How much will Bill’s new houses sell for?

Matamata Chronicle - - Property -

The Gov­ern­ment could make quite a tidy sum from the houses it is build­ing on Auck­land’s North Shore.

Be­tween 1000 and 1200 new houses are to be built on Hous­ing New Zealand land in North­cote, but only 300 to 400 of them will be kept for so­cial hous­ing, while the rest will be sold off as ‘‘af­ford­able’’ or ‘‘mar­ket­price’’ houses.

Real es­tate agents spo­ken to in the area said North­cote was a mixed, hum­bler neigh­bour­hood, but very close to mil­lion­dol­lar Taka­puna and the CBD.

A two-bed­room unit would be un­likely to sell for less than $650,000, one agent said.

Sharelle Ben­son of Pre­mium Real Es­tate said as far as two-bed­room dwellings went, there wasn’t much on the North Shore that sold for less than $800,000.

‘‘It all de­pends on the de­vel­op­ers, the de­vel­op­ers have got to make a profit.’’

She said once peo­ple had gone to North­cote, For­est Hill, Glen­field or Beach Haven for cheaper hous­ing, but now a twobed­room stand­alone dwelling in North­cote would be hard to find for un­der $750,000.

Two-bed apart­ments in an or­di­nary part of Taka­puna which had been sell­ing in the ‘‘high-$400,000s and $500,000s’’ be­fore the mar­ket took off were now in the ‘‘sev­ens and eights’’.

Even a four-bed­room joined unit in Hau­raki which had sold for $900,000 eight months ago was now worth $1.1 mil­lion to $1.2m.

Ben­son said the mar­ket was be­ing driven by a fear of miss­ing out, with a lot of re­tirees ‘‘buy­ing down’’ be­fore they went into a re­tire­ment vil­lage, and she was see­ing younger cou­ples with fam­i­lies now look­ing at units, which they hadn’t be­fore.

Another agent, Mandy Tay­lor of Ray White, said there was a real lack of af­ford­able hous­ing on the Shore and an up­surge in de­vel­op­ments cram­ming large num­bers of units on small sites.

She had re­cently sold a very stan­dard three bed­room, 1 bath­room house in North­cote re­cently for $1.18m at auc­tion, even though the re­serve was $900,000.

‘‘Up here some of the houses are go­ing like hot­cakes,’’ she said.

The North­cote Devel­op­ment will be built by the Hob­sonville Land Com­pany which has not yet out­lined its pric­ing.

How­ever, it has said that there will be a mix of one to four-bed­room dwellings of dif­fer­ent types, rang­ing from apart­ments and ter­raced hous­ing to stand­alone dwellings.

Its af­ford­able homes will vary, but they will in­clude the com­pany’s ‘‘Axis Se­ries’’ houses, which are at­tached, semi-de­tached and ter­raced houses priced at or below $550,000.

What the mar­ket is like in five years, when the project is ex­pected to be com­plete, is hard to say.

The ex­tra sup­ply could di­lute prices but agents think the mi­gra­tion de­mand is cur­rently so strong, there will still be plenty of buyer com­pe­ti­tion.

Min­is­ter Bill English of­fi­cially launches stage two of the North­cote devel­op­ment plans.

Mandy Tay­lor of Ray White North­cote devel­op­ment plans for stage two.

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