PHOTO: Chatham Islands. CNN
The Chatham Islands is gearing up for its most ambitious housing project yet, aimed at alleviating a severe shortage of properties.
Securing housing on the islands is challenging, with some buyers required to make deposits as high as 50%.
Ngāti Mutunga o Wharekauri is spearheading the project, aiming to address the housing shortage that is impeding the local economy.
Gail Amaru of Ngāti Mutunga o Wharekauri Iwi Trust highlighted the difficulty in attracting families due to the lack of available three-bedroom rental homes.
Mayor Monique Croon emphasized the pressing need for new houses, expressing that building 30 homes would quickly find occupants.
As the holiday season concludes, island youngsters return to the mainland for boarding school, but the focus is on luring back returning families to the islands.
Amaru emphasized the allure of the island lifestyle, with a desire to have more people contribute to and enjoy the beautiful environment.
Croon stressed the importance of attracting residents to support essential services like shipping and air transport.
Currently home to around 660 people, the Chathams aim to increase this number with plans for 100 new homes over the next two decades.
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However, the cost of building on the islands is steep, with nearly $1 million required to construct a home.
Amaru mentioned challenges with mortgages, citing stories of hefty 50% to 60% deposits, and indicated that the iwi trust is exploring alternative lending options.
Banks like ANZ and BNZ assert that Chatham Island customers face the same lending criteria as elsewhere, prompting the iwi trust to seek independent lending mechanisms.
Despite challenges, the groundbreaking for the new homes is anticipated early this year.
SOURCE: 1NEWS
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