November 6, 2014

Skyrocketing Property Value – Auckland Landscape Shifting As Housing Market Surges

Property value, Auckland property experts say, continues to rise because people are prepared to pay the price. This is considered a frightening scenario, and there have been efforts from the Reserve Bank to curb the rapid rise in value. Such a hike in value has not been observed since the 1970s, but it can all be put down to a general readjustment of prices — something that everybody will just have to get used to. The growth is actually expected to slow down in three years, but in the interim, many Aucklanders are choosing to flee to more affordable communities, making their home there while still commuting to the city for work.

Skyrocketing Property Value

Buying property in these volatile days is something that should be proceeded upon with caution. If you are inclined to purchase property in the city at this time, consult the Auckland Apartment Buyers Guide in order for you to learn as much as possible about the real estate market and the factors that influence it.

It is certainly helpful to be guided by professionals in terms of navigating the different options you have. Real estate agents, specifically apartment specialists, have insight on everything from the supply of new apartments and general rental appetite to properties tagged as requiring remedial maintenance. Through their input, you can find out what you can about the following matters:

•    Related developments – What are the different projects in the area and how will they impact the apartment complex in question?

•    Lease – What kind of leasehold land does an apartment come with (terminating, freehold, etc.?)

•    Culture – What kind of occupancy does a building have? Is it all studios or a mix of suite sizes? This can affect your investment result at the end of the day.

•    Association – With an apartment in Auckland, body corporate is an important consideration, so you need to find out about the rules, the annual fees, etc.

•    Furnishing – Which apartments are offered white ware and which ones come fully furnished?

•    Outgoing parameters – What is the cost of all outgoings, annual and periodic, and which elements (ground rent, body corporate fees, sinking fund, repairs, etc.) affect the value of an apartment?

The property market may be exhibiting a worrying scenario, but with the advice of a professional, you can still make a sound investment at this time. The important thing is to always keep your eye on the market movement so that you have full awareness of the odds at stake.

About the author: Oliver Finney is an enthusiast of the real estate industry who loves to continuously learn and share knowledge as well about the vast and comprehensive world of the real estate business, off and online. He visits sites like apartmentspecialist and reads related books to broaden her knowledge about the industry.