Auckland councillors have got cold feet about the latest proposals for intensification under the Unitary Plan. While everyone agrees there are too few dwellings to meet demand, there’s a major lack of consensus on what to do about it. Local ratepayers are protesting, a majority of councillors reportedly agree and the Property Council is “appalled” at the U-turn, blaming Baby Boomers for creating “Generation Rent”. Without the support of either councillors or locals – and with a local election on the horizon – the December ‘up-zoning’ looks as though it’s been completely abandoned.
What does this mean for you? If you already have a substantial property portfolio, this is good news either way for your property values. Whenever any intensification goes ahead, your land will probably be worth more because it can hold more dwellings. When the intensification doesn’t happen, the flow of new houses is stifled and the prices continue to be squeezed by an imbalance between supply and demand.
Does the up-zoning affect your properties? You can find out using this tool.