Du Val Group Welcomes Lifting of House Price Caps

“The Government’s announcement today that all house price caps will be completely removed from the First Home Loan application process and increased for First Home Grants (from $700,000 to $875,000 in Auckland) is excellent news for first home buyers in New Zealand,” said Nerissa Gibson, Du Val Group Sales director.

“This shift in policy settings will allow a significant number of kiwis to make the dream of owning their own home a reality and get the added sense of security, stability and freedom that comes with owning property and living in a community they can call home for many years to come. The demand for modern, warm, and affordable housing is huge, yet the challenge for many has been that house price caps for home loans and grants have been completely out of sync with the increase in housing prices.

This announcement will not only provide more certainty for first home buyers but the Government’s commitment to reviewing the house price caps every 6 months will provide a high level of confidence to residential property developers to continue exploring new opportunities, which will benefit the entire housing market. Du Val’s goal is to deliver 1,000 homes across the Auckland region each year. Because of our large scale we’ve been able to implement new methodologies and solutions to mitigate the current supply chain challenges and construction price increases to deliver on our mission to provide more affordable housing for New Zealanders,” said Mrs Gibson.