22 Dec 2012

Govt to cash up on Auckland housing development

4:14 pm on 22 December 2012

The Government hopes to cash up its investment in a large Auckland housing development faster than previously planned.

It wants to sell off the last blocks at Hobsonville Point to developers within five years, as 3000 homes are built over the coming decade.

Government papers show it has approved an accelerated development plan by the state-owned Hobsonville Land Company.

Minister of Housing Phil Heatley says the pace has been picked up to meet demand in Auckland, but also to allow the Government to reuse its investment sooner.

The land was originally acquired under the Public Works Act and has been retained on the grounds it is being used for state housing purposes.

Mr Heatley says he is confident those grounds are legally sound, even though the houses are being built for private, unsubsidised ownership.