Archive | Residential

New Crown entity will advance housing infrastructure

The Government has lodged the documents to establish a new company, Crown Infrastructure Partners Ltd, to support development without breaching local council debt constraints.

Auckland Council has been tiptoeing just below its debt:revenue ratio limit of 265%, and put the concept to the Government of a special purpose vehicle to fund infrastructure in a way that recognises those debt constraints.

Instead of the council funding infrastructure for new development, it will come from the Crown company. Auckland mayor Phil Goff said yesterday this would enable construction of 23,300 homes in the north & south of the region to be brought forward.

Mr Goff said the announcement was made at Drury, in South Auckland, because that was likely to be the first place the new funding would be used, for 700 homes.

Mr Goff said: “The initial investment of $387 million in transport & water infrastructure in Drury South & West, Paerata & Pukekohe will enable the construction of 17,800 dwellings much earlier than would otherwise be the case.

“A further major development will be around Wainui in north Auckland, with $201 million in infrastructure funding required for an additional 5500 dwellings.

“The new investment vehicle will provide capital from the Government & the private sector which will not be debt on the council’s books. It will be funded through development contributions & targeted rates within the new housing developments.

“Auckland is growing by 45,000 new residents/year and requires unprecedented levels of infrastructure growth to keep up with demand. Increasing the supply of housing is a critical part of overcoming our housing shortage and slowing price rises caused by demand exceeding supply of housing.

“The new unitary plan ensures there is adequate land – greenfield & brownfield – to meet demand, but infrastructure servicing that land is necessary for homes actually to be built.

“Special purpose vehicles are another tool in our toolbox to enable us to lift the scale & pace of new housing development.”

Attribution: Mayoral release.

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Hobsonville Land aims for more houses below median price

HLC Ltd has begun a programme with its builder-partners to increase the supply of new homes at or below the median price of homes in the vicinity of Hobsonville Point, currently $884,000.

HLC is the Government-owned company, formerly the Hobsonville Land Co Ltd, which is engaged in residential land development at Hobsonville Point, and now also at Northcote.

Chief executive Chris Aiken said on Friday the programme would focus on the Buckley B & Te Uru precincts at Hobsonville Point, where 500 homes would be built over the next 4 years at or below the average of the median house prices for the former North Shore & Waitakere cities, as published by the Real Estate Institute every month.

The homes built as part of this programme will be mainly 3- or 4-bedroom homes. Some 2-bedroom homes would also be built, and they’d mostly be terrace houses or apartments.

Mr Aiken said this programme was in addition to the company’s programme to deliver Axis series homes, currently priced at or below $650,000. 20% of all new homes at Hobsonville Point will be Axis series homes.

He said: “The only way to reduce house prices in Auckland is to increase the supply of housing below the median price,” but add that the builders were also motivated by the commercial opportunity: “This is the part of the market in which demand is greatest. Continuing to only build big expensive houses on large sections isn’t meeting the majority of market need.

“Auckland is changing, with more one- or 2-person households, and many homeowners prioritising lifestyle & amenity over a backyard or large house.”

Mr Aiken said these homes would be sold on the open market by the 8 building companies participating in the programme, and would not use a ballot system sometimes required for Axis series homes when demand exceeded supply.

Buyers must buy the property in their own name and be owner-occupiers, meaning the buyer must live in the home for a minimum of 2 years after purchase.

The first homes to be built as part of the programme are expected to be ready for occupation from mid-2018, but some are already available to buy off-the-plan through Ockham Residential Ltd & Classic Builders Group Ltd.

Attribution: Company release.

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Institute figures show Auckland housing market quiet, rest of country bubbling

Real Estate Institute statistics out yesterday showed Auckland’s residential median sale price was still rising, but only by 2.5%/year, whereas the rest of the country was up 11.4%.

The divergence in price between Auckland & the rest of the country remains wide. Auckland’s median in June was $850,500 ($830,000 in June 2016), while the median for the rest of the country was $431,000 ($387,000).

The institute’s house price index showed Auckland falling 0.6% over the year, but the rest of the country rising 9.2%. The national movement for the year was up 2.8%.

Auckland sales volumes fell 33.2% over the last year, and nationally sales fell 24.7%.

