Let’s take a look at the Otahuhu real estate market. More specifically why I see it being a sleeping giant for future capital gain. But remember if your values haven’t increased by approximately 25% since 2019 there is a good chance your building hasn’t caught up and is undervalued. More and more people are working from home since COVID-19 entered our lives leading to big changes in the way we shop, but retail the sector is nothing if not resilient. With New Zealand’s usually porous borders closed to international tourists for now, the hotel sector is facing unparalleled disruption – but the domestic market is stepping up. The spotlight is now on space that is no longer needed by an occupier under an existing lease. As it returns to the market, it’s creating opportunities.
With six months of the year behind us, and some obstacles still expected ahead, there are signs of optimism in the commercial and industrial real estate space. Emerging hotspots are feeling a tangible halo effect as supply-demand pressures on Auckland’s industrial and commercial property push buyers and occupiers further outwards. West Auckland’s investment and development credentials have skyrocketed on the back of zoning and infrastructural changes, and commercial and industrial property is thriving.
REINZ specialises in all facets of real estate including residential sales, rural, auctioneers, business brokers, commercial and industrial sales and leasing and Residential property managers It could be even more difficult because of the strict new lending rules that prevent even buyers with good credit from getting a mortgage. “It is hard to predict what will happen to the market by 2022,” Tommy’s sales director Nicki Cruickshank said. “For example, no one could have foreseen that we would be here now in 2020 regarding house prices, which is 40-odd percent higher than we were at the beginning of 2010.
These are a list of all new residential dwellings that were listed for sale on realestate.co.nz during the relevant calendar month. This site contains 97% of all properties that were listed by licensed real estate agents or major developers in New Zealand. This description shows a representative view on the New Zealand property market.
Vanessa Williams, spokesperson for realestate.co.nz, puts the quickening pace of rising prices into perspective. All locations that have seen their prices double except for Central Otago or Dunedin are located in the North Island. The uncertainty many faced could have also affected how much Aucklanders were willing to spend on property and what vendors could ask for. Only three of New Zealand’s 19 regions have experienced a modest growth rate of less than 90.0% between 2012 and 2012. These include Canterbury, Nelson, Bays, and West Coast, which saw a rise of 56.1%, 82.4%, and 30.9%, respectively. Retail, commerce and a diverse natural playground are practically on the doorstep of our first Central Auckland apartment complex. Verge Apartments is our upmarket complex that offers easy access to the growing economic hub of Mount Wellington.
We are seeing that people who live in high-end suburbs prefer to invest close to their homes or help their family members live locally. The cost of property work has increased dramatically in the past few years. Those who have had recent work done will be aware of this fact. The official line from the Reserve Bank is that we have been running at low inflation levels, but this is not the case with building. Last week, an architect told me about the price to dispose of asbestos linings under old lino.
