First KiwiBuild homes welcomed in Queenstown

Kiwi Build will create affordable housing for some people in Queenstown, but they need to be cheaper if they are to be within the reach of many workers in the resort, the mayor says.

Housing Minister Megan Woods was at the former Wakatipu High School site on Wednesday to formalise the Government's agreement to build 105 Kiwi Build homes within a 350-home Ngāi Tahu development there.

Kiwi Build homes are available to first-home buyers in the area and will cost no more than $650,000 each, substantially less than the region's average house price of $1.2 million.

But Queenstown Lakes mayor Jim Boult wants more homes available for $350,000."For some people $650,000 is achievable but for some people it's not and that's where we're going to with the Secure Home project, which enables those people on lower incomes who are going to find it impossible to get into the housing market otherwise, to get there. "The deposit was achievable and mortgage repayments would be less than the $700 a week, the amount many people paid for rent, he said. Buyers can purchase a property for $320,000 to $400,000, with a ground rent of 1.5 per cent of the land value, adjusted annually with inflation.

Article from Stuff.


Do you own a home?

Prepare for profit. Download our top tips on how to get the highest and best price when selling.