Super homes on the way
Thursday 5 August 2004
The age of the standard $3 million super-home is here and the Shore is leading the way.
By The LandlordThere's a chronic shortage of new homes in that price bracket in Takapuna and the Auckland region, a property developer says.
"Buyers are snapping up homes worth $3m to $4m of approximately 400 square
metres. We can't make enough property to satisfy demand," Manson Developments marketing manager Steve Clark says.
Jean Smith, New Zealand Real Estate Institute Auckland president, says Auckland still remains "value for money" compared with other large cities overseas.
For the past few years, the higher priced properties were undervalued, and there is still a lot more catching up to do, she says.
That comes as latest figures reveal the steepest drop in home affordability in almost a decade, with Auckland leading the way.
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Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.
Tales of strife and problems abound in the commercial property world these days, but the impact of the Covid-19 pandemic has not been as devastating for all commercial players.
Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.