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Subdivisions - off the plan sales 2023
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Author: Denise Marsden
Published: 20 November 2023
Pages: 27
Introduction
The Auckland Monthly Housing Update, October 2023 confirms the completion of large amount of development stock that has been sitting in the development pipeline.
• In the year ended August 2023, 15876 dwellings had a CCC issued; and
• In the past 12 months 14,793 new residential parcels (sections) were created – an average of 1233/month.
We have seen a number of settlements of “off the plan” sales this year, driven by the developments commenced in the low interest rate environment of 2020-2022. In the year ended August 2023 in Auckland, 18003 dwellings were consented. Of the dwellings consented in August 2023, 30% were houses, 6% apartments and 65% townhouses, flats, retirement villages or other attached dwellings. (continued...)
Content outline
- Development finance
- Consenting
- Form of agreement
- Delay, sunset dates and s 225 Resource Management Act 1991
- Plans, specifications, defects and incomplete work at settlement - assignment of warranties and guarantees
- Apportionments
- Drafting and negotiating agreement for sales off the plan
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