Wellington has admitted it cannot build new homes fast enough to solve its current housing shortage and take the sting out of its rapidly-heating property market.
Less than two years into a five-year plan with the Government to build 7000 new homes in the capital, the city council has admitted it will never achieve that goal, having missed every target along the way thus far.
That has some in the real estate industry doubting whether the venom will disappear from Wellington’s property market any time soon, given a shortage of supply is one of the main drivers.
House prices in Wellington have shot up nearly 10 per cent over the past year, pushing first-home buyers to the city’s fringe suburbs and generating mini-property booms in some Hutt Valley and Porirua suburbs.
The average house value in the capital is now $599,482.
– via Stuff