Surplus school houses could fetch $300m

Nikki Kaye

Schools are in for a significant increase in funding from the sale of unwanted teacher housing.

From July 1 this year, schools will be offered 100% of the net proceeds from the sale of surplus school houses, up from 50%.

Associate Education Minister Nikki Kaye says, “The extra revenue will be added to the lump sum given to each school every five years to maintain and modernise school property and infrastructure, and to bring classrooms up to modern learning environment standards.”

About 1900 school houses are on Ministry of Education administered land with a total value of over $300 million, she says.

The initiative is intended to encourage school boards of trustees to dispose of surplus housing more quickly.

“This change will enable us to reduce long-term vacancies, sell houses that are no longer required for education purposes and manage the ministry land portfolio more effectively,” Ms Kaye says.

The proceeds of each sale, however, must be added to the school’s five-year agreement budget, meaning the money has to be spent on modernising existing school property and infrastructure.

Jason Walls is an AUT journalism student

Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

NZ Market Snapshot


Sym Price Change
USD 0.6686 0.0000 0.00%
AUD 0.9121 0.0000 0.00%
EUR 0.5890 0.0000 0.00%
GBP 0.4367 0.0000 0.00%
HKD 5.1879 0.0000 0.00%
JPY 80.3950 0.0000 0.00%


Commodity Price Change Time
Gold Index 1155.8 17.640 2015-10-09T00:
Oil Brent 52.9 -0.470 2015-10-09T00:
Oil Nymex 49.7 -0.330 2015-10-09T00:
Silver Index 15.8 0.050 2015-10-09T00:


Symbol Open High Last %
NZX 50 5625.8 5666.4 5625.8 0.23%
NASDAQ 4817.3 4841.4 4810.8 0.41%
DAX 10100.8 10146.9 9993.1 1.04%
DJI 17054.7 17110.9 17050.8 0.20%
FTSE 6374.8 6453.2 6374.8 0.65%
HKSE 22615.9 22807.9 22354.9 0.46%
NI225 18281.5 18438.7 18141.2 1.64%