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01 Dec 14

Culture change from two directions

HR

Auckland is going from teenager to adult, fast.

Despite the spikes (March and June - see our city sales market report ‘owner-occupiers vs. investors) the culture change in our CBD apartment market continues to mature and it’s getting some real impetus from empty-nesters.

This is getting really interesting.

The developers of the superb “Hopetoun” and “Hereford” by our offices confirm most buyers are in the 50y to 70y age bracket and this reflects our own experience, mainly this year.

The empty nesters are moving into our CBD and suburban apartment markets driven by the huge prices their suburban homes are fetching and the perception that luxury apartment living is currently undervalued.

We have clients paying around $1m for lock up and leave stunning luxury with something they have not enjoyed in the suburbs - views.

And some of the city views are spectacular.

The security, no maintenance and extremely high fitout indulgence has left clients, ironically, often with money in the bank they had never seen before and never expected to enjoy.

Like in many cases $1m+.

And that’s a lifestyle to be enjoyed after all those years paying down the mortgage, bringing up the kids and renovating… yes, at least twice!

And they’re bringing a sophistication and spending ability to the CBD which will change Auckland forever.

So we’ve now got the first home buyers far happier mortgaging themselves to the hilt in a City Pad rather than an endless maintenance vacuum that a 70y old bungalow in Papakura presents.

And maybe their parents on the K’ Rd ridge enjoying the same lifestyle.

Hey, they could get together again and… have fun!

By Martin Dunn

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