Key Facts

  • A new housing development is progressing in the East Urban Lands area of Wharewaka, Taupō, focusing on affordable homes.
  • The first stage of the development involves the construction of 62 houses by Penny Homes Limited, Tūwharetoa Settlement Trust, and Classic Builders.
  • Out of the 62 houses, 38 are going to be affordable homes. These will be priced from $550,000 for two-bedroom properties, and $650,000 for three-bedroom properties.
  • The remaining houses will be sold on the open market.
  • The development will not place financial pressure on the council’s rates or debt.
  • The council funded the earthworks for the first stage and the sale of the developed land will help to alleviate debt.
  • Future stages of the development will result in over 200 properties.

Article Summary

A new development in the East Urban Lands region of Wharewaka, Taupō, aims to address the affordable housing shortage. The first stage of this project will see the construction of 62 homes, 38 of which will be affordable units, sold at prices significantly below the township’s average house price, which stood at $971,000 as of December 2023.

The unique development plan ensures that the council is not under financial pressure, as it allows the council to fetch market value for the land without imposing stress on rates or incurring debt. The funds received from the first stage will be used to alleviate debt, further reducing the financial strain on the council.

Further stages of the development will lead to over 200 properties becoming available, providing the much-needed boost to the housing stock. The council, while facilitating this development, will also determine the eligibility criteria for potential home buyers to ensure the affordability and accessibility targets are met.

Source Link: To read the full article, click here.