If you are a hopeful first-home buyer you may well be emerging from the trenches. You’ve navigated mortgage lending criteria, you’ve trudged through a thousand open homes, you’ve braved the battle grounds of auction rooms. Market conditions have been tough but your pursuit to own your own home has held.
Spring is upon us, change is in the air and prospective purchasers will be savvy to inform themselves of the numerous government incentives to achieve home ownership, in particular the numerous perks when buying new.
Despite the peaks and troughs of the housing market, it is becoming clear that a correction is starting to impact market conditions. One reason for this is the recent amendment to the Credit Contract and Consumer Finance Act (CCCFA) which was announced on December 1, 2021. Whilst the intention was to protect borrowers, the Act had a significant impact as many found themselves unable borrow under the stricter rationale.
The updated responsible lending code on July 7, 2022, was viewed positively, with REINZ chief executive Jen Baird Chief saying, “These changes may encourage prospective buyers to reconsider their opportunities within the market.”
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This forecasting was on point with independent economist Tony Alexander reporting for REINZ this month on the latest market analysis: “Three weeks ago, I reported from my monthly survey of mortgage advisers that brokers were seeing more rather than fewer first-home buyers asking for mortgage advice. Now, in our monthly survey of real estate agents we have validation of that result with a net 5% of responding agents reporting seeing more first-home buyers.”
So what does home look like for the first-home buyer?
The idea of home ownership has long been a Kiwi dream. To own a piece of land and property is part of our social fabric, woven into our psyche as past generations before us. Stepping up onto the property ladder has been a well-trodden pathway to financial security. It is an investment that continues to hold as the primary nest egg.
Myland Partners says first-home buyers are reconsidering buying do-ups in favour of new-builds because of the advantages they present. Photo / Supplied
Whilst our parents and grandparents pursued the quarter acre parcel of land, these days this footprint of land is not necessarily the sought-out prize. And whilst traditionally the ‘do up’ was the desirable project, for many first-home buyers now there is a growing movement toward more affordable, brand-new homes – which present less cost, less hassle and less time slogging away their weekends.
In Auckland, in particular, first homers are re-evaluating. There is an interest to seek a life beyond purchase – to spend weekends with family and friends, to enjoy recreation, the outdoors, shopping, coffees at the local, maybe even avocado on toast on a good day. Buyers are choosing to invest in new-builds as they are a low-cost, low-maintenance choice, freeing owners to simply enjoy life.
New Zealand-owned residential land developers Myland Partners understand the changing face of home ownership, and are meeting the rising demand for new-builds.
Based in Auckland, and founded in 2013, Myland Partners’ core purpose is simple – they transform large blocks of land, embed infrastructure to create sections for builders and masterplan beautiful, greenfield communities popular with first-home buyers and families.
Builders who purchase sections benefit from a plug-and-play solution with all resource consented, architecturally-designed house plans provided for them, resulting in quality-spec homes that can be built faster. Sections are easy to buy, homes are easy to build, and properties are easy to sell.
Cardinal West was launched in December 2019 in Westgate, where NorthWest Shopping Centre and Costco are nearby. Photo / Supplied
Launched in December 2019, Cardinal West is Myland’s latest large scale land development project with 470 resource-consented sections on site.
A large volume of earthworks has already been completed with infrastructure and roading in place. The tranquil greenspace aesthetics is a highlight of the neighbourhood for those residents who have already settled into the stunning urban residential community.
Positioned in one of Auckland’s fastest growing and desirable precincts in Redhills, Westgate, amenities are vast with exciting retail attractions NorthWest and the mega American giant Costco, as well as parks and brand-new schools in planning stages nearby.
Cardinal West exemplifies Myland’s ability to flex their imagination to apply visionary solutions to residential land development.
First-home buyers who are searching for affordable, freehold, standalone homes in a high-growth area can achieve the dream to “own a piece of dirt at Cardinal West”, principle director Karl Barker from Construkt Architects enthuses.
“We have meticulously designed beautiful, modern houses for families to enjoy a sense of pride. As standalone homes they offer more space to move around the property, and all sections come with carpark and garden. North-facing so they are bathed in light, you’ll always be able to find a spot in the sun. Winter months will be warmer saving energy costs. The range in two to five-bedroom homes present personalised choices,” Barker explains.
“A three-bedroom home offers a young family the opportunity to have two bedrooms and an office. The five bedrooms are perfect for the growing family.”
An artist's impression of the standalone homes at Cardinal West which are designed to be beautiful, modern and evoke pride. Photo / Supplied
Whilst it’s an obvious green light to go new, choosing a new-build with one of Myland’s trusted builders is paramount in the pathway to success. Myland Partners has helped thousands – and counting – of Kiwis into their first home, with thousands more in the pipeline.
New-builds are a genuine solution for the first-home buyer as Catalyst Financial Managing Director Peter Norris explains: “As mortgage advisers we love new builds. Right now it is almost impossible to get low deposit borrowing from a lender for existing properties – banks still require a 20% deposit. However, new-builds are separate from that – they are exempt from all the LVR restrictions which means banks are able to lend to people buying new-builds with lower deposits.”
Cardinal West epitomises the direction many first-home buyers are taking. Affordable homes in a superb location, in a burgeoning area of Auckland. Simply buy off-the-plan or purchase a newly-built home ready for living now.
Whilst the road has been tough, blue skies are beckoning. The traditional Kiwi dream of home ownership is attainable, affordable and ready to be pursued today.
– Sponsored by Myland Partners
