NZ Urban Development news from the media | 2 May 2023 | Changes announced for home ownership products


Hi *|FNAME|*, Please find below Urban Development News from the media from the week of 2 May 2023.

Provided by Rockhopper Development Management & Property Advisory, a member of:                             

Changes announced for home ownership products

The Government has today announced changes to some of the home ownership products and programmes administered by Kāinga Ora – Homes and Communities.
First Home Grant house price caps will be updated in several areas throughout the country to align with current market values. The minimum First Home Grant house price cap for new builds will also be lifted from $500,000 to $650,000, to reflect the rising cost of construction.

Overall, First Home Grant house price caps for new build homes will increase in 37 areas.

House price caps set the maximum price for new or existing homes that can be purchased with a First Home Grant in each region.

Other updates include:

  • The First Home Loan insurance premium for borrowers will halve, from 1% of the value of the loan to 0.5%, reducing the cost to successful applicants.
  • Minor adjustments have been made to the KiwiBuild price caps for three-bedroom homes in some areas, to align with current market values.

Auckland Council to adopt new Development Contributions policy

Auckland Council’s Governing Body has agreed to adopt an amended development contributions policy from 1 June 2023.

Development contributions help recover a portion of the costs of the infrastructure required to support growth in Auckland and ensure developers contribute to the cost of infrastructure that they create the need for and will benefit from.

Our current policy only seeks to recover from developers the share of the costs of infrastructure we will deliver in the next 10 years. The amendment is to recover the costs of infrastructure in Drury that will be delivered over the next 30 years, from all the development that will occur over that time.

Build-to-rent development to bring new housing choice and availability to Takapuna

Takapuna is destined to become home to the North Shore's first major build-to-rent development thanks to a sale and development agreement between Eke Panuku Development Auckland and the Cedar Pacific and McConnell Property consortium.

Build-to-rent, widely embraced overseas and an emerging concept in New Zealand, offers Kiwis the option of secure, long-term rental accommodation with a range of amenities of the type normally seen in top-quality hotels. Owned by investors, not landlords, and professionally managed, build-to-rent living appeals to a wide range of tenants, from first-time renters to those looking for an alternative to retirement village living.

Eke Panuku Priority Location Director - North, Kate Cumberpatch, says this agreement will see the development of around 350 new state-of-the-art apartment homes and deliver on the agency's regeneration plans to provide more housing supply and choice and stimulate further growth and investment in this lake and seaside neighbourhood.

Previous news can be access here: 

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