Luxury apartment sales reflect growing confidence

Luxury apartment sales reflect growing confidence in coastal property

Some 25 percent of million-dollar-plus apartments in a seaside residential complex have been sold – even before the first sod of earth has been turned in building the development.

Seven units at the Ocean Point Beach Residences overlooking Orewa Beach just north of Auckland have sold off plan in less than a year. Construction work on the 28-apartment complex to be built on the Golden Sands Motel site is scheduled to begin within the next three months and should be completed by early 2015.

The units have been marketed at prices ranging from $1.095million for a 190 square metre three bedroom first floor unit, through to $2.98million for a 299 square four bedroom penthouse suite. All units have been sold with secure underground parking and communal use of outdoor recreational facilities including a BBQ area, swimming pool, and landscaped gardens.

The units have been sold by Lynnette Thomas of Bayleys Orewa. Ms Thomas said the seven buyers so far were a mix of ‘mature’ Orewa locals looking to relocate to a low maintenance apartment in close proximity to the beach, and Aucklanders working in the city’s northern suburbs – predominantly around Albany.

“Interest levels have certainly intensified since the third quarter of last year as the Greater Auckland property market begun surging ahead again, and the marketing has obviously been bolstered this year with what has been an exceptional summer to showcase coastal living,” she said.

“Being at the very top end of the price bracket for residential property in Orewa, the sell down of apartments so far reflects that despite the New Zealand economy being on a gradual recovery path, there is still considerable personal wealth around to support the purchase of a quality development such as Ocean Point.

“Added to that is the simple fact that Ocean Point is the only absolute waterfront apartment complex in Orewa.”

Ms Thomas as said the design of Ocean Point Beach Residences fitted perfectly within indicative guidelines contained in the soon-to-be-released Auckland Unitary Plan, which called for controlled low-rise development of residential property in absolute waterfront locations.

“Ocean Point’s developers specifically opted for a four-storied structure designed to blend in, as much as possible, with the surrounding neighbourhood rather than construct a ‘shoebox’ style high rise tower which would have seen sea views obstructed for hundreds of properties in the sight-plane,” she said.

“Supporting that ethos of quality over quantity has been the allocation of almost 1000 square metres of the property into lawn and landscaped gardens. Feedback from an overwhelming majority of potential buyers who have reviewed the architect’s plans for Ocean Point is that the access to green space is unlike other apartment complexes they have seen.”

Ms Thomas said that with indicative pricing levels now set through the sale of the first seven apartments, other potential buyers could take reassurance from the benchmark values being established.

“It is often the case with new-build developments such as Ocean Point, that occupiers are shy about being the first in. With that barrier now well and truly removed, and the wider property market on the move upward across the Auckland region, there is a stronger confidence that the next batch of Ocean Point apartment sales will be concluded in a much shorter time frame – especially as potential buyers can actually see the physical structure now being built.”

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