Real Estate Institute chief executive Bindi Norwell said yesterday: “We know that it’s winter and the election is just 2 months away now, which typically impacts the number of properties sold in the market. The number of properties sold across the country is the lowest we’ve seen in the month of June for 3 years – particularly in the $500,000-&-under property price bracket. This slowdown in transactional activity, but stabilising price trend, highlights the underlying dynamics between housing demand & housing supply, with population growth continuing to rise faster than building consents & dwelling supply.”

“The June figures show us that a number of things are happening across the residential real estate market – inventory levels are impacting pricing, loan:value ratios are having a significant impact in terms of buyers’ ability to purchase properties (particularly for first-time buyers) and that the major trading banks are being more cautious with their approach to lending, particularly their view of how highly leveraged Kiwis are when it comes to properties.

“Talk of a decline in prices may be premature, with the seasonally adjusted median price trends still rising across many regions in New Zealand. The Auckland market is the most mature in terms of the property cycle. However, at worst, prices in the Auckland region are steady at present. The data also shows an emerging trend of section sales in Auckland occurring more quickly than dwelling sales, highlighting that demand for sections is still rising in Auckland while demand for dwellings is easing.

“With the looming election, Auckland prices are showing all the signs of stabilising that we would normally expect, and we anticipate this being a similar trend over the coming months until the election is over.”

The number of properties available for sale rose by 1895 in June compared to 12 months ago, although the number of properties for sale in the Auckland region has increased by 3097 (57%).  Excluding Auckland, the number of properties for sale fell by 1203 (7.4%).

The number of properties sold by auction continued to decline, down to 828 auction sales in June (14% of all sales, from 13% in May, 24% in June 2016).

Auckland median prices & volumes on old council boundaries:

Price brackets:

Attribution: Real Estate Institute release.

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Barfoots chief says sales decline finally affecting home prices

Barfoot & Thompson managing director Peter Thompson said on Wednesday the fall in sales was finally having an effect on Auckland residential property sale prices.

“In June the average sales price was $913,606, a 3.1% fall on the average price for the previous 3 months, and only 0.6% higher than it was 12 months ago. The median price for the month ($840,000) was down 2.9% on the average median price for the previous 3 months ($865,000) and the same as it was for the same month last year.

“While prices invariably fall as we head into winter, June’s results confirm that prices are definitely falling. Monthly sales numbers have been below the previous year’s numbers for 9 consecutive months, and that is finally having an effect on prices.

“What is positive for the market is that prices are edging down rather than falling rapidly, and at current prices still represent a good outcome for vendors. Sales numbers in June, at 855, were down 3.5% on sales in May and down 26.8% on the number in June last year.

“Sales for the month were their lowest in a June for 7 years. New listings last month, at 1570, were relatively strong and the listing numbers at month end, at 4297, were the same as the previous month.

“That total listings have not risen as sales numbers have fallen is because some vendors have taken their property off the market. Taking property off the market when prices are not rising is a common trait in Auckland and will contribute to prices remaining stable through to September’s election.

“There was a good balance of sales across all price ranges in June, with the sales numbers for property for under $750,000 representing 41% of all sales.

“291 sales, or 34% of all sales, were for property over $1 million and, of these, 39 or 4.6% were for property selling for over $2 million.

“In the Far North, rural sales remain strong, with demand for dairy farms remaining high.

“Family buyers & developers continue to be active in the lifestyle & city fringe markets, with new listings in this rural category being lighter than normal.”

Attribution: Agency release.

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Auckland house price index at standstill, still rising nationally

Quotable Value Ltd’s house price index for Auckland was at a standstill for the 3 months to June, after coming in at a 0.1% rise over the 3 months to May and a 0.4% dip in the 3 months to April.

Over the whole country, the index is in a state of flux – up in one area, down in a neighbour.

The various indexes for Auckland & its components – local government areas on the pre-2010 boundaries and broad splits within them – showed 11 falls in the total 20 areas (which include double-ups) in the April quarter, dropping to 8 falls in the roll to May and down to 7 in the roll to June.

For the year to June, the Auckland index is showing a 7.2% gain, the slowest since September 2012. That 2011-12 period was the start of the break out from the 2011 bottom of the global financial crisis for New Zealand, and property inflation in Auckland sped up through to last year, until Reserve Bank measures, reduced Asian investment and now bank lending restrictions slowed the rise. Adjusted for inflation, QV’s index for Auckland rose 4.9% in the last year, 28.8% since the previous market peak at the end of 2007.

