12 Wednesday July 11 2018 Latest Christchurch news at www.star.kiwi SELWYN TIMES ON ORDERS OVER $1000 | PROMOTION ENDS 23.7.18 Shop Online Nationwide Delivery Finance Options targetfurniture.co.nz Cnr Blenheim & Curletts Rds, Christchurch Ph: 0800 TARGET (0800 827438) Offers and product prices advertised here expire 23/07/18. Sale excludes Manchester and Accessories.
SELWYN TIMES Latest Christchurch news at www.star.kiwi Wednesday July 11 2018 13 Your Local Views Beat school holiday boredom! Saturday 7 – Saturday 21 July 2018 Good news for first home buyers Selwyn MP Amy Adam writes about how the district has become more affordable for first home buyers Amy Adams Selwyn MP WHILE WE continue to hear stories about the rising cost of housing and difficulties for first home buyers in other parts of New Zealand, here in Selwyn housing has gradually become more affordable since 2009, according to figures from the Ministry of Business, Innovation and Employment. Unfortunately, MBIE figures are not yet available for 2017, but housing affordability in the region dropped from a peak of 74.5 per cent in 2009 to 55.4 per cent – well below the overall New Zealand figure of 77.5 per cent for 2016. The percentage relates to the number of renting households that would have a residual income after housing costs of below the national median, so (while it is a little tricky to get your head around) the higher the percentage figure, the less affordable housing is in that region. From my perspective, the availability of land and large number of new homes being constructed in Selwyn since 2009 have all contributed to this situation. It is a classic case of supply and demand working well. Another factor that has contributed to housing affordability in the region is the previous Government’s policy of making grants available for first home buyers through the Kiwisaver Homestart Grant scheme. SOLD: Selwyn MP Amy Adams says houses in the district are more affordable for first home buyers. During the period of January to March 2018, a total of 118 Kiwisaver HomeStart Grant applications were approved in the Selwyn district and 93 grants totalling $690,000 were paid out. These grants enabled the purchase of 59 properties. This trend of more first time buyers getting into the market has been seen across New Zealand. According to the Property Institute, over a third of those securing mortgages in March 2018 in the greater Christchurch area were first home buyers. This makes first home buyers by far the largest group of new mortgage customers locally, compared with those refinancing at 19.4 per cent; investors at 17.7 per cent and those moving house at 11.3 per cent. For those looking to use Kiwisaver to secure their first home, it is important to note that there are two KiwiSaver products available for first home buyers. The KiwiSaver HomeStart Grant is administered by Housing New Zealand, while the ability to withdraw KiwiSaver funds for a deposit through the Kiwisaver FirstHome Savings Withdrawal scheme is administered by Kiwisaver providers. 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