Twenty-five families have signed agreements for new houses after their names were pulled from a public ballot on Saturday afternoon. More than 100 groups registered to take part in the ballot to own a terraced townhouse at the West Edge development in New Lynn, West Auckland. The 25 tickets were drawn from the ballot at 2pm.
The winners then had the opportunity to pick their desired unit and sign a sale and purchase agreement, bypassing the auction process. They now have until Tuesday to come up with a 10 per cent deposit. The 12 hectare development, on the site of the old Crown Lynn factory, is designated a Special Housing Area under an accord between Auckland Council and the Government.
The agreement states 10 per cent of the homes must be classified affordable, meaning they do not exceed 75 per cent of the median house price in the Auckland region. West Edge project manager Winson Tan said many young people had been "facing an uphill battle" to buy a home over the past several years.
"The ballot system allows us to offer homes to people at a fair and fixed price, saving them the stress and expense of competitive bidding," he said. "We hope that West Edge will be able to offer them properties at a realistic price and in an attractive location for young couples and families." A total of 1800 homes are planned to be built as part of the development over the next six years, with 88 being released in the first stage in early 2017.
The freehold properties are priced from $500,000 to around $750,000 and range in size from 80sqm to 146sqm, comprising either two or three bedrooms. Construction is due to start in March 2016. Tan said New Lynn is becoming a "lively metropolitan centre" and an attractive area for families.
Those who missed out on this weekend's ballot can register online to purchase one of the remaining 63 homes included in the first stage.
More information about a second ballot will be released in November.
At capacity the development is expected to house about 5000 residents.
http://www.stuff.co.nz/business/money/73556859/families-place-faith-in-auckland-housing-ballot