Three-bedroom “affordable” homes on the market for $650,000 under Phil Twyford’s Kiwibuild programme would be out of reach to more than half of Aucklanders, a study from the city’s council suggests.
A study from the Auckland Council’s chief economist looked into home affordability in country’s biggest the city.
As well as finding that middle-income earners had been the hardest hit by declines in housing affordability, it suggested a three-bedroom home at the top end of the price range of the KiwiBuild scheme is likely to be out of reach for half of Auckland’s households.
KiwiBuild aims to build 50,000 homes in Auckland in the next 10 years. The caps on the costs of KiwiBuild homes in Auckland are $650,000 for a three bedroom house, $600,000 for a two bedroom and $500,000 for a one bedroom. Twyford said the Government hoped it would be able to secure them for less than that in some areas. A spokeswoman this afternoon stressed the $650,000 was the maximum price for these homes.
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