Auckland City: An Exclusive extract

Including Central Business District, Newton and Grafton

As well as the ageing baby boomers, who feel more at home in the heart of cosmopolitanism than the suburbs, central Auckland is home to professionals and young people.

Despite recent bad press among the Asian communities, there are still numerous tertiary and language school students living in inner city apartments.

As you'd expect, the city scene is apartments, apartments and more apartments, ranging in size and style. New apartment buildings just keep emerging, despite dire warnings from industry commentators and economists alike who say we're headed for an oversupply.

Interestingly, most apartments are sold before completion, albeit that some purchasers are ever-optimistic investors.

There are older houses in nearby Grafton and Newton, but many of the grand villas have made way for terrace housing.

Amenities
Demand for schooling in the central city is not great. The eastern part is in zone for Auckland Grammar School. Others include Freemans Bay Primary, Senior College and Auckland Girls Grammar School.

After spending some time in the doldrums when people flocked to suburban malls instead, Queen St shopping is once again attracting serious shoppers. Fashionable new chain stores sit alongside established outlets such as Smith & Caughey.

It's relaxing to walk around the central city waterfront. There's plenty of boat and people watching. The viaduct cafes, bars and restaurants are still the place to be seen for trendy Aucklanders and tourists alike.

Beyond the harbour, the central city has plenty of tempting cafes and restaurants. There are quite a few green spaces in the inner city area, including Albert Park, Myers Park and Victoria Park - and the Auckland Domain isn't far for joggers.

Trends
The only certain trend at the moment is increased sales of small apartments. With houses taking longer to sell and the prices falling or levelling off, commentators attribute the recent Auckland median house price drop to high sales of lower-end apartments.

Foreign investors looking to include New Zealand real estate in their portfolios are snapping up these cribs by the dozen.

Savvy buyers are also well aware of council air rights and look for apartments where they cannot be built out. Buildings without these rights often take longer to sell. More than a third of dwellings don't include car parks, which can cost anywhere from $35,000 extra and are often on a separate title.

Rental and investment
This area will always attract a steady stream of renters and investors, with plenty of choice for both parties.

Best buildings
Many of the apartment buildings in the viaduct are considered good, including The Point, Lighter Quay and The Parc complex of apartments. Top freehold buildings in the city include the Metropolis, Highgate, Quay West and the Connaught. Converted loft-style apartments in heritage buildings are also considered prime real estate.