88 | Koru Homes NZ DEVELOPMENT Playing its part to improve housing T Karen Phelps An artist’s impression of Gawler Grove, produced by DCM Urban for Koru Homes. www.korukainga.co.nz | www.koruhomesnz.com | Adrian Chooi, Founder adrian@koruhomesnz.com Koru Homes NZ – helping first home buyers get on the property ladder Koru Homes NZ is a residential development company founded by Adrian Chooi. The company has launched to market Koru Kāinga in Wainuiomata – the first private development in New Zealand dedicated to getting first home buyers on the property ladder. The development includes 51 semi-detached and townhouses with three-bedroom, two-bathroom, 117m2 homes and off-street parking. Koru Homes NZ has partnered with local businesses to bring the development to life, including Wai-Worx, a collective of Te Āti Awa affiliated businesses. Koru Homes NZ and Wai-Worx providers are also taking on local apprentices to complete the work through WelTec. While the government struggles with the housing crisis and how to help first home buyers into a home, Koru Homes NZ is seeking to play a part. Koru Homes NZ has launched to market Koru Kāinga in Wainuiomata – the first private development in New Zealand dedicated to getting first home buyers on the property ladder. Around 80% of the homes were sold to first home buyers. It would have been 100% if Koru Homes NZ had its way but Covid-19 inflation challenges has meant it has had to sell ten homes at market value to ensure the first home buyer price point remains affordable. “We’ve always had the mindset if you work hard, someday you will have a place to call your own home,” says Adrian Chooi, founder of Koru Homes NZ. “However, with the current housing market becoming more and more unaffordable, the reality of owning a family home is out of reach for many people. Over the past decade house prices in Lower Hutt have doubled in value, but in Wainuiomata they have increased by half as much again,” says Adrian. “We want to provide an opportunity for a first home buyer to own a home they can sustain financially without having to cut spending on food and basic necessities to pay for a large mortgage and potential interest rate increases.” Koru Kāinga has been carefully thought out realising a major barrier to people getting into their first home was the need for a high income and a large deposit. Koru Kāinga has solved the problem by selling the homes essentially $200,000 under market value. While $849,000 was the market price, first home buyers purchased for $650,000 essentially giving them instant equity. The development, located at the junction of Moores Valley Road and Hair Street in Wainuiomata, includes 51 semi-detached townhouses with three-bedroom, two-bathroom, 117 m2 homes and off-street parking. Koru Homes NZ has partnered with local businesses to bring the development to life, including Wai-Worx, a collective of Te Āti Awa affiliated businesses. Koru Homes NZ and Wai-Worx providers are also taking on local apprentices to complete the work through WelTec. “We have purposely kept everything local,” explains Adrian. “From the manufacturing of the houses to the drainage, to the civil contractors and builders – everyone is part of the local community. It’s a unique initiative because we are trying to create social impact by not just helping people get on the housing ladder but giving them the opportunity to work in their community.” Adrian says the government has been very supportive of what Koru Homes NZ is doing and in the future it may partner with government on larger projects to speed up delivery. Future projects are in the pipeline, mainly around Wellington but Koru Homes NZ is also looking into other markets where there is huge need such as Auckland. Adrian says he knows what it’s like to worry about putting a roof over his head, having arrived in Lower Hutt in 1988 as an immigrant from Malaysia and moved to Wainuiomata in the early 1990s. Adrian makes it clear that Koru Homes NZ is intent on listening and always improving so that it can continue to help deliver the homes Kiwis need. “You have to be willing to ask questions and listen. We always ask people what can you see that we can do better?”
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