$3m for flat with sea view
Monday 19 January 2004
Well-heeled Wellingtonians have joined the stampede for a slice of New Zealand waterfront and are paying record prices for it.
By The LandlordEager buyers have snapped up all 66 apartments planned for an exclusive residential complex in the former Herd St Post and Telegraph Building, with the luxury penthouse suite fetching a record price of nearly $3 million.
Details of the new owners and the exact price are still confidential. However, it eclipses the previous highest sale price for an apartment in the Capital, $1.85 million for an Oriental Pde apartment in 2002
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Getting rid of “no cause” termination notices only serves to protect bad tenants and will have a negative impact on the broader community, not just landlords, according to landlord advocates.
There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.
Vacancy rates in the commercial property sector are set to increase as changing economic conditions dampen demand.
LVR restrictions were never meant to be a permanent feature of New Zealand’s housing market and ANZ economists argue that some further relaxing of them could soon be on the cards.