The Auckland apartment market is looking up. More than 150 apartments are now sold every month in central Auckland, with the post GFC slump in the market fast receding. And the sector is finally shaking free of the shackles that had caused potential buyers to hesitate. Issues surrounding poor management of apartment buildings, leaky building worries, the cost of earthquake strengthening and post-earthquake insurance hikes have largely been addressed.
Tighter body corporate legislation giving owners more transparency about the way their apartment blocks are managed is helping to underpin greater confidence. The heated residential property market has boosted fortunes too, with the price of a stand-alone home in a desirable inner-city suburb now way beyond many buyers, making apartments a more attractive, or necessary, alternative.
via – NZ Herald News.