New Zealand is one of the most expensive cities in the world to rent, but that is not stopping the capital city of Wellington from doing the same thing.
The capital of Wellington is planning to become the first city in the country to allow anyone to rent a home in a foreign country.
This is the result of a $500,000 grant by the Australian Government, and will be introduced by the city council on Thursday.
“We are launching the first rental home for foreign nationals in New Zealand,” Wellington Mayor Lianne Dalziel said.
Ms Dalziez said the grant would help ease the financial burden of the influx of people from overseas.
But there will be some challenges.
“We’ll need to build a very large housing stock to meet the growing demand.
That is a challenge,” she said.”
For now, we are not expecting any major disruption.”
New Zealand’s population of about 2.5 million is already growing, but the city is struggling to house that growth, with the average house rent in Auckland rising by about $600 a month.
In recent years, the capital has struggled to fill housing vacancies with existing buildings, and the capital’s population has been growing by about 10 per cent a year since 2007.
It is also the biggest city in New South Wales with an annual growth rate of more than 3 per cent.
New Zealand has only three foreign nationals living in its city centre.
Auckland Mayor Lai Tung-Hui said it was an exciting opportunity for New Zealanders, and for the country.
“New Zealanders are the envy of the world,” he said.
But it was not the only foreign city to take advantage of the grant.
“There is one other city that is taking advantage of this grant, that is Auckland in New York,” he added.
More to come.