High-value state house sales earn $19 million
More than $19 million has been made by selling off high-value state housing properties, the Government said today. Where the money will go:
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More than $19 million has been made by selling off high-value state housing properties, the Government said today.
Since July 2008, Housing New Zealand Corporation (HNZC) has sold 24 properties worth more than $700,000 each, providing $19 million to be reinvested in less expensive housing.
Housing Minister Phil Heatley said that based on an average cost of $425,000 for a four-bedroom home and section in Mangere, the proceeds could pay for around 45 new homes.
"In addition to adding to the state house portfolio, these sales also allow the corporation to provide houses designed and built more in keeping with the needs of today's households, rather than the needs of 60 years ago."
Mr Heatley said HNZC had 186 properties valued at more than $700,000 in its portfolio -- many of which were built on large sections in areas that were once cheap, but had become expensive and desirable.
"Demand for social housing is forecast to grow significantly in future. We need to start getting more out of the resources we have today so we are better prepared for the challenges of tomorrow."
NZPA
Fri, 04 Feb 2011
Fri, 04 Feb 2011
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
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High-value state house sales earn $19 million
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