Housing New Zealand exceeds new build target

9 November 2016

Housing New Zealand has achieved some significant wins in the 2016 financial year, including exceeding its new-build target, housing more families than the previous year and investing a record amount into upgrading its properties.

 

Chief Executive Andrew McKenzie says that during the year Housing New Zealand built 871 new homes in high demand areas, exceeding its target of 845. These include new homes in Canterbury and Auckland.

“We also repaired more than 5,000 earthquake-damaged homes in Canterbury as part of our major rebuild and repair programme, and we invested a record amount of nearly $500m into improving the quality of our homes,” he says.

“Through our warm and dry programme we’ve created a new baseline standard for all our properties to make sure they’re safe, warm and dry for our tenants. This goes above and beyond what landlords are required to do, and includes installing thermal quality curtains, additional heating and mechanical ventilation systems where they’re required.”

During the year Housing New Zealand also housed more new families than last year – 7,384 compared with 7,144 last year – due to more houses being returned to the letting pool and more new homes.

“We can and should be proud of the significant results we have achieved, and we’re looking forward to delivering even better results in coming years. For example, we’ll be investing an average $8,000 per property in upgrades and maintenance, and we are set to deliver around 4,900 properties over the next three years in high demand areas.

Mr McKenzie says that recognition of Housing New Zealand’s expertise in quality and speedy redevelopment means that its role is expanding beyond just social housing.

“We are lending our expertise to the Government as it looks to create more emergency housing, and we’re also focusing on how we help provide more affordable housing as well. These are important steps we’re taking, and we’re able to do this because we’re not only good at it, but because we’re well placed financially to achieve it.

“We have a portfolio valued at more than $22 billion which makes it a huge asset base for the Crown. In addition, our cash flow positive status – we have cash reserves of around $520m – means we’re in a sound and healthy position to continue delivering on our ambitious targets.”

Mr McKenzie says the organisation has strong benchmarks in place to allow it develop and improve – for example, more frequent tenant surveys that will allow any issues to be captured quickly, as well as establishing a good condition of our properties as part of our asset portfolio management.

 

Key highlights of 2015/16

  • 7,384 families into new homes compared with 7,144 last year
  • 93% satisfaction rate with Customer Services Centre
  • 15,411 first home buyers helped into their first home with KiwiSaver Home Start
  • 871 new homes – the highest number in two decades
  • 92% of properties delivered in high priority areas
  • Close to $500m invested in maintenance and upgrades – twice as much as 2012
  • More than 5,000 earthquake-damaged homes in Canterbury repaired
  • Average 2.9 hours response time to urgent maintenance requests
  • $22.7b portfolio value
  • $520m cash reserves

 

Relevant Information

  • Annual Report 2015/16

    “The past year has been one of achievement for Housing New Zealand – which is particularly significant given the extent of the change taking place in the wider sector.“

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