Colliers International researchers said today 3000 apartments would be built in the Auckland cbd in the 4 years to the end of 2018, raising stock by 18%, from 17,395 to 20,472. Research & consultancy national director Alan McMahon said 6601 new apartments would be built in the whole region, 44% in the cbd, 28% in each of the city fringe & suburbs. 1112 of them would be for student accommodation.
Mr McMahon said recent increases in sale prices had boosted supply allowing developments to become feasible at land values that equal or exceed values for alternative uses, such as offices. “Ironically, the price of accelerated supply is increasing unaffordability,” he said. “No price slowdown is expected in the short term.
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Queen City Law has recently assisted developers selling apartments off the plans. Our property team guide vendors and purchasers through the legal requirements of property transfer in New Zealand. Services have included Investor Plus ($10M) residence visas, leaky buildings, the acquisition of multi-million dollar development sites, the acquisition of inner city development sites and VIP prerelease opportunities. Our lawyers are often in team meetings with say the developer, the cost consultant, the architect, the builder, the project manager and finance. We have often been able to play an extremely hands on role in terms of a lot of these projects.
QCL are experienced at representing off shore interests. This experience has given us a much deeper understanding of property development work and places us in a rather unique position- it also enables us to add direct value to development projects with a mark of distinction