Housing NZ 2016 end of year report

The report states that:

“Housing New Zealand maintains a clear focus on meeting our social objectives, while managing a property portfolio that has an investment rationale based around long-term rental sustainability. We continue to earn excellent long-term rental yields on the property portfolio, and have achieved between 2.9 and 5.1 percent per annum over the last 13 years. Additionally, the net operating surplus of $178 million before tax demonstrates the sustainability of the Crown entity and ensures revenues support Housing New Zealand continuing to upgrade and maintain existing homes and provide new homes in future years. To preserve and enhance the taxpayer’s assets and provide tenants with warm and dry homes, Housing New Zealand spent $496 million in repairs and maintenance in 2015/16. This is the highest single level of expenditure on existing Housing New Zealand homes in the Corporation’s history.”

Over the year HNZ disposed of 925 houses and new builds numbered 871. 30% of vacancies were due to P contamination. You can read more here:

http://www.hnzc.co.nz/assets/Uploads/Annual-Report-2016.pdf