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Auckland property market update
As Auckland's population continues to grow at a rate twice as fast as New Zealand's national average, investors look to capitalise on rocketing property and rental values
Auckland is currently home to 1.8 million people and its population is expected to double by 2050. The population of the Greater Auckland region is set to rise from 1.2 million in 2001 to 2.3 million by 2046.
"The number of people who live in the Central Business District has increased significantly in recent years," says Lyndon Fairbairn from New Zealand Property Solutions. "Indeed, this move to inner-city apartment living is one of the most important recent changes in settlement patterns in Auckland. The concentrated apartment development in inner-city Auckland and the creation of an inner-city living option has significantly changed the face of the central city."
He continues: "Auckland's CBD has changed from being a place of, predominantly business and entertainment to an increasingly vibrant community made up of a mix of apartments, shops, restaurants, cafés and businesses all within close proximity of each other. The residential population of the CBD was 8,700 at the 2001 Census, up from 1,400 in 1991. This rate of growth is one of the highest in the Auckland Region.
"A staggering number of people also commute into the CBD each business day and this number is ever increasing."
Property experts note that as the first wave of the baby boomer generation start to reach retirement age between the years of 2010 and 2015, a new workforce will have to come in to fill their places, creating fresh demand for accommodation in the city.
Between 2010 and 2015 it is expected that around 125,000 people a year will retire. To replace them in the workforce New Zealand will need net migration of about 200,000 people a year. It is expected that many of the prospective new immigrants will originate from Asia and India, where many are already used to living in inner-city, high-rise apartments.
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