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Auckland faces a housing shortage

01 June 2015 by News Desk

new-zealand01A shortage of properties for sale has driven up average house prices in Auckland by 13% to $720,000 over the past year, according to Latest figures from the Real Estate Institute.

This compares to New Zealand’s national average house price of $350,000, and an increase of just 1.4% in the past 12 months.

Reserve Bank deputy governor Grant Spencer suggested the situation calls for the introduction of a capital gains tax. There is no general capital gains tax in New Zealand.

New Zealand’s Treasury secretary Gabriel Makhlouf rejects the call for new property tax. “The heart of the housing issue in Auckland is that we are not building enough houses. Changing planning regulations is the single biggest thing that would make a difference”.

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