NZ Urban Development news from the media | 14 February 2023 | First stage of Ngāi Tahu's new Queenstown housing development complete

First stage of Ngāi Tahu's new Queenstown housing development complete

The first apartment block in Ngāi Tahu Property’s 350-home Queenstown development Te Pā Tāhuna is complete.

The name “Takiwai” was bestowed on the building at a dawn ceremony on Thursday morning.

Ngāi Tahu Property general manager Blair Forgie said the development would help increase the housing supply in Tāhuna Queenstown.

https://www.stuff.co.nz/life-style/homed/housing-affordability/131167035/first-stage-of-ngi-tahus-new-queenstown-housing-development-complete

First home buyers make up record quarter of market - CoreLogic

Purchases by first time home buyers have jumped to a record high, as financing and other costs prove to be too much for many investors needing to get a loan.

CoreLogic NZ chief property economist Kelvin Davidson said it would be tough for residential property to stack up as a good investment for mortgaged investors, considering the minimum 40 percent deposit investors needed to get bank mortgage on anything but a new build.

Landlords were also challenged by low gross rental yields, amid high interest rates and additional costs of compliance and regulations, such as the removal of the interest rate deductibility against rental income, Davidson said.

https://www.rnz.co.nz/news/business/483993/first-home-buyers-make-up-record-quarter-of-market-corelogic

Auckland Council monthly housing update, February 2023

February highlights:

• 1302 dwellings were consented in December 2022.
• In the year ending December 2022, 21,301 dwellings were consented in the region.
• 22 per cent of new dwellings consented in December 2022 were houses, 22 per cent were apartments and 54 per cent were townhouses, flats, units, retirement village units, or other types of attached dwellings.
• 88 dwellings were consented on Kāinga Ora or Tāmaki Regeneration Company owned land in December 2022.
• 1225 dwellings consented in December 2022 were inside the RUB. Over the past 12 months, 94 per cent of new dwellings consented were inside the RUB.
• 30 per cent of dwellings consented were inside the 1500m walking catchments of the rapid transit network in December 2022.
• 214 dwellings were within hazard zones in December, accounting for 16 per cent of total dwellings consented. Over the past 12 months, 10 per cent of new dwellings were consented within a hazard zone.
• 1226 dwellings were ‘completed’ by having a Code Compliance Certificate (CCC) issued in December 2022.
• In the year ending December 2022, 13,865 dwellings had a CCC issued.

https://www.knowledgeauckland.org.nz/publications/auckland-monthly-housing-update-february-2023/