New Zealand’s million-dollar state homes
Figures released to NBR ONLINE reveal Housing New Zealand now has 25 million-dollar state homes.
Property IQ data shows 583 properties owned by Housing NZ with CVs over $1 million. The bulk of these are multi-unit complexes and 25 are single residential dwellings.
According to the figures, the state house with the highest CV is in Taktimu Street in Orakei, Auckland. It is worth $1.3 million.
Of the single-unit homes, most are in Auckland. The second-highest valued state home in New Zealand, worth $1.28 million, is in Westmere, which is the Auckland suburb with the most state homes.
Wellington is the only region outside Auckland to have a single dwelling state house woerth over $1 million it is in Mount Cook and is valued at $1.22 million.
Housing NZ general manager asset development Sean Bignell says there are no plans to sell large numbers of the high-value properties.
He says none are currently being marketed for sale and all are tenanted.
The average market rent for a state house is $321.76 per week, while the highest is $870. After July 1 next year the government will introduce regular tenancy reviews for all state housing tenants who receive an income-related rent.
Housing NZ is in the midst of a changeover of its portfolio. Earlier this month it announced plans to ditch 400 unwanted regional state houses inas part of the FirstHome scheme.
In Auckland, Housing NZ wants to deliver 1400 state rentals by the end of 2015-6 and will do this by buying new homes, redeveloping land and leasing from private sector landlords.
At January 2013 Housing NZ’s portfolio is worth $15.1 billion and is the government’s second largest asset.