Toru Apartments

PHOTO: An artist’s impression of the Toru Apartments

March 12, 2021

Yesterday celebrated the kickstart of 25 first home buyers into their Progressive Home Ownership (PHO) journey at the Toru apartments in Queenstown.
Twenty-five households will be purchasing homes under the Queenstown Lakes Community Housing Trust’s ground-breaking assisted ownership model, Secure Home.

QLCHT executive officer Julie Scott confirmed average one-bed units have sold for $220,000, and two-bed unit prices average $320k.

Three years after signing a contract for 50 of the 78 units in the Toru development at Remarkables Park, Frankton, the project was completed last month, and QLCHT is set to take possession of its units later this month.

Housing Minister Hon Dr Megan Woods was on site yesterday to launch the 25 new PHO units, which are being supported with a $6.35m interest-free loan from the Government’s $400m PHO fund.

QLCHT deputy chair Joanne Conroy spoke of the Trust’s appreciation to the Government for its assistance: “Post COVID-19, this project would have been a major challenge without both the $6.35m PHO funding, and the operating supplement for 15 public housing units”.

Conroy also expressed gratitude to Queenstown Lakes District Council for its significant support of QLCHT over the past 14 years, noting that the Trust would not have been in a position to buy the 50 units without its strong balance sheet, due to many years of council-facilitated inclusionary zoning contributions.

Queenstown Lakes District Mayor Jim Boult was also present at the launch and confirmed council’s ongoing support for the work of the housing trust and in particular the Secure Home programme, which was born out of the 2017 Mayoral Housing Taskforce.

“Affordability has long been an issue for many looking to buy a home in our district and it’s encouraging to see another significant step in making that dream a reality. It clearly demonstrates what can be achieved for our communities when local and central government and hardworking organsations like the Queenstown Lakes Community Housing Trust come together,” Mayor Boult says.

Home ownership in Queenstown has now never been more affordable thanks to the collaboration between the Trust, Central Government and QLDC.

QLCHT executive officer Julie Scott confirms average one-bedroom units have sold for $220,000 and two-bedroom unit prices average $320,000.

“Team these sale prices up with a deposit requirement of just 5%, for those who qualify for the Government’s First Home Loan, and it makes these units the most affordable method of home ownership in Queenstown at the moment.”

Households also pay a ground rent of 1% on the “land” value component of the property which averages around $40-$50 per week.

A further 15 units are going into Public Housing, whilst a handful are being sold on the open market and the balance are being retained as affordable rentals or rent-to-buy units with the Trust.

Established to manage and deliver affordable housing solutions to residents who cannot afford it, QLCHT has several programmes in place to help low-moderate income households including public housing, assisted rental, rent-to-buy, and assisted ownership.