Shearer: No $300k houses in Auckland
Monday 28 January 2013
Labour leader David Shearer has tempered his plans for a large-scale affordable housing scheme.
The party had said it would build 100,000 homes that would sell for $300,000 to low-income families through its KiwiBuild scheme.
Shearer said at the weekend that was a national average.
Standalone houses in Auckland would sell for more like $550,000.
He said apartments and terraced homes in cheaper Auckland suburbs could be sold for $300,000.
The plan had come in for criticism from many commentators who said it was too ambitious.
Property Council chief executive Connal Townsend told landlords.co.nz in November that more detail was needed on how Labour would achieve the $300,000 sale prices it had been talking about.
He said medium-rise apartments generally cost about $6500 a square metre to build.
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Residential development in Auckland is likely to suffer now that only part of the city’s Unitary Plan will become operative for the foreseeable future.
Restrictions and pressure on residential property investors keeps growing and many investors are looking for possible solutions: commercial property is one such option.
Keeping the OCR on hold was the move expected of the Reserve Bank today, but economists say it means there will be another cut in November.