PHOTO: The Government has spent more than a billion dollars in the last five years buying homes to turn into state housing. Photo / Supplied
According to the NZHERALD the Government has spent over $1 billion buying existing homes to use for state housing in the past five years.
That’s prompted claims it’s hurt first-time buyers already struggling with a white-hot property market.
Data supplied to the Herald by Kāinga Ora shows it bought 1608 private houses between July 1, 2016 and June 30, 2021, at a cost of $1.01 billion. At least 700 were in Auckland.
The organisation bought 312 in 2017, 356 in 2018, 376 in 2019 and 327 in 2020. It added another 195 in the first half of last year.
Most were standalone houses but some were apartment buildings and motel-style properties.
About three-quarters of the homes bought in the first six months of 2021 had one or two bedrooms.
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