Property Council chief executive Connal Townsend says the 14% year-on-year growth in 2015 is a damning indictment of the country’s housing market when compared to other countries.
“This is extremely concerning to us. We have a planning system in crisis with excessive restrictions on development which are hampering delivery efforts. Add to that burdening regulations and a construction sector unable to meet new housing demand, and we are fast approaching the point of no return.”
Property Council believes if the situation continues, housing in Auckland will become similar to Sydney’s; unattainable for the average Kiwi family.