Tag Archives | housing

Residential building slump forecast for Australia over next 3 years

The Housing Industry Association of Australia is forecasting a slump in housebuilding over the next 3 years.

In its forecast, out today, the association said there were 228,000 housing starts last year but the figure should fall to 201,000 this year and to a range between 174-180,000 over the next 3 years.

The decline would be nationwide this years and continue on the eastern seaboard in 2018, when the forecast falls are 21.7% in New South Wales, 18.2% in Victoria & 8.6% in Queensland. A further 5.7% fall is forecast for New South Wales in 2019, with real recovery nationally only starting in 2020.

The association calculated that building starts peaked at 231,000/year in the March 2016 quarter, then began easing. However, the detached housing sector had remained resilient, with 29,600 starts in the September quarter for a total 116,000 over 12 months.

The decline has been in multi-unit developments in Victoria & Queensland. That sector’s cyclical bottom is forecast for the 12 months to September 2019, with 68,400 starts.

The association will release its national & state outlook reports next Wednesday, 8 March.

Attribution: HIA release.

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Auckland still near top of Demographia’s international unaffordability table

Auckland comes in at 6th least affordable city internationally in Demographia’s 13th international survey of housing affordability in 9 countries, out today.

New Zealand markets with median multiple (last year in brackets), median price, median household income and their rankings – international affordability, major market ranking (Auckland only) and NZ ranking:

Auckland: 10.0 (9.7), $830,800, $83,000, rankings 401, 89, 8
Christchurch: 5.9 (6.1), $435,300, $73,900, 350, 5
Dunedin: 5.4 (5.2), $322,000, $59,700, 323, 2
Hamilton-Waikato: 6.2 (5.1), $444,900, $72,100, 356, 6
Napier-Hastings: 5.7 (5.0), $340,500, $59,300, 342, 3
Palmerston North-Manawatu: 4.7 (4.1), $255,800, $54,900, 275, 1
Tauranga-Western Bay of Plenty: 9.7 (8.1), $591,900, $61,200, 398, 7
Wellington: 5.8 (5.2), $463,700, $79,600, 348, 4
Median market: 5.9 (5.2)

The survey, by Wendell Cox of Demographia in the US and Hugh Pavletich of Performance Urban Planning in Christchurch, is based on data at September.

Auckland’s median multiple (median house price divided by median household income) of 10.0 put it behind Hong Kong on 18.2, Sydney 12.2, Vancouver 11.8, Santa Cruz, California 11.6, and Santa Barbara, California, 11.3. Melbourne was 10th on 9.5.

The authors said Auckland’s housing affordability had deteriorated from a median multiple of 5.9 in the first survey in 2004. Auckland was the 4th least affordable among the 92 major housing markets, following only Hong Kong, Sydney & Vancouver, and has been severely unaffordable in all 13 Demographia surveys.

Australia

Demographia has rated all of Australia’s 5 major housing markets as severely unaffordable in every one of its surveys, and did so again: “Overall, Australia’s 54 housing markets have a severely unaffordable median multiple of 5.5. 4 housing markets are affordable, 3 are moderately unaffordable, 14 are seriously unaffordable and 33 are severely unaffordable.”

International

Last year’s survey covered 367 metropolitan markets in 9 countries (Australia, Canada, China – Hong Kong, Ireland, Japan, New Zealand, Singapore, the UK & the US), and introduced the qualification of “middle-income housing affordability”. This year’s survey covers 406 metropolitan housing markets in the same countries, including 92 major markets of 1 million-plus population & 5 megacities.

The authors explained the qualification: “Middle-income housing affordability is different from low-income affordable housing, which often relies on public subsidies. Even so, low-income housing costs and the demand for social housing are generally driven up by the failure to maintain middle-income housing affordability.”

Demographia rates a median multiple of 3.0 & under as affordable, 3.1-4 moderately unaffordable, 4.1-5 seriously unaffordable, 5.1 up severely unaffordable. This median multiple is derived from median house price divided by median household income.

The Demographia survey doesn’t adjust the median multiples to reflect differences in house types, housing characteristics & lot size. For example, the average size of housing, particularly new housing, is abnormally small by New World standards in the UK & Hong Kong.

The authors wrote that, “in many housing markets, house prices have skyrocketed compared to household incomes. The most severe house price increases have been limited to housing markets where urban containment policy (or its equivalent) have been implemented.

