Prepare for housing scramble

By Kaysha Brownlie

1 comment
Property Brokers Hawke's Bay regional manager Paul Whitaker. Photo / Warren Buckland
Property Brokers Hawke's Bay regional manager Paul Whitaker. Photo / Warren Buckland

This year's budget has not made a dent in Hawke's Bay's housing market but next year it may be a "lolly scramble".

Property Brokers Hawke's Bay regional manager Paul Whitaker said while Auckland reaped the benefit of a $100 million boost, there should be more up for grabs next year.

He expected with 2017 being election year, there would be more help offered to first-time buyers and more help for lower-end housing.

"There will be a lolly scramble next year, a lot of incentives."

"I would expect to see at that stage interest rates tilting back upwards with the pressure and the amount of extra money in the Budget."

Building and Housing Minister Nick Smith said giving $100 million to housing development on surplus Crown land in Auckland would increase the pace of housing development and put greater focus on bringing more affordable housing to the market.

The capital funding would add momentum to the programme of using public land for increasing the supply of housing, he said.

Mr Whitaker said it would be a help for the people in Auckland, but "I don't think it's going to affect prices officially in the short term [in Hawke's Bay] ... it will have little effect on us".

While all regions had homeless people and others lining up for houses, Auckland's situation far outweighed anywhere else in the country.

"I would love to say the money should be spread everywhere but at the moment Auckland needs it."

He said one in eight properties bought in Hawke's Bay was purchased by an out-of-towner, 90 per cent of the time from Auckland.

- Hawkes Bay Today

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