More townhouse-style developments were being developed, which did not have the same lift and sprinkler system requirements of bigger buildings. “One of the drivers of this is increased collaboration between private developers and the [Government’s] KiwiBuild unit. Underwrite of units that meet the KiwiBuild price caps has enabled developers to proceed with construction in tandem with sell-down rather than waiting for the presale threshold to be met, which helps projects with price-capped units reach completion faster.” Buyers had responded, resulting in off-the-plan sales tripling since the end of 2018. “The two most recent quarters had more presales than all four quarters in 2019 combined. As presale volumes tend to follow general housing market activity and price growth, this is a more positive environment for developers,” Carleton said.
The homes that are $240k cheaper now than in 2017
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