New Zealand moves to rein in runaway housing market with billion dollar plan

Jacinda Ardern announces more support for first homebuyers and measures to dampen property speculation but admits its no ‘silver bullet’

The New Zealand government has announced a series of billion-dollar measures aimed at tackling the country’s housing crisis as prime minister Jacinda Ardern warns there is “no silver bullet”.

House prices have been driven up 23% in just 12 months, far ahead of wage growth, pushing younger and lower-income buyers out of the market. On Tuesday morning Ardern announced a package intended to address problems of housing supply and demand, and help shift the balance away from investors.

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