Investing in Auckland apartments is a great way to get on the property ladder says a couple of property experts. Dave Windler of Mortgage Supply and long time apartment investor and mentor Grant Hoey agree there’s a lot more demand for Auckland apartments from first home buyers and it’s not just investors signing on for inner city apartments mentoring. Grant Hoey has provided his Auckland apartments mentoring service for over 10 years and says many of his clients are first-time buyers seeking support and guidance with the ever-growing apartment market.
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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.
Auckland can not bring new apartments online fast enough. Demand for the smaller abode is coming from everywhere. Migrants, offshore buyers, empty nesters downsizing, first home buyers and property investors are all vying for new or newly renovated apartments. The older apartments however are ignored by these buyers and picked up by Grant Hoey’s investor clients whom have enjoyed a profitable 2016 renovating these apartments for on-sale and often achieving the end to end deal in as little as four weeks.
Cranes are taking over the skyline suggesting Auckland is sitting pretty for thousands of new apartments to meet demand. However a renown local apartment investor and mentor says what’s going up now is already sold and with some developments canned in 2016 supply of new stock is falling short of demand.
AucklandAuckland Central is leading the way in property price increases. In the past 18 months the area of Auckland Central, which is mostly apartments, has seen the highest price percentage increase at 106.6%. The next best performing area was Sandringham with a medium property price increase of 69.4%.
Auckland apartment investor and mentor Grant Hoey says 2015 was hugely popular for property trading in Auckland apartments. Property trading is the term more frequently used to describe the process of buying, doing up and selling property for a profit.
Where will you be investing in Auckland in 2016? Auckland apartments may feature strongly with investors this year. To say apartments are now in hot demand is an understatement given the growth in the market in recent months.
In the last 12 months Apartments have seen their values grow by 33 percent. Apartments were probably undervalued up until 18 months ago.
Auckland Apartments are valuing up well and evidence of their high demand is now omnipresent. Ninety one off plan apartments near Ponsonby have all sold six months prior to completion and this is highly unusual says a local Bayleys real estate agent. A news item in the Herald on Sunday quotes Trent Quinton of Bayleys who says it’s highly unusual for all off plan stock to sell so far in advance of completion.
Grant Hoey is arguably one of the most experienced Auckland apartment investors in the country. Now in his 10th year as a full time investor and mentor, Grant has witnessed a lot of change in the Apartment market.
Property investors mentored by Grant are making good profits from Auckland Apartments.
Whether you’re buying an Apartment to live in, rent out or trade there are some considerations that are unique to this type of property. Apartments will have a Body Corporate with rules that need to be adhered to and the Unit Titles Act is the law governing buildings with multiple owners each holding a unit title on their apartment.
Auckland apartment living and investing is on trend. It has been nicely helped along by the massive growth in standalone residential property values and the continuing RBNZ LVR restriction which has locked out many first home buyers.
Actual property sales in Auckland has decreased over the last couple of months however property values have continued to climb. During the last year 15 percent has been added to property values. The RBNZ continues to impose the LVR restrictions on loans so Banks are can only lend up to ten percent of all new lending to home buyers needing to borrow more than eighty percent of the value of the property.