Shared home ownership scheme helping east Auckland whānau on to property ladder

Monday, 25 September 2023

Labour leader Chris Hipkins has launched another attack on National's tax and housing plans.

Kaiako (teacher) and journalist Mārena Mane always felt homeownership was out of reach as a single mother of two.

But she was able to buy a property in Glen Innes after she was introduced to Own It, a shared home ownership programme run by Tāmaki Regeneration.

“One of the major things that has changed with being a homeowner is giving security to my family, to my boys,” Mane said.

Tāmaki Regeneration, a Crown entity jointly owned by the Government and Auckland Council, is in the process of replacing 2500 state homes in Glen Innes, Panmure and Point England with 10,500 new builds.

These will include around 3500 state homes and 3500 affordable private market homes.

A shared home ownership scheme is helping whānau get on the property ladder in east Auckland.

Own It aims to help whānau move into 1500 of the homes through a shared ownership scheme.

'With our co-own it model, whānau own a percentage of their home and Tāmaki Regeneration owns the remaining – but it is still the whānau home,” Tāmaki Regeneration chief executive Shelley Katae said.

'Over time, whānau will buy the remaining percentage until full home ownership is achieved.'

Thirty-one families bought homes through the scheme in 2022, and it has supported 76 families to get on to the property ladder in total so far.

Tāmaki Regeneration spokesman Afoa Tevita Malolo said on Tuesday that people can now register their interest and check their eligibility for the programme for 2023.

“Whether you have a connection to Tāmaki or you want to lay down your roots here, Own It meets whānau exactly where they are and walks beside them through their home ownership journey,” he said.

“Once on the journey, whānau are matched with a home that meets their unique needs – from two- to five-bedroom homes.”

Whānau with a combined income of $85,000 to $150,000 are eligible for the programme, and Tāmaki Regeneration is encouraging people with a connection to the area to apply.

Tāmaki Regeneration aims to build 10,500 homes by 2040 that are accessible for locals and people on lower incomes.

There is also a multi-generational option where households with six or more family members, or several families living in the same home, with a combined income of $205,000 are eligible. 

'The multi-generational pathway will especially resonate with Māori and Pasifika whānau who often choose to live with parents, grandparents and extended whānau,” Katae said.

Tāmaki Regeneration has a goal to sign up 1000 whānau for the Own It programme.

'It is normal for whānau to start their Own It journey with no savings or with debt. We’re here to help you get started on your journey and will help you every step of the way,” Katae said.

Malolo said Own It was started in response to the increasing difficulty first-home buyers were having entering the housing market.

Tāmaki Makaurau’s median house price topped $1 million in August, according to data released by the Real Estate Institute earlier this month.

“This proud, diverse community has a rich local business hub, green open spaces, a range of schools, and convenient transport options. It’s down by the coast, and just 12 minutes from the CBD,” he said.

“The stability, community, and pride that comes through homeownership can sometimes feel like a distant horizon, but the Own It programme will help you get there. Every journey to a distant horizon begins with a single step.'

Tāmaki Regeneration has delivered 1350 homes since 2016. It aims to deliver 704 homes over the next four years and complete 10,500 homes by 2040.