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City Sales Releases Inaugral Auckland City Apartment Report

31 March 2014

City Sales Releases Inaugral Auckland City Apartment Report

Detailed analysis of leading apartment broker’s statistics unveils several unexpected findings

• Average sale price for an apartment in Auckland has risen by more than 35% over the last two years
• Rental prices on apartments have shown little to no change over the same time frame
• Nearly 80% of all apartments sold have been sold to investors rather than owner occupiers
• The average gross yield for investors has dropped from over 10% to less than 7.5%

City Sales, which tomorrow (April 1) celebrates 17 years of being Auckland’s leading apartment specialist, today releases a detailed analysis of sales statistics which unveils trends pertinent to the Auckland City apartment investor.

Martin Dunn, Managing Director responsible for opening City Sales on April Fool’s Day in 1997 comments “Producing the City Sales Apartment Report involved scrupulous analysis and examination of our records, but we’re now committed to providing this precise market report every month. We hope it will enlighten both our valued owners and also wide investor base and provide them with an insight into the market which until now, hasn’t been available to them.

The important thing to bear in mind when reading the City Sales Apartment Report is that the trends are more important than the figures. For example, sale price and dollars per square metre are steadily rising, the rents achieved for apartments has remained constant, and perhaps most importantly we have witnessed a gradual drop in investment yield.”

The report is intended to be viewed alongside other influences in order to establish a better understanding of the Apartment market’s current status. “We’ve included sections on considerations and insights, and also tips and advice for vendors as the report is designed to be considered against other important external factors such as the current interest rates and the direction we expect them to continue in, the age of many of the apartments in our market, the current supply versus demand, which is considerably different to the residential market and of course Auckland house prices, which continue to defy gravity.”

“We are hopeful that the precise analysis offered will assist apartment owners to make very informed decisions in their forward planning.”

The City Sales Apartment Report is available online at www.citysales.co.nz and City Sales encourages apartment owners to contact them to receive specific advice against their own property.

ENDS

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