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Last Article Uploaded: Wednesday, December 12th, 1:04AM
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Infrastructure “tax” for buyers in new development

Additional infrastructure rates will be paid by people who buy properties in a newly announced housing development in Wainui, north of Auckland.

Tuesday, November 13th 2018, 11:19AM

by The Landlord

The new development will complement the Milldale development and will result in a total of 9,000 new properties built in the area.

Housing Minister Phil Twyford and Auckland Mayor Phil Goff today announced a partnership to fund $91 million of roading and wastewater infrastructure to support the building of the development.

The partnership is between the Auckland Council, Crown Infrastructure Partners and Fulton Hogan Land Development.

But part of the way the funding will be paid for is by collecting an "infrastructure payment”, with Council rates bills, from property owners in the development.

Twyford says the arrangement is an example of the innovative new approaches to financing infrastructure.

“One of the major road blocks to our towns and cities growing is the lack of ready access to finance for the infrastructure that allows for new urban growth, for green or brownfields developments.

“This funding model can be used in other high growth areas affected by the housing crisis to help more houses to be built more quickly.”

Fulton Hogan Land Development has already started work on the Milldale development: it will have nearly 4,000 homes and businesses.

The infrastructure being funded will support the Milldale development and will also enable another 5,000 homes to be built nearby.

Milldale will feature green spaces and parks, a town centre, cycleways and walkways, and potentially education facilities. It will be connected to the Northern busway.

Goff says the partnership is a a big step towards meeting Auckland’s housing needs as it allows more homes to be built homes sooner than would otherwise have been possible.

“A key priority for us in Auckland is to address the shortage and unaffordability of houses in our city. We’ve zoned much more land for housing, but we need the infrastructure before we can build on it.”

The funding of instructure in new developments, particularly in Auckland, has long been an issue and, in recent years, there has been many calls for new funding approaches to be adopted.

Read more:

Fund infrastructure differently – ASB 

Address Auckland infrastructure issues 

Tags: housing market housing shortage Infrastructure property investment rates

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ANZ 5.79 4.55 4.79 4.99
ANZ Special - 4.05 4.29 4.49
ASB Bank 5.80 4.44 4.69 4.89
ASB Bank Special - 3.95 4.29 4.49
BNZ - Mortgage One 6.50 - - -
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BNZ - Std, FlyBuys 5.90 4.69 4.79 4.99
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Credit Union Baywide 6.15 5.20 5.25 -
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Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.70 4.85 -
Housing NZ Corp 5.80 4.69 4.79 4.79
HSBC Premier 5.89 3.99 4.19 4.69
HSBC Premier LVR > 80% - 3.79 - -
HSBC Special - - - -
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ICBC 5.80 4.59 4.69 5.09
Kiwibank 5.80 4.55 4.69 4.99
Kiwibank - Capped - - - -
Kiwibank - Offset 5.80 - - -
Kiwibank Special - 4.05 4.29 4.49
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 5.10 5.45 -
Resimac 5.30 4.86 4.94 5.30
RESIMAC Special - - - -
SBS Bank 5.89 4.85 5.05 4.49
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 4.19 3.95 4.49
Sovereign 5.90 4.45 4.69 4.89
Sovereign Special - 3.95 4.29 4.49
The Co-operative Bank - Owner Occ 5.75 4.10 4.35 4.49
The Co-operative Bank - Standard 5.75 4.60 4.85 4.99
TSB Bank 5.80 4.45 4.69 4.99
TSB Special - 3.95 4.19 4.49
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.95 4.69 4.79 5.19
Westpac - Offset 5.95 - - -
Westpac Special - 4.15 4.29 4.59
Median 5.89 4.50 4.69 4.79

Last updated: 2 December 2018 8:39pm

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