Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


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

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Scoop Business: NZ-Korea FTA Signed Amid Spying, Lost Sovereignty Claims

A long-awaited free trade agreement between New Zealand and South Korea has been signed in Seoul by Prime Minister John Key and the Korean president, Park Geun-hye. More>>

ALSO:

PM Visit: NZ And Viet Nam Agree Ambitious Trade Target

New Zealand and Viet Nam have agreed an ambitious target of doubling two-way goods and service trade to around $2.2 billion by 2020, Prime Minister John Key has announced. More>>

ALSO:

Scoop Business: NZ Economy Grows 0.8% In Fourth Quarter

The New Zealand economy expanded in the fourth quarter as tourists drove growth in retailing and accommodation, and property sales increased demand for real estate services. More>>

ALSO:

Scoop Business: RBNZ’s Wheeler Keeps OCR On Hold, No Rate Hikes Ahead

The Reserve Bank has removed the prospect of future interest rate hikes from its forecast horizon as a strong kiwi dollar and cheap oil hold down inflation, and the central bank ponders whether to lower its assessment of where “neutral” interest rates should be. The kiwi dollar gained. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news