The market for high end apartments is increasingly healthy, with buyers still opening their wallets and rental pressure remaining strong.
One of Auckland’s top penthouses sold for a significant price last week, and celebrity real estate agent Michael Boulgaris said high end apartments are in hot demand despite the property downturn.
Mr Boulgaris said luxury apartments were selling well at the moment, with supply almost outstripping demand.
“Apartments with sea views should be sustaining about $10,000 a square metre,” Mr Boulgaris said, with $6000 -10,000 for a luxury apartment otherwise.
Last week Auckland prime real estate specialist agency Kellands sold one of Auckland’s top penthouse apartments for upward of $1.4 million.
At auction the Waterloo Quadrant penthouse only inspired one bid of $1.4 million, which was too low for the vendors.
But Kellands real estate agent marketing the property Fiona Mackenzie told NBR it went for more than that after the auction. Her clients preferred not to reveal the sale price.
The two level penthouse is the only one other than the Metropolis to have a 360 degree views of the surrounding city and harbour with three bedrooms, a private gym, elevated spa bath, a fireplace and three carparks.
Luxury apartments remain desirable as rental properties. While the average rent fell in most areas, rent on one and two bedroom inner city Auckland apartments went up by 3% in the past year according to new data from Crockers.
Pressure on larger luxury apartments increased even more. Three bedroom properties in the CBD now fetching 14% more rent than last year, and the limited number of properties in the inner city with upwards of four bedrooms increased rent on average 43% in the same period.
