Viaduct a mini city of sales

While America's Cup syndicates spend fortunes on their challenges, their near neighbours at Viaduct Harbour are making their fortunes - in real estate.

Demand for apartments with views of the harbour's yachting bases has boosted prices up to 50 per cent since 1999.

The top price so far has been $2.9 million for a four-bedroom, 390 sq m apartment in the three-year-old development known as The Point. The seller paid $1.9 million for it new.

Paul Humphries, of sales agents Barfoot & Thompson, said 15 of the 85 apartments in The Point had come back to Barfoots for resale, and had sold for up to 50 per cent more than the original price.

Bayleys Real Estate said most of the owners were residents rather than investors and speculators, meaning fewer sales and higher prices.



Four developments, totalling 380 apartments, have been completed at the Viaduct Harbour in the past three years. Two staged developments, The Parc and Viaduct Point, are under way and will add 36 and 77 apartments respectively.

nzherald.co.nz/property