Author:Shane Martin, David Norman
Source:Auckland Council Chief Economist
The Auckland Unitary Plan has allowed thousands more property owners across the city to more densely develop their land through zoning changes (“upzoning”), increasing the potential number of dwellings on the land.
Closer to the city centre, upzoning tends to add value. The amount of value added varies by suburb and by the density of the development allowed. For the most part, areas that are more densely zoned have higher upzoning premiums than those that are less densely zoned.
Timing matters. Property values in different areas of the city rose at different times during the multi-year rezoning review. Some areas identified for increased density in the first draft of the plan showed earlier signs of a premium. Areas not targeted in early versions of the plan but that were later upzoned, gained value later.
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