They surpassed the once-dominant CBD apartment market
Auckland's suburban apartments have caught the eye of investors, with Colliers International revealing the best-selling project in the suburban hub of Albany.
Colliers International's latest Auckland Apartment Project Survey, which looked at 58 projects in Auckland with a total of 3,733 units, found that suburban apartments accounted for over two of every three sales in the first half of the year.
They surpassed the once-dominant CBD apartment market, which now only accounts for 12% of sales and the city fringe 21%.
Risland Albany, which comprises 141 affordable units in a medium-rise apartment building and a secure basement car park, had the highest number of new sales in the first half of the year – with 60 unconditional sales. It is located only two minutes from Westfield Albany, the busway, and motorway.
“Risland's success shows that with low-interest rates, which are likely to get even lower, investors are starting to return to Auckland’s new apartment market,” said Pete Evans, the national director of residential projects at Colliers International, as reported by Fuseworks Media.
“With Labour now set to govern for a second term, investors are likely to remain confident that a capital gains tax won't be introduced in the near future. This certainty makes residential property an appealing investment, especially as low-interest rates continue to limit returns from term deposits.”
“New apartments also offer an affordable first step onto the housing ladder. Projects like Risland, which combine good design with excellent access to transport and amenity, are particularly sought after – as the sales results show.”
Risland Albany has been designed by architecture firm Leuschke Group, which has created many of New Zealand's most distinctive buildings over the last 30 years.
Alice He, the project sales manager at Risland, commented: “Situated at the heart of Albany, this development is ideally positioned to benefit from an excellent mix of amenities, jobs, motorway access, public transport, and, most importantly, the enormous economic growth of the area.”
“Risland Albany's well-considered design lifts its popularity. The architects and consultants have provided spectacular insights into aesthetics, efficiency, durability, and safety. [It] offers a great combination for buyers – certainty to build, affordability to buy, quality to live in, and easy to maintain. We are very pleased with sales success so far.”
