Auckland property values increased 55% over four years.
The 178-meter The Pacifica, which will be New Zealand’s tallest residential tower upon completion, has sparked a flurry of interest among Singaporean investors and has caused property values in Auckland to rise 55% in just four years.
Real estate group CBRE says investors are keen to cash in on the huge returns residential property in Auckland has been producing.
“The historic long-term growth trends for Auckland property show that, regardless of market cycles, property prices double every six years,” said CBRE national director of residential projects Gavin Lloyd.
Lloyd also noted that the New Zealand government’s property tax policy is a major incentive for foreign buyers as there is currently no stamp duty or property purchase tax in the country.
The Pacifica, currently being developed in the Auckland central business district by Hengyi Pacific, will have 54 levels and 295 apartments overlooking the city’s skyline and harbour. Prices for apartments start at around NZ$657,000 (approximately S$647,000), and go up to NZ$2.25m (S$2.2m) for three-bedroom units on the 42nd to 49th floors. Penthouses are also available.
Auckland’s population is projected to grow from 1.6 million today to 2.6 million in 2030, and needs 421,000 new housing units by 2040 to meet the growing housing demand.
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