Auckland Unitary Plan: New Hope for Developers and Investors
1st Mar, 2017
Auckland’s Unitary Plan Brings Opportunities to House Buyers, Sellers and Investors.
After the Auckland Council signed off on the much anticipated Unitary Plan. A lot of change is expected in New Zealand’s biggest city. The focal point of the plans is to accommodate Auckland’s increased demand for housing to accommodate over 420,000 new units in the next 30 years.
Over 270, 000 houses will be constructed in within Auckland’s urban boundaries while 152,000 units will be constructed along the rural areas of Wakworht, Kumeu and Pukekohe. So what does that mean for you as a property owner?
For starters, the Auckland Council plans to protect the city’s heritage sites as well as special character areas. That means the city will have to expand its borders by as much as 30 percent to acquire more land for housing. Therefore, if you own property in the central isthmus of the city, your property might be marked for rezoning as a result of the expansion.
The implications are that the Council will have a lot of say on what can you can build, where you will build it, and even the height of the building. For Auckland house buyers, the Unitary Plan means that the market will be flooded with single housing units, especially in the central part of the city.
However, there’s still plenty of room for storied buildings as well as terraced housing and apartment zones. The Council had dedicated as much as 25 percent for these types of buildings to spread the population density evenly across the city. Most of these developments will take place along major transport routes as well as residential areas around town centers.
What Does That Mean for Property Owners?
The Unitary Plan is both a blessing as well and a veto for private house sales. On one hand, the expansion of Auckland’s boundaries to include rural towns means there, property market will get an influx of potential buyers. Almost everyone will jump at the chance to get in on the action.
However, the increase in property demand also means there will be a consequent increase in the price of these properties. In the near future, property prices in Auckland will jump to a record high, meaning if you are looking to make the most out of the situation, you are better off purchasing property in the city right now.
What everybody agrees on is the Auckland needed the Unitary Plan. The urban-rural boundaries have been static for the last 20 years and expanding the boundaries means more opportunities for residents of the city.If You Want To Sell Us Your Property
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