A new report is out on Auckland apartment sales and rents. Photo / Chris Skelton
A new report is out on Auckland apartment sales and rents. Photo / Chris Skelton
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 apartmentprices 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.
