New state housing apartments announced in central Auckland

Article From RadioNZ:

https://www.radionz.co.nz/news/national/361473/new-state-housing-apartments-announced-in-central-auckland

“Housing Minister Phil Twyford confirmed the plans for the new development this morning, describing it as state of the art.”
“The current state housing high-rise that sits at 139 Greys Ave will soon be demolished to make way for 280 new units.”
“Built in 1957, Housing New Zealand said the high-rise was nearing the end of its life and was no longer fit for purpose.”

Our Takeaway:

Great news that they are finally replacing the current eye sore in Grey Street just up from Aotea Square however if you are a property owner or buyer you may want to take this into account.

Traditionally, public housing decreases values so this development I expect will lover values within roughly a 300m radius
500 more lower decile occupants is a lot of people. Safety, security and peoples perception of value will all be affected…..so this is not good news for Grey Street and the neighboring Vincent street.
Hopefully, the council can prove me wrong through their integration idea but I would be sceptical.

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