Queenstown’s brand new affordable housing programme is modelling what will eventually be in store for Wanaka. The first six households in Queenstown Lakes Community Housing Trust’s (QLCHT) Secure Home pilot programme in Shotover Country are moving into their homes this week.
QLCHT completed the housing construction and said they plan to unveil the Secure Home programme in Wanaka as well.
“We’re not currently building in Wanaka so don’t have the opportunity right now,” said QLCHT executive officer Julie Scott. “However, we are due to receive six sections from the Hikuwai [subdivision] developer around August, so I imagine we will put at least half of these into Secure Home; [it] will depend on demand at that time as to exact numbers.”
Scott said the Trust currently has 22 Wanaka households in programmes, which represents 26 percent of their total households.
“As more land comes across to us from developers, we will continue to offer the Secure Home model, [for example] 28 homes at Bright Sky [Land Limited] Special Housing Area (SHA) and 40 homes at Hawea SHA, to name a few,” she said.
“Bright Sky Ltd have agreed to deliver 10 percent of their land to QLCHT as per the requirement under council’s SHA Lead Policy. Same with Hawea SHA.”
Bright Sky is Wanaka's first proposed development under Queenstown Lakes District Council’s (QLDC) Special Housing Areas Act. The development, which can be accessed off of Frederick Street and Gordon Road, will offer 281 section within a range of sizes.
Secure Home was one of several actions developed by the QLDC Mayoral Housing Affordability Taskforce, which was formed in 2017 by Mayor Jim Boult to find new ways of addressing housing affordability in the district.
The programme allows a property purchase through a 100-year lease arrangement with the Trust retaining ownership of the land in perpetuity.
Scott said, “The essence of the Secure Home programme means a household will be able to purchase the home at an affordable price through their own mortgage and deposit. They will then pay a very low ground rent on the land, which will only ever increase annually and in line with inflation.”
Qualifying households can purchase the leasehold property with an upfront payment, which ranges from $320,000 to $400,000. The household also pays a ground rent set at 1.5 percent of the land’s value, which is adjusted annually with inflation.
The programme also contains a restricted resale clause, meaning the property can only ever be sold back to the Trust at the original purchase price plus applicable inflation.
For more information or to register interest on QLCHT programmes, visit the Trust’s website. All eligible parties will be added to the programme’s waiting list.