Property

Apartments sell out

All 91 apartments in Hopetoun Residences development near Ponsonby have sold out six months ahead of completion.

Monday, March 02nd 2015

The highest price achieved at Hopetoun Residences was $2.5 million for a 230 sq m dwelling plus 100 sq m of deck with views towards the Auckland Harbour Bridge and city.

The local buyer plans to live in the apartment.

Prices for 63 sq m one-bedroom apartments started at $520,000, 70 sq m two-bedroom apartments at $650,000 and larger two- or three-bedroom apartments pushed up over $1,000,000.

The apartments first went on sale at the end of 2013, and after an initial burst of activity spilling into 2014 the final burst of 11 residences were sold in December 2014.

The Hopetoun Residence project is being undertaken by Tawera Group and was sold through Bayleys Auckland.

Trent Quinton, the salesperson at Bayleys for Hopetoun and Hereford Residences said: “Most apartment developments carry around 20% of unsold stock on completion – so from that perspective, Hopetoun Residences has outperformed market trends.”

Project director David Mahoney said the exceptional sales outcome reinforced Tawera Group’s strategy which is to “focus on inner-city urban renewal sites in prime locations, close to transport links, retail and places of work”.

Quinton said: “Hopetoun and Hereford Residences are on the most prominent, uncompromised gateway sites on Ponsonby’s doorstep…Almost all of the buyers were empty nester couples whose children had recently left home, or a few couples aged in the 60- to 80-year age bracket. There were only a dozen or so professional couples in their 30s who have purchased. More than 80% of buyers were owner/occupiers."

At the Hereford Residences site directly across the road, 65 sales were contracted even before the display suite opened to the public.  There are 35 apartments available with the next release in mid-2015.

Comments

No comments yet

Heartland Bank - Online 6.69
SBS FirstHome Combo 6.74
Wairarapa Building Society 6.95
Unity 6.99
Co-operative Bank - First Home Special 7.04
ICBC 7.05
China Construction Bank 7.09
BNZ - Classic 7.24
ASB Bank 7.24
ANZ Special 7.24
TSB Special 7.24
Unity First Home Buyer special 6.45
Heartland Bank - Online 6.45
China Construction Bank 6.75
TSB Special 6.75
ICBC 6.75
ANZ Special 6.79
ASB Bank 6.79
AIA - Go Home Loans 6.79
Kiwibank Special 6.79
BNZ - Classic 6.79
Unity 6.79
Westpac Special 6.39
China Construction Bank 6.40
ICBC 6.49
SBS Bank Special 6.55
Kiwibank Special 6.55
BNZ - Classic 6.55
Co-operative Bank - Owner Occ 6.55
ASB Bank 6.55
AIA - Go Home Loans 6.55
TSB Special 6.59
Kainga Ora 6.99
SBS FirstHome Combo 6.19
AIA - Back My Build 6.19
ANZ Blueprint to Build 7.39
Credit Union Auckland 7.70
ICBC 7.85
Heartland Bank - Online 7.99
Pepper Money Essential 8.29
Co-operative Bank - Owner Occ 8.40
Co-operative Bank - Standard 8.40
First Credit Union Standard 8.50
Kiwibank 8.50

More Stories

Support for regulation

Monday, March 18th 2024

Support for regulation

REINZ has emphasised the need for property management regulation to Parliament’s Social Services and Community Committee.

A better investment market

Thursday, March 14th 2024

A better investment market

“Reinstatement of interest deductibility starting from the new tax year on 1 April brings property investors back in line with every other business in the country, where interest costs are a legitimate deductible expense," Tim Horsbrugh, New Zealand Property Investors Federation (NZPIF) executive committee member says.

[OPINION] Recessionary times

Thursday, March 14th 2024

[OPINION] Recessionary times

It is not the best out there for many businesses and property sector people. Sales are down across the board, our clients’ confidence is falling, and there is a lot of uncertainty.

Interest rate expectations: It’s not over yet

Thursday, March 07th 2024

Interest rate expectations: It’s not over yet

Most Kiwis think interest rate increases have peaked.