A record number of apartments are due to be completed in Auckland in the coming years, according to the latest report from Colliers International.

The report showed a total of 5,033 units in 75 projects are due for completion in 2017-2018, and a further 5,922 units in 62 projects in 2019-2010.

Colliers research and consulting national director Alan McMahon said Auckland residents will continue to pay a premium for newly built houses and apartments – this is despite the overall residential market softening.

“Prices may have stabilised and sales slowed, but homebuyers still seem to be prepared to pay a premium for a new home,” he said.

McMahon said new build prices have increased since the last report, with the average asking price of a new individual apartment ranging from $9,222/sq m to $13,435/sq m and a new terraced and detached dwelling for $5,787/sq m to $10,773/sq m.

Auckland’s rapidly maturing infrastructure has also made new projects more desirable, he said.

“In the period since our last residential report, we’ve seen good progress on City Rail Link construction, and the opening of the Waterview Tunnel.

“Once completed, the rail project will increase the desirability of apartments near train stations in areas such as Mount Eden and Onehunga, while the Waterview Tunnel makes it easier to travel to and from northwestern suburbs like Hobsonville Point,” McMahon said.

Source: NZadviseronline.co.nz