Auckland apartment sales hit record high: $10,000/square metre

Auckland apartment sales have hit a new record high, according to a real estate agency specialising in the sector.

The City Sales quarterly reports that $10,000 was the new average price per square metre paid by buyers and that illustrated strong demand in the sector.

In 2005, Auckland average apartment prices were around $4000/sq m, climbing to $6000/sq m by late 2013, then around $8000/sq m in late 2015, the City Sales report showed.

Average Auckland sale prices were around $250,000 in 2005, climbing to above $350,000 by 2013 and are now just below $450,000, the report figures showed.

People looking for cheap places might be disappointed.

"The bottom line for investors is very little comes through the floor under $300,000 now. You can see where very little over $300,000 was the norm not long ago," the report said.

Average rents for Auckland apartments in 2005 were just over $300/week and were just under $500/week by April, the report showed.

"At last the investors are getting a little relief with some growth. We have maintained that the modest rental growth compared to everything else is due solely to capacity to pay. The long-awaited reviewing of static salaries has begun this year - facilitated by constant GDP growth and confidence. This will climb again," the report predicted on the rental front.

The report defined the Auckland CBD as Stanley St to Howe St and Quay St to Virginia Ave the report said.

Read the full report here: