27 May 2014

Home ownership for Maori unlikely

7:17 am on 27 May 2014

The Labour Party says home ownership for Maori is becoming an increasingly distant prospect.

The price of a new house has reached a six-year high and an Organisation for Economic Co-operation and Development (OECD) report says that relative to rents, New Zealand has the world's most overvalued housing.

Labour's Maori affairs spokesperson Nanaia Mahuta said only 28.2 percent of Maori own, or partly own, their home.

She said home ownership is about getting on the ladder of economic independence and it's being put out of reach.

Nanaia Mahuta said Labour's Kiwi build initiative, alongside a capital gains tax and regional economic strategy would all help make housing more affordable, and Maori would benefit.