National’s plan to tinker with land supply is an epic fail in the eyes of tens of thousands of New Zealanders desperately trying to buy their first home, says Labour Leader David Shearer.

A bill to urgently increase the supply of land and affordability of housing has passed its first reading 104 votes to 15 in Parliament tonight and has been sent to a select committee for urgent consideration.

Auckland Mayor Len Brown has welcomed the introduction of legislation for housing accords, but says he will be seeking clarification on a number of points to ensure the final legislation is consistent with the draft Auckland Housing Accord.

Budget 2013 provides a permanent $6.65 million increase in annual funding for Inland Revenue to pursue property investment tax compliance, which is expected to return about $45 million a year, Revenue Minister Peter Dunne says.

Special legislation to enable councils and the Government to streamline new housing developments in areas where housing is least affordable will be introduced to Parliament today.

The Government is investing in a new three-year insulation programme, which will deliver warmer, drier and healthier homes to communities in most need, Energy and Resources Minister Simon Bridges says.

New Zealand real estate investment trusts recorded stellar returns this past year, according to the Investment Property Databank (IPD) and reinforced by industry commentators at a seminar in Auckland today.

Professor Max Abbott, director of AUT University’s Gambling and Addictions Research Centre, today called for the Government to release the report it has received about the social and financial costs associated with the SkyCity Convention Centre deal.

The number of homes listed for sale during the month of April 2013 in Hamilton city fell dramatically to 319. This compares to 369 homes listed in March 2013 and 398 listed during February 2013.

A market study into residential construction costs has been released today for public input by the Government.