You are here
First-home buyers beat deposit rule at Addison
McConnell Property’s award-winning Addison development in Auckland’s Takanini in the Papakura area has been featured again in the New Zealand Herald, as a smart option for first home buyers eager to get onto the property ladder:
McConnell Property's Addison housing development in Takanini, South Auckland, is one that has attracted a number of first-home buyers from all over the city.
Three-bedroom homes there are available from $519,000. Bayleys Counties manager Ray Mountford said there had been a big rise in people buying off the plans at the development because of tight supply elsewhere at a price within their financial reach.
Newly built homes are exempt from the tough LVR measures that have meant first home buyers must have a deposit of 20% to buy most properties. New builds usually require around a 10% deposit to secure a loan but as the Herald story outlines, some buyers have been able to secure a loan for a new home with just a 5% deposit – which means developments like Addison are of real interest to hungry first home buyers.
Buying off plans is becoming an increasing trend for Auckland’s hot property market, and we’re proud to be involved with a development that is giving young and first home owners more choice.
As well as being an affordable and realistic option for a first home, Addison is a great example of best practice, design-led living. As the master planner for the development, we worked alongside some of the leading design and architecture minds to create a residential community that offered different home types to meet all sections of the market. From the well-priced café style and courtyard terrace homes which start at $519,000 to the freestanding, 4 -5 bedroom executive homes that start at $619,000, we knew that people want different styles and sizes to suit their budget and living needs.
What makes Addison different to other developments in the Auckland region is the attention to detail and the long term approach taken to the community. It’s designed to get better with age, and even the Ministry for the Environment has agreed that the common green areas at Addison are a stellar example of best practice.
Addison also generates value for residents; since the first homes were built, values have increased over and above houses in the surrounding areas. What’s more, the value of homes in Addison is future-proofed and protected through covenants that encourage clever use of space, stylish homes and sunnier living areas.
The NZ Herald article comes hot on the heels of another glowing endorsement of Addison. QV spokeswoman Andrea Rush told the Herald that Addison would be a top pick for her in 2015, as an affordable and high quality development. Check out the write up here.