“Generally, urban containment policy draws a development limit around the urban area and seriously limits or even prohibits greenfield development of housing tracts on the urban fringe. Consistent with the basics of economics, this is associated with higher land prices and, in consequence higher house prices….

“In effect, governments implementing urban containment policy choose pursuit of a particular urban form at the expense of a better standard of living and less poverty.”

People over places

The authors commented on what constitutes “best cities” & “most liveable cities”, international comparisons frequently made, with Auckland often one of the prime contenders.

The authors said these surveys were aimed at the high end of the market and virtually never evaluated housing affordability. “Yet, the media often mischaracterises the findings as relevant to the majority of households. In fact, a city cannot be liveable, nor can it be a best city, to households that cannot afford to live there. Households need adequate housing.”

They compared Dallas-Fort Worth, where housing affordability was far better than in Toronto, which was rated as the “best city” by the Economist: “In addition to better housing affordability, traffic congestion was better and incomes were higher. This is despite the fact that Toronto employs the most favoured urban strategies, which Dallas-Fort Worth does not.

“Another comparison shows that Kansas City has better middle-income outcomes than all of the Economist’s top 10 (for which data was available) in housing affordability & traffic congestion, and higher incomes than all but 3.”

While “excessive housing regulation has been identified as having significantly reduced economic growth in the US and inequality internationally,” the Demographia authors commented: “It has complicated the inflation-controlling role of central reserve banks.”

To keep housing affordable “requires avoiding urban planning policies associated with artificially raising house prices, specifically urban containment. Failing that, housing affordability is likely to worsen further.”

Links:
2017 survey
Demographia (Wendell Cox)
Performance Urban Planning (Hugh Pavletich)

Earlier stories:
22 January 2016: Updated: The urban boundary case, and hard versus soft edge
13 January 2016: Auckland home values rise 22.5% in year, but only 0.2% in December
11 January 2016: Urban boundary & zones under the spotlight
8 November 2015: Twyford talks ideas which unitary plan & council funding review likely to resolve
2 October 2015: Council economist lists potential housing price solutions
30 September 2015: English sets out his housing rationale
11 May 2015: Australian affordability report a 40-recommendation failure
6 May 2015: Hobsonville Pt affordable brackets raised $50-65,000
23 January 2015: Building cost research a onesided analysis
19 January 2015: Auckland worsens on Demographia’s affordability rating

Attribution: Demographia survey.

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Australian response to high housing costs

News.com.au ran a story on Friday about a Sydney building firm which has introduced a range of low-cost options for first-homebuyers designed to cut the cost of a house by over $A100,000.

Thrive Homes, a division of Rawson Group, says its houses cost $A185,000 to build, compared to $A260-300,000 for a typical standard build.

One difference is that Thrive mastered the CDC (complying development certificate) process, issued by private certifiers instead of councils, and assessed against state government rather than local council codes.

The alternative, using councils’ development application process, allows for customisation & reworking, takes about 8 weeks and ends up costing more in time & changes.

Thrive general manager Patrick Eather said Thrive offered predesigned houses, with a range of internal options that were already calculated & costed, that were generally under 220m² and designed to fit on small sections.

Ho also remarked that New South Wales should join the West & South Australian state governments in supporting low-deposit loans for first-homebuyers.

Links: Thrive Homes

News, Sydney, 13 January 2017: Low-cost builder targets first home buyers

Attribution: News Ltd.

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Fletcher Residential completes Oruarangi purchase

Fletcher Residential Ltd has completed the purchase of 33.8ha for its residential development in Oruarangi Rd, Mangere.

Image above: Map of the development showing the buffer zones & other protected areas.

General manager Ken Lotu-I’iga said yesterday the purchase last week followed Auckland Council consent approvals granted in May.

He said Fletcher Residential, a subsidiary of Fletcher Building Ltd, was pleased with the continued progress: “It is well known that Auckland needs more houses, and we believe this will be a wonderful new neighbourhood, sensitive to the surrounding area. It will also include affordable housing which so many Aucklanders so desperately need.”

The deal has been hotly contested by local residents, particularly members of SOUL (Save Our Unique Landscape), who argued that the rezoning at 545-561 Oruarangi Rd from future urban to a combination of mixed housing suburban, public open space:conservation, and green infrastructure corridor would provide housing at a far lower density than most others in the same tranche of special housing areas approved in 2014.

