It’s official the Auckland apartments market is the latest to compared to house and land packages in the regions and it’s thanks to growing demand and more options available many not just in the heart of the city.
In October 2016 homes.co.nz showed the Auckland apartments’ median sale price of $469.000 and now it’s around $500,000. Note that this is still nearly half the median price for a standalone house in Auckland so it’s no wonder apartments are in hot demand especially with investors, many whom are still reeling from the LVR restrictions.
It’s worth mentioning the difference between median and average sales price. In layperson’s language ‘median’ is the half way point between the high and low sales prices and ‘average’ is what you get when you add up all sales prices and divide by the number of properties.
Grant Hoey, an Auckland apartments investor and mentor says Trade Me reports the average sales price for an apartment is $600,000 plus and purchasers can fall into a trap of misinterpreting the data presented in news articles. There are really good apartments on the market for much less than $600,000 and Trade Me currently has around 500 listings with sales prices of less than $500,000 so it pays to do your research to fully understand the market which a lot more diverse than it has been in years.
There’s no doubt apartments in Auckland are holding their value despite talk of property prices easing back. There are a lot more premium and luxury apartments in ideal locations like Newmarket that could be slightly inflating the median sales price so it pays to do your homework and get advice from experts.
Grant Hoey’s new eBook on Auckland Cash Flow Apartments provides tips for homebuyers new to the apartment market, particularly investors keen to buy do ups to sell on or add to their rental property portfolios.
This blog article was written for PropertyBlogs by Mobilize Mail.