More interest in inner city

The lifestyle advantages of living centrally are a major draw for people to the area, says Forrester. Photo /123RF

Demand is increasing for inner city apartments according to figures from realtor Barfoot & Thompson.

February saw the greatest number of inner city apartments being newly tenanted than ever before in a single month, says its city office manager Sandra Forrester.

"The inner city apartment market is continuing to charge along, with strong rental demand across the range of property types. Most in demand are 1 and 2 bedroom apartments with a car park," she says.

"The demand for corporate rentals is also strong, with inquiries from overseas driving strong demand for $1500-plus a week properties in the CBD and immediate city fringe."

The lifestyle advantages of living centrally are a major draw for people to the area, says Forrester.

"Quality of life for those living in the city is becoming more and more appealing as Auckland grinds to a halt during peak hour traffic.

"Being able to walk home in 10 minutes versus sitting in traffic for an hour each way has a huge impact on quality of life."

Apartment living has the added bonus of little to no maintenance, garden or lawns to worry about.

"The CBD is a thriving and exciting place to live, with Auckland Council working hard towards providing an international living experience," says Forrester.

More listings
There were 4700 Auckland homes added to property listings site RealEstate.co.nz in March, 20 per cent more than listed during the same period a year ago.

The company's Vanessa Taylor says average asking prices in March were $952,542.

"In 2016 Aucklanders saw residential properties achieving prices beyond expectations, with fierce competition fuelled by tight stock and increased buyer interest," she says.

"If you sold a property, it was difficult to predict how long it would take you to find your new home and how much it would cost.

"It could well be that after the volatile nature of 2016, potential sellers have taken on board that the market has been relatively flat in the past few months.

"They may have more confidence their next purchase will be in the context of a more stable price environment."