Building homes for long-term rental went out of favour decades ago, aside from stop-start Housing NZ programmes. Now it’s back in New Zealand, but in its infancy, while overseas it’s become a recognised asset class for portfolio trading.
Paerata Rise, the 300ha urban development on Wesley College’s farmland between Karaka & Pukekohe, opened its doors to the public on Saturday.
20 residential sections in 5 development blocks in Mt Albert have been put on the market with resource consents in place, 4½ years after Housing NZ was granted special housing area status for a total 8094m².
Half a kilometre west of the Westgate & NorthWest retail & business centres at the top of Auckland’s North-western Motorway, Universal Homes Ltd has started work on the first block of 7 units in its next subdivision, West Hills, which will ultimately yield about 1200 homes.
The Government opened the prequalification process yesterday for first-homebuyers & second-chancers wanting to buy a KiwiBuild home.
An odd news release on Friday from the Real Estate Institute exhorts buyers looking to gain an entry point into some of Auckland’s top suburbs to consider apartments “rather than a residential property”.