Tamaki to be revitalised by the government

In New Zealand, the housing minister announced a government plan that would help improve and revitalise the suburb Tamaki.

New Zealand's Housing Minister, Maryan Street announced on Wednesday that the government is working to develop a clear plan of how to help revitalise the city of Tamaki, which is a suburb of Auckland.

Traditionally, property investors often seek out suburban areas to invest in, as this opens the door for lower property values to buy into, yet profitability in turnaround or buy to rent options. An updating and revitalisation of Tamaki, could help to strengthen the property market throughout this region.

New Zealand was named in January as the least affordable location to purchase a home. Throughout the last months, potential first time home owners are turning to renting instead of buying do to these soaring prices. This may help to make locations like Tamaki more profitable to investors looking to buy and let.

Tamaki is located just outside Auckland and services as a large economic centre. It is the likelihood of seeing good property growth as well as population growth here. The revitalisation would help to remove many of the homes which are currently state owned and replace them with privately owned properties. Some 55 per cent of homes here are state owned currently. The government's goal here is to offer more affordable housing options to younger families who can not afford to purchase in Auckland or other larger cities.

The final plan has not been laid for the city as of yet, due to the hopes that city officials and citizens will play an active role in such an event.