Apartment sector growth predicted

Monday 5 July 2004

Wellington CBD's apartment market, already a significant sector of the residential property market, should continue to grow in the next two years, according to Bayleys Research. Strong investor and owner-occupier demand ­ the major drivers of the growth ­ showed no signs of slowing, Bayleys latest Wellington Apartment Report said. "Developers are presenting new projects to the market and most are achieving excellent sales success, with the majority of apartments selling prior to the commencement of construction." A recent survey showed the number of units had gone up from about 3060 in 2000 to just less than 4100 this year. The market was poised for further growth in the next 24 months with 22 apartment complexes either planned or under construction. This could add 1485 units to the market, the report said.

By The Landlord

Read More - Opens in a new window
Commenting is closed

House Prices

High demand keeps pushing prices up

Treasury might be expecting house prices to fall - but market data suggests otherwise, with Trade Me Property’s August data the latest to show rising prices and high demand.

Commercial

Augusta Capital takeover bid now unconditional

ASX-listed Centuria Capital has declared that its takeover of New Zealand property funds manager Augusta Capital is now unconditional, as it has secured nearly 66% of Augusta’s shares.

Mortgages

What the Reserve Bank's latest move means for housing

The Reserve Bank’s programme to lend directly to retail banks could be ready soon. If it is, that’s likely to mean lower interest rates on loans – and more support for the housing market.

Site by PHP Developer