Developer John Love of Love and Co. talks to the Herald about NZ's biggest office-to-apartment conversion - luxury units hit the market. Video / Alex Burton
Auckland’s apartment market has declined sharply, with some projects abandoned partway through and an 83 per cent pre-sale drop in the last six years.
Tamba Carleton of CBRE prepared a chart which showed the recent peak in apartment pre-sales was back in 2016, when more than 3000 units across thecity were pre-sold. She is an associate director within CBRE’s New Zealand research department, specialising in high-density residential research with a focus on the apartment market.
This bar chart shows the dramatic falloff in new apartments being sold. Image / CBRE
She said 2016′s 3000 new Auckland apartment pre-sales fell 83 per cent to just 500 Auckland apartment pre-sales last year.
High interest rates and the recession are driving down the numbers, as developers plan fewer new units due to indications they won’t be able to sell those off the plans. They need th