Buying apartments in Auckland as a Foreign Buyer

Figures provided by REINZ show $513.6 million was spent on Auckland city apartments last year many of these are going to foreign buyers looking for apartments for their children.Park--cbd

The past eight years has seen steady sales, about 300 or 400 each year, but prices dropped significantly during the crisis. Just over $696.6 million was spent in the city in 2006 and it dropped to $587.7 million the following year before a fall to $280.7 million in 2008. It has slowly been creeping up since. Queen City Law are delighted to offer several apartment opportunities within the University quarter.Check out our other properties for sale click here

Queen City Law are pleased to present new opportunities for city dwellers and investors alike. Check out our new properties for sale in Central Auckland, we represent some of the best developments currently available. Parkside Residence 35 Albert Street Auckland CBD, NZ and Queens Residence – 8 Airdale St, 273, Executive Residences

WELCOME HOME to your URBAN SANCTUARY, 225 FREEHOLD STRATA Superior Exclusive Residences. Designed for Owner Occupiers and Discerning Investors. This is living. Where Quality, Lifestyle & Location Are Redefined.Only Minutes Walk To The Office.Relax & Unwind Park Residences provides a harmonious fusion of inner city convenience and parkside living to create your very own urban sanctuary. Located in the heart of Auckland’s financial district. Elegant, Spacious and redefined.

The median price for an apartment last month was $237,073. It was $280,000 in December 2007, before dropping to $187,000 in December 2008. Figures were not held on the ethnicity of home-buyers. The apartment market had long been dominated by investors but estate agents are noticing a shift toward owner-occupier buyers. Many are from China, Russia, Asia and the Middle East. Many are buying in what he called the “university quarter”, a section of the city with about 30 or 40 apartment buildings around the University of Auckland and the Auckland University of Technology. It encompassed Symonds St, Wakefield St and the top of Queen St.  For some parents, they see it as a good investment. If you are going to be paying for accommodation for three years, you may as well buy something and get a return, rather than paying rent … And it becomes your home away from home, so when you come and visit, you stay in the apartment with the kids. Park Residence is situated right in this University quarter and an excellent base for your childs study stay in Auckland. To read more about Park Residence click here.

Please contact Marcus on 0274877332 to arrange a viewing.

For more about Marcus Beveridge click here. Check out our other properties for sale click here