City-dwellers are loving apartments right now, with some surprisingly impressive data released late last year showing how well they’ve done. Impression’s General Manager, Aaron Tunstall, crunched the numbers from TradeMe Property’s December price index and found: ...
Apartment asking prices in Auckland were up 6.1% year-on-year. Auckland’s total market was up 3%, so apartments were doing slightly better than other types of housing in general.
In Wellington, apartment asking prices were up 3.3%. Total Wellington asking prices were up 10.8%, so apartments are underperforming there – which isn’t likely to last long considering the current rental shortage in the capital.
In Christchurch, they were up 11.1%. The reason that last number is so surprising is that the total property market in Christchurch had a year-on-year increase in asking prices of just 1.7%. Which means apartments are massively outperforming expectations. The average asking price for a Christchurch apartment is $463,650, only a nudge below the $481,700 average across the whole market.
What’s really interesting is that while Christchurch’s apartments are new, which will be driving up average prices, it does seem that apartments are surging there. And are people who have been forced out of their old homes reassessing what type of lifestyle they want and deciding it’s an apartment? It’s quite possible. This is part of the wider trend towards apartment living that continues to have an impact across New Zealand.
You can read Aaron’s full thoughts on this data in his monthly magazine column here