Newmarket

By CHARLLOTTE COASSAR

The hub of the eastern suburbs, Newmarket is a Mecca for shopping, eating and soaking in the atmosphere. You do not have to be that old to remember when the major excitement of a visit to the streets of Newmarket was to venture into Storkline toy store and Smith & Caughey department store. It was not that long ago that the suburb had its very own borough council!

A once-run-down suburb with a small strip of shops, it has transformed into a bustling destination heaving with people - and taste. The late 1980s through the 1990s bore witness to the resurgence of the area as a bastion of retail capitalism near the heart of Auckland central.

Gone are the manky old laundromats and general stores - regenerated by the latest in department store and shopping mall lifestyles that have provided succour and comfort to those of us in need of weekend retail therapy.

What has emerged in parallel with the retail lifestyle has been the renaissance of the locality as a residential neighbourhood to rival the nearby established suburbs of Epsom, Remuera, Grafton and Parnell. Gentrification has occurred painlessly, as many local residents have remained to benefit from the revival, but the tasteful renovation of many a period villa and bungalow has definitely complemented the continuous rise in tasteful shopping.

Similarly with nearby Parnell, Newmarket is the choice of residence for a number of expats returning to New Zealand post-September 11 and due to international economic conditions. Walking down Broadway, it is immediately apparent a high number of overseas visitors frequent the malls and entertainment facilities. The recent decrease in the number of language schools in the city has not dampened this trend. Newmarket is a cosmopolitan suburb where a number of business migrants have chosen to locate. A number of older empty-nesters also live in the suburb given the diversity of housing types and its proximity to the central city and other services.

Being in the Auckland Grammar zone has considerably added to the appeal for some family buyers, particularly those from overseas. The materialisation of high-density, apartment-style homes off Middleton Rd has borne testimony to this, with a number of school-age families residing in this pocket.

While the amount of housing stock in Newmarket is considerably smaller than that in more established residential neighbourhoods nearby, there are numerous 1840s workers' cottages in existence. These tend to be too small for most family living, but for single and professional childless couples there is a definite attraction. Broadway Park development with its arrangement of terraced homes, duplexes and mid- to high-rise apartments exists to satisfy this need. This development has recently received bad press in the form of leaky house syndrome, however.

The major trends noted with Newmarket from a residential perspective include the fact the population is professionally transient, and that in the real estate market, business confidence levels, immigration and interest rates rule supreme as price determinants. Recent price indications, however, suggest that one-bedroom apartments in Newmarket could sell anywhere upwards of the mid-$300,000s, while high-rise penthouse apartments will go for in excess of $1 million.