A luxury apartment in Auckland's first skyscraper building has been reduced in price by more than $100,000, as new data from OneRoof shows how hard the downturn has hit the apartment market in the city.
The listing on OneRoof for the two-bedroom unit in the multi-million-dollar CAB development makes clear the vendor's intentions, declaring: "Urgent sale alert: Massive price reduction!"
"Ignore previous price of $1,325,000. The vendor's instructions are to present any offer over $1,200,000."
The smart apartment is one of two CAB resales currently listed on OneRoof.
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The listing for 1401/1 Greys Avenue, which is with Bayleys agents Paula Halford, Julie Quinton and Louise Stringer, says the apartment is a perfect match for downsizers, movers and young professionals.
The other resale apartment, 901/1 Greys Avenue, is priced at $1.39m and is being marketed by Ray White agent Casey Chen. The listing for the two-bedroom home highlights that the overseas vendor wants it sold.
Bayleys is the sole agency for the non-resale apartments in The CAB, including the $14m-plus penthouse. The CAB was created by Love and Co out of the old Auckland council building and is seen as the centrepiece of the regeneration of upper Queen Street.
The CAB's other resale apartment, 901/1 Greys Avenue, is being sold by an overseas vendor. Photo / Supplied
The multi-million dollar CAB development is in the old Auckland council building. Photo / Supplied
Halford told OneRoof that recent buyer interest in the apartments had been strong.
It is likely enquiries will pick up further on the back of building momentum in the overall housing market.
Investor-friendly policies proposed by the incoming National government could accelerate demand, as could a reversal of the foreign buyer ban, although current ban doesn't preclude foreign buyers purchasing off-the-plan purchases in sizeable developments such as The CAB.
New analysis by OneRoof and its data partner Valocity shows the extent of the downturn's impact on the apartment market in the city.
The median sale price for Auckland apartments in the three months to the end of of September was $537,500, down 14% on the same period a year ago. The price drop for houses in the city was a gentler 8.74%.
The analysis found the drop-off was steeper in Tauranga, where the median sale price of apartments plunged 18% year-on-year to $920,000. Apartment buyers in Christchurch were also less inclined to stretch themselves, with the median sale price in the city down 9% to $400,000 over the same period.
Hamilton was the only major metro to record a year-on-year increase in apartment prices. The median sale price jumped 21% to $455,000.
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