43mill subdivision for Newlands Wellington

[Learning]

http://stuff.co.nz/business/85944757...rb-of-newlands

"A $43 million subdivision likely to be built within the next 18 months will add 48 new "executive" homes to Wellington's desperately strained housing supply.
...
The home and building packages in Newlands will range from $790,000 to $1.5m, and Henderson said they were likely to be sold to professionals and retirees who might be looking to move from the city to a brand new home, which could free up sought-after housing stock in the inner city."

I get that they are "executive" houses but at more than double the average house price for the suburb will it really ease the "desperately strained" local housing supply? Is the view of the harbour really worth an extra $300k?

Newlands has a NewWorld, 3 fish and chip shops, 2 Indian takeaways/restaurant, a BP garage and a dairy.

[Learning]

Correction- two dairies.
It also has a liquor store conveniently located just across the road from the council flats.

[PTILoveYou]

Sounds like fools gold to me.

[johnnyandtina]

Well, Rain, gales, flood and even snow would hit this area. I would hope Newlands wont pop up on Weather Forecast channel by any chance.

[Learning]

We'd be in trouble if floods hit Newlands. It's a couple hundred meters above sea level in the hills. Hence the "million dollar views". The only flooding we get is when the drains are blocked.

[Don't believe the Hype]

Sounds like fools gold to me.

of course it it... It's not Auckland... Anything outside Auckland is fools gold right Gary?

[Aston]

Sounds like fools gold to me.

Exactly the sort of ignorant and arrogant comment that you normally make about something you know nothing about.

[Bobsyouruncle]

I didn't know there was a shortage of housing in Welly. How come prices have been so flat if there is a supply issue?

[PTILoveYou]

Exactly the sort of ignorant and arrogant comment that you normally make about something you know nothing about.

Did you buy the $790k one, or the $1.5m one?

[Courham]

The home and building packages in Newlands will range from $790,000 to $1.5m, and Henderson said they were likely to be sold to professionals and retirees who might be looking to move from the city to a brand new home, which could free up sought-after housing stock in the inner city."

I get that they are "executive" houses but at more than double the average house price for the suburb will it really ease the "desperately strained" local housing supply? Is the view of the harbour really worth an extra $300k?

Newlands has a NewWorld, 3 fish and chip shops, 2 Indian takeaways/restaurant, a BP garage and a dairy.

Would "retirees" really park their money in one of these? Me, I'd be buying somewhere much cheaper and getting a couple of rentals (or more) to support my downsizing/lifestyle.

Maybe I'm just old school though- but apparently all those boomers have money to burn.

48 homes will really make a dent and free up housing in the central city.

Here's an idea: build 90 odd affordable (under 500k) energy efficient, ecohouses (under 100sq m each) for the masses instead of yet more over priced McMansions.

Craig

[Wellington Broker]

I didn't know there was a shortage of housing in Welly. How come prices have been so flat if there is a supply issue?

They're up 20% in the last year. There haven't been as many investors and speculators down here as up in Auckland though which is why they were flat up until then.

[Don't believe the Hype]

There is lots of supply... No Tight supply in Wellington for many years, Aotea still building, newlands multiple subdivisions, recently announced Kenepuru hospital site development in the pipeline and Plimmerton farm subdivision. Which has kept a lid on prices till just recently.

the issue is that many of these sites are selling well above Wellington's average prices and Wellingtonians want to live a paper aeroplanes flight from the CBD - even if that means living at the bottom of a deep dark valley OR bolted on to the side of a sheer cliff.

there has been solid movement in the $200k -$400k range in the past 12 months as none of these land releases help buyers in this segment. I attended Harcours auction today where 43b Herewini St Titahi Bay 2 br (one side of 2x2 br ex state units) sold for $375k - no work done by the previous owner who purchased in Feb 16 for ~$270k... $100k gain in under 10 months - 84% annualized growth - unbelievable

As you know I'm not normally one for crystal balling but...

Perry - chalk up a reminder in your calendar on this this prediction ... There will be sales that might touch $1million in Titahi Bay this year

[Lissica]

There is lots of supply... No Tight supply in Wellington for many years, Aotea still building, newlands multiple subdivisions, recently announced Kenepuru hospital site development in the pipeline and Plimmerton farm subdivision. Which has kept a lid on prices till just recently.

the issue is that many of these sites are selling well above Wellington's average prices and Wellingtonians want to live a paper aeroplanes flight from the CBD - even if that means living at the bottom of a deep dark valley OR bolted on to the side of a sheer cliff.

I could never understand why people would live in damp valley, or clinging to the side of a cliff in a drafty old villa.

The Dommett St subdivision has gorgeous views, sun, and still within minutes of the CBD. Before we bought early this year we were very interested in building there, but it wasn't ready. We also looked at Spenmoor St but a lot less developed and all SED zoned.

Newlands has good schools and is easy to get around in.

[Learning]

Newlands has good schools and is easy to get around in.

True but $790k-$1.5m? It's Newlands not Ngaio.

[Lissica]

True but $790k-$1.5m? It's Newlands not Ngaio.

What's the attraction of Ngaio? To build new you'd have to subdivide or pull down an existing house. You'd still be on cramped narrow streets with poor access to the motorway. No thanks.