“The bulk of the new housing is for a retirement village. While this does not directly help young first-home buyers, it enables older people to move into more appropriate housing and frees up hundreds of other homes.
“The developer has reached an agreement, facilitated by the Queenstown-Lakes District Council (QLDC), with the Queenstown-Lakes Community Housing Trust to provide land for community and affordable housing. There is also a requirement on the main development for 20 per cent of homes to be at least 10 per cent below Queenstown’s average house price.
“This brings the total number of SHAs in Queenstown to seven, with a combined indicative yield of nearly 1000 homes. These will make a substantial contribution to this high-growth district’s housing shortage,” Dr Smith says.
The Queenstown-Lakes Housing Accord was agreed in October 2014 between the Government and the QLDC to address the district’s housing supply and affordability issues. The accord allows for the creation of SHAs, in which qualifying developments can be streamlined and fast-tracked.
Scoop post here.
