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.
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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.
Take note, investors: It is "quite possible" fixed rate mortgages have hit their lowest point in this cycle, according to economists at ASB.