Young city professionals drive surge in demand for flats
TRADITIONALLY A nation of people who like to have land and gardens, New Zealanders are embracing apartment living.
According to developer Charta Property Investments, New Zealand's acceptance of apartment living is growing, and this trend is particularly obvious in Auckland.
The company said the population in Auckland's central business district (CBD) had doubled in the past five years and was expected to double again over the next three years as a result of internal and external migration. The number of CBD dwellers was expected reach 30,000 by the end of next year.
The profile of the central city as a place to live has also been boosted by the America's Cup yachting campaign, held there twice in recent years.
Charta project manager Peter Thomson said: 'That increases demand for inner-city apartments, particularly those of quality construction, good comparative size and offering good tenancy management contracts.'
The response by developers has been to provide a variety of apartment types. Downtown apartments appeal to discerning young professionals who work in the city. Charta is offering its latest project, Barclay on Albert, in the city centre and Mr Thomson expected the project would be of interest to Hong Kong buyers. The Barclay on Albert has 122 one- and two-bedroom flats priced from NZ$265,000 (HK$1.42 million).
