Benje Patterson was commissioned by the developers of 1 Hansen Road, Queenstown to consider the economic and social impacts of a proposed worker accommodation complex that would contain 554 bedrooms (residential units) and house 710 people.
The Minister has boiled Queenstown-Lakes' problem down to an acute shortage of affordable housing that we must build our way out of, but this belittles our short-term problem. Many people living in cars in Queenstown are not poor, with most employed and earning far more than even a living wage - they simply can’t find a house to rent at any price point.
There are no shortages of people wanting to go on the record as to when property prices will rise again. But there is a certain curiosity about their logic. What if housing doesn't remain a one-way bet on even shitty houses in mediocre spots?
Inflation has spiked to its highest annual level in over a decade, after recording its biggest quarterly lift in almost 35 years. Of most concern to me is the economic fallout which higher mortgage rates are having on households’ discretionary budgets.
It was a pleasure to talk to Andy Thompson on The Muster recently about politics, housing, and how the Trans-Tasman travel bubble help or hinder regional economies.
It is one year since New Zealand’s initial Covid-19 lockdown, and the property market has confounded expectations since then. Even though rents are increasing in around 80% of New Zealand’s 67 territorial authorities, there remain a few places where rents have fallen in the wake of Covid-19.
The average lockdown wage haircut was much smaller than the fall in mortgage expenses because of lower interest rates. Consequently, in net terms, an existing homeowner earning an average income was actually better off.
A tight housing market has continued to put pressure on renters in many parts of the country at a time when incomes are squeezed. But the geographical distribution of rent increases has been uneven.
I am proud to have supported this documentary produced by Storyworks, with funding from NZ on Air. The documentary looks at the human side of Queenstown's severely unaffordable housing.
Social issues stemming from deteriorating housing affordability and a lack of new homes have been key topics of debate over recent years. Census 2018 helps show where in New Zealand household occupancy rates have deteriorated the most since 2013.
I was recently asked to provide comment on a fantastic article by Jo McKenzie-McLean looking at social issues stemming from Queenstown’s housing situation. My comments highlighted evidence of Queenstown’s burgeoning housing problem leading to a commuter belt forming.
Houses in New Zealand have gotten expensive, even in off-the-beaten-track communities in the central South and North Islands. Some opportunistic real estate commentators have been quick to attribute these sharp gains to skiers’ demand. In a recent interview, I poured cold water on this logic, and cautioned wannabe investors expecting to make a quick buck from buying a bach in Timbuktu.