Home and land ownership in New Zealand is at its lowest rate since 1951 and is expected to fall further. There is evidence of a structural shift—younger people are less likely to achieve home ownership than ever before.
Advertisements by banks on TVNZ, are suggesting that “first home buyers are an endangered species.” Why?
One reason is that in New Zealand, land has increasingly become a commodity, traded on the open market to be bought and sold as an ‘investment’, and not just to New Zealand residents.
Land has been commodified.
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