Government Programme 'KiwiBuild' Promises to Create 100,000 Homes in 10 Years

The Labour Government recently launched KiwiBuild – a nationwide housing program that promises to create 100,000 new, affordable homes for Kiwis, and the project is well underway. KiwiBuild is aimed at stabilising the housing market, helping first-home buyers get on the first rungs of the property ladder. 

KiwiBuild is the largest public building programme undertaken in New Zealand over 50 years. 100,000 homes will be built all over New Zealand, with Auckland receiving half of that number. The Labour Government hopes that this will reverse the increasing number of working households that cannot afford to buy their own home.

Not only that, Labour is promising a number of substantial economic benefits as well, including the creation of new jobs and apprenticeship opportunities in NZ construction, and the generation of overall economic growth through extra jobs and spending on materials.

While an exciting prospect, there are a number of eligibility requirements for purchasing a KiwiBuild home, including citizenship/residency requirements, income caps, asset caps, and more. Future homeowners are also required to live in the property for at least three years before selling it or renting it out completely.

KiwiBuild houses will cost around $650,00 or less for three or four-bedroom homes, $600,000 or less for two-bedroom homes, and $500,000 or less for one-bedroom homes in Auckland and Queenstown. Outside of these two cities, all property sizes will be $500,000 or less.

If the project is executed well and meets its tight deadlines, housing prices are expected to stabilise or even drop. The number of renters moving into the home-buying market will also make way for lower-income renters, potentially keeping rental property rates down.

Planning on buying or selling your Auckland home? The trusted North Shore real estate agents at Team MZ have the experience and expertise to successfully handle all your real estate needs.

For more information on KiwiBuild and other property-related queries, contact Team MZ today! Simply visit the website at https://www.teammz.co.nz/.