tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Tuesday, December 1st, 9:51AM

News

rss
Latest Headlines

Apartments offer better deals

Investors hunting for deals should look to the apartment sector as new data highlights a huge difference in median prices for apartments and houses.

Friday, April 27th 2018, 11:00AM

by Miriam Bell

New Real Estate Institute of NZ (REINZ) research shows that property buyers could save significant amounts of money if they choose an apartment rather than a house in almost all Auckland suburbs.

Apartments in higher end suburbs like Parnell, Epsom and Takapuna can cost over one million dollars less than a house.

In Parnell the median apartment price in 2017 was $772,500, as compared to the median house price of $2,067,500 – a difference of $1,295 000.

In Takapuna the median price of an apartment in 2017 was $817,500, as compared to the median house price of $1,870,000 – a difference of $1,052,500.

Many of Auckland’s entry-level suburbs also have apartments on offer for significantly lower median prices than houses in the same area and this means there are more affordable deals to be had.

In East Tamaki the median price of an apartment in 2017 was $525,000, as compared to the median house price of $1,052,000 – a difference of $527,000.

In Mt Wellington the median price of an apartment in 2017 was $417,500, as compared to the median house price of $860,000 – a difference of $442,500.

New Lynn, Manukau and Albany also all have median apartment prices well below $600,000 which are significantly below that of the median house prices in the area.

REINZ chief executive Bindi Norwell says buying an apartment rather than a house is a much more affordable way of getting into some of these areas.

Not only have apartments come a long way in recent years with eco-friendly/energy saving features and extensive communal areas, but they are usually close to public transport and other amenities, she says.

“Most importantly, they’re in a price bracket that people can more realistically actually afford and they allow them the chance to build up equity in their apartment.”

Orewa was the only Auckland suburb to buck the median price trend: the median apartment price in the area in 2017 was actually $11,500 more than for a house.

While the majority of apartment sales are in the Auckland market, the REINZ data also finds that apartments in other parts of the country often tend to be cheaper than houses.

In Wellington’s Mount Victoria and Thorndon, the median apartment prices in 2017 were respectively $719,750 and $467,328 less than the median house prices in those areas.

In Papamoa Beach and Mt Maunganui the median apartment prices in 2017 were respectively $258,000 and $157,000 less than the median house prices in those areas.

And in Queenstown the median apartment price in 2017 was $894,000 less than the median house price – which was the biggest difference outside the Auckland region.

However, in Tauranga and Christchurch, apartments actually cost more to buy than houses.

Read more:

Opportunities in SuperCity CBD market lull 

« Brighter price outlook - ColliersNZ’s two speed market »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Mortgage Rates Newsletter

Daily Weekly

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.69 2.79
ANZ 4.44 3.09 3.25 3.39
ANZ Special - 2.49 2.69 2.79
ASB Bank 4.45 2.49 2.59 2.65
Bluestone 3.49 ▼3.34 ▼2.99 ▼3.34
BNZ - Classic - 2.49 2.69 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.09 3.29 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
Lender Flt 1yr 2yr 3yr
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online 2.50 1.99 2.35 2.45
Heretaunga Building Society 4.99 3.50 3.40 -
HSBC Premier 4.49 2.25 2.35 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 2.45 2.45 2.65
Kainga Ora 4.43 2.93 3.07 3.24
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.30 3.50 3.50
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.55 2.65 2.65
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
Lender Flt 1yr 2yr 3yr
SBS Bank 4.54 2.99 ▼3.09 ▼3.15
SBS Bank Special - 2.49 ▼2.59 ▼2.65
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - - - -
The Co-operative Bank - Owner Occ 4.40 2.49 2.69 2.79
The Co-operative Bank - Standard 4.40 2.99 3.19 3.29
TSB Bank 5.34 3.29 3.29 3.59
TSB Special 4.54 2.49 2.49 2.79
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 3.09 3.29 3.39
Westpac - Offset 4.59 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 2.49 2.69 2.79
Median 4.54 2.95 2.99 2.97

Last updated: 1 December 2020 10:07am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com