Land for 740 sections freed up in Hastings to calm house prices

SELLING FAST. Greenstone Land Developments owner Tim Wilkins at the Lyndhurst Road land development. PHOTO/PAUL TAYLOR

More than 700 new land sections could be released for development as early as next year - with the hope of helping calm skyrocketing house prices in Hastings.

After Hastings home owners last month experienced the region's biggest rise in property values, Hastings District Council economic development and urban affairs committee chairman Damon Harvey said the council had already been working on how to reduce the stress on dwindling housing stocks.

"The residential development space is positive, if you look at Greenstone Land Developments, they have sold over 40 sections like hot cakes (at their Lyndhurst development) in the last six to eight months and that has given confidence in further development from there.

"2017 has been a very positive year for the economy.

"The residential real estate market has been booming with strong interest from the bigger centres, such as Auckland and people relocating here but what that's done is put pressure of the prices for properties and also the supply.

"So the council has adapted quickly to that by getting land development moving with the release of land both within Frimley and Havelock North."

Latest figures from Quotable Value show house values in Hastings last month rose 18 per cent from the same time last year, to $442,876.

Mr Harvey said the future residential areas identified and prioritised for future growth comprised the Lyndhurst stage 2 development, along with Howard St in Hastings and the Iona area in Havelock North.

Combined that would release a total of 740 sections.

Mr Harvey said the council was hoping those sections could be ready for development within the first six months of next year.

"A medium-density strategy has also been approved that will allow houses on smaller lot sizes."

Greenstone Land Developments owner Tim Wilkins said the Lyndhurst Rd development planned to develop a total of 180 sections over the next two years and praised the speed at which the council was moving to get sections consented.

"We will have titles for 14 sections in January, followed by titles for another 30 sections in March and we've just obtained resource consent for another 19 sections and we will be starting civil construction for that in April and then titles available in the middle of the year."

Those titles had yet to be released to the market.

Mr Wilkins said another 13 stages would follow over the next two years.

"Basically, we are staying on site until we have completed 180. So we're going as fast as we can and as fast as consents can be granted and as fast as the civil contractor can complete everything and the council sign it off.

"Hastings District Council has been absolutely brilliant to deal with. They are proactively trying to get sections to the market and we are proactively trying to actively, physically produce them."