Recently announced financial stimulus for the housing and construction sector could give a positive future to projects that might have otherwise been hanging in the balance.

The announcement of the new Residential Development Response Fund in support of housing and construction was made by Housing Minister Megan Woods on August 7. The $350 million fund is envisaged to help reduce the impact on the sector following New Zealand’s COVID-19 related economic upheaval. The fund is intended to provide much needed financial support to selected developments, and comprises of $100m from the COVID-19 response and recovery fund, as well as $250m of redirected funding from KiwiBuild.

On implementation, the fund will serve to move forward developments that may have stalled, been paused, or were at a higher risk of non-completion. There is a particularly planned focus on projects which support the government’s wider housing aspirations – maintaining the growth of affordable housing within the country and, in turn, stimulating jobs.

It is hoped the fund will provide the industry with the stability needed for the continued work of an estimated 15,000 employees, who would deliver in the vicinity of 4,000 homes. The fund will sit alongside the KiwiBuild programme in its effort to prioritise avenues into homeownership for first-time buyers. KiwiBuild itself is currently receiving an overhaul, with a key objective being to provide more flexibility than it has done in the past.

The housing and construction sector has seen great traction in the numbers of people wanting to join the industry and there’s no better time to get involved than right now. New Zealand remains an attractive proposition for those seeking to migrate, and growth of our population is forecast to continue strongly. There
will almost certainly remain a high level of demand for new housing.

If this sparks your interest, get in touch with us today. We can arrange for a confidential conversation around these and other recent developments, and you’ll receive professional advice about what could be the best next step for you. Contact Us Here

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