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Council eyes Plan profits

Auckland Council wants to be able to take a slice of any increase in value of properties that have their zoning changing from low density to high density housing, or rural properties that are rezoned urban.

Monday, May 6th 2013, 12:00AM 2 Comments

by The Landlord

The proposal is contained within an addendum to the council's draft Auckland Unitary Plan, which aims to boost intensification of the country’s biggest city.

"At the moment in New Zealand, any increase in land value resulting from the rezoning decision remains with the landowner," the council's draft plan says.

But under its "shared land value uplift" proposal, the council would take some of the capital gains, either through a fee from developers, taking a portion of a developer’s profit or a city-wide levy.

Opponents have slammed it as a tax grab by stealth.

The plan is yet to be notified but includes some dramatic changes to areas such as Takapuna, Milford, Onehunga, Royal Oak and New Lynn, as the council tries to find ways to house the city’s growing population.
Under the plan, 44 per cent of the city will stay mostly unchanged but 56 per cent is earmarked for intensification.

In centres such as Albany, Botany, Henderson and Sylvia Park, properties will be allowed up to 18 storeys. In Avondale, Flat Bush, Glen Innes, Milford, Northcote and Manurewa – among others – owners will be able to build up to eight storeys.

Any building more than four storeys high will have to sit back from the street.

Already, 13 property owners have applied to Auckland Council demolish their houses and build multi-storey properties.

Some of the biggest gains will be for the owners of homes who find their properties are newly sub-divisable. That is expected to boost values by at least $100,000 in each case.

« OLLY NEWLAND: Capital gains tax is not the answerRent control policy questioned »

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Comments from our readers

On 8 May 2013 at 3:22 pm Paulus said:
The council already profits from increased rates when these property values increase.
Council seems to do everything they can to make houses as unaffordable as possible.
On 24 December 2013 at 2:26 pm Robert Chisholm said:
Where the re-zoned land has had discounted rates for many years, like a golf course or church, then the council is right to recover those rebates.
Where the land has paid rates like everyone, the increase in growth will pay the increase in rates that the council needs.

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.14 6.75 6.39
ANZ 8.64 7.74 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.14 6.79 6.65
ASB Bank 8.64 7.14 6.75 6.39
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.14 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.74 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 6.79 - -
Co-operative Bank - Owner Occ 8.40 6.99 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.49 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.89 6.55 6.35
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.69 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.74 7.35 6.99
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 7.99 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 6.99 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.65 7.25 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.09 7.59 7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.09 8.59 8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.74 ▼7.09 ▲6.95
SBS Bank Special - 7.14 ▼6.49 ▲6.35
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.14 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 7.79 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 6.99 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - 6.55 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.84 7.35 6.99
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.24 6.75 6.39
Median 8.64 7.19 7.17 6.65

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