Report | Creating Resilience
It’s a tough market but high end residential can work
NZ Brief March 2024
March 13, 2024 6 Minute Read
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The apartment development environment is very tough. Presales for Q4 2023 were at a ten year low and sell down speed remains significantly slower than what it was during the 2015-2017 peak. These two factors are symptomatic of poor market conditions for new development, and it has been an exceedingly difficult couple of years for developers.
One of the reasons that presale volume is low is that buyer activity is hampered by affordability. However, some buyers don’t require mortgages. This NZ Brief looks at how some developers are pivoting to capture demand from the downsizer owner occupier market.