Nationally, the index rose 8.1% over the last year, the slowest rate since March 2015, and 1.2% over the last 3 months. Adjusted for inflation, the annual increase dropped to 5.9% and the rise since 2007 to 28.8%.

QV view

QV national spokesperson Andrea Rush said Auckland sales volumes had plummeted 30% below the number a year ago “as high prices, coupled with banks’ stricter lending criteria, are making it increasingly difficult for anyone but cash buyers or those with higher levels of equity to buy property.

“It has also become much more difficult for developers to gain finance to build new homes, which is now leading to a slowdown in building activity in the market.

“The CoreLogic Buyer classification data shows the share of sales to all buyers requiring a mortgage has dropped and the share of sales to cash buyers remains steady.

Around the country

“Meanwhile, in the other main centres, values are now rising again in Hamilton & Tauranga after decreasing earlier in the year. A slowdown in value growth in the Wellington market is now more evident in the QV house price index data and Porirua, a previous hot spot, has seen values decrease over the past quarter.

“The Christchurch market is flat, with some areas seeing a slight decrease in values over the past quarter, while values continue to rise in a relatively buoyant Dunedin market.”

“Values in regional centres such as the Kaipara district north of Auckland, Hawke’s Bay, Nelson & the Tasman district are now seeing stronger value growth than the main centres as buyers look to the regions in search of more affordable homes.”

Auckland detail

Ms Rush said values around the Auckland region continued to plateau, and values remaining steady over at 0.0% change over the last 3 months: “Values have continued to rise in some parts of the Auckland region but have decreased in others. Auckland City–Islands rose the most over the past quarter, with values rising 3.1% since April and 13.3% year on year. Rodney North also continued to increase more quickly than other parts of the city, up 2.2% over the past 3 months and 13.6% year on year. Values decreased in the Auckland City apartment market and also Auckland City east & south; as well as in Waitakere, Manukau north-west, Papakura & Franklin over the past 3 months.”

QV’s index figures around Auckland on the old council boundaries, and for the Auckland region, and around the country below that (old councils & main areas in bold; 2 areas, Kaipara & Auckland’s gulf islands, carry a warning for their low transaction levels).

The dollar figure is the average value for June. The first percentage is for the 3 months to June, the second is for the last 12 months and the third is the change since the 2007 peak:

Auckland region, $1,045,059, 0.0%, 7.2%, 91.2%
Rodney, $955,814, 1.6%, 11.9%, 63.0%
North, $984,933, 2.2%, 13.6%, 64.0%
Hibiscus Coast, $928,686, 0.9%, 10.2%, 58.1%
North Shore, $1,203,775, 0.2%, 6.0%, 86.5%
Coastal, $1,376,695, 0.1%, 6.2%, 82.7%
Onewa, $956,862, 0.4%, 4.8%, 92.9%
North Harbour, $1,190,626, 0.5%, 7.5%, 95.9%
Waitakere, $823,630, -0.6%, 6.8%, 94.2%
Auckland City, $1,228,005, -0.1%, 7.1%, 97.3%
Central, $1,073,116, 1.0%, 7.8%, 88.4%
East, $1,534,921, -0.5%, 7.1%, 92.6%
South, $1,103,498, 6.1%, -0.5%, 105.0%
Hauraki Gulf islands, $1,099,383, 3.1%, 13.3%, 72.0%
Manukau, $900,766, 0.0%, 7.0%, 96.8%
East, $1,169,679, 0.3%, 8.0%, 96.2%
Central, $684,184, 0.4%, 5.3%, 82.0%
North-west, $771,795, -0.5%, 6.6%, 108.9%
Papakura, $677,340, -1.8%, 8.1%, 88.3%
Franklin, $666,845, -0.1%, 9.0%, 68.6%

Northern border, down country & national:

Whangarei, $492,588, 4.3%, 19.6%, 24.3%
Kaipara, $520,852, 10.5%, 24.3%, 31.3%
Hamilton, $539,357, 1.2%, 9.5%, 49.2%
Tauranga, $687,364, 1.6%, 14.6%, 42.8%
Wellington region, $609,552, 2.4%, 18.0%, 33.8%
Christchurch, $496,378, -0.1%, 1.1%, 30.8%
Queenstown-Lakes, $1,071,995, 2.9%, 19.2%, 55.9%
Invercargill, $241,770, 1.9%, 9.2%, 9.6%
Total NZ, $639,051, 1.2%, 8.1%, 54.2%

Full index:  QV house price index for June 2017

Attribution: QV statistics & release.

