New Zealand Property Investors' Federation

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Owner-occupiers snapping up apartments

There has been a clear move towards owner-occupied apartments in Auckland, says Martin Dunn, of City Sales.

By Susan Edmunds

The apartment-specialist real estate agency has been operating for 16 years.

Dunn said its apartment sales had traditionally been split at 30% to owner-occupiers and 70% to investors.

But in October, November, December, that had changed to 37%, 48% and 44% owner-occupiers, respectively.

He said baby-boomers were part of that market but not yet a significant one.

His comments come after it was revealed that a new apartment complex in Freemans Bay is being designed exclusively to house those aged over 50.

It is being developed by Virgil Roberts, of Fresh Realty, who said he had received growing numbers of inquiries from baby boomers who were worried about who their neighbours might be.

The building will include 195 freehold units, priced up to $1.5 million. Sale and purchase agreements for the complex would include a covenant to be registered after settlement, stating that the principal resident must be over 50. Younger owners could buy a unit and rent it to someone aged over 50.

Dunn said the idea did not appeal to him personally.

He said if he were to buy in the complex, he would be concerned about restricting the potential on-sale market so significantly.

“Restricting that market is not wise, particularly for apartments.”

Tags: apartments - martin dunn