“You can have insurance, and lose a house in a flood, or an earthquake, and you don’t get everything back because there is a whole lot of inconvenience and uninsured costs you never get back,” Swindley said. These were not usually catastrophic costs and homeowners should not find their homes become uninsurable, or face rapid increases in their premiums.
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Greg and Nickie Kirks property in Winchester was damaged in the Canterbury floods after the Opihi River burst its banks. But, Swindley said: “Looking to the future, people are still going to be able to get insurance, but they will be on much more property-specific terms.”
The infrastructure levy introduced last year is a start but New Zealand is behind its contemporaries.
More weight needs to be put on innovative finance and public-private partnerships to solve New Zealand’s housing and infrastructure shortage, according to a high-profile economist.
Late last year, Prime Minister
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That was one of the key themes to emerge from a Property Foundation-hosted expert panel discussion on a new report by Squires which looked at the funding of bulk infrastructure. The report included a focus on a pilot infrastructure housing charge which was being utilised for the Milldale development currently under way in Wainui, north of Auckland. Infrastructure for the development was being funded via a partnership between Auckland Council, Crown Infrastructure Partners and Fulton Hogan Land Development.
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The bright-line test has been doubled in length and tax loopholes have been closed as the Labour Government moves on property speculators.