The Apartment market in Auckland for the 1st few months of 2011 is boyant and rents are trending up, especially in the high end of the market.
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A lot of stand alone houses have been bought by owner occupiers. This is having an effect on the availability of good stock.
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The apartment market will be a bit slow until more students start looking and the people who were looking for a house begin to look at apartments.
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The sales of apartments is still very slow due to the low prices that agents are getting and the loss of equity for owners who bought 2-5 years ago, there fore there are still a lot of apartments in the letting pool.
What it has taken is a property manager who is not put off by the slow market and is prepared to hang in there and be pro-active in setting rents that reflect the market, It is always better to meet the market and have a property rented than to leave it vacant, because it is very difficult to make up rent if a property is vacant for 1 or 2 weeks.
Contact Murray: enquiries@opmltd.co.nz, ph 027 521 4262
