Mansions ‘cheaper’ than KiwiBuild
A new development in Auckland is capitalising on the trend of multiple families living and paying a mortgage together.
About 300 houses in the new Bremner Rise suburb in Flat Bush boast between six and eight bedrooms, designed to suit multiple generations or several young families under one roof.
When the project began, Developer Templeton marketed Bremner Rise as an alternative model of ‘‘affordable’’ housing with 60 hectares of large houses, in contrast to KiwiBuild programme’s intensification approach of many small dwellings.
‘‘While there is considerable focus on getting houses down to $650,000 through KiwiBuild, it is generally understood that for young people, and key workers such as teachers and nurses, even that price is unachievable,’’ it said.
According to Templeton, a six-bedroom house at Bremner Rise that cost $1.2 million could be shared between two couples with four incomes, reducing the price to $300,000 per earning adult.
‘‘Two families can live together, a family can live with parents or grandparents or a family can rent out one to two bedrooms to support the mortgage.’’
It also suggested a self-contained ‘‘wing’’ could be rented out for $500 to $600 a week, which might cover half the payments of a mortgage.
However, costs have risen since. Harcourts salesperson Ash Singh said 93% of the lots had already sold and at this stage, it would likely cost $2m to purchase a house in Bremner Rise.
He said the multigenerational nature of the houses meant buyers had ranged in age from 18 to their 70s.
‘‘A pair of brothers bought a section each and chose to have them joined without a fence, and have a driveway with a roundabout.’’
Singh said multifamily homes were now the norm in Flat Bush, and it was unusual to build fewer than five bedrooms.
Templeton’s chief executive Nigel McKenna said his firm had privately invested well in excess of $20m in infrastructure to allow the greenfield site to be developed.
A significant portion of that money was spent on ‘‘shear key’’ earthworks, which involved rebuilding the soil to a depth of up to 42 kilometres to make it stable.
Last week, Templeton opened Michael Bosher Way, a segment of a new road it had built to service the new suburb.
It provides a new connection between Redoubt Rd and Flat Bush School Rd.
Through a cost share agreement with Watercare it has also upgraded the supply main to Redoubt Rd Reservoir, connecting the main to Flat Bush.
This role is Public Interest Journalism funded by NZ On Air.