Fletcher Residential intends to build up to 480 homes in a mix of standalones & terrace housing, and including about 48 affordable homes.

In a list of 18 other development proposals under the housing accord, SOUL found only 4 with densities below 40 dwellings/ha, 8 with densities over 200 dwellings/ha: “The only special housing area approved by Auckland Council & the NZ Government as a low density development is special housing area 62, Oruarangi Rd, Mangere: 480 dwellings on 32ha, density 15 = low.”

The Wallace family farmed this land for over 150 years and it was zoned for future residential development in 2011. Mr Lotu-I’iga said a small part of the residential development land bordered the Stonefields Reserve, and the stonefields were an important part of the history of Aotearoa: “We applaud the Auckland Council for acquiring the stonefields and making them a reserve for all to enjoy. In keeping with this history of protection, we have set aside more than 25% of the development land to provide a buffer zone for the reserve.

“Comprehensive preparations & planning have already been undertaken to protect the culturally significant geological features of the area, including the adjacent Stonefields Reserve. Fletcher Residential has commissioned reports from archaeologists, Heritage NZ, lizard experts, engineers & others, and incorporated these recommendations into the development plans.

“The company has been working with Maori leaders who have the mandate to represent their iwi. We have walked the site with mandated representatives and used ground-penetrating radar to confirm the exact location of caves & midden. We are not building on any of these areas. We are also protecting the old farmhouse & some significant trees. We have comprehensive protocols in place for the discovery & protection of anything of significance found on site, including having an archaeologist on site.

“We believe Auckland can have both history & houses. We are committed to creating a new neighbourhood that reflects these values. While we understand there is some local opposition from people who don’t want any development at all, we believe that the redevelopment of this site has been carefully considered and provides a good outcome for Aucklanders. We will continue to discuss our plans with mandated stakeholders.”

Earlier stories:
25 May 2016: Fletcher wins approval for subdivision next to Mangere stonefields
29 January 2016: Opponents say Ihumatao alone as low-density special housing area proposal

Attribution: Company release.

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Bill to enable housing on Pt England Reserve passes first reading

The bill to enable housing development on part of the Pt England Reserve beside the Tamaki Estuary passed its first reading last week and has been referred to the Local Government & Environment Select Committee for consideration.

Public submissions close on Tuesday 31 January and the committee is expected to report back to Parliament in April.

The Government unveiled a 300-home development by the Tamaki Redevelopment Co Ltd & Ngati Paoa on 11.7ha of the 45.4ha reserve on 6 December, and was met by a chorus of the mayor, local councillor & local board calling for the proceeds to be invested in new open spaces.

Dr Nick Smith – Building & Housing Minister when he announced the proposal, now Building & Construction Minister after yesterday’s Cabinet reshuffle – said 2ha would be used for a marae, and said 18ha had been used for grazing cows. Mayor Phil Goff said the reserve was vested in Auckland Council, with an underlying Crown title. The council also administer an adjacent 2.9ha council-owned beach reserve/

The development land adjoins housing owned by the Tamaki Redevelopment Co that is due for redevelopment as part of the regeneration of the Tamaki area.

Dr Smith said after the bill passed its first reading: “This plan is about replacing the cows with homes and enhancing the balance of the reserve with improved recreational & cultural facilities. This initiative will give more families a warm, dry, affordable home, improve amenities in the area and help to resolve Ngati Paoa’s treaty settlement.

“Ngati Paoa will have the right to develop this land for housing and will pay fair market value. A further 2ha is being provided for the development of a marae as part of the cultural redress of the treaty settlement.”

He said the aim was to achieve a minimum of 20% social houses & 20% affordable houses, but the details still had to be negotiated with Ngati Paoa.

Link:
Point England Development Enabling Bill

Earlier story:
7 December 2016: Ngati Paoa to build 300 homes on Pt England Reserve, talks continue on reserve upgrade

Attribution: Parliament, bill, ministerial & council releases.

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Ngati Paoa to build 300 homes on Pt England Reserve, talks continue on reserve upgrade

The Government unveiled a 300-home development by the Tamaki Redevelopment Co Ltd & Ngati Paoa on 12ha of the Pt England Reserve yesterday, and the mayor, local councillor & local board promptly called for the proceeds to be invested in new open spaces.

