- Kāinga Ora has listed three homes in Ellerslie for sale, targeting developers and investors.
- The properties, with a combined site of 2475sqm, could allow up to 17 new homes.
- Housing Minister Chris Bishop aims to reinvest proceeds into more affordable areas.
Kāinga Ora has put three neighbouring homes on the market for sale in Auckland’s Ellerslie.
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The tiny two-bedroom 1940s-era cottages each have an RV of just over $2 million and offer potential buyers a combined site of 2475sqm.
The properties at 43, 45 and 47 Amy Street are listed with Barfoot & Thompson agents Steve Hood and Rawdon Christie and are pitched at “developers, investors, and land bankers".
The listing follows an announcement earlier this year from Housing Minister Chris Bishop that the Government was pursuing the sale of around 200 Kāinga Ora-owned properties worth around $2m each.
43 Amy Street has an RV of $2.175m. Photo / Supplied
45 Amy Street has an RV of $2.15m Photo / Supplied
47 Amy Street was bought by Kāinga Ora in 2023 for $2m and has an RV of $2.051m. Photo / Supplied
Bishop said he was looking to reinvest the money into more affordable areas.
“I think most New Zealanders would say it doesn’t make a lot of sense for Kāinga Ora to own $2 million houses in Remuera, for example,” he said.
“They should be investing where the need is greatest.”
Kāinga Ora, the state housing agency, bought 47 Amy Street in 2023 for $2m, but public records suggest it has owned 43 and 45 Amy Street for much longer.
All three properties are zoned mixed housing suburban, which would allow a new owner to build up to 17 homes on the combined site.
A spokesperson for Kāinga Ora told OneRoof the sale of the three properties was part of the agency's reset.
"We are placing greater focus on improving the quality of our housing portfolio. A proportion of older or high-value homes is being sold so we can deliver more newly built homes that are warmer and drier, the right size, and in the right locations.
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"The three Kāinga Ora homes currently for sale in Amy Street, Ellerslie are 85 years old and have reached the end of their life as social housing. Due to a number of factors including their age and value, it makes sense to sell these homes and reinvest the money in new housing in other locations."
Christie said the listing was the biggest land parcel he had dealt with in Ellerslie and told OneRoof that buyers would likely replace the existing homes with townhouses.
He said the three properties could be bought separately, and he did not discount interest from owner-occupiers. “Somebody may well decide to put a family home on there, given how rare it is to find 800sqm sites.”
He said Ellerslie was popular with homeowners who might otherwise aspire to live in neighbouring Remuera or Meadowbank.
The interior of 47 Amy Street is colourful but dated. Photo / Supplied
A family could buy the property and turn it into their dream home. Photo / Supplied
“You’re potentially not having to pay the same prices [in Ellerslie] as you would if you were looking in the Remuera area, for instance, or Meadowbank,” he said.
The most likely outcome, however, would be a developer buying to create a pipeline of land for future projects. “We’re thinking that people will potentially look at this as maybe a longer-term programme.”
Other townhouse developments in Ellerslie have sold well, said Christie, highlighting a nine-home development on nearby Aaron Street. “That was a nine-home site of two-bedroom, two-bathroom homes, which were really popular with that first-home market,” he said.
Homes were selling for around the million-dollar mark, with the suburb’s strong transport links and good schools big selling points for entry-level buyers.
Christie said his office was also selling a number of apartments in an Ockham development at 36 Wilkinson Road, Ellerslie.
“It’s beautifully built by the Ockham developers, so it’s very high quality,” he said. “We’ve sold five of the 10 [apartments] now over the last 12 months or so.”
Apartment number four is on the market currently, with more to follow once it’s sold, said Christie. “So we’re sort of drip-feeding them.”
- 43, 45, 47 Amy Street, in Ellerslie, Auckland, is for sale, tender closing April 10
