“Housing has been one of the most complex and challenging problems arising from the Canterbury earthquakes with the loss of 10,500 homes,” the Ministers say.
“The Government has taken a step-by-step approach and officials project that by June 2017, the Christchurch housing market will be fully recovered with supply and demand back in balance.”
The Government’s housing initiatives in Christchurch since the earthquakes include:
“As some of the most vulnerable residents, social housing tenants were particularly hard hit by the earthquakes. Housing New Zealand’s effort fixing its houses was staggering, spending $350 million repairing over 5,100 properties,” says Mrs Bennett.
“On any given day, the rebuild and repair programme saw as many as 1000 workers and $1 million per day being spent fixing tenants’ homes.
“I’m proud of how hard the staff and contractors worked, and the constant focus they placed on taking care of the affected tenants and their particular needs.”
“The Government’s focus in terms of the private market is now on ensuring long-term quality housing for the reshaped, vibrant city of the future. That’s why we have partnered with Christchurch City Council and the private sector to deliver more than 1000 homes through developments at Awatea, Colombo and Welles Streets, as well as Riccarton Racecourse,” Dr Smith says.
“The strongest evidence of the successful recovery of Christchurch’s housing market is the latest data on rents and house prices. House prices rose by up to 13 per cent per year following the earthquakes but grew last year by 2.7 per cent, and are now back below the national average. Rents were growing at up to 16 per cent per year following the earthquakes but have been declining since October 2014 and in the past year, have dropped by six per cent.”
“Housing was one of the biggest post-quake challenges facing Christchurch, but a concerted effort by the community, building sector, council and Government has enabled us to recover as quickly as practically possible,” the Ministers say.
“With the completion of projects in the pipeline, Christchurch will have, by 2017, the safest and warmest stock of private, state and community housing in the country.”