New long-term plans for the city of Auckland will include measures that maximise housing and public transportation, the Mayor's office has announced.
Launching the newly-proposed plan on August 28, Auckland Mayor Len Brown asserted that under the changes, local and regional projects will receive a combined $16.6 billion in funding over the next decade.
At the same time, he assured residents that rate rises would be capped at between 2.5 and 3.5 per cent – a figure considerably lower than the 4.9 per cent annual rises outlined in the previous 2012-22 long-term plan for the city.
"I share Aucklanders' determination to see progress, particularly in public transport and housing, but at the same time I know they have no appetite for large increases in rates or debt levels," said Mr Brown.
He added: "This proposal delivers more investment than Auckland has seen in any previous decade, while keeping rates fairer and more affordable for all Aucklanders."
Mr Brown went on to say that one of the key priorities of the current long-term plan is to move beyond a "basic" system of public transportation, adding that the city will likely announce proposals for a larger and more comprehensive public transit network before the end of the year.
If you are considering a real estate investment in New Zealand, access to public transportation is one of the many things you will need to think about when you choose your property.
Keeping an ear to the ground when it comes to city developments, as well as important information like changes to council rates, can help you make an informed decision about the type of property you want to invest in, and how you should budget for success.
Of course, the right investment advice can be invaluable – a trusted adviser can help you ensure you can afford your investment and assist you in planning every stage of the process.
Here's to your financial independence!
Authorised Financial Adviser / Investment Property Expert