Development of a further 211 residences at the new Hobsonville Point precinct on Auckland's north-western outskirts will be announced today, with 15 per cent of the new places classed as "affordable" at $485,000 or under.
But already, values at some home sold as affordable three years ago are up $125,000 and $120,000.
Around 400 residences have already been built at the 167ha master-planned community where 3000 residences are planned.
But developer/funder Willis Bond has now won the right to build Sunderland, where restored heritage houses as well as new terrace and stand-alone places will be sold.
Mark McGuiness, Willis Bond managing director, and Wayne Silver, Sunderland project director, said the new places could be finished by 2017 and 15 per cent would be affordable, sold for $485,000 or under to meet Hobsonville Land Company's rules.
