With Auckland's median house price rising 9.3% to a record high $820,000 in March from February, youth group Generation Zero says it shows the need to increase housing supply by passing the Unitary Plan as soon as possible.
New data released by RIENZ yesterday showed that median prices across Auckland have rebounded to a new record high of $820,000. Generation Zero spokesperson Ryan Mearns, says; “This new information demonstrates the strain being put on the housing supply in Auckland by current planning rules. The record prices are pulling the ladder up for young people from being able to afford a home, and are pushing up rents across the city.”
Council economist Chris Parker recommended in 2012 in the report Housing Supply Choice and Affordability that removing excess barriers to intensification through the Unitary Plan as a key tool for Council to curb growing house prices. Mr Mearns; “By allowing for intensification the Unitary Plan will allow more houses to be built increasing housing supply, and easing rising house prices. ”
The Independent Hearings Panel will be reporting back to Auckland Council in the coming months to present the final Unitary Plan, a new spatial plan for Auckland that will provide for new housing supply by up zoning previously single housing zones.
Mr Mearns; “This upzoning is crucial in order to curb record house prices. At the heart of rising house prices is increased demand with more people living in Auckland, and a lack of new housing supply. These record high house prices should be a warning to Auckland Councillors that they need to vote to pass the Unitary Plan as soon as possible.”