Housing development on Riccarton Racecourse proposed   19 Mar 2015

Enabling legislation for new housing development on Riccarton Racecourse

Special legislation is being proposed to amend the Christchurch Racecourse Reserve Act 1878 to enable a new housing development on Yaldhurst and Steadmans Roads in Riccarton, Building and Housing Minister Dr Nick Smith announced today.

“The Government has welcomed the proposal from Riccarton Racecourse for a 600-home development on 33 hectares of its 123-hectare reserve to support Christchurch’s post-earthquake recovery. The racecourse will benefit financially from the more efficient use of this valuable land, and the city will gain additional housing supply that is within reasonable range of the city at affordable prices,” Dr Smith says.

“The racecourse reserve was created in 1878 when it was miles into the country and 20 years before cars arrived in New Zealand. It could not have been contemplated then that the city would surround the racecourse, and that the land would be in demand for housing. The legislation will enable housing development, require any proceeds to be used to support the racing purpose of the racecourse’s Trust and ensure that the treaty settlement to Ngai Tahu for Right of First Refusal is respected.

“We are making tremendous progress in repairing and replacing Christchurch’s earthquake-damaged homes. New house building is progressing at a phenomenal rate of 4400 homes in 2014 – three times the long-term average and up 73 per cent on the previous year.

“It is also a good sign seeing the stabilisation in house prices and rents that have risen by 1.4 per cent in the last year – the slowest rate of increase since the earthquakes. However, we need to keep up the momentum and take every opportunity to increase supply, particularly homes that are in an affordable range in reasonable proximity to the central city.

“The development scheme for this housing will require a minimum 30 per cent – or 180 homes – to be priced below the $450,000 cap for access to the Government’s KiwiSaver HomeStart scheme, and will also require the development to progress at pace.

“The next step will be to progress the Bill in consultation with the Christchurch City Council, with the intention of introducing it into Parliament in May and enabling construction to get underway next summer,” Dr Smith concluded.

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