed.
• Impact on Māori and Pacific Peoples: These groups face higher rates of renting, greater housing instability, and lower homeownership rates compared to Europeans. They are disproportionately affected by rising housing costs and poor quality housing.
• Children in Poor Housing: A significant number of children are living in overcrowded or poor-quality housing, leading to preventable illnesses and hospitalisations.

2. Market Renting

• Supply and Demand Imbalance: The private rental market is under stress due to high construction costs, rising house prices, and low investment yields.
• Rental Costs: Rents have risen faster than wages and salaries, with some areas seeing rents double the rate of wage growth.
• Tenancy Security: Most private rental tenancies are short-term (typically 12 months), leading to limited security for tenants and frequent rent increases.
• Tenancy Bond System: The system for rental bonds is underfunded and largely serves landlords, with many unclaimed bonds being transferred to the government's Consolidated Fund.

3. Homeownership

• Decline in Ownership: Homeownership rates have fallen to their lowest in 60 years, with only 65% of households owning their homes in 2013.
• Regional Disparities: While house prices have risen by 30% nationally, they have increased by 65% in Auckland and 45% in Waikato.
• Financial Barriers: Lower loan-to-value ratios and high deposit requirements have made homeownership unattainable for many, especially first-time buyers.
• Economic Impacts: The decline in homeownership has led to increased housing-related poverty, especially among older people and those with limited incomes.

4. New Housing

• Supply Constraints: Despite record building consents, the supply of new housing has not kept up with population growth, particularly in Auckland.
• Population Growth: Auckland has experienced significant growth, with an estimated 40,000 new residents per year, leading to a housing shortfall of 28,000 to 45,000 units.
• Infrastructure Funding: The lack of infrastructure funding to support new housing development is a major constraint on housing supply.

5. State and Social Housing

• Limited Availability: The number of state houses has declined, forcing more low-income households into the private rental market.
• Tenancy Patterns: Māori and Pacific peoples have seen a significant shift from state to private renting, increasing their vulnerability to unaffordable housing.

6. Housing Assistance

• Accommodation Supplement (AS): The AS has been expanded, but it is not a long-term solution. It provides only partial relief and may not be sufficient to address the growing housing-related poverty.
• Funding Issues: The AS is likely to become a regressive transfer as more unclaimed bonds are transferred to the government's Consolidated Fund.

7. Security of Tenure

• Need for Reform: Private rental tenants face greater insecurity and poor housing conditions compared to homeowners.
• Policy Recommendations: A fundamental review of tenancy law is needed to provide greater security and encourage professional landlordism.

8. Social Costs and Benefits of Housing Quality

• Health and Education Impacts: Poor housing quality and insecure tenure are associated with poorer health outcomes and lower educational achievement for children.
• Economic Costs: These conditions also lead to higher social costs, including increased hospitalisations and reduced productivity.

Conclusion

The housing system in New Zealand is in crisis, with affordability, security, and quality all under threat. The report highlights the need for a coordinated and comprehensive approach to address these issues, particularly for Māori and Pacific peoples. It calls for policy reforms in housing assistance, tenancy law, and infrastructure funding to create a more equitable and sustainable housing market.