Auckland property values reached a peak of 20 percent growth in June 2015 and baby boomers have been quick to cash up.
Most apartments are located in the CBD, however in 2015 there have been a lot of new developments springing up in Mt Eden and Ponsonby. It is the off-the-plan apartments that are pricy and responsible for the huge hike in average apartment asking prices in Auckland this year. Read more on: Auckland apartments breaking records.
In an article on NZHerald a couple of real estate agents said established apartments have gone up in value in the last 12 months though not anywhere near the much publicised 49 percent. Apartments in the CBD have been undervalued for some time so increases of around 30 percent for an average apartment is more on tune.
Baby boomers are competing with first home buyers and also investors for available apartment stock so many of them are looking further ahead at off-the-plan apartments. Baby boomers are therefore key targets for developers selling down their apartments of which many are located outside the CBD.
Moving into a retirement village is not an attractive option for many baby boomers and retirees. Many of this generation want to retain greater control over their investment so apartments offer that as well as more independent living without compromising security.
This blog article was written for PropertyBlogs by Mobilize Mail.