Agreeing the size of the reserve on the shore of the Tamaki estuary would be a helpful start, while the Government should win the huffing & puffing battle. Building & Housing Minister Nick Smith talked about 48ha, 11.7ha going into housing, 2ha for a marae, and said 18ha was used for grazing cows. Mayor Phil Goff said almost 46ha was vested in Auckland Council, with an underlying Crown title.

The minister said proceeds would go to better recreational facilities and improving the reserve’s amenities. The argument is therefore over the quantity of amenities.

Pt England Reserve is the largest tract of public open space on the Tamaki River foreshore and provides both sportsfields & rural open space. Dr Smith said the Government intended to introduce legislation to lift the reserve status over 11.7ha and sell it to Ngati Paoa for the housing development.

Dr Smith said: “The greatest constraint to resolving Auckland’s housing challenges is finding suitable land, particularly in close proximity to the central city. The Pt England Reserve has been poorly used for decades, with 18ha of it used for grazing cows.

“This plan is about replacing the cows with homes and enhancing the balance of the reserve with improved recreational & cultural facilities. This initiative will give more families a warm, dry, affordable home, improve amenities in the area and help to resolve Ngati Paoa’s treaty settlement.

“The Pt England Development Enabling Bill that facilitates the use of the 11.7ha of the 48ha reserve for housing will be introduced to Parliament tomorrow [today]. Ngati Paoa will have the right to develop this land for housing and will pay fair market value. A further 2ha is being provided for the development of a marae as part of the cultural redress of the treaty settlement.

“The Government is committed to 100% of the proceeds of the land for housing development being reinvested in the Tamaki community. We are in discussions with the Auckland Council on the redevelopment of the reserve and a significant portion of the funds will be required for enhanced recreational facilities & improvements in the reserve’s amenities. Any balance will be reinvested in the adjacent Tamaki redevelopment.

“This Pt England development is complementary to the adjacent Tamaki regeneration project. The redevelopment of existing housing has the additional challenge of providing replacement homes in the interim, and in this way the Pt England development will help accelerate Tamaki.

“The project is very similar to that at Riccarton racecourse, where part of an under-utilised reserve is being used for housing and being enabled through special legislation. Our expectations are to achieve a minimum of 20% social houses & 20% affordable houses, but the details of the housing development are yet to be negotiated with Ngati Paoa.

“This is the ninth Crown land housing site to be announced and the sixth in Auckland. The programme is about the Government using its landholdings to help increase housing supply, and nationally we now have 1500 additional homes in the pipeline.”

Mr Goff, the Maungakiekie-Tamaki Local Board & Cllr Denise Lee called on the Government to reinvest the full proceeds of its sale in new & improved public open spaces for the local community.

Mr Goff said: “The Point England land was set aside decades ago for Aucklanders to enjoy for sport & recreation. Our strong & shared view is that all money from the sale of this land should go back into enhancing public open spaces in the area.

“Given the local population is expected to surge in the Tamaki area by 20,000 in the next 2 decades, and housing will need to intensify, it’s vital that residents still have access to outdoor spaces they can enjoy with their families.”

Mr Goff said the council & government had discussed what would be done with the proceeds of the sale, but an agreement was yet to be reached.

The council and the Tamaki Redevelopment Co are working on an open space network plan which involves redeveloping existing parks, including Pt England Reserve.

Attribution: Ministerial & mayoral releases.

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Auckland housing market slows and Queenstown’s jumps

Quotable Value Ltd said yesterday the rise in Auckland’s house values in the 12 months to November, 12.8%, was the slowest rate since January 2015.

Nationally, the 12.4% index rise was the slowest since May.

QV's index for Queenstown to November 2016.

QV’s index for Queenstown to November 2016.

But it’s not all slower. In Queenstown, the QV index has risen 32.2% in the last year, taking the average price there over $1 million.

QV national spokesperson Andrea Rush said nationwide quarterly growth eased back to 2% as the latest round of loan:value ratio restrictions made the spring market weaker than usual.

She said that, while growth was slowing in Auckland, Wellington, Hamilton & Christchurch, values continued to rise elsewhere.

The Auckland rise of 12.8% over 12 months was cut to 12.6% net of inflation, and the 92.4% rise since the 2007 peak was cut to 63.1%. The rise in the last 3 months was 3.7%.

