Auckland Council have approved the land for development and some areas are on the fast track to development including a small pocket of land at Weymouth where 23 homes are expected to be built by Christmas.
The sites are owned by different parties and there is no control over when construction will take place. It’s expected the land owned by Housing NZ and other state agencies will be fast-tracked to development whereas private owners of some of the land may elect sit on it for while.
House & land packages offered later on can include the increase in land value from the time the land was purchased and the development completed. Hanging onto the land and waiting a few months even years before developing can be a huge benefit to the land owner. During this ‘wait’ time other developments going on around it have completed added more value to the un-developed land. This strategy is known as land banking and it’s uncontrollable.
Property Investors are less inclined to land bank – as they look for an immediate yield from their investment. New homes are on their radar however as are homes needing some tender loving care. PropertyTutors are the leaders in property investing mentoring in New Zealand. Sean Wood is the owner of the business and head mentor in Auckland.
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