Whether you are looking to buy a new home for yourself or for investment purposes, Auckland is a hotbed of new builds. The government is also rewarding new builds in Auckland with financial incentives. However, there are still many issues to overcome before the inflation in house prices flattens.
In the past year, Auckland house prices have risen by an average of $NZ140,00. The number of new builds has increased by 50% on the same period last year. The city has attracted $10 billion in private investment, making it a prime place to build. The Labour government is also incentivising developers to build new builds in Auckland.
The government is also looking to shift the Port of Auckland to Northland. This would provide prime waterfront land for public use. It is also a potential site for a new cruise ship terminal. The new port would also be one of the largest construction reuse projects in the country. However, Auckland City Council does not have the funds for a $1 billion infrastructure project.
The new Unitary Plan has changed the minimum size restrictions for new builds in Auckland. This means that more houses are now eligible for subdivision. It also means that more property investors will be able to define their properties as New Builds.
There are two types of new builds: greenfields and infill properties. Greenfields are lands that have never been developed on before, while infill properties are a more common form of development. Greenfields are usually located on the edge of a town, where land is less expensive. Infill properties are more likely to be in the central city. Infill properties are more likely to be a six to eight townhouses. Infill properties are not necessarily the most environmentally friendly.
The new building code requires houses to be fully insulated and double glazed. This helps to improve energy efficiency. It is also important to have energy efficient appliances. In addition, if your house is energy efficient, it will help to reduce your carbon footprint. The government is also incentivising new builds by lowering the loan to value ratio on new builds in Auckland. This makes them less expensive to run.
New builds in Auckland are being built in many different locations. In the central city, the country's tallest apartment tower, Pacifica, has been built. It is 54 storeys high and has built 285 apartments. A new development is being planned in Franklin between Karaka and Pukekohe, called Paerata Rise. This development will eventually consist of 4,500 homes, and will embrace the latest home design. It will also incorporate playgrounds and modern business hubs.
Another example of a new build is planned 48-level apartment complex on Federal Street in Auckland. The project will also include a 233-room five-star hotel, a rooftop garden, and ground floor marketplace. The building will also have views of the city. Check out DBS Residential today!