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Fire rage s, homes
9 at risk
and what you get for your buck But to build an apartment complex was a lot more expensive to build because it had costly engineering and building standards, and requirements. He said apartment maintenance was cheap. Owners would pay about $2500 annually to the body corporate, which covered maintenance and property insurance, he said. “It’s a lifestyle choice. We’re just following the rest of the world.” The central city, Merivale, Papanui, Fendalton, Chris Wilkinson Riccarton, Addington and part of Linwood were all classed as inner-suburban areas, while the rest were outer-suburban areas. Trade Me Property figures show the average asking price of an inner-suburban property in October was $573,950. In comparison, the average asking price of an outer-suburban property was $467,650. In the central city it was $604,150, the figures show. The East Frame, a Govern-
LARGER: Homeowners could often get more space for their money in the outer suburbs, such as this five-bedroom Northwood home for $1.2 million, or a Shirley three-bedroom home with a larger backyard for $359,000.
ment anchor project, is under construction with 20 homes due to be finished next year. Originally, construction was due to begin in October last year. But it was delayed until April. Eventually, the East Frame will have about 900 apartments and townhouses in the five blocks between Manchester, Madras, Armagh and Lichfield Sts. They will range from between $400,000 – $900,000. First Retail managing director Chris Wilkinson said there were not enough living options for people in the central city yet to help businesses succeed. He said businesses recognised it was a “long game” in regards to retail success, but many made
commitments looking at the planned residential and tourism growth. “With the current hiatus in development, there’s an understandable anxiousness among some retailers, hospitality businesses and property owners with exposure to these sectors.” He said having a good balance of people working, visiting and living in the central city was “vital” for long-term sustainability. There needed to be demographic diversity for “inner-city success,” he said. Mayor Lianne Dalziel said the research results were not surprising. “We know that inner-city, and particularly central city liv-
ing, will only appeal to certain groups.” She said it was interesting people did not seem to mind driving longer to get into town. With that in mind, Ms Dalziel said inner city living should be targeted to those who valued the benefits such as its proximity to restaurants and the ability to walk everywhere. She said it had been “enormously disappointing” the range of properties had not yet been developed as promised. Affordibility was key, she said. “Density can be countered by quality design and great public space. And we need a mix of tenure – ownership, rental and affordable options in both.”
Urban Edge valuer Natalie Edwards said it was hard to compare buying apartments in the inner-city with properties further out. “They’re two completely different products. You could buy a one bedroom apartment for $600,000 in the central city. There’s just a wider market for the quarter acre section.” A lack of car parking spaces in apartment buildings could also be a turn off for many buyers, and anchor projects were not yet complete. “People aren’t traditionally apartment dwellers, that market is always struggled with Kiwis.” •Dalziel’s column, p25
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Published on Nov 15, 2017