As it becomes increasingly difficult for New Zealanders to get on the property ladder, new research commissioned by Kiwi Property reveals that Kiwis’ attitudes to how and where we live are changing, and many, particularly the younger generation, no longer believe home ownership represents the ‘Kiwi dream’.
According to the survey, fewer 18 to 29-year-olds (59%) consider owning a home as the Kiwi dream, in contrast to those aged 30+ (70%). Additionally, the majority of those surveyed who hadn’t yet purchased a house reported feeling that residential prices and the cost of living were major obstacles to them doing so.
The changing attitudes to home ownership in New Zealand have given rise to a new type of housing, designed specifically for renters known as ‘build-to-rent’. Kiwi Property is behind what will be New Zealand’s largest build-to-rent development, when it opens from May this year. The project, called ‘Resido’ is located adjacent to Auckland’s Sylvia Park and will offer tenants the flexibility of renting, coupled with the stability of home ownership and a range of quality services and amenities.
Kiwi Property chief executive, Clive Mackenzie says build-to-rent has the potential to change the way New Zealanders live, help alleviate the country’s housing shortfall, and meet the needs of the growing number of New Zealanders who rent.
“Renting is on the rise with more than half of Aucklanders over the age of 15 currently living in rental accommodation. For many though, the experience is less than ideal. We want to help fix that. Our aim is to offer an experience unlike anything on the market today, giving residents a place they can put down roots and live a more carefree life.”
According to the research, a lack of quality properties (51%), security of tenure (51%), and inconsistent or unexpected rent increases (48%) are the top three barriers renters face in New Zealand, and impact their willingness to rent.
”With build-to-rent, people get secure, well-managed, high-quality homes in well-connected locations like Sylvia Park. Our ambition is for life at Resido to be as good as owning your own home. The development will feature amenities like a gym, co-working facilities and rooftop barbeque area, as well as a range of resident services and specially curated events, all designed to create a vibrant community.”
A remarkable 85% of survey respondents said they would prefer to rent if common downsides to renting were removed, such as quarterly inspections, having to move out on short notice, strict rules on customising the property and restrictions on owning pets.
Mackenzie says Kiwi Property’s build-to-rent apartments will help address these common concerns, and more.
“Resido residents can have pets, decorate their walls and add their own personal touch to the colour scheme if they choose. We want to change perceptions of renting by offering a new standard of amenity, security, accessibility and convenience,” Mackenzie concluded.Editors Notes:Survey was commissioned by Kiwi Property and conducted by consumer insights agency Perceptive, surveying a panel of 1,000 New Zealanders aged 18+