What you need to know when you’re looking for your Auckland apartment.
Before buying an apartment it is important to know as much as you can about the market and the factors influencing it. Your City Sales Broker is an expert and can advise you on the supply of new apartments, culture of a building, rental appetite (from our specialist rentals and property management division – and will disclose buildings we have ‘tagged’ because they require remedial maintenance.
Below we detail a few important factors you should consider and understand when looking to buy, further explanation can be given by your City Sales Broker.
Buying for investment
You might generate a higher return by buying two $350,000 studios than a $700,000+ two bedroom suite and should circumstances change (as they do) City Sales can quickly cash up just one of your studios for you.
Our rentals department will be happy to provide their insight as to what properties/buildings tend to perform well, and what is expected by potential tenants based on whether you are looking for long or short term.
Buying to live in yourself
Auckland City is home to a financial precinct, a creative quarter, university precinct, fashion quarter, waterfront living and fringe (among others) – each ‘precinct’ features intricacies and complexities of its own, your City Sales Broker will be happy to help you find the best spot for you.
Buying from overseas or out of town
We are practiced at working with buyers and owners overseas and have the technology to make the process as seamless as possible. If you have access to a computer and a phone we will make it work.
Please note purchase of New Zealand property is largely restricted to New Zealand citizens. There are exceptions such as some new builds. Contact a city sales team member today for guidance on what you might be able to purchase if you are a non-resident, living overseas.
Finance
Generally lending is more restricted on apartments but there is hope. NZ Government has had it bought to their attention and we hear on unofficial channels changes are coming. In the mean time, you need a mortgage broker that has specific knowledge on apartment lending and a team of apartment sales specialists who can show you properties that will qualify for lending.
Talk to us today so we can set you on the right path
Adjacent Developments
The development potential of adjacent sites should be considered, as well as such likely affects it may have on the apartment and its complex.
City Sales has been influential in persuading Auckland City planners to require higher standards of apartments and can advise the likelihood of neighbouring developments.
Leasehold
Leasehold is a type of title. Largely on the waterfront, leasehold property tends to be fine buildings with exceptional location and unbeatable harbour views that cannot be built out.
However there are further costs to consider with leasehold and these must be discussed with a knowledgeable professional. Not all salespeople know how to sell apartments, fewer know the full details about leasehold.
Speak with City Sales today to ensure you have all the information before looking at leasehold property.