Budget May Offer Olive Branch To Developers

We know we can rely on two things – Change and Taxes.  Mr Bill English has hinted at a change he’d like to see to the current property size regulations and there’s no doubt it will dearly be welcomed by property developers.

The news item on NZHerald gives a good report on what the change recommendations may entail and we know any change to the property size restrictions will be welcomed and not just by the property developers – also home owners.

We provided information on the size restrictions in an earlier blog post.  Unfortunately these restrictions may remain and what’s up for recommendation is the current minimum size of Apartments.

Currently the Auckland Council planning rules require 40 square metres per unit and 8 squares metres for the balcony.

Mr English is suggesting this minimum size is too costly and is locking potential homeowners out of the property market.

Personally I think this seems a good size but I also empathise with first home buyers especially single occupants who would welcome an opportunity to get on the property ladder with smaller apartments.

Sean Wood, PropertyTutors

It remains unknown right now just what will be recommended as a minimum size in the Budget – and a recommendation does not make it law.  The councils are responsible for managing resource consent.   Property Developers of course would welcome the size restriction lowers so they can get bang from their buck with lower development costs.  If recommended in the Budget the pressure shifts to the councils in particular Auckland Council.

 

 

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