Nationally, the rise of 12.4% over 12 months was cut to 12.1% net of inflation, and the 50.8% rise since the 2007 peak was cut to 27.8%. The rise in the last 3 months was 2%.

The average value in Auckland reached $1,051,387 (up $6180 from October), in Queenstown $1,000,205, and nationally it was $624,675.

QV Auckland general manager Jan O’Donoghue said: “It’s a tale of 2 different markets in Auckland currently. We are continuing to see strong demand in the $1.5 million–plus bracket and the new-build market, which is resulting in high sales prices being achieved for these properties.

“But at the same time there’s been a significant reduction in demand for entry-level investor housing stock, particularly in Manukau, over the past month, and sales prices for this type of property have reportedly dropped back by as much as 20-30% on what was being achieved earlier in the year.

“There has been a late surge of new listings coming on to the market from buyers wanting to sell prior to Christmas, and this increased the sense that it’s currently more of a buyers’ market than it has been since the beginning of the year in some areas.”

QV’s index figures around Auckland on the old council boundaries, plus Kaipara, Queenstown, the Auckland & Wellington regions & nationally – the latest average value & index shifts in the last 3 months, last 12 months & since the 2007 peak:

Kaipara, $435,635, 2.0%, 21.8%, 9.8%
Rodney, $923,594, 6.2%, 15.2%, 57.5%
North, $949,942, 7.7%, 16.6%, 58.2%
Hibiscus Coast, $895,003, 4.2%, 13.3%, 52.4%
North Shore, $1,224,477, 3.5%, 12.5%, 89.8%
Coastal, $1,400,984, 4.1%, 12.6%, 85.9%
Onewa, $984,557, 2.7%, 12.2%, 98.5%
North Harbour, $1,188,075, 3.0%, 13.3%, 95.5%
Waitakere, $845,864, 4.8%, 13.1%, 99.5%
Auckland City, $1,222,371, 3.6%, 11.6%, 96.4%
Central, $1,055,002, 4.2%, 10.9%, 85.2%
East, $1,520,825, 3.7%, 11.2%, 90.8%
South, $1,115,066, 2.7%, 12.1%, 107.1%
Islands, $1,029,854, 0.8%, 14.3%, 61.1%
Manukau, $906,004, 2.8%, 13.7%, 97.9%
East, $1,168,113, 3.1%, 14.6%, 96.0%
Central, $696,784, 2.6%, 11.9%, 85.4%
North-west, $772,913, 2.0%, 14.2%, 109.2%
Papakura, $680,134, 3.4%, 14.2%, 89.1%
Franklin, $647,904, 4.3%, 12.6%, 63.8%
Auckland region, $1,051,387, 3.7%, 12.8%, 92.4%
Wellington region, $565,631, 5.5%, 20.6%, 24.1%
Queenstown Lakes, $1,000,205, 7.5%, 32.2%, 45.4%
Total NZ, $624,675, 2.0%, 12.4%, 50.8%

Link:
QV House Price Index (HPI) for November 2016

Attribution: QV release.

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Unitary plan helps lift Northcote housing target to 1200

When Northcote was listed as a special housing strategic area 2 years ago, it was to be the site for 700 new homes. When government ministers visited Northcote on Friday, they said the target had risen to 1200 in a $750 million project.

Central Northcote, an area dominated by state housing, was named in May 2014 in the third tranche of special housing areas under the accord between the Government & Auckland Council.

Housing NZ subsidiary the Hobsonville Land Co Ltd began the $30 million stage 1 of construction last week, replacing 20 old Housing NZ homes with 59 new social housing homes.

The 200-home second stage of the 5-year project will begin next year, when 38 Housing NZ homes make way for 60 new social housing units & about 140 new homes for market supply, with an emphasis on affordability.

The first homes will be completed in June 2017 and the entire redevelopment is expected to be completed by 2021.

All up, the Government will redevelop 300 existing Housing NZ properties into about 1200 new homes.

Bill English, Minister Responsible for Housing NZ, said the redevelopment would provide a better mix of size & type. The number of Housing NZ homes will increase from 300 to 400 and 600-800 properties will be sold as a mix of affordable & market housing. It will also be integrated with work to revitalise the Northcote town centre, which is starting with a framework plan developed by council entity Panuku Development Auckland.

