Colliers International’s latest market analysis of who’s buying apartments at the home of harness racing in Auckland,shows increasing numbers of local Auckland families and younger people now buying into Auckland’s most significant urban village development – currently under construction on Green Lane West.
“In the past apartment living hasn’t really been associated with the leafy suburbs and Auckland families, but that’s all changing and our development and latest buyer statistics prove it,” says chief executive of Alexandra Park
She says while baby-boomers and empty nesters dominated the buyer’ statistics for stage one of the development, 41% of buyers in stage two are younger than 45 years old. The overall owner-occupier numbers remain high, with only about a quarter of apartment buyers labelling themselves investors. Professional couples make up 34% of the stage two buyers, while young and mature families make up 26%.
In just over 12 months unconditional sales of Alexandra Park’s high-end apartments have totalled over $220m in what is one of the biggest brownfield developments in Auckland. Over 80% of apartments for both stages have been sold and beneath the apartments will include a gourmet grocer, cafes, restaurants and boutique retail.
Alexandra Park’s stage two will include two integrated buildings dubbed Sightline Green and High Street with 128 one-to-three-bedroom apartments. Australasian construction company Ganellen recently started construction on stage two. While Canam Construction Limited is building stage one which includes 118 apartments.
“What these statistics show us is yes we are attracting empty-nesters but we’re also increasingly attracting local families and younger people all seeking a better lifestyle which suits their needs. They are drawn to the apartments’ freehold status, their central location, quality construction and design, the cleverly master-planned village environment and atmosphere, and having everything at their doorstep.
“Empty nesters want a real sense of community in a safe and secure environment. They like the fact that the apartments will be low maintenance and can be easily locked up and left to visit family and travel. Whereas younger people and families are busy, so buying here enables them to maximise their time and of course the double grammar zone status is also a big draw card here in Epsom.”
Ms Dowding says regardless of age and stage, the buyer statistics show most stage one buyers are already living within five kilometres of Alexandra Park. However, as word has spread about the Alexandra Park development many stage two buyers are currently living slightly further out.
“Another aspect of the project is that young people are attracted to the environmental aspects and advantages on offer, including delivering a Smart Energy system and the installation of LED lights meaning energy bill savings. They love the fact that we’re going to extreme lengths when it comes to the urban design and open spaces and in fact are leading other developments in that regard. What’s more no other can boast having Cornwall Park across the road.
“Rest assured younger buyers are not buying on a whim. They take their time and do their due diligence. While apartments may offer a more affordable entry point compared to many standalone properties, forecast capital gain is also something they closely assess,” she says.
With Auckland apartments building consents well up and so many residential developments underway, Ms Dowding says competition is not hurting. Rather she says all the Auckland-wide apartment activity is only adding choice and fuelling interest.
Celebrated Vancouver urban design expert Joe Hruda is overseeing the transformation at Alexandra Park. While Auckland’s award-winning RTA Studio is the lead architect and N-Compass the project managers.
The first residents are set to move in next year and in total about 750 people will live alongside the live trotting track in the one, two and three bedroom apartments which are priced from $675,000. The development also includes terraced houses with rooftop gardens. While just three large penthouses, with expansive Auckland views, remain for sale.