Regional Review: Apartments
Apartments have long been a key component of the great modern cities of the world, yet New Zealanders were slow to warm to them. But, in recent years, they have grown in popularity. While they have been increasingly embraced by owner-occupiers, it was investors who led the charge, motivated by the more affordable prices and healthier yields on offer.
As a result, investors are major players in the apartment market and, particularly in Auckland, that means many apartments have been turned into short-term rentals or targeted at international students. But, given two of the industries hardest hit by the Covid-19 crisis are tourism and international education, what does that mean for New Zealand’s main apartment markets going