Kāinga Ora sell-off generates over $80 million

Kāinga Ora has sold 167 state houses across New Zealand between 2019 and early 2024, raising more than $80 million.

The sales included properties in high-value areas like Auckland’s Remuera, where some homes fetched as much as $2.3 million. Despite the 2017 election promise to halt state house sell-offs, the agency stated that these sales were part of a strategic asset management practice, focusing on selling older, under-utilised properties on high-value land. The revenue generated from these sales has been reinvested into the housing portfolio to support maintenance and renewal efforts, according to a report in legacy media.

The organisation said the sales must be viewed in the context of its broader housing efforts, noting that approximately 8,500 new state and supported homes were delivered between 2019 and 2023. While some homes were sold due to factors like incorrect recording or being unsuitable for redevelopment, the agency highlighted that no homes had been sold to iwi under the right of first refusal process since 2019, although four offers had been made. The state housing provider defended the sales as a necessary part of maintaining and renewing its housing stock.