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HLC lifts Axis housing price cap, aligns income caps with HomeStart

Housing NZ Corp subsidiary HLC (2017) Ltd – the former Hobsonville Land Co Ltd – will raise its price cap for Axis Series “affordable” homes at Hobsonville Point from $550,000 to $650,000 on Saturday, 1 July, and will adjust income caps to align with KiwiSaver HomeStart grants.

Axis Series sections are smaller to keep the cost down, but the homes contain features such as double-glazing, extra insulation, rainwater capture and a weather-tight warranty.

HLC chief executive Chris Aiken said on Friday the income cap for individual buyers of Axis Series homes would come down on Saturday from $120,000 to $85,000 to be consistent with the HomeStart grant criteria. The income cap for couples (or 2 or more purchasers) will rise from $120,000/year to $130,000/year.

Anyone already approved under the old criteria will be unaffected.

Mr Aiken said Housing NZ would also take over the application & ballot process for Axis Series homes, although buyers of these homes would still buy them directly from the builders: “As the administrator of HomeStart, it makes sense for Housing NZ to also manage applications & approvals for Axis Series homes. This move will enable us to scale up the scheme as needed, as more new housing comes on stream across Auckland.”

Mr Aiken said a driver for raising the price cap for couples was to allow for more 2- & 3-bedroom homes to be delivered as Axis Series homes: “Rising construction costs have made it harder for our builders to deliver these homes under our current cap, and we risked losing diversity in our new stock as builders reduced home size to deliver within the price cap.”

HLC introduced Axis Series homes to its Hobsonville Point development before the launch of HomeStart, and Mr Aiken said it made sense to align this pricing with both HomeStart and the Government’s Welcome Home Loan criteria as many bidders for Axis Series homes were using these other services.

When the Government announced “affordable” price ranges in 2012, 10% of the houses were to be priced up to $400,000. Another 10% were to be priced between $400-485,000, 5% up to $450,000, 5% above.

The price caps were raised by $50-60,000 in May 2015, but 10% of homes were still to be built for $485,000 or less.

With the Axis price cap set at $650,000, at least 5% of homes will still be at or below $550,000 and at least 10% will be at or below $600,000.

Mr Aiken said that, as at 31 May, 422 Axis Series homes had been sold at Hobsonville Point: “We’re delighted with the market response, and pleased that our builder partners have applied such innovation & skill to ensure a high quality product even at more accessible price points.

“We know Axis has fostered new thinking in the affordable segment of the market with many builders, having developed techniques & approaches at Hobsonville Point, able to apply these more widely across their commercial building portfolio.”

Links: Axis series
Axis series, small home test lab

Earlier stories:
26 March 2017: Hobsonville Land becomes HLC
14 June 2015: Hobsonville Pt housing programme advanced, cheaper range ratio lifted
6 May 2015: Hobsonville Pt affordable brackets raised $50-65,000
19 March 2014: Hobsonville test lab points way to more housing innovation
19 November 2012: $485,000 top price for 20% of Hobsonville Pt housing
30 September 2009: Regional council approves urban limit shift days before first sod turned on Hobsonville development
8 June 2008: Comprehensive development plan for Hobsonville lodged
23 May 2008: Budget promotes Hobsonville project & separate affordability schemes

Attribution: Company release.

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Arvida retirement village part of planned Nelson housing explosion

The Tasman District Council approved 8 special housing areas on Thursday, including a 40ha subdivision in Richmond where Arvida Group Ltd intends to build an 8ha retirement village.

On the Arvida site: Development general manager Jonathan Ash & chief executive Bill McDonald.

The 8 special housing areas containing at least 1281 sections are the first the Tasman council has approved under the 2013 housing accord legislation.

Arvida chief executive Bill McDonald said the NZX-listed company expected to start building in 2018, and the $130 million development would be built on Arvida’s commitment to “broader community engagement, helping retirees to live a full & satisfying life post-retirement.

“We know that what was acceptable for retirement living in the past is not what people are looking for today & into the future. Kiwis are looking for retirement living to be an extension of their lifestyle, not a restriction.

“Our culture is all about improving the lives & wellbeing of every resident who lives in an Arvida retirement village. Life shouldn’t stop when you retire – it should get even better. This philosophy is the future of retirement living.”

