Make it small - 200sq m lots for first-home buyers

Property Editor·NZ Herald·

24 Jun, 2015 01:45 AM2 mins to read

A new property development near Pukekohe (artist impression shown here) is offering first-home buyers 200sq metre sections for $219,000.

Sites as small as 200sq m are being offered to first-home buyers from $219,000 on Auckland's southerly outskirts.

Gary Gordon, a director of developer Legacy Property, said his business had an agreement to buy an 18.2ha plot to Pukekohe's south-west where a subdivision would create 322 housing lots.

Some of that land had already been carved into 200sq m plots, he said, while larger sites of about 450sq m for $280,000 have been sold to builders.

"The builders haven't bought any of the 200sq m sites but they're being offered to first-home buyers," Gordon said.

Houses in many of Auckland's more established suburbs are on 700sqm to 1200sq m plots so the Pukekohe sites are extremely small.

"The 200sq m sections help achieve the affordable criteria. To be able buy a site and build a house for a total of $462,000, you need to create a small site," he said.

Already, about 120 sites had been sold to construction companies.

"We went direct to the builders and said 'you can have the first opportunity before we take it to the public' and sold sites of 200sq m to 400sq m for $220,000 to $290,000. Builders like Jennian are doing packages of $750,000 for a four-bedroom home on 200sq m with two levels, but that's on the bigger sites," Gordon said.

The 322 sites are on a block bounded by Victoria St West, Jutland Rd and Belmont Rd, Gordon said.

"We have sold approx 120 sites to date mainly to local builders and group home companies. The 200sq m sites have been designed to accommodate the 10 per cent affordable housing requirements under the Special Housing Area regulations. In addition all homes will be required to meet 6 Homestar rating," he said.

The 18.2ha estate is part of the much larger 72ha Bemont precinct where up 800 residences could eventually rise, Gordon said.