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10 Jun 15

City Sales Apartment Report extended

City Sales has updated and extended our Auckland apartment report which now dates back to 2005, giving an accurate depiction of 10 years of Auckland apartment sales.

The report now not only offers a 10 year analysis of City Sales' own sales (excluding leasehold, offplan sales, car parks and balconies) but also a charted supply of new apartments to the market.

Significantly, our $m2 rate has climbed 50% if the last four years while providing clients with self funding investments, and we see this continuing.

The erratic supply of new suites we chart has some influence on price, but our own opinion is that the supply of new apartments will not keep pace with demand.

We are now seeing an apartment market increasingly favoured by first home buyers and starting to reflect the housing market growth. There are a few ifs and buts in the apartment market, including leasehold and remedials, but the future looks particularly bright right now.

Newly built apartments start at 50% above the current existing $m2 selling rate.

By Martin Dunn

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