While we don’t have a crystal ball, we do know where investments and approvals are planned or projected and where they have predicted that population will soar. This information is used to give us an indication of growth corridors across the country and potential investment hot spots that are well worth keeping an eye on in 2023.  In this post we look at what determines a growth corridor, what sort of return on investment you can expect, and most importantly, where to find potential pots of gold.

What constitutes a growth corridor?
Growth corridors are areas that are shaped and supported by government development plans and strategies. The focus is set firmly on putting critical infrastructure, integrated land use and transport in place to formulate a robust, carefully considered, and well-planned future community.

Growth corridors and equity
Growth corridors aren’t created overnight, and much of the local and state government investment in infrastructure and amenities are staggered over time. This means bundles of equity aren’t typically realised in the short term. For this reason, growth is appreciated over a longer period, making them an excellent investment for first-home buyers. Housing is comparatively affordable – particularly in the early stages.

Where to find pockets pegged for growth
From lifestyle-related migration to population profiles and planned government investment, there are many reasons particular suburbs and regions are marked for potential growth. Here, we take a closer look at where to find them this February and beyond.

Whangarei, New Zealand – one of the fastest-growing districts in New Zealand – with an 18% population growth in the five years to 2018, a 57% increase in house prices over the last ten years and an almost 40% increase in household income across the same period – the Whangarei District Council has developed a Sustainable Futures Growth Strategy. This sets out to address infrastructure needs to sustain growth, housing options, protection of the natural environment and key projects to drive economic growth. With growth predicted to continue well into the future – due to significant internal migration driven by comparatively affordable housing, employment opportunities and a desirable lifestyle – it’s a solid option for capitalising on future potential.

Waipā District, New Zealand – located in the Waikato region, south of Hamilton, Waipā has long been drawing new residents from Hamilton and Auckland thanks to a surging dairy industry that underpins the region’s economy. Significant subdivisions, a new Waikato Expressway, and a $126.8m capital works programme are all planned to keep up with predicted population growth as detailed in the Waipā District Council Long Term Plan.

Secure your future gains today
Whether you’re looking locally, nationally or internationally, there are always pockets of potential that are ripe for future realisation. Properties located in areas earmarked for investment injected with infrastructure, amenities, and integrated land use – even with rising interest rates – often provide upfront affordability and an investment that will appreciate over time. And remember, to look into and research suburbs on the fringe of each growth corridor, you might snap up a good buy, keeping in mind this property buy doesn’t need to be your forever home – but could provide you with future equity to make bigger property decisions down the track. Contact your local First National Real Estate salesperson to discuss securing your future gains today.

DISCLAIMER
The following advice is of a general nature only and intended as a broad guide. The advice should not be regarded as legal, financial or real estate advice. You should make your own inquiries and obtain independent professional advice tailored to your specific circumstances before making any legal, financial or real estate decisions. Click here for full Terms of Use.