Apartment living has dramatically revitalised Auckland's inner city in recent years, with buyers trading up and down to suit their changing lifestyles, just as they do in the suburbs.
Ten years ago apartment living was virtually non-existent with only about 200 in the city. Now, there are more than 6000 apartments,
with more either planned or about to be built.
Whereas school zoning is a big issue in the sought-after outer suburbs, car parking is the most sought-after requirement for apartment buyers. For those apartments in the mid and upper price brackets, one car park is worth $45,000 to $55,000 of the value of an apartment.
The selection is vast, from one-room studio pads for students and first home buyers to multi-million-dollar penthouse suites. Such choices are bringing people of all ages into the city, including young professionals who like to be able to walk to work and sophisticated older buyers and retired professionals who want to be close to the library, theatres, restaurants and art galleries. Apartments close to the university are popular with parents of students who want an investment and a place for their children to live. Buyers from Northland, the Waikato and Taranaki use their apartments for weekend visits, while local buyers may swap the family home for a weekday apartment to complement the Coromandel beach house when their children have left home.
The $2 million-plus apartments are more keenly sought by overseas investors, while Kiwis tend to invest that kind of money in a prestigious home on a big section.
