16 YEARS LATER.......
Maturing, coming of age, finally growing – yes they all apply to the writer but I allude to our Apartment Market.
Steadfastly “telling it like it is” since the inception of Auckland 's CBD Apartment Market in 1991 we have often been unpopular but no critic could allege inconsistent.
If the market was down we said it was down. If it was buoyant we pumped it.
But it seems to be a whole new ball game and everything I've said for the last 16 years has finally come true.
Last week's Auctions on the Street saw 11 out of 12 sold under the hammer with the 12 th under offers and sold three hours later. But the prices….those who trusted us with the process were well rewarded, the best example being a 93m2 Kingsbridge 2 brm with carpark and very good harbour views to the Harbour Bridge . The building was originally headquarters to the Auckland Regional Authority and I marketed its conversion to residential off plans in 1993. Until last year we were selling such units at their original prices ($270,000). Bidding STARTED at $280,000, then $290,000 then $5,000 bids from two phone bidders and two buyers on the street up to $330,000 where it fell under the hammer.
While every economist and journalist is touting a residential slowdown – hopefully a COLLAPSE in that peculiar New Zealand masochistic way – I have to say what I say to a teenage daughter hell bent on my buying her a motorbike…..”I don't think so.”
And Auction clearances from Sept 06 to Feb 07 so far, has risen to 96%!
Something's happening.
Call us.
MARTIN
