KiwiBuild bulks up with 25 units
A ballot to buy 25 apartments in Onehunga will open next week as the Government uses private developers’ plans to bolster its KiwiBuild total.
The @340 Onehunga properties available to eligible KiwiBuild buyers are six studio apartments priced from $380,000, 12 one-bedroom apartments priced from $490,000, and seven two-bedroom apartments priced at $600,000.
Construction on these homes started yesterday. They are due for completion by August, 2019.
Housing Minister Phil Twyford said the apartments would be built to high specifications to minimise ongoing maintenance costs and maximise living space.
‘‘They will also have highquality fittings included in the price such as blinds, washer/ dryers and dishwashers, which are often hidden costs for firsthome buyers.’’
The apartments were in a central location, which was wellserviced by public transport, he said.
‘‘The @340 Onehunga development is a six-minute walk from Onehunga train station and on a main bus route with connections to the CBD and Auckland Airport. It will also have light rail. There is a range of amenities nearby, including Cornwall Park and the proposed new foreshore at Onehunga Bay. Onehunga is also one of 10 suburbs across the city identified as a priority for Auckland Council investment in streetscapes, landscapes and cycleways.
‘‘This is a unique opportunity for those who have been locked out of the property market to buy a modern new home in an increasingly popular area that might otherwise have been out of reach for first home buyers.’’
Only eligible, pre-qualified buyers can enter the ballots. Successful buyers will need to pay a
10 per cent deposit, and the rest when the apartments are finished.
The Government says its offthe-plans initiative incentivised property developers to build more quality, affordable homes
faster, by reducing their risk, including underwriting homes in new developments.
Twyford said partnering with developers to provide off-the-plan homes gave them more certainty and sped up the building process. It also made it easier for developers to receive bank finance.
But he said there was no ‘‘special guarantee’’ by the Government for homes bought under the KiwiBuild initiative.
‘‘This is a commercial relationship between a home buyer and the developer, just as it would be in any other setting. That’s why people need to think seriously about home ownership,’’ Twyford said.
There had been 97 proposals received from developers. Of those, 48 were rejected because the developer did not have a track record.
The developer of the @340 Onehunga housing block, NZ Living’s director Shane Brealy, said while margins would be slightly less for developers, the difference between the open market and KiwiBuild market only varied by 10 per cent to 15 per cent.
KiwiBuild is on track to deliver 1000 KiwiBuild homes by mid-2019, then a further 5000 homes by June 2020 and another 10,000 homes by June, 2021.