More than $19 million has been made by selling off high-value
state housing properties, the Government said today.
Since July 2008, Housing New Zealand Corporation (HNZC) has
sold 24 properties worth more than $700,000 each, providing
$19 million to be reinvested in less expensive housing.
Housing Minister Phil Heatley said that based on an average
cost of $425,000 for a four-bedroom home and section in
Mangere, the proceeds could pay for around 45 new homes.
"In addition to adding to the state house portfolio, these
sales also allow the corporation to provide houses designed
and built more in keeping with the needs of today's
households, rather than the needs of 60 years ago."
Mr Heatley said HNZC had 186 properties valued at more than
$700,000 in its portfolio -- many of which were built on
large sections in areas that were once cheap, but had become
expensive and desirable.
"Demand for social housing is forecast to grow significantly
in future. We need to start getting more out of the resources
we have today so we are better prepared for the challenges of
tomorrow."
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