REINZ Welcomes ‘Green Light’ For ‘Sleepyhead’ Ohinewai Development

24 May 2021

The Real Estate Institute of New Zealand (REINZ) has today welcomed the announcement that independent commissioners have approved the industrial and housing development at Ohinewai which over the next 10 years has plans for more than 1,100 homes for up to 3,000 residents and will create up to 2,600 new jobs.

Wendy Alexander, Acting Chief Executive at REINZ says: “For a number of years now, demand for residential property has continued to outstrip supply and put upwards pressure on house prices. This has made it extremely difficult for first home buyers to get onto the market and has put further pressure on the rental market as people look to rent for longer while saving a deposit for a home.

“Today’s news that independent commissioners have approved the industrial and housing development at Ohinewai is fantastic news, as the planned 1,100 residential properties will add significantly to the Waikato’s housing supply.

“House prices in the Huntly Ward, which Ohinewai falls into, have risen by 72.4% in the last year alone, with median house prices increasing from $290,000 in April 2020 to $500,000 in April 2021,” continues Alexander.

“The planned development will provide housing, jobs, retail opportunities and wider infrastructure to the area,” concludes Alexander.

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