Homes to be built in the first stage of Taupō District Council’s innovative new residential development at Taupō South are now on the market.

The development, Oroko Rise, has been built on part of the council-owned East Urban Lands block, behind Kokomea Village.

Council has partnered with a consortium of Penny Homes and Classic Builders with support of Tūwharetoa Settlement Trust to deliver 116 high-quality houses surrounded by green spaces and pathways, beginning with a first stage of 62 homes. Half of the homes in this first stage will be targeted at working families who are first home buyers (or, under certain situations, previous homeowners) who have a 10 percent deposit and can afford to pay a mortgage but can’t save a large enough deposit to buy a home at current market prices.

Council chief executive Julie Gardyne says the Oroko Rise initiative came about after the council was repeatedly asked by the community to take action on housing, particularly for working families.

“Increasing our housing stock for this group of people in our growing district is definitely a step in the right direction, and I’m really proud that we have been bold enough to pursue this. No rates money is involved and we intend this project to be self-sustaining, with council receiving market value for the land.”

Council’s property and development manager Chris Haskell says the new development will be a great place for families to put down roots.

“We want to make sure this neighbourhood is an attractive, liveable environment, and things like pathways and reserves are just as important as pipes in the ground. It’s great to be working together with our partners to build spaces our community can embrace.”

To discourage property speculators and attract working families into the 32 targeted homes, there is a set of criteria that prospective buyers will have to meet. They include: being a first home buyer (or previous homeowner who meets certain criteria) and not already having a legal or beneficial interest in any home, meeting a set pre-tax income threshold, being a Taupō District resident or having a permanent job offer with a Taupō District business, and being prepared to own and occupy the home for a minimum period. If there are more applicants than the 32 homes available, an independently-supervised ballot system will be run.

It’s envisaged that the target buyers will be first home owners, working families and ‘second-chancers’. Prices will start at $550,000 for a two-bedroom home and $650,000 for a three-bedroom home. The remainder of the houses will be sold on the open market.

The consortium, not council, will build, market and sell the houses. The houses will be progressively released for sale so as not to flood the local market and drive overall values down.

While these 62 houses are the first to the market, more homes targeted at a mix of first home buyers and market buyers will be built, as demand dictates.

For more information about the Oroko Rise development and for enquiries, visit orokorise.co.nz.

© Scoop Media