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Apartment takeover

Over 50% of new builds in Auckland will be “attached” by 2017, predicts one architecture research company.

Thursday, March 24th 2016, 4:00PM

by Miriam Bell

Densification of Auckland has become an increasingly hot topic of late and, for investors, it’s one worth paying attention to as it could lead to opportunities.

Proponents – who include the Government, the Reserve Bank, the Productivity Commission and Auckland Council’s chief economist – say it is in the future best interests of the city.

Opponents believe it will have a negative impact on Auckland and on their properties.

Now, architecture research company RCG has weighed in on the issue, with the release of its new publication, Constructive Thinking.

It said that traditional detached housing will play an increasingly smaller role in the composition of Auckland housing.

This is because the only practical and affordable way to provide for Auckland’s growing housing demand is through higher density (ie: apartments, townhouses, terraced housing), it said.

“Based on building consent data and our own forecasts, over 50% of the new homes built in Auckland will be attached by 2017. 

“This is a considerable shift from the average of the last 20 years, which has been closer to 35%.”

In RCG’s view, demand for medium density living is set to boom in Auckland as it has in Australia, where at least 60% of new homes are attached in the three largest cities.

“Rising house prices, an aging population, shrinking household sizes and record migration levels are believed to be behind the move to attached home living.”

RCG said the five areas of Auckland that will be most affected by increased density will be the Auckland CBD, Stonefields, Albany, the Western CBD Fringe and the Southern CBD Fringe.

While RCB joins many others in believing there is growing demand for attached housing in Auckland, there is vocal opposition to any moves towards the greater densification of the city.

 

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Lender Flt 1yr 2yr 3yr
AIA 5.35 4.49 5.25 5.55
ANZ 5.54 5.15 5.85 6.15
ANZ Blueprint to Build 2.78 - - -
ANZ Special - 4.55 5.25 5.55
ASB Bank 5.35 4.49 5.25 5.55
Avanti Finance 5.45 - - -
Basecorp Finance 6.45 - - -
Bluestone 5.29 7.49 7.59 -
BNZ - Classic - 4.55 5.25 5.45
BNZ - Mortgage One 5.55 - - -
BNZ - Rapid Repay 5.55 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Std, FlyBuys 5.55 5.35 5.94 5.99
BNZ - TotalMoney 5.55 - - -
CFML Loans ▲6.45 - - -
China Construction Bank 5.50 5.40 6.14 6.40
China Construction Bank Special - 4.45 5.19 5.45
Credit Union Auckland 5.95 - - -
First Credit Union Special 5.85 4.70 5.20 -
Heartland Bank - Online 4.00 3.85 4.70 4.84
Heretaunga Building Society 5.95 4.80 5.50 -
HSBC Premier 5.49 4.39 5.15 5.39
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.25 ▲4.29 ▲5.09 ▲5.35
Kainga Ora ▲5.43 ▲4.57 ▲5.58 ▲5.85
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 5.00 5.55 6.19 6.39
Kiwibank - Offset 5.00 - - -
Kiwibank Special 5.00 4.55 5.19 5.39
Liberty 4.84 - - -
Nelson Building Society 5.95 4.95 5.85 -
Pepper Essential 3.44 - - -
Resimac 4.59 5.60 6.16 6.29
Lender Flt 1yr 2yr 3yr
SBS Bank 5.29 4.69 5.35 5.49
SBS Bank Special - 4.19 4.85 4.99
Select Home Loans 4.09 4.29 4.86 5.09
The Co-operative Bank - First Home Special - ▲4.19 - -
The Co-operative Bank - Owner Occ 5.45 ▲4.29 5.19 5.45
The Co-operative Bank - Standard 5.45 ▲4.79 5.69 5.95
TSB Bank 5.59 ▼5.14 6.05 6.15
TSB Special 4.79 ▼4.34 5.25 5.35
Unity 5.65 ▲4.80 ▲5.50 -
Wairarapa Building Society 5.24 4.55 5.20 -
Westpac 5.54 5.09 5.79 6.09
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.54 - - -
Westpac Special - 4.49 5.19 5.49
Median 5.45 4.55 5.25 5.52

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