Building & Housing Minister Nick Smith said the Northcote redevelopment illustrated the importance of Auckland’s new unitary plan, which will allow for a significant increase in the number of houses that can be built on Government-owned land: “The old plans only enabled Housing NZ to increase its housing stock from about 28,000 to 31,000. The new plan enables about 60,000 homes on the equivalent land area Auckland-wide. Today’s announcement is the first of a number of largescale Housing NZ projects which will now be possible under the new rules.”

20 1950s & 1960s houses will be removed or demolished in stage 1 at Northcote, and some removed houses will go to Spring Hill prison to be refurbished as part of building training programmes. New social housing will be a mix of houses, from 1-4 bedrooms.

Hobsonville Land will introduce its Axis series of more affordable construction in stage 2, and the range of housing types will also be more mixed, from terraces & apartments to standalone houses.

Future stages will contain 287 more social homes and a further 450-650 new homes for the market.

Links: Northcote strategic area map
Axis series

Earlier stories:
16 May 2016: Council & Government join forces to redevelop Northcote land
9 May 2014: Third tranche of special housing areas unveiled
8 May 2014: Accord tranche 3 adds 41 special housing areas

Attribution: Government & Hobsonville Land releases.

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Government approves health board’s 13.1ha for housing

The Government has approved an application by the Counties Manukau District Health Board to release 13.1ha of vacant land at the Manukau SuperClinic in Wiri for housing (marked in orange).

The 13.1ha the board declared surplus comprises 0.8ha in the north-east corner, on Great South Rd, and 12.3ha in the north-west corner, fronting Kerrs Rd, and providing 9.7ha of net buildable area. The whole site covers 48.6ha.

Health Minister Jonathan Coleman and Building & Housing Minister Nick Smith announced the Government’s approval yesterday.

Mr Coleman said: “It makes sense for district health boardss to sell land they don’t need for future use as it allows them to reinvest the proceeds into new or upgraded health facilities.

“The application comes as a result of the board developing its long-term investment plan, which looked at future population growth & forecast health service demand & subsequent need for land & capital investment.

The 2 areas to be disposed of, marked in orange.

The 2 areas to be disposed of, marked in orange.

“The plan confirmed that there is sufficient remaining land on the Manukau SuperClinic site to meet future health requirements with a focus on ambulatory, elective, rehabilitation & community health & wellbeing services. The vacant land would also not be suitable for a second acute hospital if the district needed it going forward.”

Dr Smith said the next step would be to finalise a fair market price for his ministry to secure the land from the board and adding it to the Government’s Crown land housing programme: “We will be exploring with Auckland iwi the opportunity to partner with them on the proposal to develop the area for housing.

“This new site adds to the other sites we have secured to date under the Crown land programme, which is just part of a wide range of reforms & initiatives to address Auckland’s housing challenges. We have increased the new house build rate in Auckland from 10/day to 40/day. This initiative will help maintain this momentum.”

District health board chair Lee Mathias said the ministers’ approval of the sale would enable a number of projects for the retained land: “This includes the potential to expand the surgical centre and provide radiology, rehabilitation & other community health services. Proceeds from the sale will be able to be used for the purchase, improvement or extension of public health service facilities.

“Disposal of this land will also enable housing development to occur in an area facing significant population growth & housing need. We see a strong link between good housing & healthy living, which is a central part of our healthy together strategy, and we want to do what we can to help the Manukau community.”

Link: Health board land disposal pages

Attribution: Ministerial & health board releases.

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Deed advances Riccarton racecourse housing prospect

A deed lifting reserve status on 40ha at the Riccarton racecourse in Christchurch was signed yesterday, allowing a $300 million 600-home development to proceed.

The deed between the Crown, Te Runanga o Ngai Tahu and the Riccarton Racecourse board of trustees follows legislation passed in June revoking the reserve status.

Building & Housing Minister Nick Smith said this development, added to 3 set up at Awatea and Colombo & Welles Sts under the housing accord between the Christchurch City Council & the Government, aimed to increase longer-term supply & affordability.

Dr Smith said the 4 developments were the final phase of the Government’s housing response to the Christchurch earthquakes.

In the sixth report on the Christchurch housing accord, Dr Smith said rents had declined by 7% in the last year compared to the national decrease of 3%, and house prices had increased 2.6% compared to the national increase of 14.2%.

Earlier story:
20 June 2016: Law change passed to allow Riccarton racecourse housing

Attribution: Ministerial release.

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