Home ownership to fall

Published: 10:05AM Monday December 15, 2008 Source: Newstalk ZB

There are some big numbers being quoted by the Centre for Housing Research regarding the state of New Zealand's housing.

Papers released this week put the 2007 value of the country's housing stock at over $600 billion - almost four times the size of New Zealand's GDP.

According to the figures housing stock accounts for over 70% of household net wealth.

The Centre's predicting renter household demand to skyrocket by 30% by 2016 to over 665,000 households.

But overall home ownership rates are projected to fall - from almost 67% of households owning their homes in 2006 to just under 62% in 2016.

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