City apartment builds at decade low as pre-sales dry up

Simplicity Living's Oranga build-to-rent apartments in Onehunga. (Image: Simplicity Living)

Fri, 23 Feb 2024

New Auckland apartment presales hit rock bottom during the fourth quarter of last year, with the pipeline of proposed builds now at its lowest level in 10 years.Commercial real estate firm CBRE said while 2,750 units were expected to come on stream this year, the overall pipeline of 4,951 apartments had halved in the past two years and was at its lowest level since 2014. That had also been propped up by increased investment in build-to-rent (BTR) projects, which accounted for 1,019 units during the quarter across seven projects. The m...

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