Auckland, 11 July – Property Council New Zealand welcomes the Government’s recently announced decisions on where the $1 billion Housing Infrastructure Fund will be spent.
“By funding the fast-forwarding of key infrastructure, the Government and councils are helping to alleviate the housing crisis in New Zealand’s fastest growing cities,” says Property Council chief executive Connal Townsend. Deciding where the money will be spent is a big step forward and provides certainty for developers and councils. Developers can now get on with the job of getting the houses needed built.
“Infrastructure funding has been a major handbrake on delivering housing supply. It is critical Government and councils work together to deliver this infrastructure quickly and effectively, as it has been a long time coming,” Mr Townsend stressed. Property Council welcomed last year’s fund announcement and has being waiting for the decision on where the money would be spent.
$1 billion is a drop in the ocean in terms of the infrastructure our cities need, but we welcome the start. We are pleased to see that fast-tracking this infrastructure will potentially deliver 60,000 houses up to eight years ahead of schedule.
“Housing pressures are greatest in Auckland, Hamilton, Tauranga and Queenstown. Our members in these cities are very pleased to see they have been prioritised and are the first cabs off the rank for further housing infrastructure investment.
“The challenge for councils in the past has been funding infrastructure within limited budgets whilst balancing existing resident’s needs, and working within strict debt borrowing constraints. We hope that Government and councils are considering ways to address these issues.”
