NZ Urban Development news from the media | 24 May 2022 | Budget 2022: Changes announced for first home products

More support for first home buyers and renters

Budget 2022 sees more New Zealanders able to access support to get into their first home because of changes to First Home Grants and First Home Loans.

“We are increasing the house price caps for the First Home Grant to align with lower quartile market values for new and existing properties. This recognises the changes in house prices over the past year,” Megan Woods said.

“We are also removing house price caps entirely from the First Home Loan, to provide a greater choice of homes for prospective first home buyers. Income caps and lender requirements are sufficient to ensure that the First Home Loan is used by buyers who need support for a first home.

• House price caps for First Home Grants increased in many parts of the country
• House price caps for First Home Loans removed entirely
• Kāinga Whenua Loan cap will also be increased from $200,000 to $500,000
• The Affordable Housing Fund to initially provide support for not-for-profit rental providers
• Significant additional funding to meet existing and planned public and transitional housing costs                                   

https://www.beehive.govt.nz/release/more-support-first-home-buyers-and-renters

Two major developments mark a 'coming of age' for Queenstown

More than 1000 new homes, three hotels and extensive commercial developments are being planned in central Queenstown across two large new subdivisions.

An application to fast-track resource consent for the billion-dollar Lakeview/Taumata development on the former Queenstown camping ground site has been lodged with the Environment Protection Authority.

Council documents show the spending within the development is expected to generate $100 million a year for the local economy, employment for 1800 people and household incomes of $52m.

At the same time, the first sections in a new 600-700 lot subdivision known as Silver Creek, on Queenstown Hill, are for sale.

The Silver Creek subdivision covers 34 hectares of former farm land above Frankton Rd. Sites have views across Lake Wakatipu and towards The Remarkables.

https://www.stuff.co.nz/business/property/128632760/two-major-developments-mark-a-coming-of-age-for-queenstown

Kāinga Ora plans to build 200 new homes in Napier suburb

Kāinga Ora has announced plans to build 200 homes in Napier, which has the biggest housing waitlist, per capita, in the country.

Seven sites have been identified in Maraenui for new development from the government housing agency over the next few years.

“We are working towards meeting the growing need for warm, dry homes in Napier. However, our work is about people, homes, and communities – delivering not just houses but homes for whānau and enabling thriving communities,” Kāinga Ora’s Naomi Whitewood (Ngāti Porou, Ngapuhi) said.

Along with Marewa and Onekawa, Maraenui has the highest concentration of state housing in Napier with Kāinga Ora owning more than a third of its housing stock. Most are three-bedroom homes that are more than 50 years old.

https://www.stuff.co.nz/dominion-post/news/hawkes-bay/128688639/kinga-ora-plans-to-build-200-new-homes-in-napier-suburb