Akld’s construction and apartment boom exceeds ATC’s expectations

The record number of construction cranes on the Auckland skyline is matched only by unprecedented interest in the Auckland apartment market – interest that continues to exceed the Auckland Trotting Club’s expectations, says Chief Executive of Alexandra Park, Dominique Dowding.

Construction is well underway on part of Alexandra Park’s large carpark on Green Lane West. Its transformation into a significant urban village is one of the biggest brownfields developments currently happening in the Auckland City area.

“When we opened our display apartment last year, we never envisaged the level of interest we’ve sustained. Some wrongly assume that because there are so many residential developments going up around Auckland, it must be a hindrance to sales. However all this activity is actually adding choice and fuelling interest, with some good critical mass out there now for consumers,” she says.

Alexandra Park’s latest sales figures show 75 percent of stage one is now sold and over 60 percent of stage two is sold.

Low interest rates are also helping the apartment market as is their comparative affordability. Recent Statistics New Zealand building consent figures showed the number of Auckland apartments consented during 2015 was up a staggering 68% on the previous year.

“If you’re able to offer a quality product in both design and construction, on a freehold title, in a central location like we are, the banks will lend and people will buy. That’s certainly our experience. At the same time, if people can see the promise of strong capital gain, they’ll also buy.

“We’re selling mostly to well-established locals who want to stay in the area. They’re also attracted by a strong sense of community, personal security, a great lifestyle and amenities. Plenty of empty-nesters are selling their old family home nearby and opting for an apartment which they can easily lock-up and leave. That too is a relatively new trend in Auckland,” says Ms Dowding.

In fact Alexandra Park’s show sales demographics show a majority of buyers live within 5kms of Alexandra Park and about three-quarters live with 10kms.

“Some people think Auckland’s apartment boom will happen when Auckland Council’s unitary plan comes into effect, but the reality is it’s happening right now! What’s more, it’s not constrained to the CBD this time. Let’s now forget we’re in the middle of Epsom and we’re one of the biggest under construction,” says Ms Dowding.

From mid-next year the first of 750 residents will move into Alexandra Park’s one, two and three bedroom apartments which range in size from 67sqm to 216sqm and are priced between $600,000 and $2 million. 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

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