A massive 1,216 new apartments will be finished this year in the Auckland CBD, worth over $600 million.
Since 2000, only four years have seen more apartments finished: the 2004 to 2006 boom (averaging 2,644 a year) and then in 2008 (1,283). In 2011 only 44 were built, and not a single apartment went up in either 2012 or 2014. Among the biggest projects are Sugartree, Park Residences, Grace on Sale Street and Union Green.
What does this mean for current apartment owners? At Impression, we used to worry that lots of new buildings would reduce tenant demand for existing apartments, but the serious undersupply of properties in Auckland continues. As a result, these new apartments are more likely to help support the rising reputation of apartment living than anything else. Apartments are becoming more beautiful, well designed and livable every year – and they’re an integral part of Auckland’s efforts to become an international supercity.