Alexandra Park says apartment boom perfect timing

With Auckland house prices still high, apartment consents well up, and multiple residential developments across the city now underway, you’d think interest in Alexandra Park’s apartments would be cooling off, but far from it, says chief executive of Alexandra Park, Dominique Dowding.

Her comments follow Statistics New Zealand’s recent release of building consent figures which show 1,919 apartments were consented in Auckland during 2015 - up a staggering 68% on the previous year.

“I am amazed at the number of people still coming through our display apartment on a daily basis. The fact that there are many developments currently selling across Auckland is actually adding choice and fuelling interest. With some good critical mass out there now, prospective buyers are literally making a day of it visiting showrooms which is helping us,” she says.

Low interest rates are also helping the apartment market as is their comparative affordability.

“Many developments are seeing first home buyers making the most of low interest rates. However we’re seeing the likes of empty-nesters selling their old family home nearby and opting for a high quality apartment with all the amenities and which they can easily lock-up and leave.”

In fact Alexandra Park’s latest sales demographics show 58% of its stage one buyers live within 5kms of Alexandra Park and 76% live with 10kms. At the same time 83% will be owner/occupiers and just 17% investors. 79% will be 45 years of age or older.

“Long gone are the days when apartments were associated with young overseas students renting in the CBD. We’re selling mostly to discerning locals who are well established and just want to stay in the area.”

She believes quality is setting Alexandra Park apart in what is now a very busy and increasingly crowded apartment market.

“Our apartments are freehold and we’ve gone to extraordinary lengths to create not only beautifully-designed interiors, but also ensure they are landmark buildings in an environment that showcases the best in urban design. And it’s working! Today people want great construction and a strong sense of community and we’re able to deliver both with our urban village,” says Ms Dowding.

From mid-2017 the first of 750 residents will move into the one, two and three bedroom apartments which range in size from 67sqm to 216sqm and are priced between $585,000 and $2 million. Just three penthouses remain for sale. Leases are currently being negotiated on the 19 ground-floor commercial spaces, with a unique FreshChoice grocer concept already confirmed.

The on-site apartment display suite is open from 12pm to 4pm daily or by appointment by calling 0800-275-484 or visiting www.apliving.co.nz

ENDS

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