Mr McDonald said the village, Arvida’s third in Nelson, followed high demand for retirement living options in the region: “Nelson Bays has a higher percentage of its population in the over-65 age bracket than the national average, so demand is high for retirement living options.

“The proposed new village is closer to the Richmond shopping area than most of the other villages, ensuring residents of the village are integrated & connected to the Richmond community. It will offer 150 villas, apartments & care suites. It will have outwardly facing community facilities, as well as a community-oriented village centre & homestead.

“This will be a retirement village unlike any other in the region. We are basing it on the quality of our architecturally acclaimed village in Cambridge with high quality design, community facilities & homes.”

The retirement village will form part of a wider development of up to 700 house & land packages, The Meadows, to be developed by locals Andrew Spittal, Simon Collett, Gary Donaldson & Graham Vercoe through Home Living Solutions Ltd.

Mr Spittal, who’s project manager, said: “We are delighted to have Arvida as a key partner in the development. We have a very similar vision of wanting to create a place where there is a real sense of community, one that embraces intergenerational living and is designed & built for the future.”

Tasman special housing areas to deliver 1281 homes

Attribution: Company & council releases.

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Institute says Auckland house prices still up, sales down

The Real Estate Institute said in its monthly statistics out last week that its house price index for Auckland was up 1.8% on a year ago but down 1% in the last 3 months.

[The institute released its figures on Wednesday.]

The median price for the region was up 5% ($41,000) over the year to $865,000 and up 13% on the isthmus, 12% in Manukau, 8% in Rodney (on old council boundaries).

Sales were down 27.5% compared to a year ago, but in Papakura that was 9%, and in Franklin and on the North Shore it was 15%.

The institute said the average number of days to sell in Auckland had eased in May – it’s extended from 35 days in April and 32 days a year ago to 40 days, compared to a May 10-year average of 36 days. Inventory was up from 13 weeks to 22 weeks from a year ago.

Nationally, the median house price rose 6.7% ($34,000) from a year ago to $540,100 and the median hit record highs in 4 regions – Northland $450,000, Manawatu/Wanganui $269,000, Nelson/Marlborough $483,250 & Southland $238,000.

Sales nationally fell 18.4%.

The number of properties for sale in Auckland increased by 2814 (47%) on a year ago, but outside Auckland the number fell by 2683 (14%).

Attribution: Institute release.

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Housing taskforce report conclusion: Not fit for purpose

Nice to go into booklet publishing, but where do these hefty documents get Auckland Council?

Mayor Phil Goff presented the 47-page work of his taskforce on housing on Monday, just 18 months after former council chief economist Chris Parker wrote his 86-page tome that put Auckland’s housing issues into an economic context and proposed policy interventions.

One feature of the taskforce report is an intention to investigate capturing value uplift. Mr Parker wrote in his December 2015 report: “Upzoning itself is not value-adding; rather, it is the cessation of value restriction.” He believed the council should, instead, focus on using targeted rates to capture the benefits of improvements to fund infrastructure.

Along with development contributions (based on cost of infrastructure), targeted rates are a consideration in the taskforce report – except that the reference is generally to “targeted ‘value capture’ rates”, which is a combination of 2 different concepts. The council sets some targeted rates now for an area seen to be benefiting from specific work.

Value capture is a tax on the windfall from rezoning or development – such as rezoning large swathes of suburban Auckland to enable more intensive residential development, and the new unitary plan has done that, or construction of a railway station, around which other parties will see the potential to make gains from consequent development, and that was happening down on Albert St, below the mayor’s window as he presented the taskforce report on Monday.

I asked Mr Goff why the council would investigate a concept it had steadfastly refused to implement in its first 6 years of existence (before his term began), and he gave a long response but didn’t answer the question.

A baffling failure

This failure to not just investigate how to extract a return from others’ windfall gains from the council’s work but to get on with extracting it baffles me, because in Auckland Council & Auckland Transport’s cost:benefit analysis of the city rail link, it was the value of development around these new stations that would make the whole project viable.

The Ministry of Transport, on the other hand, ignored these obviously beneficial consequences of the $3 billion-or-so rail project, and thereby produced a much more marginal benefit analysis.

Equally, there has been scope to extract a share of the windfall from changing suburban zones to enable intensification. Go to any auction since the unitary plan’s approval (and most of it is now approved), and you will see what “the market” thinks of the upzoning: a windfall to be shared between vendor & investor, where the investor looks at perhaps building 4 units on a section where a solitary house now stands.

