Lack of Auckland Housing Supply Leads to Desperate Measures

Tuesday, May 12th, 2015
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People slept in cars overnight to be at the head of a queue to buy sections in a new housing subdivision in coastal south Auckland.

The sale of the third stage of sections at the Ti Toki Lanes subdivision in Beachlands was on a first-in, first-served basis.  Professionals Real Estate agent Michael Black told NZ Newswire people arrived in cars as early as midday on Friday to be in the queue to buy the 12 sections at 9am on Saturday.

The real estate listing for the release of stage three of the subdivision said those waiting in vehicles would be given a numbered ticket and only one ticket per vehicle would be handed out.

A five per cent deposit was required.

Mr Black said only a few people were waiting at 9am when the second release of sections occurred but all the sections sold in 90 minutes.  Some people in the queue missed out on the sale of the third release.

Mr Black said a variety of people turned up, including investors and locals.

“It’s supply and demand, these sections are relatively cheap,” he said.

The sections were priced from $425,000.

Earthworks commence in October and the entire sub-division will consist of 42 residential sites ranging from 800sq m to 1290sq m.

All sites are subject to land covenants that set out the minimum size of dwelling, approved building materials and site development controls. Water tanks are not a necessity, as there is the option of reticulated potable water from the bore.

Tweets about the sale said those who missed out were angry.

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