Buyers back in apartment hunt

Buyers have renewed the love affair with easy, convenient apartment living - everywhere but Auckland.

Auckland apartment prices are falling, while they rise in other parts of the country. On the North Shore, luxury units in Takapuna's Sentinel tower are slashed to half-price to sell.

Developer Rick Martin has been selling two-bedroom apartments for $499,000 - originally on the market for around $1 million.

Three-bedroom apartments were selling for under $1.4m, when three years ago they fetched "north of $2m". The bargain prices had, at least, paid dividends in sales. He said 104 of the 117 apartments had now sold.

Martin reckoned there had been a shift from investor buyers to owner-occupiers who want to be in the sought-after beach locations and who believe the economy is correcting.

To read the full NZ Herald article click here

Posted: 7 Sep 2009

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