Steady as She Goes –Apartment Market Set to Stabilise After a Rocky 2017 Say City Sales

First identified by City Sales in 2017, a new category of apartment dwellers has changed the dynamic of the apartment market as the country’s political and economic dust settles. Termed BEN (Boomer Empty Nesters), the apartment market, which has always been typically investor driven has begun a shift toward owner occupier pursuit.

Baby Boomers whose kids are now all grown up, have found themselves not only with a lot of extra space (and maintenance), but also a plain three bedroom house which is now worth over a million dollars. And whilst ten years ago there weren’t many options to suit a cashed up empty nester, the City now hosts increasing opportunities.

City Sales call it Elegant Living, and it’s the most exciting part of this market in a growing city. Shoeboxes haven’t fallen out of favour as the market is still predominantly led by investors who like the lower entry point and better returns associated with smaller units. However, as the buyer appetite demands more owner occupier friendly apartments with generous spaces, City Sales are delighted to see supply follow suit. You only need to look at the gorgeous apartment complexes which now surround their perch on the K Road ridge!

So, what can we expect in 2018? We can expect the investor style stock of smaller units to return to a less volatile state as LVR restrictions head toward relaxation and the general population comes to terms with the country’s new leadership. The reluctance to buy or sell within this niche became significant in the third quarter of 2017 but showed signs of recovery from November. City Sales communicated this end of cycle to their clients in 2016 so it should not have come as a surprise.

Your City Sales Broker will run through a series of questions in order to refine what you should be buying. Generally, those who are looking to occupy their new residence seek 2-3 bedroom apartments with generous spaces and convenient facilities. City Sales are lucky enough to now have these in the CBD as well as outer suburbs. Leasehold is most definitely an option with some of the most sought-after spaces being close to the Viaduct & Wynyard Quarter.

Investors may be more comfortable with units which can be secured for less initial capital but are able to command a good rent. Professional management is highly recommended as is a professional rental appraisal which can be requested from City Sales’ Property Management team.

There also exists a smaller market of units which sit somewhere in between.

These apartments are ideal for the first home buyer and, though might not be as glamorous as the house they grew up in, offer a modern easy care lifestyle and are an excellent first step on the property ladder.

Whatever your requirements are, whether you are a first time buyer, an astute investor or your name is BEN and you are looking to simplify your life and move into these parts let City Sales help you find the perfect property. Contact City Sales by phone, email or live chat online.

(09) 3030 601
sales@citysales.co.nz
www.citysales.co.nz

For more information on property management Auckland, apartments Auckland and Auckland apartments for sale please go to http://www.citysales.co.nz .