KiwiBuild

KiwiBuild logo.

KiwiBuild is a real estate development scheme pursued by the Sixth Labour Government of New Zealand which began in 2018. It has the aim of building 100,000 homes by 2028 to increase housing affordability in New Zealand. The Ministry responsible is the Ministry of Business, Innovation and Employment and the Minister responsible is the Minister of Housing and Urban Development.

History

The KiwiBuild scheme was announced as Labour Party policy in 2012.[1]

After the 2017 general election, the Sixth Labour Government of New Zealand took office. Finance Minister Grant Robertson outlined a mini-budget on 14 December 2017 which allocated $2 billion of capital spending to KiwiBuild. Homes built under the programme are sold to first-home buyers and the cash is recycled into further housing developments.[2]

Eligibility

To be eligible to buy a KiwiBuild home, buyers must be New Zealand citizens or permanent or usual residents, earn less than the relevant annual income caps ($120,000 for singles, $180,000 for couples) and intend to live in and own the home for at least three years.[3]

Reaction

The scheme has attracted criticism around the income caps, deemed to be too high for low-income buyers to be able to compete with those receiving higher incomes.[4][5]

See also

References

  1. ↑ "Editorial: Kiwi build solid base for future at last". The New Zealand Herald. 21 November 2012. Retrieved 5 July 2018.
  2. ↑ McBeth, Paul (14 December 2017). "KiwiBuild spearheads $42b capital spending programme". National Business Review. Retrieved 5 July 2018.
  3. ↑ "KiwiBuild eligibility: Couples can earn up to $180,000". Radio New Zealand. 4 July 2018. Retrieved 5 July 2018.
  4. ↑ Cooke, Henry (9 July 2018). "KiwiBuilds in Auckland unaffordable for many, govt analysis shows". Stuff.co.nz. Retrieved 3 September 2018.
  5. ↑ "KiwiBuild not aimed at low or middle income households". Radio Live. 6 July 2018. Retrieved 3 September 2018.
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