Published on: 2017-07-11

GOVERNMENT FUNDING TO EASE HAMILTON’S PRESSURED HOUSING MARKET

GOVERNMENT FUNDING TO EASE HAMILTON’S PRESSURED HOUSING MARKET

Lodge Real Estate Managing Director Jeremy O’Rourke welcomed the Government’s announcement this morning that Hamilton City will receive a $272 million loan as part of the Government’s Housing Infrastructure Fund.

“This is great news for Hamilton City residents as it means they can build new homes inside the city boundaries close to where they work and close to schools, amenities, shops and urban recreational areas, which we know is often important to families,” said Mr O’Rourke.

At a press conference in Peacocke this morning, Prime Minister Bill English said that Hamilton would be one of nine areas to get money as part of a $1 billion funding pool.

The money would be used to help turn farmland in two areas of the city – Peacocke and Rotokauri – into developed land, ready for 3700 homes to be built over the next decade, and 8100 in the next 30 years. The proposal would include a new bridge over the Waikato River, roading, and the installation of water mains, stormwater and wastewater pipe networks.

Mr O’Rourke said the funds, and subsequent housing development was much needed for Hamilton City.

“There are currently very few sections available within Hamilton City boundaries for people to build new homes,” said Mr O’Rourke. “That’s led to some major developments cropping up outside the city boundaries within recent years in areas such as Ngaruawahia.”

Mr O’Rourke believed the proposed developments would enhance the City, ease pressures on the housing market and attract more families to live in Hamilton – leading to growth.

“We suspect as these sections come onto the market and home construction gets underway, this activity will help to ease the upward pressure on section prices across the city,” said Mr O’Rourke. “This will help keep Hamilton an affordable modern city to raise a family.”