Some apartment owners are holding out for greater things ahead of the America's Cup defence in 2021.
Some apartment owners are holding out for greater things ahead of the America's Cup defence in 2021.
Real estate agents selling waterfront apartments are using the America's Cup to entice buyers.
At least 30 current listings mention the Auld Mug in attention grabbing headlines or blurbs tempting buyers with "grandstand seats" and "America's Cup action".
And the marketing seems to be working with agents reporting a buzzof positivity in the market which had slowed since the introduction of lending restrictions.
Murray Smith from Ray White said the hype since Emirates Team New Zealand took back the Cup in Bermuda had been great - although it meant some apartment owners were holding on to their properties.
"Some are taking advantage of the excitement and have listed but others are holding out in anticipation of great things to come," Smith said.
"The hype has been fantastic and we haven't really felt the impact yet."
The America's Cup defences of 2000 and 2003 helped drive the growth and development of the Viaduct and the Rugby World Cup delivered the Wynyard Quarter.
The 2021 America's Cup defence is expected to see the Viaduct and surrounding areas further improved.
When the Viaduct Basin was turned into an America's Cup Village in 2000 65 Super Yachts filled the basin and 4.2 million visited the village.
Emirates Team NZ won the America's Cup Race 2017 at Great Sound Bermuda. Photo / Photosport
Sovannara Meak from Apartment Specialists said it was too early to see a noticeable increase in sales but there had been a lot more positivity in the market.
"It has created a lot of positivity and people are talking about options for income like Airbnb when they are not using their property," Meak said.
Auckland's housing market had its quietest July in seven years according to monthly figures released by Barfoot & Thompson this week. That data followed Quotable Value statistics for July which showed residential property values across the region increased 5.3 per cent year on year - the slowest annual rate of growth seen since May 2012.
City Sales managing director Martin Dunn warned eager buyers that America's Cup regattas in Auckland in 2000 and 2003 actually had no long-term impact on the market.
"The whole America's Cup, as far as the rental market was concerned, was a six-week wonder," he said.
"All the investors suddenly think their apartments are worth a fortune. They are not."
In the luxury end of the market Homes.co.nz chief marketing officer Jeremy O'Hanlon said Clifton Rd, in Takapuna was a top choice.
He said it would give the greatest vantage points of the racing.
"You can comfortably watch the boats go out to race and sink $10 million into a luxury residence."
