New Zealand Apartments: Fantastic Locations for Luxury Living
New Zealand apartments fall into two ownership categories: Leasehold and freehold. Leasehold tenants take temporary ownership of the property, signing a fixed-term agreement which states the conditions and the expiry date of the lease. The tenant is then free to occupy the property for the stated period, without the interference of the landowner. Freehold refers to the outright ownership of a property until the title deeds have been sold to the next owner.
New Zealand rental apartments usually are available as one of three options: Unfurnished, whiteware-/semi-furnished and fully-furnished. Some owners will offer to supply furniture for you, provided the extra cost is added onto the rent.
There are a wide variety of apartments available in New Zealand’s main centres, similar to what you would find in other developed countries – these range from budget student accommodation to luxury penthouse condos, depending on the budget you are operating under. Currently, the biggest apartments in New Zealand are located in Auckland, on Prince’s Wharf, followed by the Sentinel on Auckland’s North Shore, and the apartment blocks in Mount Maunganui.
As general rule, city apartments are a good type of property to invest in as a fledgling investor. The dense flow of people looking for both permanent and temporary accommodation ensures that you will always be in business if you decide to lease out the property. Popular rental apartments are always situated near commodities like schools, retail stores and supermarkets – never underestimate the importance of location in this game.
For those looking to purchase and settle in an apartment with their families, be wary of the significantly higher prices that arise from owning an apartment freehold. Though the advantage of convenience and comfort may outweigh the cost, an apartment in a developing suburb will prove to be much cheaper (for the same, or even bigger area) than one located in the heart of the city. Chances are, there’ll be more parking spaces available too, in stark contrast to centrally-situated properties.
A useful resource for those looking to buy, lease, rent or sell apartments in New Zealand is the REINZ website, with data on New Zealand property market trends, housing price indices, property news and real estate agents and property services: