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Land-banking ads `shameless': Labour

NZ NewswireNZ Newswire 24/08/2016

Labour says the fact that more than 300 sections are being "shamelessly" advertised on Trade Me as land-banking opportunities shows the need to crack down on property speculators.

Party leader says there are 328 ads and a third of them are in Auckland, where families are desperate to buy homes.

Land-banking means buying sections and sitting on them as their value increases.

Mr Little says the most disturbing listing is for a "prime investment property" in one of the special housing areas which have been set up to fast-track housing development.

He says another is for 1.9 hectares in Takanini listed as "an opportunity to own this land bank".

It has an RV of $1.8 million but the vendors are asking $4.5m.

"The government's failure to tackle the Auckland housing crisis has made it a paradise for speculators, with investors now making up 46 per cent of purchases," Mr Little said.

Labour's policy is to tax speculators and increase available land by abolishing Auckland's urban growth limit.

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