The fact that this change is already well underway – you will see change occurring in every suburb if the Reserve Bank & the out-of-step Australian banks don’t block investors from transforming properties – was missing from the taskforce report, as far as I could see.

Industry players – private & public sector – were focused on stated overall shortfalls of housing, how to fill in a big picture of required infrastructure if a lot of new development is on greenfields, how to encourage big builders and advantage them, and how to speed up (which doesn’t necessarily mean improve) the bureaucratic processes.

Congestion charging

I’ll address one other point in the taskforce report in today’s story: transport infrastructure funding & congestion pricing.

Traffic congestion has been building steadily since New Zealanders started importing second-hand cars from Japan in the early 1980s, so we’ve had nearly 4 decades to work out how to deal with an obvious problem.

Most people who work go to one place for the day to do it and don’t need their own car. They (I) use it for convenience, but incur large costs in doing so: fuel, car wear, parking. In property transaction items, I keep citing parking provision in North Shore business areas as an example of a disparity which encourages single-occupant private car use – a cost of perhaps $10-20/week to park in an area like Rosedale, against $80-100/week to park for the day in a city centre parking building. Many of those parking building charges will be met by an employer, again encouraging private car use – and congestion.

The wrong answer

The taskforce report stumbled on the problem and went to the wrong answer: “Transport infrastructure is the primary challenge. According to the Auckland transport alignment project, Auckland needs to spend $23.7 billion on transport over the next decade, against an expected $19.8 billion from existing funding sources. This amounts to a deficit of $400 million/year.

“Transport funding is constrained in significant part because it is difficult to recoup the full cost of new infrastructure from users.

“Development contributions recover some transport infrastructure costs, but it is difficult to determine which parts of the network new residents will actually use.

“Similarly, toll roads rarely make enough money to cover their full costs as users often have the option to take untolled alternative routes.

“Congestion pricing has been identified by the Auckland transport alignment project as a potential opportunity to overcome this issue, as it will better manage peak transport demands and provide an automatic funding source for upgrading busy routes.”

From this answer, you can see the thinking goes like this: We need more roads, more lanes, tolls priced to peaks & troughs will force commuters to vary their work hours but that’s their problem…

Options to progress

Instead? Encourage more business operations outside the city centre, provide more varied communal transport (it needn’t be ‘public’ as in the provider) and particularly at start points, carry on improving the rail network, provide more amenities in those transport options, price travel to shift people out of cars (even at a loss on the fare, that kind of change would save millions of dollars in congestion, road construction, car ownership & maintenance in a short time).

Those are all options the taskforce might have considered.

In sum:

  • You will see from individuals picking up opportunities to build in suburbia that more housing will be built by a multitude of builders and the housing deficit will shrink
  • As the windfall from section sales reduces through competition, residential development costs can be shrunk (as the whole cost is based on the initial land value) but construction will continue because there is still scope for profit from the reduced input
  • You will see, if the right encouragement is given, more business conducted in suburbia, more communal transport, less congestion, an economy spread more widely
  • And when windfall taxes are judiciously applied, development will still occur at hotspots while at least some of the new infrastructure is paid for by new levies.

The $400 million/year shortfall should be regarded as a myth and the focus should go on alternative solutions (but not on the alternative solutions under the Building Code, mentioned in the taskforce report and a topic that needs discussing at a later date).

12 June 2017: Mayoral housing taskforce report
30 September 2015, Council chief economist Chris Parker, Housing supply, choice & affordability:
Chief economist’s paper
Chief economist delves into Auckland housing
Action on price-to-income ratio the key issue for housing affordability, says chief economist
In depth: What’s fuelling Auckland’s house prices?

Earlier story:
2 October 2015: Council economist lists potential housing price solutions

Attribution: Taskforce report & presentation, Parker report & interview.

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Report out today from mayor’s housing taskforce

Auckland mayor Phil Goff releases the report today of the housing taskforce he appointed in February.

In a release, he said it would make a raft of recommendations to address Auckland’s housing market.

The taskforce brought together people from the public & private sectors with a diverse range of expertise “to identify barriers & constraints to building more homes in Auckland at a pace & scale which meets the demand created by population growth, and to identify options and make recommendations to overcome those barriers & constraints”.

20 February 2017: Mayoral housing taskforce meets to tackle housing supply

Attribution: Mayoral release.

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