Another tranche of KiwiBuild homes is coming on to this market, this time in the Auckland suburb of Onehunga.
Eligible KiwiBuild buyers will be able to go into a ballot next week for one of 25 apartments that are part of the @340 development in Onehunga.
They will include 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 of the project starts today and is due to be completed in August next year.
Housing Minister Phil Twyford said the apartments would be built to a high standard and would have fittings such a blinds, dishwashers and washer/dryers included in the price.
The apartments are the first to be offered to the market under KiwiBuild's Buying off the Plans scheme, whereby the Government partially underwrites a development by guaranteeing to buy the finished apartments if the developer can't sell them at a certain price.
In return, the developer needs to offer a certain number of units to KiwiBuild buyers within the KiwiBuild price limits.
The scheme is designed to assist developers secure funding for projects while ensuring homes are made available under KiwiBuild's price limits.
Only eligible, pre-qualified buyers can enter the ballot for KiwiBuild homes, so anyone who is interested should visit the KiwiBuild website and begin the pre-qualification process.
Below: An artist's impression of the interior of one of the completed apartments.
You can receive all of our property articles automatically by subscribing to our free email Property Newsletter. This will deliver all of our property-related articles, including auction results and interest rate updates, directly to your in-box 3-5 times a week. We don't share your details with third parties and you can unsubscribe at any time. To subscribe just click on this link, scroll down to "Property email newsletter" and enter your email address.
26 Comments
Were they? Or was the developer having trouble with financing and pre-sales? Why else would the developer commit to pricing now and within KB parameters if he was all go for building and selling on the open market?
More righty/landlord mud slinging. Loving watching you guys bitch and moan.
PropertyPrices2Fall - Going by your name I think you will find this very interesting.https://www.youtube.com/watch?v=qcmED6NHb2o
I would hate to pay those asking prices for the apartments with whats coming!
$380,000.00 for a STUDIO APARTMENT !
Do me a favour , this is a rort plain and simple .........How much is that per square metre ?
Given that most studio apartments are 45m2 It could be as much a $9,500 / m2 , and anyone paying that much in Onehunga needs to seek mental help .
Any bank funding that also needs to be prosecuted............ for reckless lending .
Plenty of people who don't have/ want kids that would love a decent apartment in Onehunga. I'll almost certainly put my name down for one of these, great location, I could walk or ride to work, right on a good transport corridor, Dressmart shopping centre just down the road, One Tree Hill/Cornwall park just up the road, Jellicoe park and pools a 5 min walk away.
A 2 bedroom apartment for a couple like us would be great, I get my office/toy room, she can have the rest of the apartment to herself :)
If you think thats bad, then you'll have a heart attack when you see the apartment block about 2km away that are advertising for off the plan sales of 1, 2 and 3 bedroom apartments "starting from $620k."(ie. Plus parking space and fitout upgrades. But they have views of the motorway, HV pylons and the Manukau mudflats.
And if you think Onehunga is a slum, you are off your meds.
Again a coma could easily describe how you missed seeing the sale prices for new builds in the country's largest city notable for the extremely unaffordable housing crisis in the past few years so bad it gets a special mention from many international groups. Do you have over half a million for an existing property in the same area around the same size? Well it doesn't matter the investment market does and yes I have explored purchasing short term properties in Onehunga over 10 years ago, it was unaffordable then, and not related to the out of date values many biased people think of as if they are trapped in the 1980s and not even looking at the market; unable of doing a quick check on sales online https://www.qv.co.nz/suburb/onehunga-auckland-1107/sold
To be honest I'd be more worried about the meth importing neighbours on the Shore. Sure there is a sea view and a beach but that does not make it any better when the meth lab burns next to the yacht club and the dog needs to be checked for poisoning (alongside all the dogs left to roam & shit on the streets without their negligent abusive threatening owners with broken down cars left on roadsides) and rubbish & sewage gets dumped by the lake & beaches to the point the water is too toxic to swim in. Oh and the golf courses are completely rubbish, would have been better to have variable use parks that families would be allowed to use and bring their children to. Plus all the large scale sewage flooding of people's homes and public spaces.
Hmmmm, from the KB email "[inspections of the display suiter are] available every day between those times until the ballot closes in a month's time."
So the ballot closes in a month, and completion isn't until middle of next year.. So buyers are committing to something they haven't seen? When is payment due?
I thought one of the big advantages of the buying off the plans was that the KB govt backstopped the construction and the ballots would happen when construction is completed or nearly completed.
Fantastic. Mother Russia will be so proud of us, using a ballot system to ration out limited goods and services.
All those people who have been trying to save hard to buy a house must be so happy now that their hard earned tax is going to fund somebody else into a house.
I object to Twyford being accused of talking BS. He is talking like a real estate marketer. Promising a wonderful outcome if you trust him and give him your money in return for vague pie in the sky. I wonder if he will be prosecuted by commerce commission for false dodgy marketing.
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.