Elderly Poynter Pl residents fear their property values will plummet when seven new two-bedroom Housing New Zealand houses are built in their street.
"if you've worked hard all your life and invested $300,000 to $400,000 you don't want to lose perhaps $50,000 to $60,000 overnight," one man said.
Most had planned to spend the rest of their lives in the "immaculate" and "beautifully kept" extension of the Gonville street.
"Sure we need these houses, but not near us," neighbour Lindsay Stockbridge said.
Asked about the plight of the homeless, another man said most of them would have had the same opportunities as he and other residents to own property.